Quarter of Brits on interest only mortgages

HAMISH_MCTAVISH

shakerbaby wrote: »

Our Hamish isn't much of a thinker beyond trying bail out his own asre. :rotfl:

Hmmm, I'm not sure that someone with a mortgage of 2 times income, no other debt, and cash/assets of 4 times the mortgage amount really needs bailing out.

But thanks anyway.:rolleyes:

wageslave

I had never really read Hamish' posts before.
I did not realise what I was missing.
Unfortunately it is his kind of magical thinking that has helped got us in the bliddy mess we are in.

HAMISH_MCTAVISH

shakerbaby wrote: »

Thanks for the advice Dad

You're welcome son.....

But like most stroppy teenagers, I'm sure you'll have to learn that lesson the hard way.

but I'm happy where I am being debt free, waiting, and pilling on my [STRIKE]vulture fund[/STRIKE] sorry I mean deposit.

Prices are up 7.5% in the last 6 months.... That vulture is looking more like a chicken every day...;)

But I guess that makes you bulls irate for some reason. Sorry I won't be bailing you or any of your pals out of your financial hell. :T

Irate? No, just full of pity for you poor misguided souls.

And I don't know anyone in financial hell. I don't dispute that someone must be, but it's more likely to be those watching prices rise at twice the rate they can save rather than those who were prudent enough to get in while prices were low and mortgages were cheap...:D

shakerbaby

HAMISH_MCTAVISH wrote: »

Hmmm, I'm not sure that someone with a mortgage of 2 times income, no other debt, and cash/assets of 4 times the mortgage amount really needs bailing out.

But thanks anyway.:rolleyes:

Which mortgage is that Hamish? :T

HAMISH_MCTAVISH

shakerbaby wrote: »

Which mortgage is that Hamish? :T

That would be the one on the second house. You know, the one that is in addition to the first house, which is paid for already.....:rolleyes:

The one with such low interest that we have overpaid it from 2.7 times income to 2 times income in just a few years. At this rate, we'll have it paid off in less than 10 years, which is much better than the 18 years it took us to pay off the first one. Thank God for houses being so much more affordable these days.....

Perhaps you could enlighten us though....

How many mortgage free houses do you own?

mbga9pgf

Here is a question for you hamish. What happens when the sustained growth in interest payments exceeds growth in wages and business profits? Would you blame the banks then for "not lending"? We are close to that situation now.

shakerbaby

HAMISH_MCTAVISH wrote: »

That would be the one on the second house. You know, the one that is in addition to the first house, which is paid for already.....:rolleyes:

The one with such low interest that we have overpaid it from 2.7 times income to 2 times income in just a few years. At this rate, we'll have it paid off in less than 10 years, which is much better than the 18 years it took us to pay off the first one. Thank God for houses being so much more affordable these days.....

Perhaps you could enlighten us though....

How many mortgage free houses do you own?

Funny how the story changes from HPC. :rotfl:

Let's have another laugh vi HPC, when did you [STRIKE]buy[/STRIKE] begin renting these houses from the bank? :T

HAMISH_MCTAVISH

shakerbaby wrote: »

Funny how the story changes from HPC. :rotfl:

Let's have another laugh vi HPC, when did you [STRIKE]buy[/STRIKE] begin renting these houses from the bank? :T

Ahhhh, ad hominem attacks, the last resort of the desperate.

No change in story at all.

Crack on then.

You already know I bought in 2007.

And have enjoyed record low interest rates since then.

What you are probably too ignorant to realise is that Aberdeen prices have only fallen by around 5.4% since 2007's peak, and are actually the same price today as they were in May 2007.

Whereas rent in Aberdeen is around 7% per year. So renting in Aberdeen would have cost 14% in the last 2 years..... And buyers only lost 5.4%.

But don't worry, one day you too will own a house and get to laugh at the silly rent slaves...:rotfl: Well, maybe not you.... But most people.

And you still havent answered..... How many mortgage free houses do you own?

brit1234

HAMISH_MCTAVISH wrote: »

You already know I bought in 2007.

Bad timing my son, buying at the top of the bubble not good.

maveli

geoffky wrote: »

oh dear.....looks like trouble to me....

I don't think so. I am on interest only from HSBC now, pays only 0.73% interest now and it was never above 5.75% and we save £500.00 a month to HSBC's regular saver and that gives us 8% interest.

In my opinion only an idiot will opt for repayment in this circumstance.