2.99% Fixed rate - If you earn £75k...

Conrad

I'm a premier customer, a hangover from the good ole days when times were good, but I'd personaly prefer to fix at say 3.9%.

The logic behind higher earners being low risk is evedentialy based. Generaly speaking, higher earners are less likely to experience severe credit impairment. There are many reasons for this, for example the theory goes high earners are on balance more likely to have access to parental cash.

clairehi

Bargain_Rzl wrote: »

If I was on £75k I wouldn't have a mortgage either. At least, if I had one, it would be a little one and I'd pay it off quicksmart.



quote]

what a daft thing to say! (perhaps why you are not on 75K?)

If you got a £75K job tomorrow (and assuming not unreasonably that this would continue), this would not necessarily mean you had the cash in the bank to buy any house outright would it?

However most people earning that amount of cash (unless they were Mr Mean) would want to live in a nice place, and would therefore borrow accordingly. At a conservative multiple of 3 x income, that would only allow you to borrow £225K anyway and (Im sorry to break it to you) that is not going to buy a dream home in most parts of this country right now anyway despite what the HPC merchants may think!

clairehi

I'm still waiting for A&L to offer to buy me out of my lifetime 0.99 over base deal, they must be rueing the day!

nyck

clairehi wrote: »

I'm still waiting for A&L to offer to buy me out of my lifetime 0.99 over base deal, they must be rueing the day!

But laughing at me on the SVR

nyck

Bargain_Rzl

clairehi wrote: »

Bargain_Rzl wrote: »

If I was on £75k I wouldn't have a mortgage either. At least, if I had one, it would be a little one and I'd pay it off quicksmart.

what a daft thing to say! (perhaps why you are not on 75K?)

If you got a £75K job tomorrow (and assuming not unreasonably that this would continue), this would not necessarily mean you had the cash in the bank to buy any house outright would it?

However most people earning that amount of cash (unless they were Mr Mean) would want to live in a nice place, and would therefore borrow accordingly. At a conservative multiple of 3 x income, that would only allow you to borrow £225K anyway and (Im sorry to break it to you) that is not going to buy a dream home in most parts of this country right now anyway despite what the HPC merchants may think!

Contrary to what you might think, some people are perfectly happy with a modest home - there's no need to call me daft because I come into that category. I love my home - the only possible things I might seek to change about that in the future are to live somewhere with one extra bedroom and a little outdoor space.

My priorities are living a varied life and putting a bit aside for the future - and at the moment, paying off my mortgage. When my fixed rate savings account matures (tomorrow ) and I move some money around next week, I'll have paid off more than 20% of my mortgage off in a little over 2 years.

I absolutely hate being in debt on my home - and if you look on the Mortgage-Free Wannabe board, you'll see I'm not the only one...

clairehi

Bargain_Rzl wrote: »

Contrary to what you might think, some people are perfectly happy with a modest home - there's no need to call me daft because I come into that category. I love my home - the only possible things I might seek to change about that in the future are to live somewhere with one extra bedroom and a little outdoor space.

My priorities are living a varied life and putting a bit aside for the future - and at the moment, paying off my mortgage. When my fixed rate savings account matures (tomorrow ) and I move some money around next week, I'll have paid off more than 20% of my mortgage off in a little over 2 years.

I absolutely hate being in debt on my home - and if you look on the Mortgage-Free Wannabe board, you'll see I'm not the only one...

Sory if I sounded rude but I stand by my initial point that just because someone has a high salary does not mean they have the capital to buy a house for cash, that is just common sense.

Happy for you that you are meeting your life goals though.

wisbech_lad

ashbart wrote: »

I am not suggesting there is a problem with the mortgage but in relative terms, I am no higher a risk than someone that earns 5 times the amount as me with 5 times the mortgage. If I have a mortgage, for example, 5 times my salary and Joe Bloggs (who earns £75k) has a mortgage 5 times his salary than surely we are the same 'risk.'

Just because Joe Bloggs earns more than me doesn't mean he's any less of a risk!

The maths suggests otherwise.

Say you a a single earn 20k, and a mortgage that costs 5 k. That gives you 10,600 a year to spend on everything else (cos tax is 4,400)

Single earning 100k, and a 25k mortgage - money to spend on everything else is 40,000 (35,000 on tax)

That's much less risky for the bank. A run of bad luck (boiler bursting, car fails MOT, whatever) is much more likely to drive the guy with 10,000 a year to pay all his bills into financial stress, than the guy with 40,000

maytaurus

RE;
caracal_77 and [FONT=&quot]Wutang[/FONT] quotes

caracal_77

You guys need to appreciate more where you live. You could have been born in Sudan, wonder how your life would have been there.

