Savvy home buyers .....

nearlynew

I'm just glad I'm out of all that mortgage malarky.

HAMISH_MCTAVISH

ILW wrote: »

You spend more than £886 per month on eating out!

And then some.

I've had single weeks where I've spent more than £886 on eating out.

I've even had a fair few dinners for two that were there or thereabouts, including wine.

Although granted, I do get to claim a lot of it back if it's business entertaining.

HAMISH_MCTAVISH

IveSeenTheLight wrote: »

It must be on toffee's
One of my son's favourite books

That's brilliant.

I should steal it for my Avatar.:D

nearlynew

HAMISH_MCTAVISH wrote: »

And then some.

I've had single weeks where I've spent more than £886 on eating out.

I've even had a fair few dinners for two that were there or thereabouts, including wine.

Although granted, I do get to claim a lot of it back if it's business entertaining.

You silly boy McTittish.

Graham_Devon

Erm guys,

Read the actual couple of paragraphs:

Around 74pc of people with a mortgage admitted they did not know how a 1 percentage point rise in the Bank of England base rate would affect their monthly outgoings, according to the newly formed Consumer Financial Education Body (CFEB).

More worryingly, 15pc of people do not even know what type of mortgage they have, such as whether it is a fixed-rate deal, which would make them unaffected by an interest rate rise, or whether it is a variable-rate one, meaning their monthly payments would go up.

The very fact that the second paragraph talks about those not knowing which rates they are on, and the line "which would make them unaffected by an interest rate rise" kind of tells us that the 74% initial paragraph is only looking at those who would be effected.


Just my take on it anyway. I know it's not spelt out this way, but does it really need to be spelt out when you read the 2 initial paragraphs and see they have seperated people out in their research?

In any case, it only says "how it will effect". I.e. "how will it effect you"...."I'm on a tracker, so it won't". It's not stating 74% WILL be effected and see their rate rise. It's simply asking the question of whether the person knows how it will effect them.

Really2

Graham_Devon wrote: »

Erm guys,

Read the actual couple of paragraphs:

The very fact that the second paragraph talks about those not knowing which rates they are on, and the line "which would make them unaffected by an interest rate rise" kind of tells us that the 74% initial paragraph is only looking at those who would be effected.


Just my take on it anyway. I know it's not spelt out this way, but does it really need to be spelt out when you read the 2 initial paragraphs and see they have seperated people out in their research?

err? how can you read that into it when it does not state it? All it reads to me is they asked questions to people with mortgages and this is the results of that, no more no less.

I love how you "read" things Graham.

I have some "magic" beans, they may not be magic in terms they will not grow a bean stalk to the clouds, where a giant lives with a goose who lays golden eggs.
But they will grow from a bean into a bean plant.
My take on that is must be that they are magic.

ps The reasearch is to get people to use this

The CFEB has set up a mortgage calculator so that people can see what impact interest rate rises would have on their monthly repayments, while it also provides impartial mortgage comparison tables to help people find the best deal. Its mortgage toolkit can be found at https://www.moneymadeclear.org.uk/mortgages

so I really doubt this data has been "cleaned" in any way

Malcolm.

HAMISH_MCTAVISH wrote: »

A £150,000 repayment mortgage at 0.5% is £533 per month.

A £150,000 repayment mortgage at 2.5% is £678 per month.

A £150,000 repayment mortgage at 4.0% is £800 per month.

A £150,000 repayment mortgage at 5.0% is £886 per month.

I spend more than that on eating out....... But not on Turnips.

But on a more serious note, interest rates can increase dramatically, double, triple, whatever, but actual mortgage amounts rise by a far smaller percentage.

Shirley it depends on the mortgage term Hamish?

JonnyBravo

Graham_Devon wrote: »

Erm guys,

Read the actual couple of paragraphs:

(Yes I read them)

The very fact that the second paragraph talks about those not knowing which rates they are on, and the line "which would make them unaffected by an interest rate rise" kind of tells us that the 74% initial paragraph is only looking at those who would be effected.

OK, I've read it, and it quite clearly does include those it wouldn't "effect" (sic).
It is simply saying 15% are unaware of whether it would affect them or not.

Graham_Devon wrote: »

Just my take on it anyway. I know it's not spelt out this way, but does it really need to be spelt out when you read the 2 initial paragraphs and see they have seperated people out in their research?

Eh?
The groups aren't mutually exclusive. Do you know what that means?

Graham_Devon wrote: »

In any case, it only says "how it will effect". I.e. "how will it effect you"...."I'm on a tracker, so it won't". It's not stating 74% WILL be effected and see their rate rise. It's simply asking the question of whether the person knows how it will effect them.

You got this bit right.
Except you clearly don't understand the difference between "effect" and "affect".
Just trying to clarify things which seem to be the usual Really2 vs Graham_Devon

chewmylegoff

RenovationMan wrote: »

A 1% increase in rates would increase my mortage by £225 per month, which is pretty bad, but had I not overpaid the mortgage by £30k, it would have raised the mortgage by £250, so it could be worse. This is the reason I'm praying that rates stay the same for a while! :eek:

if rates do go up you could just make up a yet another new overpayment figure and write that into your signature, should help to mitigate the pain.

Malcolm.

RenovationMan wrote: »

A 1% increase in rates would increase my mortage by £225 per month, which is pretty bad, but had I not overpaid the mortgage by £30k, it would have raised the mortgage by £250, so it could be worse. This is the reason I'm praying that rates stay the same for a while! :eek:

Why, according to your signature, are you getting valuations every two months? Do you have the hots for the valuer of something? Or are prices static 'round your way?'