trappa 518 Posted August 12, 2008 Report Share Posted August 12, 2008 I just paid my mortgage off 3 month ago. I was paying £250 extra on top of what i should have been paying for ages, but its been worth it. Im only 36 so im laughing now. Quote Link to post Share on other sites
Guest oldskool Posted August 23, 2008 Report Share Posted August 23, 2008 Ok, so im earning £370 a week.... Yes its a nice sum of money, but im still un-able to afford a mortgage. I had an appointment last week and i was told if i borrow £,000 on a mortgage, over 30 years my monthly repayments are £530.and it works out im paying back £190,000+ needless to say i told them to stick it. How the feck does everyone else afford it? some banks hope you cant afford it so they can repossess.... i'm buildin now at the mo and my morgage works out fairly affordable and i'm comin home with less than you rabbithunter... i'm lookin at a morgage for £100,000 and its workin out at about £600 a month plus a few life and critical illness insurances... if your doin with out those then you should find it handy enough to cope.. alliance and lecester is who i'm with... hope that helps mate gettin there slowly witht this pissy weather... with them wages mate, you'll do grand AND THATS JUST THE DOG KENNEL, WAIT TILL YOU SEE THE HOUSE Quote Link to post Share on other sites
PeakOil 352 Posted August 23, 2008 Report Share Posted August 23, 2008 Houses will fall 50 - 70% from the peak 2007 prices. I do not expect to see any recovery until 2012-2013 so I am carrying on saving up till then. House prices are driven by peoples ability to borrow money to pay for them. The days of lax lending and liar loans are over. The banks have been burned badly and lost billions. Every £100,000 a bank looses means there is £1,000,000 less for them to lend in a fractional reserve banking system. I can not see where the money or appetite to take on risky loans will come from to sustain house prices at current overvalued levels. Sellers refuse to accept thier house is worth less now than it was last year (funny how it only takes the a second to accept it has gone up in value). Buyers can no longer in the vast majority of cases borrow more than 4 times real salary without a big deposit / good credit record / telling fibs about how much they earn. So the stand off continues and will continue to do so untill average house prices return to the historic average of 3.5 times average salary. Quote Link to post Share on other sites
Guest bigredbusa Posted August 23, 2008 Report Share Posted August 23, 2008 well the uk is now at 0% , stays like that for a month and it is official ..... we are eating rabbit for the next 5 years Quote Link to post Share on other sites
PeakOil 352 Posted August 23, 2008 Report Share Posted August 23, 2008 well the uk is now at 0% , stays like that for a month and it is official ..... we are eating rabbit for the next 5 years Maybe not such a bad thing for those in the UK who can catch em Quote Link to post Share on other sites
borderboy 80 Posted August 23, 2008 Report Share Posted August 23, 2008 Heres my dream house,its only down the road as well,sadly its slightly out of my price range http://www.rightmove.co.uk/viewdetails-174...=1&tr_t=buy Seen that gaff a few times, the company i work for does alot of work in that area, and that house is unreal... just goes to show where a bit of property development can get, its been on the market for quite a while, make them an offer mackem... lol... Quote Link to post Share on other sites
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