[FONT=&quot]Wutang[/FONT]

I hate people who react like this - heathens - leave the country then, now.'

........ I strongly dislike it when people make snap judgements and comments about persons and issues they know little or nothing about.

Firstly,
re; being stereotyped by yourself as a heathen ...
I presume you know what the term means, with all its negative connotations
The Oxford English Dictionary defines a heathen as a person "whose religion is neither Christian, Jewish, nor Mohammedan",
so therefore you are correct.
I can however honestly say that I do not HATE anybody.
HATE is violent and destructive.
I simply cannot accept the hedonistic, irresponsible, blindly selfish goals, aloofness, Ambiguous politics and tactics of so many others, regarding the very situations in the world that you have raised awareness of,
whilst stating your opinion of me.
Politics and peoples are different worldwide and whilst there are obviously far worse places to live than the UK, I would really prefer not to have my permanent home here, as there are other locations I would prefer.
There are however other people/situations/family members/responsibilities that I have to consider at the moment.
Are you from Sudan?
Have you actually been to Sudan?
I have.
I have also been to several of the other places on the planet where there is
chronic political instability, high inflation, large foreign debt, international isolation, bloody conflict, starvation and genocide.
An estimated 300,000 people have been killed since fighting erupted in Darfur an impoverished and arid region of western Sudan, as a result of direct combat, disease or malnutrition since in 2003.
A further 2.7 million others have been forced from their homes and now live as refugees or IDPs.
Senior UN officials have repeatedly called on other countries to supply more help.
Do you or have you consider trying to help in any way
Either in Sudan or any of the other war torn areas of the world or in the UK?
If not,... then perhaps you may like to consider doing so ....
Here is a helpful link to get you started

Volunteering opportunities in the UK
http://www.redcross.org.uk/TLC.asp?id=75777

Work for us overseas
http://www.redcross.org.uk/TLC.asp?id=80865

Feel free to contact me if you think I can be of help in any way.

feisty1

Nor me deefadog and I wouldn't be in this ****** country either A quote from Maytaurus

You guys need to appreciate more where you live........another quote from Maytaurus

Maytaurus.......All I have to say to you is practice what you preach and apply it to yourself starting by "need to appreciate more where you live"

Wutang_2

maytaurus wrote: »

RE;
caracal_77 and [FONT=&quot]Wutang[/FONT] quotes

caracal_77

You guys need to appreciate more where you live. You could have been born in Sudan, wonder how your life would have been there.

[FONT=&quot]Wutang[/FONT]

I hate people who react like this - heathens - leave the country then, now.'

........ I strongly dislike it when people make snap judgements and comments about persons and issues they know little or nothing about.

Firstly,
re; being stereotyped by yourself as a heathen ...
I presume you know what the term means, with all its negative connotations
The Oxford English Dictionary defines a heathen as a person "whose religion is neither Christian, Jewish, nor Mohammedan",
so therefore you are correct.
I can however honestly say that I do not HATE anybody.
HATE is violent and destructive.
I simply cannot accept the hedonistic, irresponsible, blindly selfish goals, aloofness, Ambiguous politics and tactics of so many others, regarding the very situations in the world that you have raised awareness of,
whilst stating your opinion of me.
Politics and peoples are different worldwide and whilst there are obviously far worse places to live than the UK, I would really prefer not to have my permanent home here, as there are other locations I would prefer.
There are however other people/situations/family members/responsibilities that I have to consider at the moment.
Are you from Sudan?
Have you actually been to Sudan?
I have.
I have also been to several of the other places on the planet where there is
chronic political instability, high inflation, large foreign debt, international isolation, bloody conflict, starvation and genocide.
An estimated 300,000 people have been killed since fighting erupted in Darfur an impoverished and arid region of western Sudan, as a result of direct combat, disease or malnutrition since in 2003.
A further 2.7 million others have been forced from their homes and now live as refugees or IDPs.
Senior UN officials have repeatedly called on other countries to supply more help.
Do you or have you consider trying to help in any way
Either in Sudan or any of the other war torn areas of the world or in the UK?
If not,... then perhaps you may like to consider doing so ....
Here is a helpful link to get you started

Volunteering opportunities in the UK
http://www.redcross.org.uk/TLC.asp?id=75777

Work for us overseas
http://www.redcross.org.uk/TLC.asp?id=80865

Feel free to contact me if you think I can be of help in any way.

I think we all have access to a dictionary - well done.

But if you don't like the country you live in, go away or do something about it rather than write essays on moneysavingexpert.com