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Debate House Prices


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July house purchase lending up on a year ago for first time in over two years

IveSeenTheLight
IveSeenTheLight Posts: 13,322 Forumite
in Debate House Prices & the Economy
Joeskeppi was waiting for chucky or hamish to post the below article.
Thought I'd save him waiting.
http://forums.moneysavingexpert.com/showpost.html?p=25086213&postcount=42


from http://www.cml.org.uk/cml/media/press/2397
July house purchase lending up on a year ago for first time in over two years
:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:
«13456

Comments

  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Average income multiple is now only 3.02 for FTB's too :)
  • carolt
    carolt Posts: 8,531 Forumite
    Yes, that's because it was really, really pants last year.

    So....? :confused:
  • Dan:_4
    Dan:_4 Posts: 3,795 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    carolt wrote: »
    Yes, that's because it was really, really pants last year.

    So....? :confused:

    ...and so it's nice to see things picking up.
  • IveSeenTheLight
    IveSeenTheLight Posts: 13,322 Forumite
    I found this part interesting
    In terms of product choice, over three quarters of mortgages taken out in July were at fixed rates, with borrowers able to lock in to an average fixed rate of 4.7%, well below the average of 5.57% over the past decade.
    :wall:
    What we've got here is....... failure to communicate.
    Some men you just can't reach.
    :wall:
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    Average income multiple is 3.02 now... i wonder if the usual comments about affordability will be returning anytime soon :rolleyes:
  • purch
    purch Posts: 9,865 Forumite
    with borrowers able to lock in to an average fixed rate of 4.7%

    Almost makes we wish I had a Mortgage !!!!
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    purch wrote: »
    Almost makes we wish I had a Mortgage !!!!
    Quick, buy something! Get a huge mortgage - the bigger the mortgage, the more you save - AND - the wealthier you are.

    For somebody borrowing £150k, a repayment mortgage fixed at 4.7% is £587.50 interest and £263.37 repayment per month = £850.87.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    chucky wrote: »
    Average income multiple is 3.02 now... i wonder if the usual comments about affordability will be returning anytime soon :rolleyes:

    Can I just ask here, as I'm not too sure....

    If I was buying a house for 200k, and took a mortgage for 100k to do so.

    My wage was 50k a year, so the mortgage was 2x my income.

    Would that make my affordability multiple 2x, or 4x?
  • carolt
    carolt Posts: 8,531 Forumite
    IveSeenTheLight wrote: »
    I found this part interesting

    But that 4.7% rate is clearly just a short term fix - all the longer term fixes are much higher.

    If I could lock into 4.7% for a minimum of 10 years, pref 15% (fully portable, obviously, in case I want to move in that time), I'd seriously think of buying too.

    But, AFAIK, I can't.
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    PasturesNew wrote: »
    For somebody borrowing £150k, a repayment mortgage fixed at 4.7% is £587.50 interest and £263.37 repayment per month = £850.87.

    Over 25 years. Obviously the amount of repayment and interest will vary over the life of the mortgage.
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
This discussion has been closed.
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