anyone else want a CRASH...?

Alan_M_2

Ian_W wrote:

I don't know but Banks/BS's they don't do it to lose money do they? But rates at or even below BoE BR have been around for a hell of a long time.

Typical fees over and above the fees you'd pay for any remortgage are £4-600 and fixed rates always have penalties but many discounted variables don't.

If you look at the links I posted at 2&3 I think you'll find most are available up to 90 or even 95% LTV so they are very much FTBer territory as, of course, are 100% ones.

Right yes I missed that link first visit.

I ran through a couple of them and as soon as your deposit is under 10% they add "Application charges". The rate stays the same but you pay a fixed fee to take out the application, this fee seems to be upwards of £1500 across the board.

Now each lender is obliged to show the actual rate when all these figures are included, and the fees effectively increase the rates by about 0.4% accross the board. the 4.98% becomes 5.2%, the 5.5% is actually 5.9%. Clever marketing, most people won't look at how the fees effect the rate, they'll just look at the rate and think they're getting a good deal.

tomstickland

I found a few mortgages offering 4.3-4.4% with a 10% deposit as a FTB.

Alan_M_2

tomstickland wrote:

I found a few mortgages offering 4.3-4.4% with a 10% deposit as a FTB.

That's cheap, did they have any fees or hidden payments attached to them, or did you not get that far along with those particular offers?

I have to say this is minefield, this fee business is quite misleading, I'm sure they're complying with whatever terms the FSA impose on the selling of these products, but sometimes you do feel like they're trying to pull the wool over your eyes.

Meanwhile I've got trading standards bleating at me because I don't publish prices including VAT, even though the majority of my custom is business to business. Like I'm trying hoodwink people or something!

JohnInDebt

Renting is definitely cheaper for me at the moment.

Area: South Wales
House Value: £120,000
Rent: £375 (Private Landlord)

Alan_M_2

I like your Sig, that cheered me up no end this afternoon:)

CB1979_2

wow well for info, I rent my flat out for £800 and my IO mortgage is £650 a month on a £165k property.

in sunny South Croydon, there are numerous places here that charge £850-1000 for similar properties.

but how many out of all these FTB's who "would never in a million years buy a property at these prices" are saving for a deposit to BUY a house

hypocritical, i'll say it time and time again, as soon as you get on the ladder how many of you will be wanting a crash?

it's simple, if you can afford it well done, if you can't tough, rent, move elsewhere do whatever you want but deal with it, it's harsh but that's reality at the moment!

Alan_M_2

Damn you're nearly as bitter as some of the naysayers on here, but in kind of a reverse way:)

Anyhow, your post prompted me to have a look through Property in South Croydon seeing as I used to live in Purley, and there are some sensible prices around there.

A lot of property to rent, a quick search returned 240 flats for rent and 314 for sale, that's a lot of property on the market especially this time of year.

Is that a 1 or 2 bed flat you have there?

Looking through the rentals £850 - £1000 will get you a mixture of 2-3 bedroom flats/houses/maisonettes and the odd 4 bed one.

Have the rents come down around there lately? I remember not long ago struggling to find anything 2 bedroom around £800.

tomstickland

hypocritical, i'll say it time and time again, as soon as you get on the ladder how many of you will be wanting a crash?

That's not hypocritical.

Ian_W

Hereward wrote:

I wouldn't call anybody that has a poor credit rating stupid.

I didn't say they were.:rolleyes: The people I was calling silly [not stupid] were those who can remortgage but don't because of inertia and, as it's one of Martin's top money saving tips, I suspect "mine host" may agree that people who have the opportunity to save money by doing so, are at the very least silly and may even be stupid in paying the banks more than they need to.
Some people with a poor credit history are stupid with money [some will even say so themselves], others are unfortunate that something they couldn't readily foresee, like illness, injury or redundancy has interfered with what were otherwise well thought out plans. So I wouldn't say everybody with a poor credit history is stupid, but there again I wouldn't say nobody with with one was either.

Hereward_ wrote:

A comparison to the SVR is a good idea as it would demonstrate a continuing analysis of Rent vs. Mortgage ...

How many new buyers are on SVR - lenders don't even advertise them these days? But as for the continuing debate on renting v buying I wish you all luck. It was going on before I joined in these threads and I'm sure it still will be after I've gone. :rotfl:

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There should be a CRASH to bring some sanity back to the UK housing market. Some will get burnt but if they borrowed more than they can afford then thats their own fault.

The Btl brigade deserve the most punishment being a major cause of the rampant speculation going on.