My Interest rate gamble pays off again!

michaels

goodfella321 wrote: »

With the likelihood of an interest rate rise occurring before October this year when RM can arrange a cheap 10 year fix receding, it looks like his gamble has completely and utterly paid off!

Talking about oneself in the third person - you are Prince Charles and I claim my £5

Mortgagefreeman

goodfella321 wrote: »

With the likelihood of an interest rate rise occurring before October this year when RM can arrange a cheap 10 year fix receding, it looks like his gamble has completely and utterly paid off!

Apparently his wife left him and ran off with the Estate agent.

goodfella321

I find it amazing that RenovationMan had the foresight to buy a luxury home at the bottom of the market, while lenders were still offering crazy loans of 5x salary and secured himself 7 years (so far) of 2% mortgage loans and will soon be securing a 10 year mortgage at 2.39%. 17 Years of ultra low interest rates!!

I believe that over those 7 years, he reduced his mortgage from a 5x salary to 3x salary multiple and over the next 10 years will have it paid off. That's a luxury home that normal people like himself could only have dreamed of, yet he's managed to time the market perfectly and acquire it.

I'm sure the whole of this (much diminished) forum will join with me and wish him a heart WELL DONE!! wherever he is.

goodfella321

Just thinking about how diminished this board is, with just 7 people viewing the board as I type this. I guess it's a good example of 'be careful what you wish for', where forum members call for people they disagree with to be banned, then lose interest themselves when those banned members vanish and there is no-one left to debate with.

All that is left are a few people who remember the 'good old days' and wonder what on earth went wrong. No doubt michaels and his various sockpuppets will be onto the forum moderators to get me banned again, so he can go back to telling the forum how great he is at defrauding the UK benefit system by artificially reducing his take home pay so he qualifies for child benefit and tax credits. Yes, that's something to be proud of, whereas buying your dream home through hard work and good fortune is somehow 'wrong'. :rotfl: :rotfl: :rotfl:

honestsammy

I don't know what's been going on, on this board. Just wanted to say, in a smug way, that I have a HSBC life time tracker at 0.38% above BOE rate, taken out around 10 years ago.

I thank you.

michaels

honestsammy wrote: »

I don't know what's been going on, on this board. Just wanted to say, in a smug way, that I have a HSBC life time tracker at 0.38% above BOE rate, taken out around 10 years ago.

I thank you.

Result. I got it all wrong and went for an hsbc svr discount for 2 years just before the crash and not only did the svr not follow the base rate down but also I then had to remortgage post crash when margins were much higher. Still I had been going to take a newcastle tracker at base rate which in theory would have been the deal of the century but they reneged on the deal within a couple of years when the base rate dived....

chucknorris

michaels wrote: »

Result. I got it all wrong and went for an hsbc svr discount for 2 years just before the crash and not only did the svr not follow the base rate down but also I then had to remortgage post crash when margins were much higher. Still I had been going to take a newcastle tracker at base rate which in theory would have been the deal of the century but they reneged on the deal within a couple of years when the base rate dived....

The Scarborough Building Society tried to slip out of giving us our mortgage at 0.38% over base, by suddenly reducing the amount that we could borrow 3 days before exchange (back in 2008) from £200k to £130k. But luckily I had enough free cash to cough up the difference, so we could proceed.

But even better was that was, because the reason that they gave for the reduced mortgage was that the rental income, which we said would be £1,200/month, but their surveyor had only estimated it at £1,000/month (which was ridiculously low). I managed to negotiate with them to consider the difference as a retention on the mortgage, instead of a simple reduction. So when we rented it out for £1,200/month they advanced us the rest of the mortgage.

lisyloo

honestsammy wrote: »

I don't know what's been going on, on this board. Just wanted to say, in a smug way, that I have a HSBC life time tracker at 0.38% above BOE rate, taken out around 10 years ago.

I thank you.

Backup in 1998 I was allowed to switch my application from 5.99% fixed to 0.49% over base.
I am stoozing the pot I have put by to pay off my mortgage.
Profits are quite small now, but in previous years the profits were higher and the RPI index linked certificates were good for a while.
Slim pickings now as I don't want to risk the capital but I am still managing to make a profit and I think still in 4 figures.

michaels

lisyloo wrote: »

Backup in 1998 I was allowed to switch my application from 5.99% fixed to 0.49% over base.
I am stoozing the pot I have put by to pay off my mortgage.
Profits are quite small now, but in previous years the profits were higher and the RPI index linked certificates were good for a while.
Slim pickings now as I don't want to risk the capital but I am still managing to make a profit and I think still in 4 figures.

We made some nice money at first when the mortgage was at 2.5% and we had put a lot of money into a 5% fix but that finally eneded after 5 years. Then we fixed 4 years ago for 5 years when '5 year fixes couldn't go any lower and the market was betting on a rate rise'. At first we were still making about .75% on the turn but when savings rates fell again we now only just break even. Then again 5 year fixes are now up to 1% cheaper than what we are locked into.

Thrugelmir

goodfella321 wrote: »

I find it amazing that RenovationMan had the foresight to buy a luxury home at the bottom of the market, while lenders were still offering crazy loans of 5x salary and secured himself 7 years (so far) of 2% mortgage loans and will soon be securing a 10 year mortgage at 2.39%. 17 Years of ultra low interest rates!!

I believe that over those 7 years, he reduced his mortgage from a 5x salary to 3x salary multiple and over the next 10 years will have it paid off. That's a luxury home that normal people like himself could only have dreamed of, yet he's managed to time the market perfectly and acquire it.

I'm sure the whole of this (much diminished) forum will join with me and wish him a heart WELL DONE!! wherever he is.

Well done. Let's all blow our trumpets.

Rather than repay a huge mortgage on a luxury home. He could have invested in an emerging market fun fund that has returned me 46% in the past 12 months. An earlier early retirement beckons. :beer: