House prices suffer biggest drop since 2009 - Nationwide -2.6%

homelessskilledworker

Dan: wrote: »

Wrong. Lenders are lending

Sigh!!!

Ok, of course lenders are lending, but nothing like the norm
To everyone who is in business, to anyone who understands what is happening in the mortgage markets, to anyone trying to get a mortgage, LENDING IS WAY DOWN.

It is not even a secret, you only have to turn the TV on, read a paper, tune in to Bank of David to realise that borrowing money is no easy task these days.

Graham_Devon

homelessskilledworker wrote: »

you only have to turn the TV on

I did that earlier today. And last night. And mid morning.

I have been reminded about 63 times that Michael Phelps won some swimming and is now the greatest Olympian.

I'm now being reminded every 10 minutes on the radio.

RenovationMan

Graham_Devon wrote: »

Dunno why you are amazed. You've been arguing based on splitting hair's for the last 6 months with many a poster on here.

If myself, or anyone else you follow around had made the error you did (and you'd have understood it was wrong of course) you'd have overloaded the server with the rolly head icons and spent half the morning wittering away about it over several threads.

IMHO of course. But my humble opinion is correct.

You on the other hand have simply been corrected, and there isn't much to make out of it.

I didn't make an error. If you borrow a fixed amount for a term of 25 years then the average capital repayment each year over those 25 years is 4%.

You, on the other hand, massage your figures by 'miscalculating' hundreds of pounds in order to prove your VI. The last time you did this, you 'lost' hundreds of pounds from someone's disposible income to 'prove' that people couldn't save for retirement. Once I corrected your figures and used a more appropriate retirement vehicle, your test case was actually better off each month paying into a pension with the correct mathematics than not doing so and going off your dodgy mathematics.

Poor attempt at trolling Graham. 2 out of 10. :rotfl::rotfl::rotfl:

Graham_Devon

RenovationMan wrote: »

I didn't make an error. If you borrow a fixed amount for a term of 25 years then the average capital repayment each year over those 25 years is 4%.

You, on the other hand, massage your figures by 'miscalculating' hundreds of pounds in order to prove your VI. The last time you did this, you 'lost' hundreds of pounds from someone's disposible income to 'prove' that people couldn't save for retirement. Once I corrected your figures and used a more appropriate retirement vehicle, your test case was actually better off each month paying into a pension with the correct mathematics than not doing so and going off your dodgy mathematics.

Poor attempt at trolling Graham. 2 out of 10. :rotfl::rotfl::rotfl:

You'd have a point.....if of course you didn't insist on ignoring the fact that we were talking about using a SAVINGS vehicle (in this case an ISA) to save for a pension, rather than opting into a pension.

Even after you were told several times, even by others, you continued to insist we'd lost money that could be put into the pension scheme.

Ignorance is bliss as they say. And in this case, it was pure ignorance every time you were told we weren't discussing pension schemes, rather ISA's....so the money had to be taxed first....you still, and to this day (across another 2 threads I believe) insist I had purposely lost money. Ones before tax, ones after.

Silly boy.

Rinoa

It's not for nothing the 'Funding For Lending' scheme was recently introduced.

Which, coincidently, starts today.

brit1234

Great news, bring on the dancing girls.

Dan:_4

homelessskilledworker wrote: »

realise that borrowing money is no easy task these days.

Maybe for the likes of you. I have had no problems.

chewmylegoff

RenovationMan wrote: »

2.061% on a £100K mortgage at 5%.

This is my point, because of the random nature of people's interest rates over the lifetime of a mortgage, there is no way of calculating the actual repayment percentage. However, you can calculate the average over the lifetime of a repayment mortgage and that is 1/25th or 4%.

TBH, I'm amazed that people are trying to argue an alternative calculation method and being so snooty. There is no way to calculate this other than to average the debt amount over the lifetime of the loan.

you're right that you will have paid off 4% of the total cost of the mortgage, although this calculation does assume that you hold the mortgage for 25 years and the interest rate never changes.

worldtraveller

The only surprise here is that anyone would be surprised. With the current situation with regards availability of finance, falling living standards & disposable income, recession, slowing global growth, negative consumer confidence, fear of unemployment and an artificial housing market due to Government policy, what else would anyone expect?

RenovationMan

chewmylegoff wrote: »

you're right that you will have paid off 4% of the total cost of the mortgage, although this calculation does assume that you hold the mortgage for 25 years and the interest rate never changes.

The interest rate has no impact on the 4% because interest is separate from the actual loan (for example, the loan amount on an IO mortgage never goes up or down unless you make overpayments or MEW).

The 4% does rely on you keeping the mortgage for 25 years, which is unlikely as most people move house and reset the mortgage term, but you would still always be 1 year further on in your mortgage repayments than if you waited 1 year (obviouly).