Last sale was £250k in 2010. Sellers are greedy.
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Last sale was £250k in 2010. Sellers are greedy.
250 to 650! Have they done any extensions?
Soldato
Speaking of extensions, I did an offer extension today was on something like 3.5% to 6.24%.
Not only that but because the way the rental calculation is stressed (BTL mortgage) we had to reduce the loan amount by about 20% as well.
Brutal.
I bet they are cursing their solicitors.
Not only that but because the way the rental calculation is stressed (BTL mortgage) we had to reduce the loan amount by about 20% as well.
Brutal.
I bet they are cursing their solicitors.
Soldato
- Joined
- 23 Oct 2002
- Posts
- 13,597
Going to be a 0.75 - 1% rise tomorrow from The Bank.
Older generation been cashing in
realproperty.news
Baby boomers in the Home Counties cash in just before house prices fall - Real Property News
Home Counties in particular have benefited from a huge price hike during the pandemic, and the high number of equity release loans being sold there now
realproperty.news
Last edited:
No work done at all, just got lucky with location.
Soldato
lol help from parents, good joke.
Bank of mum and dad, one of the UKs largest lenders
Why would you expect them to help?
Soldato
Didn't realise the Fed had raised 0.75%,
Happened today and said there are more hikes to come, causing the S&P 500 and Nasdaq to tank.
Associate
US at 4%, UK +1% tomorrow on the cards, hope it's not more.
0.75 for me
Slighless chance of 1.0
Extremely slim chance of 1.25
No chance of 0.5
House prices will tank.
I now know 3 people who have pulled out of moving/buying because of mortgage rates.
Still think my sister is making a mistake trying to get her purchase through.
Only ones left buying now are ones with deals about to run out.
I'm going with a 20pc house price fall before a plateau. But could easily be more
Slighless chance of 1.0
Extremely slim chance of 1.25
No chance of 0.5
House prices will tank.
I now know 3 people who have pulled out of moving/buying because of mortgage rates.
Still think my sister is making a mistake trying to get her purchase through.
Only ones left buying now are ones with deals about to run out.
I'm going with a 20pc house price fall before a plateau. But could easily be more
Last edited:
As I posted earlier, I don't see how it could be anything less than 20pc,
You look at the price of houses in the midlands, and you need a damn salary of over £120k a year or a 40 year mortgage, to get the affordability down to 30% of monthly take home pay.
Looking at mortgage monthly payments of close to £1.8k-£2k a month for a normal house in the middle of the country, it's like more expensive than renting in London..
Last edited:
With the rates what they are yeah easily over 20.
I'd say it would be great to be a FTB now. But you'll probably be renting a good 2-3 years if you're waiting for prices to settle.
I guess I most feel for people who bought covid and after without a fix done and dusted.
Even a modest mortgage is. 500 more a month than a year ago.
Then bang. Your 20pc into Negative?
Life changing stuff.
I don't know personally any mortgage prisoners but it's cruel how through no real fault of your own your whole life can be changed by this.
Last edited:
Soldato
Let’s be realistic here https://propertyindustryeye.com/uk-housing-market-headed-for-a-correction-five-year-forecast-shows/
Interest rates go up a bit and everyone is suddenly losing their mind with some extreme extrapolations. We know they are going to be short and sharp with the rates, absolutely they won’t be coming down to very low numbers for a while but also they aren’t going to go so high that the market crashes. There will be a small window next year that a lot of cash buyers will take advantage of. For the rest of us it is keep calm and carry on. We need to see big job losses before anything bad happens, even then that just puts us into a 90s situation which was where 20% happened. Any falls will recover pretty quickly in the medium term.
Interest rates go up a bit and everyone is suddenly losing their mind with some extreme extrapolations. We know they are going to be short and sharp with the rates, absolutely they won’t be coming down to very low numbers for a while but also they aren’t going to go so high that the market crashes. There will be a small window next year that a lot of cash buyers will take advantage of. For the rest of us it is keep calm and carry on. We need to see big job losses before anything bad happens, even then that just puts us into a 90s situation which was where 20% happened. Any falls will recover pretty quickly in the medium term.
Last edited:
Yup this. For most a drop will just bring them back to the original and purchase price and even those in negativy equity will try to ride out the storm. The issue will be when a recession hits and people start losing jobs but even then it will be the rich who cash in