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Cash-strapped families switch £60bn-worth of mortgages to interest-only
Comments
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interest or use to me?? not really.
if you don't want to discuss it you shouldn't really have posted it.
And what would your behaviour have been like if I had not ?
Deleted now anyway. Maybe I should have PMed you. I nearly mentioned it before in another discussion, but I wasn't asked, so decided not to.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
it's probably time you stepped away from the keyboard dervprof, have a coffee, go for a walk.
take a break, this forum does you no good...
What makes you think it does me no good ? I enjoy the time I spend here. Arguing, joking, debating etc. I think I spend far less time here than many others, and when I've had enough, I then "step away".
So, would you care to discuss post #47, or not ? If not, just say, and we'll move on. I understand why you may not want to discuss it, and I think you know too.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
well i was trying to get some more info out of you to see if you actually understood what the article actually meant...
let's do the basics for you... from the article.
that would be £60,000,000,000 right... with 300,000 mortgage owners switching to interest only. that would be an average mortgage of £200,000. ok fine.
then the next paragraph says that the average mortgage is £109,000
so which is right?
so when i try to smell the coffee i can't really because the article is rubbish and as for your intelligence... let's just leave that one there. nuff said on that one
Do you understand it?
The debt on a repayment mortgage is larger because you are repaying the capital aswell as the interest.
The debt on an interest only mortgage will be lower, because you are only paying the interest.
Therefore switching the debt from repayment to interest only turns an average 200k debt to an average 109k debt.
That will be the reason for the difference. That's why the payments become smaller.
Pretty poor chucky, for someone who questions everyone elses intelligence.0 -
Graham, that wasn't quite what I was getting at.
Posted by chucky........
"that would be £60,000,000,000 right... with 300,000 mortgage owners switching to interest only. that would be an average mortgage of £200,000. ok fine.
then the next paragraph says that the average mortgage is £109,000
so which is right?"
The article actually states "With the average UK mortgage at £109,000".
That's what I tried to question chucky on, but he took a huge diversion. He was trying to discredit the article (and probably another poster) by misquoting it.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Yes, chucky spends a fair amount of time telling people they are morons, thick, wrong, and diverting attention (Graham seems to be a main target).
The moment I spot something that chucky gets wrong (yes, we all do get things wrong from time to time - except chucky, of course), he employs diversion tactics, along with personal insults.
People in glass houses...........30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
don't be stupid now. if you want to play games i'm more than happy to play games with you. what usually happens is that you end up calling me not a nice person. do i care? not really but it's your usual routine.The moment I spot something that chucky gets wrong (yes, we all do get things wrong from time to time - except chucky, of course), he employs diversion tactics, along with personal insults.
i'll give it a go to try an answer your confused point because i'm not even sure if you know that you know the point that you're even making.
the article says the average UK mortgage is £109k. it says the average mortgage of someone on interest only and 'struggling' is £200k. it makes no sense as they've hashed together data that aren't linked and come up with a theory, not factual data but a theory.
they claim
so they've hashed together the number of interest only mortgages be they offset, low rate trackers, whatever you want them to be.interest-only deals available fell from 49.51pc to 31.41pc as banks cut the supply of higher risk products.
so from this, they're assuming they've taken the same trend from previous years to hash together the data again and they've moved onto this
so remind me what your point was again or were you sticking up for your online buddies to try and capture attention for yourself as usual?As the total UK mortgage stock in that time increased from £1.13 trillion to £1.21 trillion, the value of interest-only lending should have risen by no more than £35bn as its share of the stock would have been stagnant or declining, Mr Winder said.
He added that the data demonstrated a large number of homeowners are not re-mortgaging but simply changing the terms of their existing deal. An FSA spokesman confirmed revised terms do not show up as "new lending" but the changes are visible in the "stock" numbers.0 -
Graham, that wasn't quite what I was getting at.
Posted by chucky........
"that would be £60,000,000,000 right... with 300,000 mortgage owners switching to interest only. that would be an average mortgage of £200,000. ok fine.
then the next paragraph says that the average mortgage is £109,000
so which is right?"
The article actually states "With the average UK mortgage at £109,000".
That's what I tried to question chucky on, but he took a huge diversion. He was trying to discredit the article (and probably another poster) by misquoting it.
Ahhhh right. Think my post would still apply, but yes, the two figures do not correlate.0 -
don't be stupid now. if you want to play games i'm more than happy to play games with you. what usually happens is that you end up calling me not a nice person. do i care? not really but it's your usual routine.
i'll give it a go to try an answer your confused point because i'm not even sure if you know that you know the point that you're even making.
the article says the average UK mortgage is £109k. it says the average mortgage of someone on interest only and 'struggling' is £200k. it makes no sense as they've hashed together data that aren't linked and come up with a theory, not factual data but a theory.
they claim
so they've hashed together the number of interest only mortgages be they offset, low rate trackers, whatever you want them to be.
so from this, they're assuming they've taken the same trend from previous years to hash together the data again and they've moved onto this
so remind me what your point was again or were you sticking up for your online buddies to try and capture attention for yourself as usual?
Good lord chucky.
It's not often you go to such lengths to try to explain something. Shame you are having to go such lengths because you are still trying to continue to twist. (You can't twist anymore by the way.....you've reached the end of that road, now your just not even making any sense).
Seems different sets of averages confuses the life out of you.
Call me thick in response if you like.0
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