It's a straighforward question. You seem to be suggesting both properties having increased in value by 16% isn't relevant as one is immaculate and one derelict.
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
It's a straighforward question. You seem to be suggesting both properties having increased in value by 16% isn't relevant as one is immaculate and one derelict.
Oh yeah I can imagine some have set it to 35 because that's the maximum they can afford. We figured it was better to have a lower committed monthly payment - just in case we end up with an unexpected big bill, or if one of us lost our jobs etc.
We've overpaid for nearly the last 3 years so would also have the equivalent of an 18 month payment holiday I believe.
That isn't what I suggested at all - in fact that was what you suggested -
Unless you were just doing a humble brag at your maths?
Soldato
Do you really want to go down theThat isn't what I suggested at all - in fact that was what you suggested -
Unless you were just doing a humble brag at your maths?
Fair; I'm out
Soldato
How come? Last year there was free stamp duty. That surely ramped up the property market then it is now?
Caporegime
Sorry, not sure what you mean here. The stamp duty holiday was ******* stupid though. I refuse to believe that whoever thought that up and pushed it through didn't know that it would do **** all apart from increase house prices and demand and save no one any money. I don't know if the government made more money as a result from the uptick in sales but by the very nature of the policy I would suggest not.
Caporegime
Ours is due for renewal but less than ten years left. Thinking of just lumping our savings and get it close to finished.
Caporegime
Either that or think about investing the money. The stock market will come back and you will see far better returns on that than paying down your mortgage.
A pity you're out otherwise you could explain the point you were making with post:
It did 16% in spite of being derelict because it met the conditions I put out in must/would haves...let me know how slow/how many pictures you need to follow.
Did it become derelict between 2019 and now? If not, seems like its condition would have already been (at least mostly) priced in, so prices are probably just increasing across the board.
It was criminal.
It gave free money, and a lot of it. To people who absolutely did not need it.
If you're buying a house in covid. You've got a job, and a decent salary. You do not need help.
What it did is screw future first time buyers who likely contributed in tax to those getting the break.
It was absurd in every way.
Soldato
I mean thanks to free stamp duty, it completely ****** up the property market
I'm basing it on the identical house next door. This derelict one hasn't sold for 20 years.
Caporegime
My mortgage went up but my apartment price went down! Apparently people don’t want 1 beds in London
Since 2010 our house value has gone up 60-70%. Bloody madness and we do not even live in a London commuter zone but I think a lot of WFH have moved this way for cleaner living. We were looking to sell during covid and houses were barely up for a couple of weeks before selling. Now there is very little for sale.
It wouldn't surprise me in the decades to come if WFH really does take off that a lot of previously hot property will be worth a lot less than it was and people stuck in rubbish houses with negative equity.
- Joined
- 30 Sep 2005
- Posts
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Damn, mines 70% as well (in the east mids). Crazy!
Just wish my wages had gone up by the same amount. In fact, my place hasn't given a payrise for the last 10yrs.
For those that haven't watched South Park in a while; this episode was epic at summarising the current housing market.