4% isa help to buy

50Twuncle

YorkshireBoy wrote: »

You've benefitted from a massive increase in your property value(s) since then (probably quadrupled?), meaning that the same house is not possible for today's first timers...and even with the 25% (max £3K) boost!

NB, the interest rate is set by Halifax. Only the 25% is set by HM Government.

I bought my first house in 1982 for £16,800 and sold 12 years later in 1994 for £50,000. My max mortgage interest rate during that time was in the first year at 16% (non-endowment rate was a little cheaper at 15.5%, but I thought cheaper repayments were better!).

So I'm not sure where your "near 20%" figure comes from? Perhaps your memory is playing tricks?


And one other 'stunner' for you. Back in 1982 the path to a building society mortgage was to prove to them that the mortgage was affordable to you. You did this by saving each month in a society savings account. I distinctly remember saving the thick end of £200 a month (between us) for well over a year with the then Huddersfield & Bradford (now YBS) Building Society before being granted the £191 a month mortgage (£15K after £1,800 deposit @ 16% interest).

Considering the base rate peaked at 14.79% in 1990 - it is extremely unlikely that any lender was going to offer a much lower rate ...
https://docs.google.com/spreadsheets/d/1OKo38R1blO71SGNIVuhaRZ4P2GYPpJQklmOymQiXixQ/edit?hl=en&pref=2&pli=1#gid=0