Print

Please login or register.
1 Hour 1 Day 1 Week 1 Month Forever
Login with username, password and session length

[Andy B]

That's scary Steve, guess I'm just a tight bastard..😁
Our daughter has an £18,000 mortgage but I've encouraged them to overpay it & theirs finishes in a couple of years,

£18000 mortgage? That's loan kind of money 
Or did you mean £180k?

[Andy B]

Was paying £115 per month , had some cash stagnant in an ISA so transferred £1750 into my energy account now paying £95 per month instead of around £300 which they had quoted now in credit by £1956. We have never paid out £300 a month for anything & have no intention of doing so. Even when we had a mortgage many years ago the payment was less than £200 when I read what some folk are having to pay I really don't know how they exist.

Try £1200 a month, Mick, that's our mortgage payment. It does include an overpayment though. Mo took out a 15 year mortgage in 2016 (I'm too old to be considered) and it will be paid off early next year, 8 years early.

There are quite a few here at work with that kind of monthly mortgage payment.  Christ knows what they'll be paying when interest rates go up even more.

Well, they'll just have to strike for a 10% wage rise, as is the fashion these days 

We were offered what was described as an 11% rise .... it was a manipulation of figures. That was refused but "we" accepted the revised offer .... almost the same but slightly different   

[Field Marshal Dr. Opti]

Was paying £115 per month , had some cash stagnant in an ISA so transferred £1750 into my energy account now paying £95 per month instead of around £300 which they had quoted now in credit by £1956. We have never paid out £300 a month for anything & have no intention of doing so. Even when we had a mortgage many years ago the payment was less than £200 when I read what some folk are having to pay I really don't know how they exist.

Try £1200 a month, Mick, that's our mortgage payment. It does include an overpayment though. Mo took out a 15 year mortgage in 2016 (I'm too old to be considered) and it will be paid off early next year, 8 years early.

There are quite a few here at work with that kind of monthly mortgage payment.  Christ knows what they'll be paying when interest rates go up even more.

At one point, in another life, I had part repayment mortgage and part interest only mortgage on the same property. The interest only part was about £700 each month.

Literally dead money.

I hope not to be in that position again.

[STEMO]

Was paying £115 per month , had some cash stagnant in an ISA so transferred £1750 into my energy account now paying £95 per month instead of around £300 which they had quoted now in credit by £1956. We have never paid out £300 a month for anything & have no intention of doing so. Even when we had a mortgage many years ago the payment was less than £200 when I read what some folk are having to pay I really don't know how they exist.

Try £1200 a month, Mick, that's our mortgage payment. It does include an overpayment though. Mo took out a 15 year mortgage in 2016 (I'm too old to be considered) and it will be paid off early next year, 8 years early.

There are quite a few here at work with that kind of monthly mortgage payment.  Christ knows what they'll be paying when interest rates go up even more.

Well, they'll just have to strike for a 10% wage rise, as is the fashion these days 

We were offered what was described as an 11% rise .... it was a manipulation of figures. That was refused but "we" accepted the revised offer .... almost the same but slightly different   

I thought baked beans had gone up in price 

[Field Marshal Dr. Opti]

Was paying £115 per month , had some cash stagnant in an ISA so transferred £1750 into my energy account now paying £95 per month instead of around £300 which they had quoted now in credit by £1956. We have never paid out £300 a month for anything & have no intention of doing so. Even when we had a mortgage many years ago the payment was less than £200 when I read what some folk are having to pay I really don't know how they exist.

Try £1200 a month, Mick, that's our mortgage payment. It does include an overpayment though. Mo took out a 15 year mortgage in 2016 (I'm too old to be considered) and it will be paid off early next year, 8 years early.

There are quite a few here at work with that kind of monthly mortgage payment.  Christ knows what they'll be paying when interest rates go up even more.

Sadly it may mean repossession and then back with Mum and Dad.

[TheBoy]

We've had historically low interest rates for nearly 15 years, it was inevitable they were going to rise to the more normal 5-6% average.

If people have over-stretched that they were never going to be able to afford that, best they not come to me for sympathy...

[STEMO]

We've had historically low interest rates for nearly 15 years, it was inevitable they were going to rise to the more normal 5-6% average.

If people have over-stretched that they were never going to be able to afford that, best they not come to me for sympathy...

When we took our mortgage out, fixed at 2.5% for five years I think, the lender had to add 3% to that rate, and make sure it was still affordable. As far as I know, this has been required by the FCA for a good number of years now, so a 3% rise should be ok, unless circumstances have changed. Once the base rate starts getting towards 5-6%, it might become unmanageable for some.
But lenders are also required to bend over backwards to accommodate any request for a payment holiday, or a reduced payment over a longer period. Trouble is, people didn't realise that, when they took payment holidays during covid, the amount owed and, therefore, their payments would increase once it was over. A lot of people thought they could just stop paying for 3/6 months and everything would just resume as normal. Fraid not.

[Rangie]

That's scary Steve, guess I'm just a tight bastard..😁
Our daughter has an £18,000 mortgage but I've encouraged them to overpay it & theirs finishes in a couple of years,

£18000 mortgage? That's loan kind of money 
Or did you mean £180k?

.

No £18,000 they had already paid their mortgage off borrowed a bit for a kitchen extension.

[Doctor Gollum]

Was paying £115 per month , had some cash stagnant in an ISA so transferred £1750 into my energy account now paying £95 per month instead of around £300 which they had quoted now in credit by £1956. We have never paid out £300 a month for anything & have no intention of doing so. Even when we had a mortgage many years ago the payment was less than £200 when I read what some folk are having to pay I really don't know how they exist.

Try £1200 a month, Mick, that's our mortgage payment. It does include an overpayment though. Mo took out a 15 year mortgage in 2016 (I'm too old to be considered) and it will be paid off early next year, 8 years early.

On my basic take home pay I couldn't even live in Barnsley. That's really depressing.

[STEMO]

Was paying £115 per month , had some cash stagnant in an ISA so transferred £1750 into my energy account now paying £95 per month instead of around £300 which they had quoted now in credit by £1956. We have never paid out £300 a month for anything & have no intention of doing so. Even when we had a mortgage many years ago the payment was less than £200 when I read what some folk are having to pay I really don't know how they exist.

Try £1200 a month, Mick, that's our mortgage payment. It does include an overpayment though. Mo took out a 15 year mortgage in 2016 (I'm too old to be considered) and it will be paid off early next year, 8 years early.

On my basic take home pay I couldn't even live in Barnsley. That's really depressing.

Not for those living in Barnsley it's not 

[Field Marshal Dr. Opti]

We've had historically low interest rates for nearly 15 years, it was inevitable they were going to rise to the more normal 5-6% average.

If people have over-stretched that they were never going to be able to afford that, best they not come to me for sympathy...

I had a 15% mortgage in place but  wanted to buy a new Yamaha FJ1200 rather than pay the 10% deposit required

The result was a 100% mortgage at 16.5% for the first 12 months and a shiny new beast to fit in my brand new garage.

[Field Marshal Dr. Opti]

It was an endowment mortgage and we all know it didn't end well with these.

[TheBoy]

It was an endowment mortgage and we all know it didn't end well with these.

Mine worked out OK.  Granted, it didn't quite make the required amounts, but then interest rates dropped from around 14% to about 7%, so the overpayments going into the interest only mortgage account more than made up the shortfall.  In fact, added together, I'd say mine outperformed the original upper estimate....

...because I was so reckless as to change the mortgage repayments once interest rates dropped.

[Andy B]

...
No £18,000 they had already paid their mortgage off borrowed a bit for a kitchen extension.

 

[Varche]

33 euros a month Used to be 150 before we got our solar up and running.