We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The homeowners who cannot move home
Comments
-
Graham_Devon wrote: »Source I believe was the FSA. I'm not gonna spend time trawling through the internet just to show you.
No Graham, Thrugelmir specifically stated that the....43% figure is based on a recent survey of CML members. So covers majority of UK mortgage lending.
Not FSA Graham, CML....
Except of course, that's just not true and he made it up, because the recent data from the CML shows 34.8%.
So perhaps before you jump in making stuff up and trying to blindly defend the bear gang, you should get your facts right.One quick google shows that figures everywhere state 43%.
You prize ninny.
The data you refer to shows that's 43% by value, not 43% of mortgages.
"Of the 11.4million mortgages in Britain, about 43 per cent - by value - are interest-only."
http://www.dailymail.co.uk/news/article-1278177/First-time-buyers-hit-fresh-lending-drought-banks-clamp-mortgages.html#ixzz24YKKQHRMDo you honestly believe that 8% have switched to a repayment mortgage over the last couple of years?! Come on Hamish. I lack respect for you with all this massaging of figures and accusing others of being liers, but honestly...
:rotfl:
That has to be one of the best examples of self-pwnage (as the kids would say) ever seen on this board.
Game, set and match to McTavish.:cool:“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”0 -
It doesn't matter to me if first time owners refuse to sell (even though they will be eventually with the Euro Crisis). I'm looking to go straight to a second leg home for a family and saving well.
.
If i was a first time buyer, i would be doing the same as you. But you have to be good/carefull with money, many first time buyers are not.
Good luck0 -
It's hardly material whether the figure is loser to one-third or two-fifths - it's still a significant proportion!0
-
HAMISH_MCTAVISH wrote: »Game, set and match to McTavish.:cool:
I do feel sorry for you Hames.Recent figures from the Council of Mortgage Lenders show 43% of all mortgages are interest-only. In the sub-prime, or non-conforming market, this figure is closer to 75%.But she also spelt out the concerns the FSA has with such lending options.
“What causes concern is where consumers have no visible means of repayment, where no questions are asked about how they intend to repay the mortgage and where it is clear that stretching affordability is the main reason for choosing interest-only,” she said.
“If you consider that 43% of all mortgage stock in the UK is interest-only and 75% of mortgages advanced between 2005 and 2010 have no specified repayment strategy, then you can see this is not a niche part of the market,” she continued.0 -
We have no mortgage and not in negative equity,have savings to buy another house but cant sell ours.Two viewers and one very low offer!0
-
It would be interesting to see the shared ownership % who can't sell compared to the others. I'm sure it will be far higher.
If things go to plan (and that's a big if!) I might be your personal test case in a couple of years time!
If my experience is anything to go by, some don't stick around too long, some stay on the market forever it seems. Appears to depend on the terms of the individual scheme. The ones around me are forever changing owners. However, theres a different scheme about a mile away, and they have all bar one been on the market for a good 3 years I'd imagine. Believe they are empty, so what the score is I'm not entirely sure.0 -
Graham_Devon wrote: »I do feel sorry for you Hames.
Graham, try linking your source, so I can demolish it for you.
“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”0 -
Graham_Devon wrote: »Source: Media article based on CML figures.
Ha ha.... Moneyweek!
No wonder you didn't want to link the source.:rotfl:“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”0 -
HAMISH_MCTAVISH wrote: »Source?
You need to show me a link to your evidence that 45% of total mortgages are interest only.
Because the document I sourced from.....
http://www.cml.org.uk/cml/publications/newsandviews/110/411
.....does not say anywhere it excludes BTL mortgages.
Again, source?
I agree with Hamish on this one, a little bit of research just brought this up......
"The Council of Mortgage Lenders has responded by release detailed figures on the interest-only phenomenon.
According to them, there are around 3.9 million outstanding interest-only mortgages. Of these, two-thirds are set to mature after 2020. In the meantime, the number of interest-only mortgages set to mature each year is between 131,000 and 158,000.
This compares with around 7.3 million capital-and-interest mortgages currently held by UK consumers."
Blimey, there's quite a lot of IO still around (I think these figures were from earlier in the year).30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Yep.
3.9 million outstanding interest-only mortgages
7.3 million capital-and-interest mortgages
I/O is 34.8% of all mortgages outstanding. (Although, as noted earlier, it's 43% by total value outstanding)“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”0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245K Work, Benefits & Business
- 600.6K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards