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Debate House Prices
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Base Rate Trackers
andybenw
Posts: 212 Forumite
House prices in my area are now at a level approximate to that of 2005.
So, if you bought then you would think that as wages have risen then the lucky beggars that sold to rent would be in a much better position.
However, take heart.
Nobody now will ever fall off their initial mortgage rate onto an ultra low base rate tracker. So as BOE rates stay at 0.5% you remain on an ultra low mortgage rate which is much cheaper than it would have cost you to rent. Cue mortgage overpayments. Cue oodles saved on mortgage lifetime interest. Cue years of rent/mortgage free living once the mortgage is paid off. Cue the green eyed monster of the Sell to Rent brigade.
So, if you bought then you would think that as wages have risen then the lucky beggars that sold to rent would be in a much better position.
However, take heart.
Nobody now will ever fall off their initial mortgage rate onto an ultra low base rate tracker. So as BOE rates stay at 0.5% you remain on an ultra low mortgage rate which is much cheaper than it would have cost you to rent. Cue mortgage overpayments. Cue oodles saved on mortgage lifetime interest. Cue years of rent/mortgage free living once the mortgage is paid off. Cue the green eyed monster of the Sell to Rent brigade.
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