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The return of local authority mortgages???
strawie99
Posts: 31 Forumite
http://www.timesonline.co.uk/tol/money/property_and_mortgages/article5649223.ece
Whats everyones opinion? :question:
Whats everyones opinion? :question:
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Comments
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I don't think it's a bad idea provided they won't be doing sub prime mortgages.0
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The problem I see with this, is buying a house is generally a long term thing (25 years). Yet lots of people are jumping on the bandwagon of 'low interest rates'. It's not going to last, rates will be on the up sooner rather than later. If people stretch themselves now, the consequences in the not to distant future will be dire.
If I was getting a mortgage now, I would be looking at a 10 years fix. What's the best rate for this type of loan ??, I haven't looked but I bet it isn't any better than it was 6,12 or 18 months ago. Probably worse in fact.0 -
My parents council mortgage was fixed 6% for 25 years but not portable. They were on the council house list but there were just not enough to go around - that was the 1950's. The deposits were normally most peoples problem but my grandmother was able to stump that up to help.0
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If I was getting a mortgage now, I would be looking at a 10 years fix. What's the best rate for this type of loan ??, I haven't looked but I bet it isn't any better than it was 6,12 or 18 months ago. Probably worse in fact.
Sorry a 10 year fix is always going to be 5-7%. They would be if interest rates were 0%.
They don't get drasticly cheaper because rates go down as they hedge for the future.
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My parents council mortgage was fixed 6% for 25 years but not portable. They were on the council house list but there were just not enough to go around - that was the 1950's.
Thats interesting that seems to blow the argument of historicaly low interest rates over that last 10 years out of the water.0 -
when i started working for my local council back in the early eighties i missed out on taking a local authority mortgage by 3 months.......
sounds interesting, i suppoes it will depend whether there are any councils who havent had thier fingers burtn by icelandish/irish/us/uk banks going undersmile --- it makes people wonder what you are up to....
:cool:0 -
Generally think it's a good idea, you would hope that councils learn from the 'finance experts' in the banks and lend responsibly."An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0 -
Are these council mortgages only offered to those who already qualify for a council house/those already in council houses?0
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