Debate House Prices


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The real price of a mortgage: 6.49%

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Comments

  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    edited 14 September 2009 at 5:36PM
    tomstickland wrote: »
    House price cheerleaders always say that because rates are so low (0.5%), prices are now affordable. It doesn't matter whether you think 6.5% is high or not, it's higher than the numbers being used for the price growth.

    please explain - it's only the more negative posters and the HPC ghetto are the only ones who mention 0.5%. no-one else.

    many real life examples are out there of sub 6% mortgage rates.
  • Yakubu22
    Yakubu22 Posts: 640 Forumite
    500 Posts
    chucky wrote: »
    which goes back to my perenial point about the total price of a house is extremely relevant to your actual mortgage rate.

    Indeed. For me, unless I can get a 25% deposit (which is still some way off) then it's impossible to get a competitive fixed long term (5 years +) rate.
    "For those who understand, no explanation is necessary. Those who don't understand, dont matter."
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    tomstickland wrote: »
    House price cheerleaders always say that

    You mean pragmatists who have paid over 15% in the past.
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    chucky wrote: »
    please explain - it's only the more negative posters and the HPC ghetto are the only ones who mention 0.5%. no-one else.

    many real life examples are out there of sub 6% mortgage rates.

    Remember the days when there were some fab long-term deals around, even !!!!!! was tempted :eek:
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • wolvoman
    wolvoman Posts: 1,179 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    There's no news here.

    We all know prices are going to stagnate. What's the big deal.
  • 1984ReturnsForReal_2
    1984ReturnsForReal_2 Posts: 15,431 Forumite
    Ummmmmm let me think should I pay a £995 fee to fix my deal to 6.38% for 5 years or £995 to fix it at 4.39% for 2 years?

    We are on SVR of 2.5% and thats exactly where we are staying for quite a while it seems....
    Not Again
  • mewbie_2
    mewbie_2 Posts: 6,058 Forumite
    1,000 Posts Combo Breaker
    chucky wrote: »
    i got a 4.69% fixed for 5 years in Feb with the Halifax.
    Unlucky. That's gotta hurt.
  • IveSeenTheLight
    IveSeenTheLight Posts: 13,322 Forumite
    Yakubu22 wrote: »
    Indeed. For me, unless I can get a 25% deposit (which is still some way off) then it's impossible to get a competitive fixed long term (5 years +) rate.

    http://www.britannia.co.uk/home/_site/channels/mortgage/products/medium-term-fixed-rates.html

    Britannia - 10% deposit, 5 year fix from 6.19%
    - 25% deposit, 5 year fix from 5.44%


    http://www.hsbc.co.uk/1/2/personal/mortgages/first-time-buyer/fixed-rate;jsessionid=0000eFNsow8NcdKzFLNQavUFrUj:11j74lc1v

    HSBC - 10% deposit, 5 year fix from 6.49%
    - 25% deposit, 5 year fix from 5.59%

    I doubt you will get much more competative than those
    :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
    mewbie wrote: »
    Unlucky. That's gotta hurt.

    not really - it saves me about £500 a month on mortgage repayments.
    means i end up getting a cheaper house than if i waited to buy. a
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The real price of a mortgage: 6.49%

    Oh good.

    Perhaps now we can put to bed that silly bear meme claiming affordability for FTB's is down to record low interest rates.:rolleyes:
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
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