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[tunnie]

I'm fixed until Sept 2018, so bugger all impact for me. Only that when I do come to re-fix the rates will probably be higher than now 

Likewise (well, August) but yes, there'll likely have been another raise by then to 0.75% so the best deals will be back around the 2% mark, I'd guess.. it'll make quite a difference to me, especially as I'd like to shave some years off it, next time around.

If they went to 15% again (I remember it well, though it was my parents who had the mortgage. I also remember the value of the house plummeting by 50%) and we return to the early 90s I'll be well and truly bollarded, as will, I suspect, most of the country.

Nobody here, of course, as you're all old and probably mortgage free by now (Tunnie excepted)

Yup, still ages to go on mine. Although I'm on-course to have it paid off by the time I'm 50. If we did borrow more for a move, I would not alter the term, to tempting for that.

If I do shave a few years off, depending what rates are this time next year, I am targeting a pay-off age of 45. 

[Field Marshal Dr. Opti]

I'm fixed until Sept 2018, so bugger all impact for me. Only that when I do come to re-fix the rates will probably be higher than now 

Likewise (well, August) but yes, there'll likely have been another raise by then to 0.75% so the best deals will be back around the 2% mark, I'd guess.. it'll make quite a difference to me, especially as I'd like to shave some years off it, next time around.

If they went to 15% again (I remember it well, though it was my parents who had the mortgage. I also remember the value of the house plummeting by 50%) and we return to the early 90s I'll be well and truly bollarded, as will, I suspect, most of the country.

Nobody here, of course, as you're all old and probably mortgage free by now (Tunnie excepted)

Omega owners do tend to be 'sad old farts' who remember the blitz and national service.

Fortunately I am not one of them.

[Field Marshal Dr. Opti]

Can't imagine the banks offering a 100% mortgage these days,  even less the 110% or £120% mortgages that some lenders were offering back in the day.

Huge deposits of £40,000 plus now seem the norm. Little wonder the age of the first time buyer has risen to 83.  

[Field Marshal Dr. Opti]

I'm fixed until Sept 2018, so bugger all impact for me. Only that when I do come to re-fix the rates will probably be higher than now 

Likewise (well, August) but yes, there'll likely have been another raise by then to 0.75% so the best deals will be back around the 2% mark, I'd guess.. it'll make quite a difference to me, especially as I'd like to shave some years off it, next time around.

If they went to 15% again (I remember it well, though it was my parents who had the mortgage. I also remember the value of the house plummeting by 50%) and we return to the early 90s I'll be well and truly bollarded, as will, I suspect, most of the country.

Nobody here, of course, as you're all old and probably mortgage free by now (Tunnie excepted)

Yup, still ages to go on mine. Although I'm on-course to have it paid off by the time I'm 50. If we did borrow more for a move, I would not alter the term, to tempting for that.

If I do shave a few years off, depending what rates are this time next year, I am targeting a pay-off age of 45. 

This scenario gives you plenty of 'surplus cash' while you are still relatively young. The economic climate means quite a number of forty five year olds have not yet joined the 'property treadmill'.

[tunnie]

Yup, I'd say I'm one of the few in my team that actually own a property.

Huge majority of my developers and others are still renting, can't see how they can save up great deal when rent is more than mortgage. 

[Field Marshal Dr. Opti]

Yup, I'd say I'm one of the few in my team that actually own a property.

Huge majority of my developers and others are still renting, can't see how they can save up great deal when rent is more than mortgage. 

Yep....problem.

I've just read that the average first deposit in London is £96000. In the rest of the country it's £34000.

This means the people who work at KFC or Kwik Fit have little or no chance of buying a house. Even less if most of their wages is used for
 rent.

[aaronjb]

This means the people who work at KFC or Kwik Fit have little or no chance of buying a house. Even less if most of their wages is used for
 rent weed.

Fixed that for you

I'd love it if my mortgage finished at 45.. right now it'll finish at 70! I'd just like it to finish at 64.. finishing any earlier than that is a pipedream short of a lottery win..

[Field Marshal Dr. Opti]

Back in the fifties all the average working man required to buy a house was a job. This is because back then the average 2-3 bed seml was roughly twice the average working man's wage. This is no longer the case.

Oh.....and the lenders wouldn't take overtime or the woman's wage into account because she had to give up her job and start her new job of looking after her husband. Just the flat basic wage of the man was used for calculation.

My FIL married and bought his first house age 21. House was around £1500, his wages around £750 P/A. He was a toolmaker.

[Kevin Wood]

Yup, still ages to go on mine. Although I'm on-course to have it paid off by the time I'm 50. If we did borrow more for a move, I would not alter the term, to tempting for that.

If I do shave a few years off, depending what rates are this time next year, I am targeting a pay-off age of 45. 

It's a good aspiration to have, and certainly worth getting it down to a manageable amount as soon as comfortable, but don't let it get in the way of you doing mad things when you're young enough. 

Also, as your LTV gets better you'll probably find your money can work better for you in savings / investments than paying off the mortgage, so don't get tunnel vision. It's nice to know it could be gone with a single cheque if need be, though.

[tunnie]

Yup, I'd say I'm one of the few in my team that actually own a property.

Huge majority of my developers and others are still renting, can't see how they can save up great deal when rent is more than mortgage. 

Yep....problem.

I've just read that the average first deposit in London is £96000. In the rest of the country it's £34000.

This means the people who work at KFC or Kwik Fit have little or no chance of buying a house. Even less if most of their wages is used for
 rent.

Really?

I bought my flat for £200k in London Zone 2, for £200k. I put a 10% deposit down, with 25 year term. All fairly standard I thought, I did stay at home to save this up. Look less than 2 years and that included me learning to ride a motorbike, buying BMW GS, snowboarding holidays and all sorts!

[tunnie]

Yup, still ages to go on mine. Although I'm on-course to have it paid off by the time I'm 50. If we did borrow more for a move, I would not alter the term, to tempting for that.

If I do shave a few years off, depending what rates are this time next year, I am targeting a pay-off age of 45. 

It's a good aspiration to have, and certainly worth getting it down to a manageable amount as soon as comfortable, but don't let it get in the way of you doing mad things when you're young enough. 

Also, as your LTV gets better you'll probably find your money can work better for you in savings / investments than paying off the mortgage, so don't get tunnel vision. It's nice to know it could be gone with a single cheque if need be, though.

Indeed. Holidays planned for next year in Europe, followed by New York I think. (MrsT really wants to go)

[Mister Rog]

Yup, I'd say I'm one of the few in my team that actually own a property.

Huge majority of my developers and others are still renting, can't see how they can save up great deal when rent is more than mortgage. 

Yep....problem.

I've just read that the average first deposit in London is £96000. In the rest of the country it's £34000.

This means the people who work at KFC or Kwik Fit have little or no chance of buying a house. Even less if most of their wages is used for
 rent.

Both offspring have bought this year, one very recently. One in London other in West Country. In both cases 10% deposits were required. Shortly after the 2008/2009 crisis deposits of 40% were needed, but of course very few could afford to do that.

As for 100% + mortgages, just plain stupid, and a major part of the cause of the financial crisis.

[Varche]

Back in the fifties all the average working man required to buy a house was a job. This is because back then the average 2-3 bed seml was roughly twice the average working man's wage. This is no longer the case.

Oh.....and the lenders wouldn't take overtime or the woman's wage into account because she had to give up her job and start her new job of looking after her husband. Just the flat basic wage of the man was used for calculation.

My FIL married and bought his first house age 21. House was around £1500, his wages around £750 P/A. He was a toolmaker.

My Dad didn't buy his first house at a similar age. The guy asked how much he earnt? £5 a week. The reply, come back when you earn £10. It was 1980 before he got on the ladder.

[Varche]

I'm fixed until Sept 2018, so bugger all impact for me. Only that when I do come to re-fix the rates will probably be higher than now 

Likewise (well, August) but yes, there'll likely have been another raise by then to 0.75% so the best deals will be back around the 2% mark, I'd guess.. it'll make quite a difference to me, especially as I'd like to shave some years off it, next time around.

If they went to 15% again (I remember it well, though it was my parents who had the mortgage. I also remember the value of the house plummeting by 50%) and we return to the early 90s I'll be well and truly bollarded, as will, I suspect, most of the country.

Nobody here, of course, as you're all old and probably mortgage free by now (Tunnie excepted)

Omega owners do tend to be 'sad old farts' who remember the blitz and national service.

Fortunately I am not one of them.

Some of the older OOF members remember active service in the Boer war. needless to say they only drive Zimmer frames now.

[aaronjb]

but don't let it get in the way of you doing mad things when you're young enough. 

That's what I blame my situation on