and1c Posted June 11, 2008 Share Posted June 11, 2008 Its getting hard now for some people, there mortgage deal runs out then they cant get another so stuck paying well over the odds on a house they cant sell. I was so lucky i sold my house just at the right time and now got the money in the bank, im renting the house im in at the min and tempted to stay here for a while to see what happens over the next 6 months or so. Ive still got a plot of land i own with my brother thats going on the market in a few months, just hope that sells ok then interest rates can go through the roof for all i care:D lucky s*d Link to comment Share on other sites More sharing options...
JamieP Posted June 11, 2008 Share Posted June 11, 2008 lucky s*d I had to give half the money to my ex wife so not so lucky:) Link to comment Share on other sites More sharing options...
and1c Posted June 11, 2008 Share Posted June 11, 2008 yes please, mine seems quite useless, i got a better deal offered to me than she could find, im looking at a £300+ a month jump in my mortgage, £300 a month increase Thats a nightmare....gutted Link to comment Share on other sites More sharing options...
SteveR Posted June 11, 2008 Share Posted June 11, 2008 I was planning on doing that, however Ive done the maths and as im buying with a friend who now ideally can get more cash together to match me (was going to do a 66% 33% share) in that time frame. So the extra 16% i was providing I dont need to now, I.e the money in the car. If house prices go up a little before next april then so be it, however I dont think they will and compared to buying april this year it will always be less. Sounds good doesnt it....got my fingers crossed though Just wait till the following April and buy 100% of the house for yourself, AND keep the car. Link to comment Share on other sites More sharing options...
mikeyb10supra Posted June 11, 2008 Share Posted June 11, 2008 Went for a tracker for my remortgage.....had a 3yr fixed before that at 4.76% never going to get near that for a while Ive still got a plot of land i own with my brother thats going on the market in a few months, just hope that sells ok then interest rates can go through the roof for all i care:D Nooooo dont do it Jamie....rocking horse and shit come to mind, your in a strong position owning that trust me. Keep it mate honestly, once things settle down a nice development would sort you out....you could arrange the building and if you were interested, I know a man that could design everything for you he he my dad and his engineering consultancy;) he undercuts big practices like fitzpatricks and most of the big companys contact him to do a lot of work for them like conways, corporation of london etc etc mainly because he is better that half the engineers there ha ha Link to comment Share on other sites More sharing options...
Aero-M Posted June 11, 2008 Share Posted June 11, 2008 £300 a month increase Thats a nightmare....gutted yes totaly, im on 3.9% thats is going upto 6.29. seriously close to wether we can afford to keep the house, been used to living on whats left after such a low mortgage, to have such a big jump will be hard. i would like to thank gordon brown face to face for all the help us hard working tax payers get from the gov!!lol. the £600 a month tax i pay on wages should be enough, considering all the people that put nothing into the economy, without all the other boll*X taxe:protest::unfair:s. Link to comment Share on other sites More sharing options...
Whitesupraboy2 Posted June 11, 2008 Share Posted June 11, 2008 Just wait till the following April and buy 100% of the house for yourself, AND keep the car. Im buying with my best mate and to be honest im happy to help him out as he needs to get on the ladder and in this day and age he just doesnt own enough so hopefully it will sort him out for the future. I already have a place I rent out...so i'm in limbo how much I want house prices to drop thank god buy to let morgages dont go against you or id screwed!! Link to comment Share on other sites More sharing options...
SteveR Posted June 11, 2008 Share Posted June 11, 2008 Nooooo dont do it Jamie....rocking horse and $#@! come to mind, your in a strong position owning that trust me I disagree. There is a mahooosive house price correction coming, which will include land prices. Especially if any of the big builders go under and have to flog off their land banks (Barratt shares were £11.00 12 months ago, they hit People think you're mad if you say the economy and the credit crunch have set things up quite nicely to see house prices fall 30~60% in the next 3~5 years. Yet no one had issues with them more than doubling, nearly tripling, over the last 10 years. Average house prices being 6~7 times the average salary IS unaffordable and WILL see (are seeing!) a correction; no more boom and bust my backside. Yes, it is different this time, it'll be much worse (or better, depending on your PoV). 90% of people, including existing homeowners, will be better off as a result of falling prices. Maybe not Estate Agents though. My 2p. http://www.guardian.co.uk/business/2008/jun/03/housingmarket In the early stages of a housing market slump, activity indicators are often more relevant than price data, which tends to lag. So when mortgage approvals fall by half and net new home reservations are down by three-quarters there is a problem. Right now the data is telling us just one thing, that the housing market is in meltdown. Link to comment Share on other sites More sharing options...
JamieP Posted June 11, 2008 Share Posted June 11, 2008 Went for a tracker for my remortgage.....had a 3yr fixed before that at 4.76% never going to get near that for a while Nooooo dont do it Jamie....rocking horse and shit come to mind, your in a strong position owning that trust me. Keep it mate honestly, once things settle down a nice development would sort you out....you could arrange the building and if you were interested, I know a man that could design everything for you he he my dad and his engineering consultancy;) he undercuts big practices like fitzpatricks and most of the big companys contact him to do a lot of work for them like conways, corporation of london etc etc mainly because he is better that half the engineers there ha ha Ive been through the figures and what with capital gains its not worth doing myself. Link to comment Share on other sites More sharing options...
tucky40 Posted June 11, 2008 Share Posted June 11, 2008 There are still alot of places where prices are not dropping. I've been looking around chertsey, surrey and they seem to have gone up!! My 2 year deal of 4.7% runs out in july and the standad variable rate is actually better than the new deals. Its actually cheaper for me to stay with the SVR than change to a new mortgage. Never saw that happening! I'm just about to put my house up for sale in the next 2 days............i've decided to take the money i have in her and rent till things sort themselves out. I think there could be a fair drop too. Prices here in stansted have dropped 5% since aug last year. Link to comment Share on other sites More sharing options...
marbleapple Posted June 11, 2008 Share Posted June 11, 2008 Ive been through the figures and what with capital gains its not worth doing myself. Get yourself a decent solicitor/accountant to help you knock those capital gains down. Link to comment Share on other sites More sharing options...
SupraAyf Posted June 11, 2008 Share Posted June 11, 2008 my advisor tells me the media hype is making things worse and people are getting in a panic to secure the best deals now before the interest rates go up again That's the problem. Look at the recent scenerio with Northern Rock and just look what happened. We're our own worst enemy sometimes. Link to comment Share on other sites More sharing options...
b_have Posted June 11, 2008 Share Posted June 11, 2008 Good luck selling. (horse ,bolt, stable door, closed etc) Link to comment Share on other sites More sharing options...
tucky40 Posted June 11, 2008 Share Posted June 11, 2008 Good luck selling. (horse ' date='bolt, stable door, closed etc)[/quote'] Always good to put a positive spin on things.!! I'm hoping the effort ive put in makes it stand out from the crowd and it has the edge over the competition. It worked with the supra at a time when prices are dropping and cars are on the market for months so why not be positive:d Link to comment Share on other sites More sharing options...
JamieP Posted June 11, 2008 Share Posted June 11, 2008 Always good to put a positive spin on things.!! I'm hoping the effort ive put in makes it stand out from the crowd and it has the edge over the competition. It worked with the supra at a time when prices are dropping and cars are on the market for months so why not be positive:d you sold it then? i so wanted your car:( Link to comment Share on other sites More sharing options...
tucky40 Posted June 11, 2008 Share Posted June 11, 2008 well i have a large deposit Jamie so as good as sold. He hasnt even seen the car yet!! Link to comment Share on other sites More sharing options...
JamieP Posted June 11, 2008 Share Posted June 11, 2008 well i have a large deposit Jamie so as good as sold. He hasnt even seen the car yet!! Oh well, im gonna be a long time waiting to find another as good. Not surprised it went quickly, what next then Ben? Link to comment Share on other sites More sharing options...
marbleapple Posted June 11, 2008 Share Posted June 11, 2008 That's the problem. Look at the recent scenerio with Northern Rock and just look what happened. We're our own worst enemy sometimes. I seem to remember a thread not so long ago where I blamed the media for everything and no one agreed with me. Link to comment Share on other sites More sharing options...
Alex Posted June 11, 2008 Share Posted June 11, 2008 I've just applied for my re-mortgage with First Direct, so far so good - even though they wern't taking new business they accepted my application - though LTV could still scupper things. 5.29% for 5 years with offsetting...deal of the year at the moment if it comes off... Finger crossed! Link to comment Share on other sites More sharing options...
tucky40 Posted June 11, 2008 Share Posted June 11, 2008 Oh well, im gonna be a long time waiting to find another as good. Not surprised it went quickly, what next then Ben? Mini cooper Deisel which does 73mpg.........cant imagine u fitting in one Jamie!! Drove nicer than the golf gti tdi and with that economy and mini residuals it will save me a fortune!! Link to comment Share on other sites More sharing options...
tucky40 Posted June 11, 2008 Share Posted June 11, 2008 good luck alex..........i dont envy those trying to get mortgages at the mo. As soon as the media hype settles maybe buyer confidence and mortgage deals will too. Link to comment Share on other sites More sharing options...
Alex Posted June 11, 2008 Share Posted June 11, 2008 good luck alex..........i dont envy those trying to get mortgages at the mo. As soon as the media hype settles maybe buyer confidence and mortgage deals will too. Cheers mate. Gutted that my fixed rate ended this year...but at least the variable is only 1.5% higher than we're used too...so it's not the biggest change going and we never over stretched just in case. Link to comment Share on other sites More sharing options...
steb9780 Posted June 11, 2008 Share Posted June 11, 2008 I am not looking forward to sorting my scenario. Split from the missus about 4 months ago. She wants to pull the equity out of the house (about £10-15k depending on house prices). My fixed deal on the joint mortgage is up in July. I am thinking of re-mortgaging the current mortgage, then getting a secured loan for her money, then I can get it paid off. I was going to re-mortgage the lot. Link to comment Share on other sites More sharing options...
mathew Posted June 12, 2008 Share Posted June 12, 2008 i got a 100% mortgage back in september on a property that needed complete renovation. ive nearly completed all the works which was funded by myself and had it valued a few weeks back and taking the value into account the mortgage now in essence works out at around 60% of the value of the house. so prices will have to drop drastically for me to reach negative equity and even if they do ive got no plans of selling so i aint gona worry about it all Link to comment Share on other sites More sharing options...
johnny g Posted June 12, 2008 Share Posted June 12, 2008 I bought a wrecked house opposite my folks place - but my Dad's a property developer (retired) and he said that a lot of the work was cosmetic apart from the roof. So I put in a daft offer which they accepted (the kids parents had died and it was empty). The work started, I funded it all at stupidly low rates and the house is now worth about 5 times what I paid. I'm sitting tight for 18 months before I even contemplate going bigger. Link to comment Share on other sites More sharing options...
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