Apparently there's talk of getting us kids as joint owners on it or something. No idea what that really means. Or if it's even possible.
Mortgage Rate Rises
- Thread starter glenimp617
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Apparently there's talk of getting us kids as joint owners on it or something. No idea what that really means. Or if it's even possible.
Recession is upon them already, they are just too stupid / stubborn / delusional / coked up to realise
Caporegime
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this. there really is no positives in negetive equity...
Caporegime
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But house properties in london were less than 300k for a 3 bedroom house in zone 2/3?
All relative...
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I've heard something about that. Maybe I'm wrong, but if they do it X number of years before they die, you won't have to pay inheritance tax.
I feel like a bit of a broken record, but in terms of mortgage affordability versus average income, rates of 15% are the equivalent of around 3-4% now.
You cannot simply look at the rate in isolation.
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Unless the government steadies the ship, we're heading for a house price crash of 20-40% over the next couple of years. There's 1.8m borrowers coming off fixed rate deals next year. They simply won't be able to afford the mortgage payments, forcing them to sell or be repossessed.
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Soldato
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Just a tip for those on nationwide, assuming its the same there are a few options on overpayment
1) reduce term
2) reduce payments
3) keep term the same and keep payments the same
Unless you specifically want to reduce the payments (which i think is the default!) I suggest the 3rd. This builds an overpayment reserve but keeps your agreed end date the same.
If you go with 1 it reduces your end date so if you draw back down overpayment (or take a holiday depending on what your product allows) you will end up having to increase your payments at some point.
1) reduce term
2) reduce payments
3) keep term the same and keep payments the same
Unless you specifically want to reduce the payments (which i think is the default!) I suggest the 3rd. This builds an overpayment reserve but keeps your agreed end date the same.
If you go with 1 it reduces your end date so if you draw back down overpayment (or take a holiday depending on what your product allows) you will end up having to increase your payments at some point.
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I know there's a thing that if you gift someone some money and you live 7 years more you don't get IHT.
But no idea if you joint own a property or something!
Soldato
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I do 2. But lob extra overpayments anyway when I can. My goal was just to free up the mandatory a bit more, ultimately can just overpay a bit extra over time to make up the difference.
Of course they do. If they didn't, the pound wouldn't have tanked in value. The housing market wouldn't be about to continue rising despite everything suggesting it should do the complete opposite.
They can't control things out of their control but they are damn well doing to try and keep the plates spinning as long as they can.
As we have seen with Brexit, the best thing you can hope for is an external catastrophe to happen that you can point at as the "real" cause of your issues.
Until the rest of the world or at least Europe is in as much of a mess as us, its hard to say that this current *********** isn't of our own making.
That's correct, but if they want to continue living in the property after gifting it, they would have to pay rent to the children at market rate.
Soldato
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overpayments over £500 reduce the term automatically
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Interesting, I guess you could do that, then give them the cash back to spend when they do the weekly food shop
Soldato
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I've just renegotiated my fixed rate with nationwide, and that sounds about right.
I'm going for reduced term and, as I overpaid a lot already, still have scope to overpay.
If that old fixed rate had ended a couple of months later, I could have done neither of those.
This is going to ruin people, through blind chance on their old deal date.
or people in the Uk that have all their wealth in offshore funds that are priced in USD, i.e pretty much all the Tory party donors.