End of the cheap fixed mortgage

StevieJ

Harry_Powell wrote: »

Ah, so I'm doomed to share Wookster's fate and be dismissed as a sock puppet, just because someone left around the time when I started?

And you all wonder why this board is dying on it's feet? You should put up a sign "NOOBS NOT WELCOME!!!". :rotfl:

I thought I was very careful not to do that Have you got something to tell us.

Harry_Powell

ad9898 wrote: »

The key issue about these figures is if you're a FTB'r, by not buying in the last 18 months, your average house has fell by £3,000 approx. every 6 weeks, there in lies the rub.

IMO, IR's are not that relevant in a falling market, (or even a static one if you're able to save), much better to have a smaller mortgage and pay a higher rate, than a large mortgage with a lower rate, don't forget you have to earn £3 for every £1 you pay off your mortgage, the figures are even worse if you're a higher rate tax payer.

Very reassuring, thanks ad9898. I guess any increases in rates will further accelerate the HPC, we're just in a "holding pattern" at the moment but more negative news is filtering back into the mainstream and so hopefully we should see a continuation of the HPC. In other words, Normal services will be resumed shortly!

Harry_Powell

StevieJ wrote: »

I thought I was very careful not to do that Have you got something to tell us.

It has been insinuated a few times. TBH, the accusation of using AE seems to be an often used weapon on here. People's contributions are oftne dismissed with an accusation of them having AE, though what difference that makes I really don't know.

I've noticed that wookster has pretty much stopped coming in here, ad44downey is accused of being just about everyone on a daily basis and any new people are subjected to sly suggestions (such as the one by Johnny Bravo above).

Either you guys want this to be a private members club where outsiders are excluded or you want this to be a popular and open forum where everyone is happy to contribute. I'd say that you currently had the former. Surely though, this just helps the board to whither and die?

lostinrates

bendix wrote: »

None. But I do have bank shares in my portfolio. As my bank fees etc contribute to their profits, I think it's only logical that I share in the benefits of those profits by buying shares and taking their dividends.
.

And as clients of employers, presumably?

Fwiw I'm with bendix on this. Its not worng for banks to profit: they are OBLIGED to their shareholders to maximise profit. Whether thats been reflected in how things have been handled subsequently I am not clever enough to know, but I'm very aware I wouldn't want to live where profitable businesses were penalised for being successful (foolhardy os tax avoiding yes, profitble, no)

StevieJ

Harry_Powell wrote: »

Either you guys want this to be a private members club where outsiders are excluded or you want this to be a popular and open forum where everyone is happy to contribute. I'd say that you currently had the former. Surely though, this just helps the board to whither and die?

What is your problem? I miss the DD contributions

Harry_Powell

StevieJ wrote: »

What is your problem? I miss the DD contributions

Read your 'steviej' posts then.

donaldtramp

bendix wrote: »

Donald, donald, donald. I really expect better from you. I thought you were one of the financially savvy people on this forum.

Not only is the government, NOT taking on debt in this instance, but it is actually doing the opposite. It is becoming a lender to the banks and some of them are already paying those loans back to the Government (cf, Lloyds HBOS repayment last week).

Secondly, why rail like a frustrated Daily Mail reader about the banks making profit? What's wrong with profit? Instead of complain, join in the party and buy some bank shares.

Life is so simple, really.

I agree with you wholeheartedly. There is nothing wrong whatsoever in making a profit;) That's the game;)
I do object to the cartel that they are running though. After we come through this, all that will have happened is that the cartel has strengthened. Companies like Santander now have a much, much stronger position in the market that they WILL abuse in the coming years. There is going to be a far smaller choice in future which will be bad news for the consumer.

Not only is the government, NOT taking on debt in this instance, but it is actually doing the opposite.

Sorry I wasn't clear! :rolleyes:I meant the huge public sector debt Clown has built up. This selling of bonds and borrowing like there is no tomorrow to prop up this government is driving up interest rates.
Banks are having to pay much more to borrow money because of this...

I agree though it is a game, and it's all how you play it. But Joe Bloggs on the street who understands none of this, WILL get screwed.

bendix

donaldtramp wrote: »

But Joe Bloggs on the street who understands none of this, WILL get screwed.

Joe Bloggs on the street is an idiot. He deserves to get screwed. I have no sympathy for him. I have no problem with lack of intelligence. What i have a problem with is lack of intellectual curiosity.

lostinrates

bendix wrote: »

Joe Bloggs on the street is an idiot. He deserves to get screwed. I have no sympathy for him. I have no problem with lack of intelligence. What i have a problem with is lack of intellectual curiosity.

Ouch. Somepeople's lack of intelligence is the stopper on intellectual curiosity. I don't think that akes them deserving of being screwed (neither does it mean they should be excused normal consequences). I think for many intelligent people the impact of lack of superior intelligence is not appreciated.

Graham_Devon

Harry_Powell wrote: »

Someone was warning about fixed rates increasing when I first joined MSE, there was a thread about buying houses and securing low fixes before they went up. I've checked the history and the rate was a 5 year fix with A&L at 3.99 with no arrangement fee.

IIRC, the bloke posting it was savaged by quite a few people, so I disregarded the advice. I'm starting to wonder if I was correct to do so.

If rates go up to 6%, then had I gotten a £150,000 mortgage at 3.99 I would have saved myself £251.25 per month! or £3015 per year. The OP of that thread was also talking about mortgage rates hitting between 8% and 12%, I can't bring myself to do the calculations! :eek:

Why do you keep bringing up dithering dads threads?

Wow, a whole saving of £3015 per year.

One months house price adjustement can see that wiped off a house, or indeed, put on to it.

It's all a gamble, always, and the poster in question was everywhere trying to ramp up the market, and always diregarded the fact that these fixed mortgages he talked about always had high applicaton fees and high exit fee's.

Edit: oh, i see the thread has moved on a bit now