MSE News: Base Rate 'to stay frozen until 2011'

wolvoman

Running_Horse wrote: »

I'm sorry, is English not your first language? Let me explain. I was quoting a post that claimed you needed to earn £75,000 a year to buy anything more than a cardboard box in the south east of England. I was asserting that someone earning £25,000 a year could aspire to purchase property in Kent. That's assuming they have saved the 20% deposit required by most lenders these days. Clear enough? If you need more clarification, just ask.

I think, if you read it clearly , that what was referred to was being able to buy a property for £75k, not need a £75k salary to buy one.


Edited to add: I just re-read it and in fact you, Sir, are the one who cannot read English!

mpazza

smk77 wrote: »

Looks like your question went unanswered!!

If you pay off the credit cards what will your LTV be on a new property (take into account the value of your property probably isn't what you'd like it to be!)?

QUOTE]


Difficult to say as no houses in our little close have been on the market in past 4 years, though prices seem to have held up quite well in the town £160,000 mortgage on a £240,000 property probably not too optimistic.

spence

Ignore the £240,000. It's not cash.

Worry about the £20,000 CC debt and £160,000 mortgage. These are cash and accruing large amounts of interest. They are very big numbers when viewed without the value in your home.

I would advise using your second income to pay down your debts. I feel in the long run this would improve your lives much more than an extra bedroom, bigger garden etc.

RadioAmateur

With Inflation increasing - Due no part to Quantative Easing! The Government and the Bank of England are trying to predict the future without the aid of a crystal ball! We are in very volatile times. The Government will continue to move the goal posts and the BoE will continue to expect things to happen eventually in line with their predictions. I still personally think that after the May Election that interest rates WILL rise from 0.5% and finish 2010 at around 2.75 - 3%. Look how expensive loans are compared to the Base Rate - Banks are making more than ever! Ripping off Consumers. You might be forgiven for believing that its the Banks who run the country - not the Government!! The Interest rate that is important to you and me is what we get charged by Banks etc. This seems to have little bearing on the Base Rate! I also have a Tracker Mortgage and am waiting for my provider to find a way to charge more interest - I really think that it will happen. Wherever possible try to reduce any loans and the size of your mortgage as soon as you can!!