Lucifer Posted January 11, 2007 Share Posted January 11, 2007 About time, too! We savers get sod all return these days. It must be nice to have a paid off morgage. Quote Link to comment Share on other sites More sharing options...
Havard Posted January 11, 2007 Author Share Posted January 11, 2007 It must be nice to have a paid off morgage. I'll let you know what it feels like in 18 months!! H. Quote Link to comment Share on other sites More sharing options...
Alex Posted January 11, 2007 Share Posted January 11, 2007 I can't believe anyone has advised Wez to go for a variable rate...it's insane! I went fixed and have about 18months till renewal time....I think I'll be unlucky and get about 5.5%, but, I may go for a 2year one again if I think there is a big chance of the rates going down. If I think the rates can only go up I'll pay a little bit more each month for the security of a longer term fixed rate mortgage. By having a fixed term you know what you're paying for a long time, and if the rates do go up you're making a saving. My rate is 4.49% at the moment, so in essence I'm saving Quote Link to comment Share on other sites More sharing options...
Wez Posted January 11, 2007 Share Posted January 11, 2007 I know with all these increases my mortgage is approaching 1500 quid a month, might have to move the GF in at this rate. Quote Link to comment Share on other sites More sharing options...
penguin Posted January 11, 2007 Share Posted January 11, 2007 I know with all these increases my mortgage is approaching 1500 quid a month, might have to move the GF in at this rate. WTF!!! /vbb/images/smilies/bbcode_shock.gif £1500 a month is insane - surely you can switch to a fixed mortgage... if you dont mind me asking, how big is it, whats you're current rate and whats the repayment period? Quote Link to comment Share on other sites More sharing options...
penguin Posted January 11, 2007 Share Posted January 11, 2007 how big is your house wez? Quote Link to comment Share on other sites More sharing options...
Wez Posted January 11, 2007 Share Posted January 11, 2007 WTF!!! /vbb/images/smilies/bbcode_shock.gif £1500 a month is insane - surely you can switch to a fixed mortgage... if you dont mind me asking, how big is it, whats you're current rate and whats the repayment period? Only had it for 2 years, was renting before that. Quote Link to comment Share on other sites More sharing options...
Wez Posted January 11, 2007 Share Posted January 11, 2007 how big is your house wez? 2 bed semi Quote Link to comment Share on other sites More sharing options...
tbourner Posted January 11, 2007 Share Posted January 11, 2007 Mines 830 a month, fixed for 5 years! Quote Link to comment Share on other sites More sharing options...
Pete Posted January 11, 2007 Share Posted January 11, 2007 It must be nice to have a paid off morgage. Yes...but I bet he'd trade it to be 20 years younger Quote Link to comment Share on other sites More sharing options...
tbourner Posted January 11, 2007 Share Posted January 11, 2007 Register on http://www.mypropertyspy.co.uk, pick any post code you like, sort by house number and see how many houses have been bought and sold within 2 or 3 years and doubled in price!!! Quote Link to comment Share on other sites More sharing options...
Wez Posted January 11, 2007 Share Posted January 11, 2007 Register on http://www.mypropertyspy.co.uk, pick any post code you like, sort by house number and see how many houses have been bought and sold within 2 or 3 years and doubled in price!!! I know, makes me sick as I rented for about 5 years before buying, should have got on the ladder alot earlier. Quote Link to comment Share on other sites More sharing options...
Ark Posted January 12, 2007 Share Posted January 12, 2007 What's the big fuss everyone? It's only 0.25%. If you didn't live at the end of your credit limit, you wouldn't have a problem. Also, if you fixed your mortgage rate, you would only need to budget for this kind of thing every three years or so. Once again the sandwich-heavy portfolio of the cautious investor pays off! Quote Link to comment Share on other sites More sharing options...
flyin_scouseman Posted January 12, 2007 Share Posted January 12, 2007 Glad i fixed before christmas at 4.9% i think(looks for the mortgage agreement papers) for two years then Quote Link to comment Share on other sites More sharing options...
Guest Nicholas Posted January 12, 2007 Share Posted January 12, 2007 I'm fixed for 5 years pay £870 on a 3 bed detached Quote Link to comment Share on other sites More sharing options...
