Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Caporegime
Its just another haves vs have nots. Our children will probably be OK because we will have money to gift them for a deposit. Many won't be so lucky. Gifts for deposits are already the norm these days for first time buyers. Eventually though people will have so little saved/equity that they can't gift their children anything and suddenly that stilt that is giving people a chance will drop away.
Soldato
wonder how much it costs to buy a bit of land and build a super basic house on it
Depends on your interpretation of serious debt. We have a £500k mortgage
To some that's way too much, others it's just a bit of a concern as you say depends on viewpoint.
I wish mine was less as well and it's only £19,000. My payment has gone up £20 odd I think yet the daughter has just remortgaged and her payment jumped up £200.
Soldato
I thought you said your original house was around £200k now? NMW is around £20k so thats 10x salary (no chance) or 5x a joint salary (on the limit of lending).
When you have kids and need to drop a salary, what happens then?
Last edited:
Yes it will be around £180,000 - £200,000 as its a 2 bed terraced but the only one I could see that nearly matched was a 3 bed.
That's what the calculator came up with, I believe NMW is £22,000.
I put myself down for £27,000 and the wife for £22,000. I did say on just my wage it would be impossible but we bought the house on 2 wages.
On the kids front we would have waited longer than we did originally.
Last edited:
Wow yeah to me that's a big house already. I grew up in a big house and I'm not a big fan. But that's personal preference (too much to clean etc).
But I do like our off road parking. Sometimes I drive down streets closer to town and the cars lined either side of the road stresses me out!
I couldn't live without off road parking. A private drive with space for at least two cars is an absolute must.
Last edited:
What rate are you on at the minute and for how long? If you don't mind me asking.
Last edited:
Caporegime
I work from home and one of the main reasons we want a bigger house is for a larger living area. Everything scales off the bedrooms in general. So if you have a 3 bed its unlikely to have room for an office and a decent sized living room. I also like a nice open kitchen because I do 99% of the cooking and I enjoy it. I hate galley kitchens. Ironically I also hate people loitering in the kitchen when I am cooking! **** off to the living room so I am not having to walk around you all the time!
Last edited:
Our next move is similar, more bedrooms so we have an office each, detached so I never have to hear my neighbours, bigger overall so there's actually space in the living room.. we can only have a 2 seater in there.
All of which is crackers in the context of £800k but then I live in Farnham so other than Jeremy hunt it's very nice.
Soldato
God I couldn’t think of anything worth than an insane mortgage and a massive house with all the cleaning and problems that arise.
I’ll keep my 2 bed that’ll be paid off in less than 10 years thanks.
I’ll keep my 2 bed that’ll be paid off in less than 10 years thanks.
Soldato
It's mad how our "standards" just get higher and higher...
I always lived in a cul-de-sac growing up, so parking was never an issue and since I had a place of my own, I've always had either my own parking space or drive. When I go to friends houses, it drives me crazy when I have to street park.. lol..
My next house will have it's own garage, not that I'm planning to park a car in it.. I want to have my own gym in there, along with a workshop and put in a mezzanine floor for an office.
If I don't move, I will look into having a car port put in on the side of the house and a room on top for that same reason. my drive is big enough of a garage and still park the car outside if I use some of the garden on the side.
I always lived in a cul-de-sac growing up, so parking was never an issue and since I had a place of my own, I've always had either my own parking space or drive. When I go to friends houses, it drives me crazy when I have to street park.. lol..
My next house will have it's own garage, not that I'm planning to park a car in it.. I want to have my own gym in there, along with a workshop and put in a mezzanine floor for an office.
If I don't move, I will look into having a car port put in on the side of the house and a room on top for that same reason. my drive is big enough of a garage and still park the car outside if I use some of the garden on the side.
Although we have a 3 bed I do agree I don't want the work and cost of a big house either.
My parents are slaves to their huge house and it's nigh on impossible for them to keep on top of.
I lived that life of endless chores when I lived there. It's put me right off.
Last edited: