Postive thread about buying now!

Captain_Mainwaring_2

mircea wrote: »

You are a cretin - how about the people who had a family illness, divorce or a loss? Let's say someone's mother had cancer, they had to take time off to look after her, in the end lost their job, missed some mortgage payments and the only option to keep the house was to borrow some money. What do you say to them if the interest hits 14% and they loose their house? That they deserve it and that is good because it will separate the boys from the men?

Of course there were excesses during the easy credit years - there are everywhere and in everything. But to make such a simplistic generalization and disregard the individual circumstances makes for very bad taste. As it has already been pointed out to you - a lot of decent, honest, hard working people will suffer. Most probably the ones you seem to loath, the heavy borrowers will walk away scotch free...

Oh really please - what about those people with a wooden leg who lost it on the Circle line?

What do you want me to do? pay their 'king mortgage for them? I've got toothache, but nobody will give me a days money tomorrow if I don't turn in. Get a flaming life you sad excuse.

It's going to happen. Blair has set Brown up like a glove puppet. There will be 8% interest rates and people will be digging up recently deceased family members to make a tasty snack.

So, you are another one judging by your tone who has borrowed above their station and lost- oh well, too bad.

Let's say you get divorced - phone Gordon Brown and ask him for a rebate, the sad fact is buddy, it ain't going to happen.

panichousebuyer

Captain_Mainwaring wrote: »

Oh really please - what about those people with a wooden leg who lost it on the Circle line?

What do you want me to do? pay their 'king mortgage for them? I've got toothache, but nobody will give me a days money tomorrow if I don't turn in. Get a flaming life you sad excuse.

It's going to happen. Blair has set Brown up like a glove puppet. There will be 8% interest rates and people will be digging up recently deceased family members to make a tasty snack.

So, you are another one judging by your tone who has borrowed above their station and lost- oh well, too bad.

Let's say you get divorced - phone Gordon Brown and ask him for a rebate, the sad fact is buddy, it ain't going to happen.

I can also afford 14%, but don't wish it, who would!

Who on here honestly wants to see interest at 14%, only you I would guess, is that so you can appear more superior than everyone else!

ixwood

IR at 14% would certainly help me. My mortagage is fixed for 10 years, so a chance to earn 14% on my repayments would be very nice indeed. Assuming it didn't cause economic carnage of course.

It would also be good for most people in the medium term. Strong pound = lower import costs and lower inflation.

beingjdc

They'd help me - I've been prudent and saved not borrowed. IRs at 14% would mean me banking £350 a month on my savings.

panichousebuyer

ixwood wrote: »

IR at 14% would certainly help me. My mortagage is fixed for 10 years, so a chance to earn 14% on my repayments would be very nice indeed. Assuming it didn't cause economic carnage of course.

It would also be good for most people in the medium term. Strong pound = lower import costs and lower inflation.

I will make sure I tell all the people who lost their homes and struggled financially the last time the interest rates were at 14/15%, I am sure they will be pleased.

A lot of hardworking people will be hit hard if that happens.

Can you explain to me how I will benefit by doubling my mortgage from £800 - £1600? How would I make up my £800 p/m?

Captain_Mainwaring_2

Hold on a minute, take a look at http://www.bankofengland.co.uk/statistics/rates/baserate.pdf

the current brigade of winners benefited from the lowest interest rates in 30 years and they are still bleating.

House price crash? we don't know we are born.

panichousebuyer

beingjdc wrote: »

They'd help me - I've been prudent and saved not borrowed. IRs at 14% would mean me banking £350 a month on my savings.

It would also help my mum, but it doesn't mean I want it to happen.

Ten years ago we were struggling, young family, one income, 14% interest would have pushed us over the edge.

We are financially ok now, but I don't think it is fair or just to think, oh well I can afford it, sod everyone else, it is their faults for borrowing too much in the first place. I suppose I am looking at it from a different perspective from you, thinking of the harm it could do for a lot of families not for the ones who will make financial gain.:)

Captain_Mainwaring_2

panichousebuyer wrote: »

I will make sure I tell all the people who lost their homes and struggled financially the last time the interest rates were at 14/15%, I am sure they will be pleased.

A lot of hardworking people will be hit hard if that happens.

Can you explain to me how I will benefit by doubling my mortgage from £800 - £1600? How would I make up my £800 p/m?

also a lot of people who knowlingly borrowed outrageously will feel the hit too.

The people who struggled last time almost certainly didn't borrow crazy amounts of money this time around.

ixwood

panichousebuyer wrote: »

I will make sure I tell all the people who lost their homes and struggled financially the last time the interest rates were at 14/15%, I am sure they will be pleased.

A lot of hardworking people will be hit hard if that happens.

Can you explain to me how I will benefit by doubling my mortgage from £800 - £1600? How would I make up my £800 p/m?

A fix would be prudent in these "turbulent" times IMHO. I have been saying there's a big inflation/IR risk looming for a while, and my opinion hasn't changed.

Check out the BOE link provided. Being youngish myself, I was shocked the 1st checked out historic rates.

And with things as they are (oil doubled in a couple of years, ongoing commodities bull runs, Ever richer developing competitor nations, weak sterling etc etc), my money's on higher than average inflation and higher than average IR's to come.

PS Thanks for the thanks!

Captain_Mainwaring_2

panichousebuyer wrote: »

It would also help my mum, but it doesn't mean I want it to happen.

Ten years ago we were struggling, young family, one income, 14% interest would have pushed us over the edge.

We are financially ok now, but I don't think it is fair or just to think, oh well I can afford it, sod everyone else, it is their faults for borrowing too much in the first place. I suppose I am looking at it from a different perspective from you, thinking of the harm it could do for a lot of families not for the ones who will make financial gain.:)

You're missing the point - I'm not willing it to happen, just pointing out the way it is.

Look at the post here:- I bought a house for 275K and have a 260K mortgage, and now it's worth 230K, what should I do?

and that is with a 5% interest rate.

When the rates were high there was no way of borrowing like that.