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Are the mortgage lenders being irresponsible?

1235

Comments

  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    ThrowingStonesAtYou wrote: »
    Well bills make up about another £1000, spending money makes up another £400 and the rest gets saved. If we had a mortgage for £1100 and one of us lost our jobs we'd be running at a (slight) deficit each month.

    i'm a bit different to you - we pay £3.5k each month into our mortgage. just over half of that is overpayments. the quicker the debt gets paid the better.
  • ixwood
    ixwood Posts: 2,550 Forumite
    edited 11 December 2009 at 8:48AM
    ThrowingStonesAtYou wrote: »
    As a couple, myself and my partner take home around £3500 a month. I would not be comfortable with a mortgage of £1100 a month - my current rent is £500 a month. Is it just me? :confused:

    I think paying a grandish isn't too unusual. Including repayments, I pay that much a month on one salary (that's less than your joint) and that still leaves plenty for living/saving.

    And that would leave you £2400 a month. More than a lot of people bring it. I think only spending a 1/3 of your income on housing would be considered good these days.
  • carolt
    carolt Posts: 8,531 Forumite
    chucky wrote: »
    i'm a bit different to you - we pay £3.5k each month into our mortgage. just over half of that is overpayments. the quicker the debt gets paid the better.

    No wonder you're bricking it.

    You have a mortgage of £1700 A MONTH???!!

    Bloody hell, that would frighten me.

    I thought you bought years ago, why on earth do you have such a high mortgage?
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    carolt wrote: »
    No wonder you're bricking it.

    You have a mortgage of £1700 A MONTH???!!
    bricking it? when was that?
    i'm nice and calm thank you my salary more than covers it.
    carolt wrote: »
    Bloody hell, that would frighten me.
    decisions need to be made - lives needs to be lived. can't put life on hold waiting for property to bottom out.
    carolt wrote: »
    I thought you bought years ago, why on earth do you have such a high mortgage?

    let my residential property a while ago, rented and bought a nice 5 bed in Feb at a good price not because i thought property had bottomed but because i got a good mortgage deal - 5 year fixed at 4.69%. it turned out that property had bottomed out then so am quite happy with that.

    it's a shame that i can't make more overpayments but can't on this deal -
    mortgage will be paid in less than 7 years :)
  • carolt
    carolt Posts: 8,531 Forumite
    chucky wrote: »
    bricking it? when was that?
    i'm nice and calm thank you my salary more than covers it.


    decisions need to be made - lives needs to be lived. can't put life on hold waiting for property to bottom out.



    let my residential property a while ago, rented and bought a nice 5 bed in Feb at a good price not because i thought property had bottomed but because i got a good mortgage deal - 5 year fixed at 4.69%. it turned out that property had bottomed out then so am quite happy with that.

    it's a shame that i can't make more overpayments but can't on this deal -
    mortgage will be paid in less than 7 years :)

    Who's talking about waiting for property to bottom out?

    At 4.69% that must be one hell of a mortgage if it's costing you £1700/month. Not that I can see why you need 5 beds when you're on your own. :confused:

    You should rent , you know. It'd be much cheaper. :D
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    carolt wrote: »
    At 4.69% that must be one hell of a mortgage if it's costing you £1700/month. Not that I can see why you need 5 beds when you're on your own. :confused:
    who said i'm on my own?
    carolt wrote: »
    You should rent , you know. It'd be much cheaper. :D
    maybe but when you can live mortgage free in a few years, renting comes across as quite expensive.
  • carolt
    carolt Posts: 8,531 Forumite
    chucky wrote: »
    who said i'm on my own?


    maybe but when you can live mortgage free in a few years, renting comes across as quite expensive.

    Not if the interest payment is higher than the rent would be.

    And of course you're on your own.

    Or is Dan there too? :)
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    carolt wrote: »
    Not if the interest payment is higher than the rent would be.
    if you don't have a mortgage to repay you don't pay mortgage interest.
    renting is never cheaper than that!
    carolt wrote: »
    And of course you're on your own.

    Or is Dan there too? :)
    now, now carol - you don't like comments directed at you, so don't try and instigate any.
  • carolt
    carolt Posts: 8,531 Forumite
    chucky wrote: »
    if you don't have a mortgage to repay you don't pay mortgage interest.
    renting is never cheaper than that!


    now, now carol - you don't like comments directed at you, so don't try and instigate any.

    But you do have a mortgage to pay - £1700 a month of it. :confused:

    I did think you were on your own - certainly never mentioned kids. What's with the 5 bedrooms? :confused:
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    carolt wrote: »
    But you do have a mortgage to pay - £1700 a month of it. :confused:
    it will probably be paid in 7 years or less - then i will be mortgage free
    carolt wrote: »
    I did think you were on your own - certainly never mentioned kids. What's with the 5 bedrooms? :confused:
    you think about me too much ;)
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