Isn't anybody tired of hearing the same old

IveSeenTheLight

gabyjane wrote: »

I use lots of other sites and many of them for the quotes make it easier to read if the colours are different..i apologise if this is not the norm, hadn't really thought about it tbh..i find sometimes the text just blends into each other somtimes if not? anyway i will stick with black if that's the case!

GabyJane, I was involved in a small web group that we all chose different colours so it was easy to identify who was posting and different posts when using an Instant messaging service, but then there was only 5 of us for that project.

However it seems on here that unless you conform to the idea's of the HPC brigade then you dont fit in here and you will be slated for anything they can pick on.

Feel free to use whatever colour you want, be a rebel

borntobefree

Entirely agree with the sentiments in the post of the op

Yup - A home is for life and not just for profit....

Lavendyr

EdInvestor wrote: »

But you've forgotten about what's happened to interest rates.In the early 80s interest rates were double digit - in the early 90s they went up as high as 15%. Now they are in the 4-7% range.

They only went up to 15% for just one day or so, didn't they?

EdInvestor wrote: »

The average mortgage is 150k. If they had an interest only loan @ 6% now, it would cost 750 pounds a month,around 20% of their joint salary. The equivalent when you were starting out @12% is 1,500 pounds a month, which is a horrific 41% of your joint salary.

But people weren't borrowing £150k fifteen years ago just to buy a 2-bed terrace. Interest rates are not the only thing to have changed, so you can't compare purely on that basis. My sister and brother-in-law bought a 2-bed terrace in a nice area in 1995 for £57k. So really, a more accurate comparison is £57k at 12% and £150k at 6% (similar houses in that location are now on the market at just over £150k). An interest-only mortgage on £57k at 12% is £570 per month. An interest-only mortgage on £150k at 6% is £750 per month, nearly £200 per month more.

izzybusy23

gabyjane wrote: »

We have bought now (well 7 months ago!) as we have no intention of moving does it really matter? we are on a long fixed rate term and if the worst should happen then my inheritance will have to pay the house off...awful eah! We have bought it to live in not bodge up and sell to try and make a quick buck like lots do.

A house as many forget used to be a home not something to try and do up and make as much money as poss..greedy people like yourself obviously are a bit hacked off that your precious house may not all it was going to be cracked up to be..
Why worry about everyone else it's YOUR'E house at the end of the day that matters not anybody elses? why worry wether FTB can't afford it..no one cared when we couldn't..AND as i said if we had bought a long time ago we would be laughing instead of smiling!

You say you bought your house as a 'home' .. good for you. BUT how are you going to feel when in the coming years you watch your house price slide down to half of what you paid and see other people buying houses similar to yours for a lot lot lot less than you paid??

Christ, you waited this long for a house price crash and then dived in at the peak. What possessed you?

And by you saying you are 'sick' of hearing people telling FTB's not to buy only leads me to believe to one thing... you are now totally bricking yourself that you have made the biggest financial mistake of your life.

Sorry to be harsh and all that, but thats how it sounds to me.

EdInvestor

Lavendyr wrote: »

But people weren't borrowing £150k fifteen years ago just to buy a 2-bed terrace. Interest rates are not the only thing to have changed, so you can't compare purely on that basis. My sister and brother-in-law bought a 2-bed terrace in a nice area in 1995 for £57k. So really, a more accurate comparison is £57k at 12% and £150k at 6% (similar houses in that location are now on the market at just over £150k). An interest-only mortgage on £57k at 12% is £570 per month. An interest-only mortgage on £150k at 6% is £750 per month, nearly £200 per month more.

And their joint salaries 15 years ago were....?

You need to tell us what percentage of the joint salary they were paying on the mortgage to see who was better off.

WTF?_2

borntobefree wrote: »

Entirely agree with the sentiments in the post of the op

Yup - A home is for life and not just for profit....

They should point this out to all people getting mortgages and hoping to make a killing sometime down the line on their house even if they can't really manage the payments :rolleyes:

Ewarwoowar2

teabelly wrote: »

Wow, so prices rise 300% in 10 years then drop back a bit? 50% crash, my bum. The average house will not be worth 110k in a few years time. The average house will be worth about at least 200k which is roughly where they are now! Losing a whole 10% when they have risen 300% in 10 years is hardly crash territory is it though? Especially when average yearly increases are around 10% pa anyway over quite a number of years. Sold prices have stagnated, these are the figures that matter. Until the land registry is showing consistent sold price falls for several months there is no crash happening!

The world's leading economic institution, the International Monetary Fund (i.e. people qualified to speak about economics) stated last October that UK house prices are 40 % over valued. Markets tend to over correct on the way down. Therefore, a 50% drop is a much more realistic prediction than a 10% drop.

You seem to be picking figures out of thin air.

http://www.thisismoney.co.uk/mortgages/house-prices/article.html?in_article_id=425420&in_page_id=57

tomstickland

I totally agree. Paying for expensive housing diverts money and reduces quality of life.

tr3mor

borntobefree wrote: »

Entirely agree with the sentiments in the post of the op

Yup - A home is for life and not just for profit....

And a mortgage on an overpriced house is for 25 years!

:money:

setmefree2

The price you buy a house for is only part of what it actually costs. Just pop over to the mortgage free wannabe board for proof of this.

If I buy a house for £250k (in any market) and over pay it so that I clear the mortgage in 10 years I save myself £140k (roughly) over someone who does not over pay and continues to pay interest for 25 years. To concentrate solely on market values is incorrect,since in the end the interest rate and length of term will have more of a bearing on what you truly pay for your house than what you actually paid forit in the open market.:money: