Just heard interest rates have gone up

BTman

edit, double post

BTman

kittie wrote:

There are some selfish people about aren`t there?



I am a saver and have paid off my mortgage so I would be one of the ones to benefit but we have far too many hard-working people in this society who see the house-owning goal getting further and further away

Time for certain people to stop living in their own little bubble

You are very lucky to have paid off your mortgage...

I can not afford a house/mortgage. I work hard and have seen property ownership edge away further and further whilst having had my nose rubbed in HPI for the past 10 years by greedy multiple home owners bragging about their investments.
So higher IR's may not be a good thing if I want to take out a mortgage, but I can't anyway....
So I celebrate my savings rate increasing (for when I can buy, one day..)
It's hardly selfish. (funny you should mention bubble..;) )

southantrim3

I'm glad I managed to get a 3yr fixed mortgage last year with the Progressive building society (one of the local N Ireland building societies.) I do sympathise with FTBs, however, who imo have had to pay over the odds just to get on to the housing market.

Maybe if things continue like this the house prices might become more realisitc again as they are currently just silly.

mystic_trev

What will happen tomorrow?

Will people see sense that Houses really are too expensive?

OR

Will the lenders (yet again) increase the muliples they lend "to enable people to get on the Housing ladder"

sarah_elton

barnaby-bear wrote:

If you've paid the application fee, you are safe. An offer in principle could be withdrawn but as soon as application fee paid the product will have been reserved.

I think mine had a clause that I had to complete within 6 months or they could revise the terms - it may have something similar but of course it's unlikely to take that long.

barnaby-bear

sarah_elton wrote:

I think mine had a clause that I had to complete within 6 months or they could revise the terms - it may have something similar but of course it's unlikely to take that long.

yes of course, ours was 3 months to completion but I've heard they'll often let you have a bit longer if you ask.

Snow_Dog

Humerous note:- and over on HPC a post started at 12:19 today gleefully points out a link to the FTSE, crowing about how badly the market has reacted to the IR rise, much talk about brokers jumping out of 10th floor windows etc.

Much coughing and changing of subject when someone later in the day points out the fact that the FTSE has now risen on the day.

Do you reckon if HPC have regular meets their recognition sign is little "the end of the HPI is nigh" placards? Perhaps they have a folded copy of the property advertiser under their arms.

Ad

james3333 wrote:

sick git.
all the poor people i know are desperate to get on the ladder, rather than throw cash down the bog renting.
christ, its hard enough for the majority of people who can afford a 'few increases'.
i feel for the FTB's and thank my lucky stars iam not one ( got on't ladder a few years back)

I don’t personally wish any financial harm to anyone, but interest rates have been artificially low for too long and this has in turn created the rampant speculation in property.

As a priced out first time buyer myself I understand the frustrations of many in my own position. The UK may be in for a bumpy ride and whom do you blame for this the government, as they are responsible for this mess.

Prosaic

A guy I work with was bragging to me how he bought a house with only 5 grand & an interest only BTL mortgage, and is now fleecing his tenants - I hope he ends up with egg on his face

However, there are many, myself included, who are on the ladder stretching ourselves to afford a decent home to bring our families up in. No one in their right mind wants to live in a sh*tty area, and with children growing up and a family living on one wage interest rate rises hit hard

Those who are jumping for joy with an 'i'm alright jack' attitude might consider that not everyone is max'ing out credit cards & holidays etc all day long. Some people are just working hard, paying their taxes and providing for their families

I pay a mortgage because, as another poster said, rather that than pay some other greedy BTL'ers investment for him

wibble68_2

mystic_trev wrote:

What will happen tomorrow?

Will people see sense that Houses really are too expensive?

OR

Will the lenders (yet again) increase the muliples they lend "to enable people to get on the Housing ladder"

Whatever happens tears will be shed.

The economy is cyclical. Always has been, always will be.