Mortgages

I be putting all my savings into Monorail

What rate did they offer you and based on what %deposit?

mortgages are for rich people.

/scurries away to hide under a rug

Anyone know what a concessionary purchase is?

Just had general approval granted for the mortgage, looks like we're moving*

*contents may settle in transit/subject to survey/yada yada

My tuppance

I went for a ridiculously low variable rate (<2%) and am saving heaps of money. If the interest rates go up wildly I will have to sell my house, or get a job where I actually have to work hard but I think it's worth the risk. I know nothing about the financial market but I reckon rates will stay low for at least 2 more years

well, there's nothing better than gambling hundreds of thousands and your future security on a 'reckon'.

mortgages are for rich people.
/scurries away to hide under a rug

Mortgages are for the middle class. Rich people pay cash.

any sensible person would overpay to a 'normal' level (most mortgages allow at least a 20% overpayment or penalty free lump sums) that way if you get ahead by gaining a months payment for every 5 you should be able to take a payment holiday if things get sticky.

or if your deposit was small you could look at at it as cheap rent before you walk away from the property when you become insolvent in the next recession. :-)

well, there's nothing better than gambling hundreds of thousands and your future security on a 'reckon'.

That's what thousands of 'qualified' fuckwits bankers do every day.

well, there's nothing better than gambling hundreds of thousands and your future security on a 'reckon'.

I love gambling and I find normality boring

I don't like independent financial advisers. Specifically I hate paying to put petrol in their poxy BMWs. NEVER fix - over time you may suffer a few ups and downs, but the freedom to change is worth far more than being locked into the bankers' trough.

On the other hand, you may fix your wheels, apparently.

That's what thousands of 'qualified' fuckwits bankers do every day.

yes. they're smart enough to make sure it's not their money though...

That's what thousands of 'qualified' fuckwits bankers do every day.

the whole lot is like a bookies, a betting shop, buy into it by all means.

I've recently been in the situation of choosing to rent over buying a property. The market at the moment for purchasing a house/mortgage seems so unstable. I suppose though I'm still young though so will end up owning a house one day.

Friend of mine is a very good mortgage broker, come highly reccomended. Feel free to ring him and say photographer Ben put you in contact.

Stuart McNeil
stuart at lacfs dot co dot uk

if you want his number pm me.

I have a low variable rate on the place I have just bought but factored in any potential rises in base rate.
It would have to go up a fair few points to overtake the rent on my last place so I'm happy with my choice not to go fixed. Assuming no rise for 12months its an extra grand off my debt.

yes. they're smart enough to make sure it's not their money though...

Who's money would you suggest we buy our houses with?

I've recently been in the situation of choosing to rent over buying a property. The market at the moment for purchasing a house/mortgage seems so unstable. I suppose though I'm still young though so will end up owning a house one day.

Why does the market seem unstable?

If you can afford to buy, buy.

The fixed rate we have chosen is approximately £200 per month less than our current rent, that worked for me.

That will help with the complete redecoration that is needed.

Should be awesome when done (Smiley face)

Why does the market seem unstable?

If you can afford to buy, buy.

Well just jobs are unstable at the moment and I don't think to be honest if either me or the Mrs. lost our jobs we would be able to afford the mortgage and living costs on one salary.

The other thing is we are still young (21) and can afford to rent and still save an amount each month that will go towards a mortgage but means we can still live together.

Being able to afford to buy, for me, means: making repayments, making repayments when the rates rise, making overpayments, still enjoying myself with a mortgage, being able to make payments for long enough to get another job should I need to, etc.

It's more than just making the repayments at the current rate. It took me a long time before I decided I was ready to sell my soul to a bank for a property. I don't fuck about with this much cash. I make sure I have bail out options. I consider rate increases and what I'm going to be doing with my life for the next 5 years.. next 10 years, etc. It was a massive decision. I have 10 years on you and there's no rush. I was at a point where it made no sense to continue renting. I was just losing money.

Thanks for the wise words Hippy, it was really good to read that.

I will happily rent for a few years, and then if I can will buy a property. At the moment though I couldn't deal with that amount of money around my neck and wondering about what might be happening in 5-10 years time.

My rent is £13,200 per year, eight years of renting and that is over one hundred thousand pounds that I would have given to a landlord.

Thanks for the wise words Hippy, it was really good to read that.

I will happily rent for a few years, and then if I can will buy a property. At the moment though I couldn't deal with that amount of money around my neck and wondering about what might be happening in 5-10 years time.

When I was in Oz, I was in the same position. I decided I didn't like my job enough to be locked into it to pay a 25 year mortgage. I moved here and spent my deposit on booze. FTW :)