Todd Posted January 12, 2007 Share Posted January 12, 2007 What's the big fuss everyone? It's only 0.25%. If you didn't live at the end of your credit limit, you wouldn't have a problem. Also, if you fixed your mortgage rate, you would only need to budget for this kind of thing every three years or so. Once again the sandwich-heavy portfolio of the cautious investor pays off! You do realise how hard it is for the new house buyer to actually get on the property ladder these day, the vast majority of youngsters have no option but to extend themselves to the limit to just get in a crappy one bedroom flat. Quote Link to comment Share on other sites More sharing options...
Havard Posted January 12, 2007 Author Share Posted January 12, 2007 Does everyone have a 25 year mortgage. I saw the total amount payable on the bottom of the quote and was amazed by the amount you pay over the term. I shortened mine to 15 years and although the payments were high I will save about 30k over the term. Also I don't miss the money, as I would have probably spent it on shite anyway Food for thought!! H. Quote Link to comment Share on other sites More sharing options...
Guest Nicholas Posted January 12, 2007 Share Posted January 12, 2007 Mines 35 years it's the only way I could afford a nice house with the price these days. Quote Link to comment Share on other sites More sharing options...
Havard Posted January 12, 2007 Author Share Posted January 12, 2007 Mines 35 years it's the only way I could afford a nice house with the price these days. Fook!!! 35 years:( It's either houses up here are cheap or i'm relatively rich!! I think I know which one!! H. Quote Link to comment Share on other sites More sharing options...
Whitesupraboy2 Posted January 12, 2007 Share Posted January 12, 2007 to put it in perspective in bournemouth, a 1 bedroom flat in a area i wouldnt send my worst enemy is around £140k you need around 200K for a nice 2 bedroom detached house in a nice area. Quote Link to comment Share on other sites More sharing options...
Guest Nicholas Posted January 12, 2007 Share Posted January 12, 2007 Just to add to that my 3 bed detached house in Leicester with garage big garden and air conditioned conservatory is valued at £205,000 The one bed flat I rent in North london is £250,000 to buy......... Quote Link to comment Share on other sites More sharing options...
Guest Nicholas Posted January 12, 2007 Share Posted January 12, 2007 Fook!!! 35 years:( It's either houses up here are cheap or i'm relatively rich!! I think I know which one!! H. I worked in Chesterfield for a while and house prices were dirt cheap up there!! Quote Link to comment Share on other sites More sharing options...
Havard Posted January 12, 2007 Author Share Posted January 12, 2007 to put it in perspective in bournemouth, a 1 bedroom flat in a area i wouldnt send my worst enemy is around £140k you need around 200K for a nice 2 bedroom detached house in a nice area. Jesus!!! How do you afford anything else round your way. I bought my house 4 bed, 2 bathrooms - 62K, seven years ago. I would not accept less than 190K now. Probably spent £15k on it aswell. First time buyers have got no chance in the south with prices like that. Either that or a lifetime of debt as wages aren't massively different imo!! H. Quote Link to comment Share on other sites More sharing options...
Nathman Posted January 12, 2007 Share Posted January 12, 2007 Does everyone have a 25 year mortgage. I saw the total amount payable on the bottom of the quote and was amazed by the amount you pay over the term. I shortened mine to 15 years and although the payments were high I will save about 30k over the term. Also I don't miss the money, as I would have probably spent it on shite anyway Food for thought!! H. I have just changed mine to an offset flexible for 25 years, which links in my current and savings accounts. If I stick to the plan in place, I should pay it off after 18 years and save a fortune in interest, just means I won't get any interest on my savings. Quote Link to comment Share on other sites More sharing options...
sdavies Posted January 12, 2007 Share Posted January 12, 2007 Having my mortgage re-assessed next week. Considering paying more off each month to reduce the effect of the interest hikes, and bring the term down saving £££ in the long run. I had budgeted for a move to a bigger property at aorund £250k, but that fell through and house prices around here decided to do magical things during my attempted purchase - so staying put and burning down my mortgage seems a relatively sensible thing to do at this time. Oh Joi! Quote Link to comment Share on other sites More sharing options...
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