Mortgage Rate Rises

danlightbulb said:
No headroom to do that with all the cost of living increases. I have a bit of savings, but it’s not getting easy to keep it. Car failed last year and had to be scrapped, costing me both the value of that car plus the cost of another. Then with the costs coming with having an older house to bring up to spec, and with crap like now finding leaking pipes etc. Always something to suck away cash.
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Rent out a room 7k a year tax free.
Look for a better paying job.

The whole finance system is manipulated.
 
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£4k mortgage.....jesus....is it like a £500k on 10 year repayment or something? (yes i know 10 years at £4k a month won't cover a 500k mortgage)
 
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Raymond Lin said:
£4k mortgage.....jesus....is it like a £500k on 10 year repayment or something? (yes i know 10 years at £4k a month won't cover a 500k mortgage)
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Frighteningly it is a 700k mortgage over 23 years! Outrageous how high it is.

At these kinds of rates I think I'll have to get rid of the Mercedes and PCP a cheaper car; then I can whack 30k at it at least.

Edit: that gets me back to £3800/mo over 23 years. Snap. I really didn't want to sell the Merc :(
 
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dLockers said:
Frighteningly it is a 700k mortgage over 23 years! Outrageous how high it is.

At these kinds of rates I think I'll have to get rid of the Mercedes and PCP a cheaper car; then I can whack 30k at it at least.

Edit: that gets me back to £3800/mo over 23 years. Snap. I really didn't want to sell the Merc :(
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Kia Niro obviously.

OCUK karma.
 
dLockers said:
Frighteningly it is a 700k mortgage over 23 years! Outrageous how high it is.

At these kinds of rates I think I'll have to get rid of the Mercedes and PCP a cheaper car; then I can whack 30k at it at least.

Edit: that gets me back to £3800/mo over 23 years. Snap. I really didn't want to sell the Merc :(
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Are the gucci belts going as well? :p
 
danlightbulb said:
Mine is just over £900 a month too. I worry now about what will be the interest rates in 4.5 years time because of the way this country has been screwed up.

Wait years to get a house because of the way prices were rising, and when I do it's just in time to get screwed by huge rate hikes.
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Not to mention the potential of going into negative equity if prices drop. It truly sucks to buy a house as you never know what is around the corner.

I know I am truly living a pipe dream but for all we know some government comes in and decides to spend hundreds of billions on building social housing. As a result house prices tumble and lose half their value. Children in 20 years time will be able to buy their own house for nothing whilst we have been paying for decades :p. Our pensions are worth nothing because we have been putting it all on the mortgage.
 
Think housing supply will always be a bit behind demand, you can only build so many houses at once, and there is a lot involved in planning for them.

I've been paying down my mortgage and will continue to do so, house price up or down I still stuck a pin in it at a certain point and the money has to be paid off one way or another, even if house prices drop a lot.
 
adam cool dude said:
Not to mention the potential of going into negative equity if prices drop. It truly sucks to buy a house as you never know what is around the corner.

I know I am truly living a pipe dream but for all we know some government comes in and decides to spend hundreds of billions on building social housing. As a result house prices tumble and lose half their value. Children in 20 years time will be able to buy their own house for nothing whilst we have been paying for decades :p. Our pensions are worth nothing because we have been putting it all on the mortgage.
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And we won't even be able to claim we didn't have the internet and the magic salesman just put too much pressure on us :(
 
adam cool dude said:
Not to mention the potential of going into negative equity if prices drop. It truly sucks to buy a house as you never know what is around the corner.

I know I am truly living a pipe dream but for all we know some government comes in and decides to spend hundreds of billions on building social housing. As a result house prices tumble and lose half their value. Children in 20 years time will be able to buy their own house for nothing whilst we have been paying for decades :p. Our pensions are worth nothing because we have been putting it all on the mortgage.
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Lol shared ownership is the biggest scam going, and legalised by the government. It shocking how big the scam is, simplifying it, they sell the entire block, the money from shared sell off pays off the land and building, H.A gets rents and zero debt. Then factor in government grants.

The H.A and landowner get to keep the other part of the share all for nothing.

I wonder if this ever gets out, too many hands in the pie.
 
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HungryHippos said:
Think housing supply will always be a bit behind demand, you can only build so many houses at once, and there is a lot involved in planning for them.

I've been paying down my mortgage and will continue to do so, house price up or down I still stuck a pin in it at a certain point and the money has to be paid off one way or another, even if house prices drop a lot.
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This is pretty much my logic.
I overpay significantly so that my mortgage will be gone in half the time, at which point I can do whatever job I like since money just won't be tight anymore. Plus for most people won't be able to retire unless they own a home outright.

A mortgage doesn't rise with inflation either.
 
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Mrwong said:
Lol shared ownership is the biggest scam going, and legalised by the government. It shocking how big the scam is, simplifying it, they sell the entire block, the money from shared sell off pays off the land and building, H.A gets rents and zero debt. Then factor in government grants.

The H.A and landowner get to keep the other part of the share all for nothing.

I wonder if this ever gets out, too many hands in the pie.
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Yep, and leasehold is a scam, also any new builds even houses with annual management charges.

Pure freehold is the only way.
 
HungryHippos said:
Sell the corner sofa and get a single or double seater.
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And stop the netflix subscription.
Seems the chickens are coming home to roost DLockers. It is funny how you say I have bad financial skills and you've put yourself into this situation.. jeez I would not want to be you. My recommendation.. Rice and beans for you for the next 10 years and sell all your cars and get a 4k runaround.
 
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dLockers said:
Frighteningly it is a 700k mortgage over 23 years! Outrageous how high it is.

At these kinds of rates I think I'll have to get rid of the Mercedes and PCP a cheaper car; then I can whack 30k at it at least.

Edit: that gets me back to £3800/mo over 23 years. Snap. I really didn't want to sell the Merc :(
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Jesus!

I can't even imagine!
Outmr 203k/900 a month mortgage in unpleasant enough

700k? That's some extreme bending over
 
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