Discussion in 'The ARRSE Hole' started by HLS, Oct 29, 2003.
The heart of the site is the forum area, including:
Shocking............how they can sleep at night.
Nothing new. I went for my first mortgage back in '97 and the adviser told me to bullsh*t about my salary. My next encounter was last summer, and again I was advised to bullsh*t about my salary so as to get a £120,000 mortgage ! Thankfully I seen sense, and went for one well within a budget I can support if the interest rates go through the roof (which at the mo, seems that way). I have mates who told porkies on advice from banks/building societies, and I dread to think what will happen when the inevitable comes around.
Although it is naughty I feel they are being realistic.
Mortgage lenders give around 2.7 - 3.5 times the yearly salary, average salary £15 - 18K
Can anyone indicate an area where you can buy a house for 40 - 50k that is bigger than a rabbit hutch, suitable for a family or not inhabited by immigrants or druggies.
If people sign to say they can afford the repayments or thier house is at risk then on thier head be it.
i brought a house 9 years ago round here for £30,000 now its all gone mad its now its £70,000 , no way i would have been able to buy a house n for that price now ,
its stupid and unsustainable as the shortage of first time buyers shrinks and the house price collapse will come round when the interest rates go up , STUPID !
Spoken like a true Mortgage Broker.
What do you call 10,000 Mortgage Brokers at the bottom of the ocean?
A good start.
Quite true in what you say Mighty, but with the massive increase in house prices, I can see why people lie and go for a bigger-then-they-can-afford mortgages. The area I live in, semi detached houses were going for 40k back in '98. I bought mine for 75k last summer and it's now worth around 110k, so for the life of me, I can't even comprehend how single or low income couples can afford these high prices today, hence the reason for a few porkies on the application.
What I really could do with is a fixed term mortgage, for the life of the loan. Then I wouldn't worry about the Bank of England knocking up the rates.
Money is cheap at the minute and & £100k can be bought for £316 per mont on interest only £505+ on capital and interest.
The problem comes if the interest rates rise a couple of percent and you money rises.
2% and your so called cheap finance now costs you £750 upwards, 5% and your on the road to shitsville.
DON'T BITE OFF MORE THAN YOU CAN CHEW!
If you are struggling to make your mortgage payments now, then your finances need addressing.
Fixed term mortgages are available, and to be fair I have been paying a little over the odds for the properties that I own and rent out. What I do have though is piece of mind in the knowledge that if the rates rise I can still afford to maintain my investments.
But how likely are we to getting interest hikes? The bubble has been forecast to burst for years and yet.........Its all a bit alarming
Mutters, your spreading your negativity on the aviation forum, and now here. Be positive, mannnnnnn!!
I don't foresee anything dramatic before the end of the first quarter of next year, maybe base rate rising by .25%
While money stays cheap people will bite off more than they can chew and buy houses that by rights that are out of thier bracket.
There will soon be lots of lovely reposessions to take advantage of
just like the last house price crash
I'll be there waiting
A little like chasing ambulances selling accident cover.
Come to daddy MDN will cash in on your misfortune
I've got my deposit ready
What's the usual for a fixed rate these days?
It depends on the type of mortgage you are after, this site is not bad for getting the right type at the right rate:
Separate names with a comma.