Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Indeed. I wouldn't devalue someone else's hobbies.
I'm fortunate my hobbies are relatively cheap ongoing (expensive setup) . Only really petrol (getting to them) is main cost.
But I wouldn't put down on those who spend on trainers or pokemon go or whatever. Hobbies are very individual. Not everyone enjoys the same stuff.
I'm fortunate my hobbies are relatively cheap ongoing (expensive setup) . Only really petrol (getting to them) is main cost.
But I wouldn't put down on those who spend on trainers or pokemon go or whatever. Hobbies are very individual. Not everyone enjoys the same stuff.
Soldato
I think people need to have some fun in their lives, so yes spending on hobbies/interests is part of that. There is no fun to working just to pay basic utilities and food, which is where the problems creep in, especially when people don't really have fat they can cut.
I am lucky I have been good at saving all these years so I can still enjoy gadgets and hobbies without sacrificing other areas, but it takes real commitment to get there.
People I know who are bad with money tend to spend way beyond their means though, and finance everything!
We're going to go into a big old austerity period I think here, where a lot of commercial enterprises will struggle and there is less consumer spending full stop.
From my own position I am lucky that I have room to move, but I am fully expecting to be a victim of inflation this year in terms of salary, I doubt my employer can match anywhere near the 10% or so inflation predicted.
Agree. What's point in working if you can't enjoy life. May as well quit work and have everything paid for.
Booked a few expensive holidays because I've put in the work/stress/time to insulate myself best I can from current situation.
I haven't extended myself. No loans. No finance. Just my mortgage. And a bit above average salary.
If you have nothing left over after all that you're going to question point of working.
My luxury Is my. Ebike and holidays I'm no longer interested in material things.
Pretty much the same boat. I reckon our house price has increased in value by nearly 100k in under 3 years. The market would need to crash about 20% to get back to our purchase value. We had a decent deposit, so I would reckon it'd need to crash more than 50% to put us in a worrying place of negative equity.
You claim people are "thick" but the bottom line will be that unless you have a well above average salary - we're talking household income of 65k-70k+, then you're not likely to be getting on the property ladder without an insanely long mortgage term. Either that or be subjected to a life of rent.
Similar gains (percentage terms).
Prices would need to drop 20 percent to even get me concerned.
And really. It would be no bad thing for the majority. Obviously any first time buyers around no it would be horrendous for.
The stamp duty break was criminal. It really shot prices up. Prices need to flatline for a while. Otherwise as above you need 60k+ if you're renting to get on the housing ladder at the rate houses are rising
Obviously. Ot everyone needs 60.you could be living in a ghetto. At parents or spend nothing. But to live and save I think 60k joint is a minimum way things are going
Prices would need to drop 20 percent to even get me concerned.
And really. It would be no bad thing for the majority. Obviously any first time buyers around no it would be horrendous for.
The stamp duty break was criminal. It really shot prices up. Prices need to flatline for a while. Otherwise as above you need 60k+ if you're renting to get on the housing ladder at the rate houses are rising
Obviously. Ot everyone needs 60.you could be living in a ghetto. At parents or spend nothing. But to live and save I think 60k joint is a minimum way things are going
Soldato
Halifax won't allow you to book your mortgage renewal as an existing customer until 90 days before your existing fixed deal ends.
I think it's only new customers. Tsb wouldn't let me either.
- Joined
- 30 Sep 2005
- Posts
- 16,593
Santander ask for a full 5% ERC no matter how close to the end of the term you are. Most other banks drop 1% each year but not them.
Fortunately our mortgage is quite low (I say low, it's £90k, that's still a lot in my book). It would have cost me more to pay the ERC and rates would need to rise well over an additional 1% to level out.
Lifes for living, but you need to be sensible. I'm going to knock the term down at renewal. We have enough money to knock it right down and get it paid off quite quickly but we'd be cutting it very fine.
It's a balancing act
Fortunately our mortgage is quite low (I say low, it's £90k, that's still a lot in my book). It would have cost me more to pay the ERC and rates would need to rise well over an additional 1% to level out.
Lifes for living, but you need to be sensible. I'm going to knock the term down at renewal. We have enough money to knock it right down and get it paid off quite quickly but we'd be cutting it very fine.
It's a balancing act
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Yeah I had no idea about ercs when I got a mortgage. Thankfully it was a 3,2,1 fee on a 3 year.
5 percent all the way through?
Santander are one to avoid!That is brutal.
Soldato
Damm, the best I got offered was 2.7 percent
Soldato
That's what I don't get. I'm still looking for my first property to buy after the last one fell through.Well house prices are still rising, a sellers market with houses flying off the shelves, rates are rising, wages aren't
Where's the money coming from
Been checking the property market and prices are still high and places getting scooped up within 48h of first open day viewings with offers above asking price..
Lots of people with money it seems
Associate
Supply & demand
Soldato
But at what point?
Anything semi decent here in the out skirts of London is nearly a million for a property....
Caporegime
Just checked an my house is roughly 16% up in 3 years.
I'm coming up for renewal next month, i.e. 3 months before my fixed rate ends.
I've been looking at my account but can't get a new deal until next month without heavy ERCs.
I'm wondering whether to stick my existing lender and go for a 5-year (3.25%) or 10-year (4.04%) - but both have a heavy product fee, and at 57% LTV I'm sure I can do better than these rates. They might change over the next month thhough....
Would anyone advise using a mortgage broker for a remortgage, or just shopping around yourself?
I've been looking at my account but can't get a new deal until next month without heavy ERCs.
I'm wondering whether to stick my existing lender and go for a 5-year (3.25%) or 10-year (4.04%) - but both have a heavy product fee, and at 57% LTV I'm sure I can do better than these rates. They might change over the next month thhough....
Would anyone advise using a mortgage broker for a remortgage, or just shopping around yourself?
Soldato
- Joined
- 13 Sep 2005
- Posts
- 4,314
Use both to see what your broker needs to beat.
The BoE meet on the 4th of August and will almost certainly raise the base rate by 0.5% if that helps. Banks seem to add the base rate rises immediately to lending products, unlike savings which languish on low rates!