Soldato
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How much is an average Mortgage these days ?
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
How much is an average Mortgage these days ?
That is a good question. Mine is 550, I live in the northeast though
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Around £730 from a quick google.
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We pay £610 a month with 15yrs left. It's up for renewal next June and will be going for 7yrs and paying £10k off.
So much for growing the economy, everyone's going to be overpaying the mortgage if they can.
So much for growing the economy, everyone's going to be overpaying the mortgage if they can.
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Soldato
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Ours is £330, but only 55k left to pay. 15 years remaining on the term I think. But hope to pay it off long before.
Soldato
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I think demand for build and renovations will drop off. That's what happened in previous housing crashes, and is a negotiating opportunity- not a guaranteed saving.
Materials costs are going up, and you can't do much about that.
My advice is find one (old!) trade, preferably a general builder, and get him to do introductions and help you set up trade accounts. Someone like that will save you both time and money.
Trying to juggle plumbers, builders, carpenters, electricians etc on a job is no fun. Don't be afraid to sack no shows!
So the government will save people a few thousand on their energy bills but cost them potentially 2-3x that when their mortgage comes up for renewal. The economy is going to tank, unemployment will sky rocket, tax income will plummet.
Seems entirely competent. Hey, at least some people will get lured onto the property ladder at possibly the worst time in decades. Not all doom and gloom.
At this point people should be thinking about rioting to oust these ******* clowns.
Seems entirely competent. Hey, at least some people will get lured onto the property ladder at possibly the worst time in decades. Not all doom and gloom.
At this point people should be thinking about rioting to oust these ******* clowns.
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Think we have about 13 years left but it's a tad higher than these mentioned, bloody south.
Getting lured on at the wrong time I suppose will entirely depend on the individuals circumstance re affordability. However the ones who don't account and are more reckless with their spending will suffer. Many have been suckered on with this energy cap to think they will be ok, then this mini budget stuck a knife in the back.
Welcomed by the governments left hand, surplanted by the right hand.
Same mate.
Paid an extra ~50k in the last 24M and will be doing another 22k this December.
Making hay while the sunshines and all that. Rather pay down the mortgage than newer car etc.
Soldato
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Yet the energy generators get record excess profits, reduced corporation tax, and the execs save 5p in the pound on their income tax for good measure... Go figure
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If I can overpay 1000 a month (hard, very hard.) it would really help. I'd rather not as you're only young once, but unfortunately that's the situation at the moment.
I need a new job. And my reason for leaving will be "cost of living"
I need a new job. And my reason for leaving will be "cost of living"
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I mean, anyone who ends up buying in the next year or so will probably be paying a crazy rate as well as running the risk of seeing their asset flash crash in price. Its a very dangerous time to buy IMO.
I'm not father of the year but please GOD do not instil them with this belief that their future is doomed and how "if I was born now we wouldn't have survived!" nonesense. I had an upbringing where these kinds of comments were everyday occurrences and it conditioned me and my brother (especially him) into a belief of indentured labour and working for "some man".as a father of an 11 and 13 year old, I worry what the future has in store for them. They'll probably be living with me forever
It took me almost a decade to unlearn all that crap and my brother twice as long, whilst lads and lasses who go to top tier schools are conditioned to truly believe the world is their oyster. They are now at least 5 - 10 years ahead of me.
You specialise to cope in the environment you were born into. Your kids will do the same and thrive, unless they keep getting crappy "reality checks".
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My sister is buying now. She's a FTB her partner has a flat with a stupidly short lease (he probably shouldn't have bought it)
They have a mortgage offer. But if it expires it would be better for them to wait. But I know my sister is desperate to get a house.
But really does feel we are on the precipice of a fall
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Soldato
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Definitely the thing to do. Who knows what the interest rate will climb to? The country is in a proper mess unfortunately
Nice one managing to pay off that much. Will make a huge difference in the long run.
Soldato
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This is why you dont get a gentle down slope on house prices when it goes wrong
No one sane buys at that point, and no one can easily sell
I mean I've been eyeing up a place for a while, (first time buyer, age 40) I was gonna be taking on something in the region of 400-500k which with the current interest rates would be easy for me to repay (about the same as I currently pay in rent) and half of what I was paying in rent when I lived in Ireland.
If I factor in the forecast interest rates, forget it - those repayments which would have been £1500-1700 a month (around 20% of my net monthly salary), are now almost £3k lol,
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