Mortgage Rate Rises

GordyR said:
So we’ve established that your first house would have had to cost twice as much as it did, relative to your earnings, to be even remotely comparable to the situation that effects first time buyers today.

Please explain what you would have done if that was the case?

Work harder? Twice as hard? Twice as long?

Would you save twice as long? Only to find that you’re saving slower than the value of the average house is increasing?

How would you have afforded a mortgage payment that was twice as high?

This is absolutely ridiculous and either mind blowing out of touch with the economic reality of today, or this is bonafide trolling.
Click to expand...
well the first thing i wouldnt do is buy non essantials, ( but then the parents probably bought them those too ). i see parents struggling in life, but still buying their kids their first cars, insuring their cars.

everything in life is hard work, but if you got your parents giving you handouts every week, then they dont need to work hard.

We are so hell bent on owning property, yet other countries see it differently and seem to manage better. Maybe its a UK thing.

Why is it when someone says something different they are called a troll, having an opinion on something doesn't mean your breaking rules or trolling...
 
Last edited:
The Angry Welshman said:
who says im wrong... the odd person on here thats accusing me of trolling, because i offer an alternative opinion. Yet they say im a drama queen or have a complex. bit strange really
Click to expand...

But unanimously people are saying your economic understanding of the current house buying situation compared to when you were a lad is wrong.

Now, being a free thinker and going your own way has it's merits, but sometimes when you're driving down the road and everyone is shouting and waving at you, it's a simple as your driving the wrong way down the street.
 
The Angry Welshman said:
well the first thing i wouldnt do is buy non essantials, ( but then the parents probably bought them those too ). i see parents struggling in life, but still buying their kids their first cars, insuring their cars.

everything in life is hard work, but if you got your parents giving you handouts every week, then they dont need to work hard.

We are so hell bent on owning property, yet other countries see it differently and seem to manage better. Maybe its a UK thing
Click to expand...

Please name the essentials you would have cut out that would have enabled you to buy 2 houses instead of one.
 
Freakbro said:
But unanimously people are saying your economic understanding of the current house buying situation compared to when you were a lad is wrong.

Now, being a free thinker and going your own way has it's merits, but sometimes when you're driving down the road and everyone is shouting and waving at you, it's a simple as your driving the wrong way down the street.
Click to expand...
unanimously?? what 3 people...... hardly are ringing endorsement is it. The 3 people that dont want let their kids stand on their own two feet
 
The Angry Welshman said:
who says im wrong... the odd person on here thats accusing me of trolling, because i offer an alternative opinion. Yet they say im a drama queen or have a complex. bit strange really
Click to expand...
It’s just cold hard facts. Like I said. There’s plenty of factual information around that proves that you are wrong.

Buying a property as a young person is extremely hard these days and much much harder than what it was 30+ years ago when you were 18.

That is why many young people only get on property ladder with the help from their parents who, funny enough are often able to help simply because their previous properties have blown up in value and given them enough capital to do so.

That doesn’t mean that young people are leeches and don’t work hard. It’s simply much harder to get there in the first place. And avocado toast has nothing to do with it.
 
The Angry Welshman said:
who said 2 houses??
Click to expand...

Are you for real? It’s just been explained to you that your house would had to have cost twice as much relative to your income for your situation to be comparable to today.

So I’ll ask again. Precisely which essentials would you cut out that would have enabled you to afford 2x houses or a single house of twice the value.
 
How often do you guys bother switching between deals during your remortgage period when your fix is coming to an end, given it takes a credit check etc? I'm currently on 4.29% deal but see one for 4.16%. Worth changing?
 
Last edited:
The Angry Welshman said:
having a different opinion, working hard..... doesnt make someone wrong.
Click to expand...

How’s about working smart?

If I had a child that was ready to move out and had the funds to help them, the smart thing to do is to help them.

The value of the house should out pace inflation and any interest rates that the bank can offer by just having the money sit there.

