Leeds: 5 year fix at 4.59%

DaddyBear

Rinoa wrote: »

http://www.mortgageintroducer.com/mortgages/237112/5/Industr...

Lenders are certainly looking for business.

And this is proof positive they aren't anticipating large rate increases for the foreseeable future.

:j

Your two points don't add up Rhinoa. If they aren't expecting rate rises, is base rate plus 5% really 'looking for business'.

Emy1501

phil_b wrote: »

That sort of rate would mean around £675 a month on a repayment mortgage over 38 years, on the average priced house with a 10% deposit?

Even for a single person on average UK wage (based on published stats) that shouldn't be a great problem to service?

I must be missing something here.

Yes I wonder how many people have a 40% deposit?

Rinoa

carolt wrote: »

That's a pants rate.

Why on earth has it been given a thread of its own, OP?

Can you find a better one over 5 years carlot?

Rinoa

DaddyBear wrote: »

Your two points don't add up Rhinoa. If they aren't expecting rate rises, is base rate plus 5% really 'looking for business'.

According to you base rates are currently minus .41%.

nearlynew

phil_b wrote: »

I'm personally on an interest only deal at the mo, which you could say I will never ever pay off, but I'm saving tons each month and will actually have the mortatge paid off quite quick

The reason you are on an interest-ony mortgage is not because you are finacially savvy.

It's because you couldn't afford to buy your house on a repayment mortgage.

100% guaranteed

Cleaver

phil_b wrote: »

Opting for a 38 year mortgage doesnt mean you are commited to that for life though does it?

It doesn't, but a lot of people will keep it for that term. Hell, a significant minority of people in this country probably don't realise how much extra you'll pay on a 38 year mortgage compared to a 25 year one.

Remember that I'm normally a bit of a happy optimist about stuff. But how depressing would it be to buy a small flat in the South East for £150k on the above mortgage at age 22 and if you just stick to the standard mortgage payments over 38 years you'd finanlly pay it off at age 60 after spending a third of a million pounds. I don't normally quote nearlynew, but remember that debt is not wealth kids.

1984ReturnsForReal_2

Thrugelmir wrote: »

Available with 10% deposit; mortgage term 38 years maybe ?

Slightly overlooked no doubt....

But is it important????

nearlynew

Cleaver wrote: »

It doesn't, but a lot of people will keep it for that term. Hell, a significant minority of people in this country probably don't realise how much extra you'll pay on a 38 year mortgage compared to a 25 year one.

Remember that I'm normally a bit of a happy optimist about stuff. But how depressing would it be to buy a small flat in the South East for £150k on the above mortgage at age 22 and if you just stick to the standard mortgage payments over 28 years you'd finanlly pay it off at age 60 after spending a third of a million pounds. I don't normally quote nearlynew, but remember that debt is not wealth kids.

But that flat will be worth about £6million by then, so you'd be rich.....

Cleaver

nearlynew wrote: »

But that flat will be worth about £6million by then, so you'd be rich.....

That's a good point. But to be fair, in 2048 people might be remortgaging their flat to buy new-build domes on Mars to rent out to space tourists. That's when the phrase 'they actually are building more land' comes in to play.

Pobby

One of my God children at 21 has paid £195,000 for a 2 bed starter home in the South East. Got himself a 40 year mortgage.