Nationwide November +0.4% MOM +1.6% YOY

SecondLegDownIsTheBigOne

FTBFun wrote: »

Like any of this actually happened,

It all happened.

FTBFun wrote: »

Mr "I have £1000 in silver"

I don't have any silver. From which orifice did you extract this?

ruggedtoast

The onus is on Graham to give a good account of himself now.

julieq

I'm sorry, but you're inventing a situation to support your contention.

13% on a 100K house is £13K (for the sake of argument). That's about 26 months of repayments on a full mortgage, and there's no reason to believe there's a mortgage at all. So it's a fairly safe bet for a seller to reject the offer and hold out. If nothing shifts for a couple of months, rent it out at 650 a month for a year.

I think it's an estate sale - granny wreck - and therefore I don't think interest rates have anything to do with it. But that's my hypothesis against yours. If you're looking at no chain properties, you're likely to find vacant possession, because more often than not there is a chain if there is someone living in a house. It doesn't mean it's the general case.

I'm sorry you didn't blag a reduction, but that's not interest rates, it's what the seller will accept. In the US, where rates were also reduced, you'd have had your hand snatched off. You have yet to answer that point, why is it different in the UK from the US when the same interest rate measures were taken? The answer is that housing (rented or owned) is in short supply.

And of course the fact that it is uncommon that owners will be seeing very low rates as already discussed.

And again, you're quibbling over a reduction to a terraced house and I'm sitting in the Sussex countryside mortgage free, so honestly I'll take my lack of financial sense over your acumen any day. Sorry.

Pete111

Reverting to the topic for a second can I just say that I'm appalled at the 'increase' as alluded to by Nationwide

Given I've just sold my rental property for a smidge under 2007 peak and paid off the mortgage on my PPR I'm now very much looking for prices to fall so we can make the final jump up the ladder for rather less than expected. As such, all my previous bullish sentiments are retracted forthwith and I am now looking to transmogrify into a bona fide bear who most certainly does not believe in anything other than any indice or report clearly shows prices plummeting ever downwards.

I made need a little time to take on the fully fledged Pic-a-nic snatchin', Honey slurpin' and in-the-woods-a-sh*tting bear persona but a few hours looking over the posts of geneer, Nembot, doire etc will see me right.

So, to start with I would like to state that we will most certainly see 70% falls by next Xmas due to lots of would be buyers who are foreign being scared off by that nasty woman on the tram who was in the paper this morning.

FACT.

andybenw

Graham_Devon wrote: »

I don't want your sympathy Julie. I don't want anyones. I'm not sure why I need it, and secondly, not sure I've wrote anything which suggests I'm asking for it.

An SVR after coming off a fix in 2007/8, at 2% above base rate was completely and utterly normal. You are doing an injustice to youself by trying to make out it was anything other than normal.

If I wasn't on that SVR, I wouldn't have been able to follow rates down.

If I had taken a new fix, at around 6.5% at the time I was paying 7.75%, you would now be doing the very same, and suggesing I needed financial advice as I was stuck payign 6%. How do I know this? You tried to make out I was stuck on this sort of rate a page ago.

In other words, whatever the scenario, you will invent a scenario based on hindsight to suggest I haven't a bloody clue. I'm fully aware of the game!

In my opinion at the end of 2007 there were two types of borrowers.

Those happy to have a reasonable rate, maybe not the best, but good enough that they wouldn't constantly have to change providers/mortgages constantly. An example would be those such as myself on the Nationwide Base Mortgage Rate(Base rate tracker).

Others would be chasing the best deals. Invariably the best deals would revert to a much higher SVR.(And at the time SVR was indeed around 7.75% at the end of 07)

No-one engaging in this strategy with any kind of foresight would end up on the SVR but would re-mortgage immediately.

Anyone remaining on the SVR was basically at the time a mug. There were much better deals around. Even just moving onto a standard tracker without any discount periods at the time would have been a no brainer as they had guaranteed limits as opposed to SVR's with none as well as being 1 or 2 percent cheaper.

Graham_Devon

Well this mug is now on a 3.5% SVR.

At a time of base rates of 5.75% there is absolutely no way I could have fixed or achieved anything that would see me today at 3.5%.

Lot of frothing going on! So much faux concern!

All of those frothing at me with false concern, know I'm in shared ownership. Therefore, if you are so financially superior, will also know all of those mortgages you are telling me I could have had....I couldn't actually have had, as only Nationwide, Halifax and Woolwich will lend on a shared ownership basis.

Of course, with myself being such a financial pleb, and the rest of you being such financial geniuses, you'd know this and wouldn't just keep stating over and over again how there were better deals to be had in the hope it somehow sticks if you allude to the pack mentality.

You are simply throwing mortgages around that would never have been achieveable based on the circumstances.

Well done. It might just stick if you keep saying it. It might just make you "right" if you keep telling me I should have taken a mortgage I couldn't actually take. I guess you just need to keep saying it and hope it does!

Any other insights? Maybe I could have taken a 50%LTV mortgage and got an even better deal. Lets simply ignore the fact I didn't have a 50% deposit, thats not important.

julieq

You could be on 2%.

Call London and County, what have you got to lose?

IveSeenTheLight

Graham_Devon wrote: »

Yes it was, if you were on SVR.

If I wasn't on SVR I wouldn't have followed rates down to a mortgage rate of 3.5%.

I came off a 5.25% (if I recall correctly) fix. I'm not a debt junky, so wasn't looking around to pay exit fees, new mortgage fee's etc to change mortgage products. I'm not on a high LTV. 90%. Though you could argue, quite correctly, that is rather high, however, wasn't at all high when the product was taken.

<rolls eyes>

if you were on an SVR at 7.75%% when rates were 5.75% then that was your perrogative to stay on that SVR.
There certainly were much lower deals around than staying on the SVR.

IIRC I started a tracker at base +0.26%.
I tracked it all the way down to 0.76% (0.5% base plus 0.26%) untill the tracker closed out and it reverted to the SVR being base +1.1%

andybenw

Graham_Devon wrote: »

Well this mug is now on a 3.5% SVR.

At a time of base rates of 5.75% there is absolutely no way I could have fixed or achieved anything that would see me today at 3.5%.

Lot of frothing going on! So much faux concern!

And that is still a whole 1 percent above my Base rate Tracker which I have already admitted was not the best you could have got.

£1000 per year for each 100K of your mortgage.

4 years £4000.

Mug!!!

wotsthat

Pete111 wrote: »

So, to start with I would like to state that we will most certainly see 70% falls by next Xmas due to lots of would be buyers who are foreign being scared off by that nasty woman on the tram who was in the paper this morning.

You're a long way off being a proper bear - here are some tips..

1) Always, always claim the moral high ground. It's not for your own personal benefit that you want prices fall - it's because you want children to be able to buy in the future.

2) You must mention props whenever possible.

3) Start using the word 'meme' (no I don't know what it means)

4) Never do sums that relate to your own personal circumstances. That's always silly - just rely on the bear gurus.

5) Renting is always cheaper. Again as (4) never work out if it's true. Tell yourself that housing in retirement shouldn't be considered, it's normal for a roof to blow off every 3 years, you can get 5% interest on your imaginary deposit and that tales of low mortgage rates are made up.

6) Don't forget that if there's a sniff of an interest rate rise there will be thousands of distressed sellers - keep waiting.