imi Posted January 23, 2010 Share Posted January 23, 2010 Looking at the going rates of mortgages these days what surprised me was to see that the introductory rates are twice as high as the term rate of the mortgage........that is exactly the reverse of what it used to be (intro rate being lower to attract the customer). Other thing I noticed is that the arrangement fees, booking fees, etc collectively cost in the range of 2.5K - 4K as supposed to 500-700 before. Add to that the need to have a min of a 25% deposit to get a reasonable deal of what rubbish is out there, it is my belief that it far harder to get onto the property ladder today than it ever was. Quote Link to comment Share on other sites More sharing options...
Lbm Posted January 23, 2010 Share Posted January 23, 2010 If you need a cash loan Imi, see me tonight in the Ferret and Nosebag and I'll sort you out - I'll be standing by the fruit machine. And yes - it must be impossible to get on the ladder these days. Quote Link to comment Share on other sites More sharing options...
imi Posted January 23, 2010 Author Share Posted January 23, 2010 If you need a cash loan Imi, see me tonight in the Ferret and Nosebag and I'll sort you out - I'll be standing by the fruit machine. only if you have a noise meter on you Any financial advisors on here that I can call on for suggestions on the best route to take. Quote Link to comment Share on other sites More sharing options...
devan Posted January 23, 2010 Share Posted January 23, 2010 I was also looking for a first time buy, but i now have to save up for ages to get a deposit Quote Link to comment Share on other sites More sharing options...
Lbm Posted January 23, 2010 Share Posted January 23, 2010 only if you have a noise meter on you I'll see if Diego can attend, but I suspect he likes to lurk in the Watford area and besides, I haven't built up enough trust for him to loan me the machine. Yet. How much do you need anyway? A monkey? An elephant? Quote Link to comment Share on other sites More sharing options...
imi Posted January 23, 2010 Author Share Posted January 23, 2010 I'll see if Diego can attend, but I suspect he likes to lurk in the Watford area and besides, I haven't built up enough trust for him to loan me the machine. Yet. How much do you need anyway? A monkey? An elephant? was looking at buying another investment property, however looking at the mortgage fees and ongoing rates the investment it is no longer looking worthwhile with a poor ROI. Perhaps need to look at investing outside of the property market........any ideas / tips? Quote Link to comment Share on other sites More sharing options...
Lbm Posted January 23, 2010 Share Posted January 23, 2010 was looking at buying another investment property, however looking at the mortgage fees and ongoing rates the investment it is no longer looking worthwhile with a poor ROI. Perhaps need to look at investing outside of the property market........any ideas / tips? Apart from the subliminal suggestions contained within this answer transfer all your funds to my account now, I really don't have any ideas. I too was thinking about the 2nd property idea, but didn't like the buy-to-let rates and of course the falling house prices last year. It's a tough one. Tranfer your funds now! Quote Link to comment Share on other sites More sharing options...
imi Posted January 23, 2010 Author Share Posted January 23, 2010 Apart from the subliminal suggestions contained within this answer transfer all your funds to my account now, I really don't have any ideas. I too was thinking about the 2nd property idea, but didn't like the buy-to-let rates and of course the falling house prices last year. It's a tough one. Tranfer your funds now! sounds like a scam as its too good to be true, perhaps i will start a separate thread on that Quote Link to comment Share on other sites More sharing options...
Branners Posted January 23, 2010 Share Posted January 23, 2010 The banks generally look for any reason at all to get more money. Even though almost all of them are still raking it in. The variable rate for the bank that has my mortgage just went above 4.9%. We fixed at 4.9% last years on a 7 year deal so we are happy, but there is no reason for the interest rates to go up, they just decided it was financially better for them if they did. Your best bet is to try and pay off as much of the mortgage as you can as quick as you can. We pay an extra £150 per month to try and clear it down, but it still is not coming down quick enough. Quote Link to comment Share on other sites More sharing options...
imi Posted January 23, 2010 Author Share Posted January 23, 2010 Your best bet is to try and pay off as much of the mortgage as you can as quick as you can. We pay an extra £150 per month to try and clear it down, but it still is not coming down quick enough. Perhaps that is what I should do, clear it off as much as I can rather than investing in another one..... Quote Link to comment Share on other sites More sharing options...
gaz1 Posted January 23, 2010 Share Posted January 23, 2010 Perhaps that is what I should do, clear it off as much as I can rather than investing in another one..... most definately the interest rate will start going up just after the election Quote Link to comment Share on other sites More sharing options...
Konrad Posted January 24, 2010 Share Posted January 24, 2010 most definately the interest rate will start going up just after the election ...but i doubt it will be massive raise, they will rather try and do it slowly to not upset economy too much. My advice is to take 3 years tracker mortgage - you can get them starting from 2.99% (2.50% + base rate of Bank of England) and in 3 years it will be around 4.5%, maybe 5%. Then just search for better deal. All depends how much you want to take of course. With big deposit (45-50%) you have chance for a very nice deals today. Quote Link to comment Share on other sites More sharing options...
jazz1 Posted January 24, 2010 Share Posted January 24, 2010 I got a bargain on mine from 210 to 163. My mortage is 790 although high for what i payed down, i can still pay off 13k a year Quote Link to comment Share on other sites More sharing options...
Wez Posted January 24, 2010 Share Posted January 24, 2010 There needs to be more control over the Banks, even more so for the ones that we bailed out, if our company didn't perform we wouldn't get a pay rise or bonus Quote Link to comment Share on other sites More sharing options...
Pot Posted January 24, 2010 Share Posted January 24, 2010 was looking at buying another investment property Please don't, let some of us who don't own a property at all get something we can call home.... You think you've got issues getting another property, try getting your first one in this time... Quote Link to comment Share on other sites More sharing options...
imi Posted January 24, 2010 Author Share Posted January 24, 2010 There needs to be more control over the Banks, even more so for the ones that we bailed out, if our company didn't perform we wouldn't get a pay rise or bonus Agree, Obama has made his intentions clear. Lets hope in this instance we follow the example of the US. RBS have one of the worst mortgage offers on the market at the moment and we bloody own 83%..... Quote Link to comment Share on other sites More sharing options...
imi Posted January 24, 2010 Author Share Posted January 24, 2010 try getting your first one in this time... much much harder than before, not only is it much harder to secure a mortgage but there arent that many properties on the market at the moment, so whatever is on sale does often get snapped up pretty quick (certainly in london) Add to that the fact that they have stopped building new developments and hence more affordable and social housing so I wish you best of luck as youll need it. Quote Link to comment Share on other sites More sharing options...
Pot Posted January 24, 2010 Share Posted January 24, 2010 much much harder than before, not only is it much harder to secure a mortgage but there arent that many properties on the market at the moment, so whatever is on sale does often get snapped up pretty quick (certainly in london) Add to that the fact that they have stopped building new developments and hence more affordable and social housing so I wish you best of luck as youll need it. Very true, most likely because people are buying them as investment properties... Quote Link to comment Share on other sites More sharing options...
imi Posted January 24, 2010 Author Share Posted January 24, 2010 Very true, most likely because people are buying them as investment properties... Possibly, more than likely, undeniably. Another Labour policy = fail. Quote Link to comment Share on other sites More sharing options...
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