Just Had a Thought .....

MrRee_2

We all agree that House Prices hit their absolute bottom in 2009.

We all agree that Interest Rates will remain very low until 2016, and that rates will still be low into the 2020's.

That means, someone who was wise/brave and bought in 2009 ... could be debt free (and property rich) 10 years later in 2019 - as it doesn't take long to pay off a large loan at 2% rates!!

Will those people go down in history as the cleverest, bravest or luckiest of all in the history of property buying?

Certainly, and without question, they will be in a far, far, better place than those who chose to rent as the lowest property prices in history came and went ..... while, in 2019 they are still paying rent - and House prices have increased tenfold.

And you know I'm always right about these things!

Joe_Bloggs

For reference:-

Just Had a Thought .....
We all agree that House Prices hit their absolute bottom in 2009.

We all agree that Interest Rates will remain very low until 2016, and that rates will still be low into the 2020's.

That means, someone who was wise/brave and bought in 2009 ... could be debt free (and property rich) 10 years later in 2019 - as it doesn't take long to pay off a large loan at 2% rates!!

Will those people go down in history as the cleverest, bravest or luckiest of all in the history of property buying?

Certainly, and without question, they will be in a far, far, better place than those who chose to rent as the lowest property prices in history came and went ..... while, in 2019 they are still paying rent - and House prices have increased tenfold.

And you know I'm always right about these things!

Check with your GP regarding your medication regime.
J_B.

wymondham

not just those who bought in 2009..... anyone with a mortgage dating from before this should have used this situation to their benefit, especially since their savings have been hit hard in this time...

MrRee_2

Indeed, and many think as you do - the debt, personal debt, has been coming down massively as people get rid of it.

There is no question, despite what we hear - there is plenty of money out there looking for a home.

brit1234

Mr Ree Hannibal got you out again. :rotfl:

DaddyBear

MrRee wrote: »

We all agree that House Prices hit their absolute bottom in 2009.

We all agree that Interest Rates will remain very low until 2016, and that rates will still be low into the 2020's.

That means, someone who was wise/brave and bought in 2009 ... could be debt free (and property rich) 10 years later in 2019 - as it doesn't take long to pay off a large loan at 2% rates!!

Will those people go down in history as the cleverest, bravest or luckiest of all in the history of property buying?

Certainly, and without question, they will be in a far, far, better place than those who chose to rent as the lowest property prices in history came and went ..... while, in 2019 they are still paying rent - and House prices have increased tenfold.

And you know I'm always right about these things!

I suggest you dont spend too much time thinking, it clearly doesn't agree with you. One minor point.... Nobody who bought in 2009 will have rates anywhere near as low as 2%, even with a massive deposit.

Cleaver

DaddyBear wrote: »

One minor point.... Nobody who bought in 2009 will have rates anywhere near as low as 2%, even with a massive deposit.

We bought in 2009 with a 30% deposit and got a First Direct mortgage at 2.7%. We've now moved to a long term 3.9% fixed product, but that First Direct mortgage is product is still available for 2.7%. There was loads of products between 2% and 3% for 30% deposits in 2009 if I recall correctly.

RenovationMan

Anyone can buy in 2009, at the absolute bottom. Just use geneer's time machine. This is what geneer thought he would look like as a time travelling house buyer:

RenovationMan

However, if you seriously expect people to believe that you are a time travelling house buyer, then people will actually think you look like this:

DaddyBear

Cleaver wrote: »

We bought in 2009 with a 30% deposit and got a First Direct mortgage at 2.7%. We've now moved to a long term 3.9% fixed product, but that First Direct mortgage is product is still available for 2.7%. There was loads of products between 2% and 3% for 30% deposits in 2009 if I recall correctly.

Well 2.7% isn't 2% and presumably that was a 2 or 5 year deal, reverting to a higher rate. Either way it isn't the 2% lifetime deal Mr Ree seems to have dreamt up.

Running_Horse

An assertion beginning with the words we all agree is usually an attempt to close down debate.

I don't agree with your assertions as stated.