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Please play nicely.  No one wants to listen/read a keyboard warriors rants....

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Author Topic: Mortgage Brokers  (Read 10254 times)

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Mr Gav

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Re: Mortgage Brokers
« Reply #30 on: 05 May 2018, 12:01:53 »

Younger lads at work talk about their £100/150k mortgages e.g. amount borrowed & monthly payments. Some of their payments aren't  much different from what I was paying late 80s/early 90s on a £22500 mortgage ..... but that was back when interest rates were up to 15%. For their sake, I hope interest rates never get anything like that again.

I remember that time,my mortgage doubled in what seemed like months :'(

I actually paid 16.5% for the first year because I took out a 100% mortgage which came with a penalty of 1.5% for 12 months.

I used the deposit to buy a new Yamaha FJ1200. :).......being sensible was never my strong point. :)

Sounds like the sort of thing I`d do.....need new windows and kitchen........whoops...where did that 370z come from  ::)
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Field Marshal Dr. Opti

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Re: Mortgage Brokers
« Reply #31 on: 05 May 2018, 12:11:11 »

Younger lads at work talk about their £100/150k mortgages e.g. amount borrowed & monthly payments. Some of their payments aren't  much different from what I was paying late 80s/early 90s on a £22500 mortgage ..... but that was back when interest rates were up to 15%. For their sake, I hope interest rates never get anything like that again.

I remember that time,my mortgage doubled in what seemed like months :'(

I actually paid 16.5% for the first year because I took out a 100% mortgage which came with a penalty of 1.5% for 12 months.

I used the deposit to buy a new Yamaha FJ1200. :).......being sensible was never my strong point. :)

Sounds like the sort of thing I`d do.....need new windows and kitchen........whoops...where did that 370z come from  ::)

Life is too short to be overly sensible. I mean, you'll get far more enjoyment from your Datsun than new windows. :)
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TheBoy

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Re: Mortgage Brokers
« Reply #32 on: 05 May 2018, 12:47:33 »

The problem is that the youngsters today want everything now, and everyone has gotten used to cheap mortgage rates.  In fact, the likes of our tunnie (who despite the ribbing, I think has normally got his financial head screwed on right, as long as his little wanter isn't going, in which case he'll try to twist things to justify stuff (to himself)) have never seen the BoE rate above 1%, let alone the "normal" average rate of 4-6%.  I think when (not if) we go back to >10% rates that come round once every generation or 2, a lot of people are going to be properly BF'd
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Grumpy old man

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Re: Mortgage Brokers
« Reply #33 on: 05 May 2018, 12:54:52 »

When I was younger a 5% deposit was all that was required with 100% mortgages available to those who were able to make larger payments.

Today, I hear deposits of 30% being talked about. :o :o :o

This is the problem.
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Rods2

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Re: Mortgage Brokers
« Reply #34 on: 05 May 2018, 15:49:15 »

When I was younger a 5% deposit was all that was required with 100% mortgages available to those who were able to make larger payments.

Today, I hear deposits of 30% being talked about. :o :o :o

This is the problem.

Why is it a problem, when the no deposit alternative is put your chavette up the duff, once its dropped the sprog, end up on the street with nowhere to go & the magic money tree will provide social housing & living expenses. :( Once the chav is bored he can then repeat with the next chavette as the magic money tree will always provide. :(
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Doctor Gollum

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Re: Mortgage Brokers
« Reply #35 on: 05 May 2018, 16:03:43 »

When I was younger a 5% deposit was all that was required with 100% mortgages available to those who were able to make larger payments.

Today, I hear deposits of 30% being talked about. :o :o :o

This is the problem.
When I started working in '95, a nice flat/small house in Horsham could be had for around 6 years wages, a good sized house was about 10x and a really nice detached place around 25-30x.

Now, one bed properties start at 10x, modest houses are 12-15x and even the older detached places are around 25x, with the really nice detached houses being more like 35-40x... Yet basic wages are only double what they were then :-\

So whilst I have no issue in principal with higher percentage deposits (after all, the more you put down, the sooner you can pay the rest off), the reality is that even on a one bed place, a 30% deposit is still two years salary.

That is the problem.
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Field Marshal Dr. Opti

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Re: Mortgage Brokers
« Reply #36 on: 05 May 2018, 16:53:13 »

When I was younger a 5% deposit was all that was required with 100% mortgages available to those who were able to make larger payments.

Today, I hear deposits of 30% being talked about. :o :o :o

This is the problem.
When I started working in '95, a nice flat/small house in Horsham could be had for around 6 years wages, a good sized house was about 10x and a really nice detached place around 25-30x.

Now, one bed properties start at 10x, modest houses are 12-15x and even the older detached places are around 25x, with the really nice detached houses being more like 35-40x... Yet basic wages are only double what they were then :-\

So whilst I have no issue in principal with higher percentage deposits (after all, the more you put down, the sooner you can pay the rest off), the reality is that even on a one bed place, a 30% deposit is still two years salary.

That is the problem.



Al, Essentially what you are saying is that house prices have no relation to earnings. This is  getting worse. :-\

Back in the fifties and sixties an average man in an average job could secure a mortgage on his wages alone. Women's wages were not taken into consideration because they could leave work at any moment and drop a sprog, neither was 'overtime' allowed  to make the sums look better

This worked because an average house cost 2-3 times the average man's wage.......not 10 times.
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STEMO

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Re: Mortgage Brokers
« Reply #37 on: 05 May 2018, 17:47:33 »

This is a southern problem. Oop North our houses are reasonably priced, even for an average wage earner up here. Like, say, this one:

https://www.zoopla.co.uk/for-sale/details/47350404?search_identifier=ee99a2f8a5374b8ec9d9f8b7bf95750f#hA64x6XAtBXUPgrC.97
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Field Marshal Dr. Opti

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Re: Mortgage Brokers
« Reply #38 on: 05 May 2018, 18:19:29 »

This is a southern problem. Oop North our houses are reasonably priced, even for an average wage earner up here. Like, say, this one:

https://www.zoopla.co.uk/for-sale/details/47350404?search_identifier=ee99a2f8a5374b8ec9d9f8b7bf95750f#hA64x6XAtBXUPgrC.97

I agree that you get far more bang for your buck the further North you travel.

However, assuming £25000 PA, the house in your link is still more than 5 times the average wage........and many in the North can only dream of earning £25000 PA. :-\
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Doctor Gollum

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Re: Mortgage Brokers
« Reply #39 on: 05 May 2018, 19:10:50 »

I would take a 15% hit and a zero hours contract to do my job up there, and that's presuming I would want to...  :-\

Certainly not commutable either, which rules it out on a practical level as well...
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Andy B

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Re: Mortgage Brokers
« Reply #40 on: 05 May 2018, 21:35:16 »

 Is this why the HS2 is being pushed by those darn saarf?  ???
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Doctor Gollum

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Re: Mortgage Brokers
« Reply #41 on: 05 May 2018, 21:37:25 »

Is this why the HS2 is being pushed by those darn saarf?  ???
Four hours a day on a train so that I can afford to live in Barnsley...  ???

 ;D
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Andy B

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Re: Mortgage Brokers
« Reply #42 on: 05 May 2018, 21:40:43 »

......

However, assuming £25000 PA, the house in your link is still more than 5 times the average wage........and many in the North can only dream of earning £25000 PA. :-\

Not sure about dreaming of £25K I think I'd have nightmares if I was suddenly paid that  ??? That's only around £12 an hour  :-\
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Andy B

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Re: Mortgage Brokers
« Reply #43 on: 05 May 2018, 21:54:53 »

Is this why the HS2 is being pushed by those darn saarf?  ???
Four hours a day on a train so that I can afford to live in Barnsley...  ???

 ;D

No one wants to live in Barnsley ..... but for some that are on good money,  it might very well be worth it.
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STEMO

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Re: Mortgage Brokers
« Reply #44 on: 05 May 2018, 22:18:04 »

Nowt wrong with Barnsley. I can walk freely about the place without being shot, stabbed, offered drugs, or listening to gobshites who think they are better than others because they earn a few bob. Very down to earth people with a great community spirit. But each to their own  :)
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