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Debate House Prices


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Officially in recession

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Comments

  • Emy1501
    Emy1501 Posts: 1,798 Forumite
    No, very little at all.

    As I say, quite happy to see I/O restricted.

    About a third of the market was IO at peak and a reasonable self cert. Even reasonable restrictions will probably reduce mortgage by up to a third going forward even if lenders had the money to lend
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    crash123 wrote: »
    Yes with these very low interest rates but some are still finding it hard.
    Shortchanged couldn't prove that mortgage interest rates are low now so hopefully Crash will be able to bring some evidence to the forum to prove what the average mortgage rate is now. Will he?
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    chucky wrote: »
    Shortchanged couldn't prove that mortgage interest rates are low now so hopefully Crash will be able to bring some evidence to the forum to prove what the average mortgage rate is now. Will he?

    It's common knowledge, is it not?

    Anyway....proof...

    article-0-118BE864000005DC-218_468x321.jpg
  • chucky wrote: »
    Shortchanged couldn't prove that mortgage interest rates are low now so hopefully Crash will be able to bring some evidence to the forum to prove what the average mortgage rate is now. Will he?

    More evidence for you chucky if your common sense is a bit tested.

    http://www.unbiased.co.uk/find-a-mortgage-adviser/media/press-releases/-/page/ongoing-low-mortgage-rates-create-an-%E2%80%98interest-rate-spoilt%E2%80%99-generation/

    http://www.!!!!!!.uk/warning-issued-over-standard-variable-rate-mortgages-by-which/

    There you are chucky around 30-40% of mortgages are now on SVR's.

    Well seeing as according to the BBC report I highlighted earlier, back in 2009 SVR's accounted for less than 8% of the make up of the market. I think it's fair enough to assume that most of those are on SVR's now is because they became a cheap option over the past couple of years, although now they are going back up again.
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    It's common knowledge, is it not?

    Anyway....proof...

    article-0-118BE864000005DC-218_468x321.jpg
    Even though it's new mortgages it's just what I wanted.

    Now that we've established that only 30%/40% of mortgages are benefiting from mortgage rates that are generally just around 1% lower, hopefully we can stop saying that we have low mortgage interest rates - mortgage rates of 4% and 5% aren't low.
  • chucky wrote: »
    Even though it's new mortgages it's just what I wanted.

    Now that we've established that only 30%/40% of mortgages are benefiting from mortgage rates that are generally just around 1% lower, hopefully we can stop saying that we have low mortgage interest rates - mortgage rates of 4% and 5% aren't low.

    Yeah right, when such a large proportion of borrowers are on rates that are low by historical standards I think we can safely say that the majority of the population are on lower mortgage rates than they were 3 years or more ago.

    Also chucky don't forget the number of people who are now on very low base rate trackers, most of whom certainly would not be if base rates were around say 4%.
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    Yeah right, when such a large proportion of borrowers are on rates that are low by historical standards I think we can safely say that the majority of the population are on lower mortgage rates than they were 3 years or more ago.
    Yes you're right those really low interest rates that are 1% lower than 3 years ago. That's a huge £18 a week, probably less than many people pay for their mobile phone bill or even Internet connection. Do you want to try and dress it up any more?
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I think we can safely say that the majority of the population are on lower mortgage rates than they were 3 years or more ago.

    True.

    Most are indeed enjoying slightly lower rates, but not as low as you like to portray.

    And it's a giant leap to go from there to the erroneous assumption that they would default in large numbers if rates rose.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”

    -- President John F. Kennedy”
  • PaulF81
    PaulF81 Posts: 1,727 Forumite
    Zere IS no double dip in Aberdeen! Plenty of haggis, Scotch and oil to be had in the land of plenty hey Hamish!

    Hows work doing at the mo? Hope the choppers arent struggling with this pants weather we are having!
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    And it's a giant leap to go from there to the erroneous assumption that they would default in large numbers if rates rose.
    The usual suspects can only hope that families get thrown out of their homes so they can get a cheaper house.
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