Say you lent 10% to your child, you could just say I want 10% of the house sale when they move. Even if you don’t expect or want it back, I’m sure the 10% is well worth it when your child looks after you when your in retirement, with the raising cost of home care.

For my first house purchase, I saved 5%, my brother borrowed me 2.5% all paid back in 3 years, which helped with his kids wedding costs, my mum and dad gave me 2.5%, which is much more useful then than giving me it when/once they past away.

It’s not just the house deposit that a first time buyer has to save for, I was kinda lucky as I was already renting and had most of my furniture but still had to pay for central heating to be fitted, a bed to sleep in as my old one was rotten, etc etc… let’s not forget the cost of all the paperwork.
 
jaybee said:
How often do you guys bother switching, given it takes a credit check etc? I'm currently on 4.29% deal but see one for 4.16%. Worth changing?
Click to expand...

Maths… most mortgages have a penalty for exiting the deal early.

Work out how much that penalty is, then how much you would save by moving, and the cost and time it takes to do all the paperwork.

I’m within three years of a 5 year deal, I have a 2% penalty, my mortgage is 4.01%.. so I think it needs to be around 3.8% before I even start to do the maths.
 
GordyR said:
Are you for real? It’s just been explained to you that your house would had to have cost twice as much relative to your income for your situation to be comparable to today.

So I’ll ask again. Precisely which essentials would you cut out that would have enabled you to afford 2x houses or a single house of twice the value.
Click to expand...
maybe you didnt read my post correctly...i said NON essentials, not essentials.

maybe go out less at weekends, have one holiday a year instead of 3 or 4...... dont drink or smoke, which costs a hell of lot thee days. Buy a cheaper car rather than the PCP contract so you look good around your friends, ditch the expensive iphone and get a cheaper alternative, dont change them every year. theres may things people can do, but lifestyles wont allow it anymore.
 
Last edited:
slinxy said:
How’s about working smart?

If I had a child that was ready to move out and had the funds to help them, the smart thing to do is to help them.

The value of the house should out pace inflation and any interest rates that the bank can offer by just having the money sit there.

Say you lent 10% to your child, you could just say I want 10% of the house sale when they move. Even if you don’t expect or want it back, I’m sure the 10% is well worth it when your child looks after you when your in retirement, with the raising cost of home care.

For my first house purchase, I saved 5%, my brother borrowed me 2.5% all paid back in 3 years, which helped with his kids wedding costs, my mum and dad gave me 2.5%, which is much more useful then than giving me it when/once they past away.

It’s not just the house deposit that a first time buyer has to save for, I was kinda lucky as I was already renting and had most of my furniture but still had to pay for central heating to be fitted, a bed to sleep in as my old one was rotten, etc etc… let’s not forget the cost of all the paperwork.
Click to expand...
Yup.

My costs were :

£1300 rent a month
Needed £45k deposit
£9k for fees and stamp duty
£2k for moving costs and other minor costs

Then add all furniture, little bits like blinds etc and I probably spent another £2-£3k

Maybe I should’ve just been born 30 years earlier at a farm in wales and bought my house outright.. actually if @The Angry Welshman worked harder when he was 18 he wouldn’t have needed a mortgage in the first place.
 
The Angry Welshman said:
maybe you didnt read my post correctly...i said NON essentials, not essentials.
Click to expand...

Pure obfuscation. Why are you finding this so difficult to answer?

Which non-essentials? Precisely which ones?

Think back to your situation when you were saving for your first home.

What would you have done to afford the same house at twice the price, with a deposit twice the size and a mortgage payment twice the size.

Can you see a way that you could have achieved that realistically at the time? If so, explain in detail.
 
GordyR said:
Pure obfuscation. Why are you finding this so difficult to answer?

Which non-essentials? Precisely which ones?

Think back to your situation when you were saving for your first home.

What would you have done to afford the same house at twice the price, with a deposit twice the size and a mortgage payment twice the size.

Can you see a way that you could have achieved that realistically at the time? If so, explain in detail.
Click to expand...
work 140 hours a week obviously.
 
You must log in or register to reply here.
Back
Top Bottom