Yeah that is crazy. 800k and you can only fit a 2 seater?
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Yeah that is crazy. 800k and you can only fit a 2 seater?
Thanks for that, so you need the rate to be as low as it can go realistically so that your payments don't skyrocket?
My daughter's just remortgaged about January time so hers has jumped up to £800 on I think about £160,000
If it jumped to 5pc it would be about 1300 I think. Which is an extra 400 a month and would steal a holiday from us a year.
But in that case I'd probably just save less.
The fact that payments can jump by that much is why I don't ever want more mortgages debt. Because it's not worth "a bigger house" to have thay level of life change.
On my death bed I'm not gonna regret having a 3 bed house vs a 4 bed.. But if I haven't done the things I want to do on life.. That's what I'd regret.
Hope that rates are more towards 3pc or I'm out of the UK by then though.
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I think there comes a point of "too much" with how big houses are.
Mines only a 2 bed semi 600-700 square foot and driveway. Easy to keep clean and the 2 bedrooms are still fairly empty just bed, set of draws and my computer desk (built in wardrobe). Will be paid off within 5 years with overpayments (mortgage started last year)
I will move at some point, but I wouldn't want bigger, although I do want detached which usually is 3 bedroom minimum, but I wouldn't go crazy. By the time I want to move this will be paid and I'd have a chunk of cash to put towards the new home from savings. If all goes to plan savings and selling this house would pay off the new house all together depending on house prices at the time or a very short mortgage again.
Although I do get wanting bigger houses for families, still think people go overboard. Those American culdesac houses you see are crazy big would just get anoyying with mostly dead space.
Really dislike the idea of people taking decades long mortgages and living perpetually in debt. The interest hurts my soul
Mines only a 2 bed semi 600-700 square foot and driveway. Easy to keep clean and the 2 bedrooms are still fairly empty just bed, set of draws and my computer desk (built in wardrobe). Will be paid off within 5 years with overpayments (mortgage started last year)
I will move at some point, but I wouldn't want bigger, although I do want detached which usually is 3 bedroom minimum, but I wouldn't go crazy. By the time I want to move this will be paid and I'd have a chunk of cash to put towards the new home from savings. If all goes to plan savings and selling this house would pay off the new house all together depending on house prices at the time or a very short mortgage again.
Although I do get wanting bigger houses for families, still think people go overboard. Those American culdesac houses you see are crazy big would just get anoyying with mostly dead space.
Really dislike the idea of people taking decades long mortgages and living perpetually in debt. The interest hurts my soul
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I do wonder if they will go down to 3% or
3.5% and stay there to help stabilise the economy
Well it's maybe 2.5 but yeah it's a small room with a bay window/fireplace and door placement that makes furniture difficult.
I don't get this endless chore thing? Don't make it dirty and it doesn't need much cleaning?
It always needs cleaning. Having a dog is a big part of that.
We have a cleaner just so don't have to do it. As it takes so much of my weekend otherwise.
Hah, Labrador here and discussions of cleaner.
Can't face it myself, I'm fine with a bit of cleaning.
Caporegime
Oooh check you out with your cleaner!
Cleaners are amazing though. We have one every two weeks for 3 hours and it makes a massive difference.
I understand that a larger house is more maintenance but with 2 kids and perhaps a 3rd we will need the bedrooms and it would be nice to have a play room that we don't have to keep perpetually clean and tidy. Thats our living room at the moment. A bigger garden gives them somewhere to play without trashing the house or requiring quite so much effort on our part. Well at least that would be the plan.
The garage would be a workshop and somewhere to keep my bikes. Currently all DIY is done in the house or outside, neither of which is ideal. Being able to park outside the front door as well will make life easier rather than having to walk a few hundred metres most of the time or park up outside, unload, faff and then have to move the car again.
All of these things are quality of life changes and once we get old I would like to think we will sell and downsize. We probably won't because we will be old and stubborn and need to keep 3 bedrooms "for the grandchildren" when they stay once a year.
Despite us being DINKWADs with.. um.. substantial incomes.. my working class roots make me twitchy about a cleaner. And the cost.
I suspect I will lose the argument eventually and I'll love it.
Anyway back on mortgages, I think I max out in my willingness to take on debt at £1m ticket price which would end up being something like £6/700k.
In proof that the banks have learned precious little when I ran a calculator with Nationwide they were prepared to enter into a discussion about lending me twice that. Crackers. I get some on here will think even £500k is nuts but that is me in no way in service to my house, that's a hard limit for me.
I also went through 2008 with a 100% northern rock mortgage and a ton of credit card debt.. hard lesson learned that took maybe 10 years to unravel. Now my mortgage is the only debt I have and my share is about 15% of my take home. Even so it still makes me a bit nervous.
I suspect I will lose the argument eventually and I'll love it.
Anyway back on mortgages, I think I max out in my willingness to take on debt at £1m ticket price which would end up being something like £6/700k.
In proof that the banks have learned precious little when I ran a calculator with Nationwide they were prepared to enter into a discussion about lending me twice that. Crackers. I get some on here will think even £500k is nuts but that is me in no way in service to my house, that's a hard limit for me.
I also went through 2008 with a 100% northern rock mortgage and a ton of credit card debt.. hard lesson learned that took maybe 10 years to unravel. Now my mortgage is the only debt I have and my share is about 15% of my take home. Even so it still makes me a bit nervous.
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You realise that there are other places in the UK outside of the southeast are "very nice" too? These places also don't suffer from the exorbitant price gouging that carries on just because it's close to the hell hole that is London.
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Caporegime
Farnham is in the Southwest and you are within an hour of Gatwick and Heathrow. The prices are also not as bad when compared to some North M25 commuter towns which are terrible. Only negative about Farnham is if you want to visit anything north of the 25 it is a pain.
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There may well be one in the Southwest too, but as Matt100 location is in Surrey I'm going to go out on a limb here and state he's probably from the Farnham in Surrey
Caporegime
There may well be one in the Southwest too, but as Matt100 location is in Surrey I'm going to go out on a limb here and state he's probably from the Farnham in Surrey
I read your post wrong. I thought you was saying it in reference to London not the actual area it is in. My bad.
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So?
I mean god forbid I live somewhere that's half an hour from my office/close to friends and family etc.
If I wanted cheap I could move to Aldershot...
I also don't agree with your view of London for what it's worth, I think it's great being a direct 1hr train from a major global capital. It's hard to be bored with something like that available.
It was more the tone or way it came across as being some sort of superior place, so therefore worth the extortionate housing costs. Probably not how you intended, just the way it read to me. My apologies, I didn't mean to offend. As for London, I'm a country bumpkin and can't abide all that hustle and bustle. Different strokes for different folks.
Oh fair enough, to be honest I am aware that I'm paying extra for living in a leafy bit of Surrey.. I also feel very fortunate, certainly not superior.It was more the tone or way it came across as being some sort of superior place, so therefore worth the extortionate housing costs. Probably not how you intended, just the way it read to me. My apologies, I didn't mean to offend. As for London, I'm a country bumpkin and can't abide all that hustle and bustle. Different strokes for different folks.
I grew up in Huddersfield, I get that I'm lucky/the hard work has paid off
And if you've got the salary to pay for it and it's not a burden, why not.
Its an appreciating asset as well. (probably!)
Interestingly, perhaps, my Father and Grandparents all originate from the Surrey area. When my Grandfather retired they moved from Weybridge to a lovely little village called Witley near Godalming, there was some truly stunning countryside around that neck of the woods and a great golf course, West Surrey GC, used to love playing there.