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Thread: House prices and mortgages

  1. #1
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    House prices and mortgages

    Quote Originally Posted by littlebib View Post
    5.4% really good, some mortgage rates are this high.
    Off topic, but when we took out our first mortgage 4 years ago, we were advised to go for a tracker as the base rate was around 5% (my father in law is a financial advisor). We found one which was for 0.89% + base rate.

    Then the base rate dropped to 0.5% because of the recession and we found ourselves with a mortgage of £122k but only paying 1.39% interest!!

    Lucky is an understatement!
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  2. #2
    littlebib
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    better than the 4124% a well known pay day lender charges, in fact 4122.61% cheaper

  3. #3
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    Off topic, but when we took out our first mortgage 4 years ago
    My first mortgage was 15% and I seem to recall it hit 17.5% before settling down around 11%. Oh for the 'good' old days

  4. #4
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    Quote Originally Posted by tinker View Post
    My first mortgage was 15% and I seem to recall it hit 17.5% before settling down around 11%. Oh for the 'good' old days
    But your houses were much cheaper back then weren't they?

    I did need a 10% deposit - almost £20k! No wonder younger people struggle to get on the housing ladder, it took me 4 years to raise the funds.
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    07/15-09/17; Skoda Octavia 1.6 Diesel SE-L DSG; 28,200miles; avg 43.9mpg
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  5. #5
    littlebib
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    too few houses, too many 2nd homes, too many protests about new developments,

  6. #6
    doberg
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    [QUOTE=littlebib;20676] post not relevant to subject
    Last edited by doberg; 26-11-12 at 17:23.

  7. #7
    littlebib
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    agreed, VAt at 5% should have been charged on all commercal house purchases including buy to let and renovations, it would have cooled the market down and stopped some of the problems we now face

  8. #8
    Senior Member Lighttouch's Avatar
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    The trouble with this country relates to house prices. The economy is based around house prices going up. That makes people feel wealthy - then they borrow more money with their house used as colataral.

    Anyone first time buyer who bought a house i the last 5 years could well be in negative equity - in other words their house isn't worth as much as the loan they took out. In effect they are stuck as lenders require a bigger deposit in order to get a good mortgage rate - what you might call responsible lending.

    A house is only worth what people are prepared to pay for it. It's normal practice to 'up the selling price' as the buyer will want to knock off 10/20% as it's a buyers market.

    Houses should be treated as a home not an investment - if it goes up in value then you're lucky.

    When I bought my home it was during another recession in the 80s when interest rates were frightening at 16% not 4%. But mortgage lenders only loaned 3 x main salary and one x other salary - no more. My bungalow also remained at the same price for at least 5 years!!

    Even havig had a divorce, low cost endowment miss-sellig etc I finally paid it off a few years ago - mortgage free- very liberating knowing nobody can reposes your home or kick you out.

    But be warned as house prices have to tumble again. The only reason why they haven't is because the bank of England daren't raise the base rate of 0.5% as mortgage rates will rise, people will default on payments, the banks reposes and sell at a loss at an auction which in turn depresses the whole housing stock value. Nobody will spend, the economy can't grow and we up in a never ending recession.

    However - look on the bright side - it's going to be the coldest winter in 100 years - anyone fancy a few months in sunny Benidorm!

  9. #9
    littlebib
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    i said to someone who has property and thought and still thinks the market is going to "go through the roof" it will be at least 20 years before prices are higher than in 2008 in real terms. a house is only an asset when you sell it.

  10. #10
    doberg
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    Quote Originally Posted by littlebib View Post
    a house is only an asset when you sell it.
    post not relevant to thread
    Last edited by doberg; 26-11-12 at 17:24.

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