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RE: Mortgages..who's got one?

 
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RE: Mortgages..who's got one? - 21/10/2009 1:26:42 PM   
jonson


Posts: 9150
Joined: 30/9/2005
I've only got 11 years left on mine, although we've had extensions on it over the years.
It's for about 260k I think, no idea what we pay, Mrs Jonson sorts that shit out. I know we still have our original endowment running as well, we kept it because we'd heard it was a good way to save rather than cashing it in at the time. I think.
Typical bloke, as long as I can afford my LCFC season ticket, SKY TV and a packet of baccie, everything else is immaterial  

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RE: Mortgages..who's got one? - 21/10/2009 1:34:19 PM   
rikkie


Posts: 4662
Joined: 30/9/2005
From: Ego Tripping At The Gates Of Hell
Took out a new mortgage this year for 179k over 16 years (prefer to get it paid off as quick as possible, but got it just before the rates went haywire, so only got a fixed rate of 4.79%. I wanted to go variable but the little lady wasn't having any of it (something I keep reminding her of now!). Think my payments are about 1340 a month.

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Post #: 62
RE: Mortgages..who's got one? - 22/10/2009 8:33:24 AM   
Sledge Hammer


Posts: 1670
Joined: 14/11/2007
The thing that annoys me about this thread is that a lot of the posters on here will be the ones who will march on the government (whoever that may be at the time) complaining that they are in negative equity when the next boom and burst happens.

Typical example is where people are saying that mortgage rates are falling and that it is 'lower than rent' or 'payments are going down' or 'I dont have to worry about it at the moment.

Well you should all worry about it. Well not worry but take advantage;

Pay, the same amount as the rent rates and pay off the outstanding balance
Dont reduce your payments and reduce your loan - you managed before, so why cant you do the same now.
Start saving money whilst you are rent free so that when you do want to buy, you dont start bitching about not having a deposit.

People make me furious with their 'the world owes me everything' attitude.

Work hard, pay off your debts and enjoy the benefits later in life when you dont have the enrgy or will to work as hard. Low interest rates are here not to allow us to go and spend more on clubbing and booze. They are here because personal debt went crazy. Rates will go up so take advantage of reducing debt now.

(I realise not everyone is in this position but there will be some people on here who will be the first to complain when rates go up.)

Here endenth the lesson...

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Post #: 63
RE: Mortgages..who's got one? - 22/10/2009 9:08:56 AM   
Sinatra


Posts: 7864
Joined: 3/10/2005
And the Winner of "The Most Patronising Post of the Year" award goes to.....  WTF?
I do hope you're not a student.

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Post #: 64
RE: Mortgages..who's got one? - 22/10/2009 12:18:50 PM   
Sledge Hammer


Posts: 1670
Joined: 14/11/2007
why am I patronising?

There are loads of people who live with attitude of enjoy life now and moan later when things arent so good.

I was trying to point out that you should take advantage of low interest rates to pay off oustanding mortgage debt as opposed to going out and wasting the extra pennies in your take home pay.

When you looked at the riots in London over the banks, most of them didnt even look like they had a bank account. The point I am trying to make is that you cant take for granted that interest rates will stay the same for ever. They will go up and thats when another economic crisis will happen for those who are not prepared.

that lesson was for free.

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Post #: 65
RE: Mortgages..who's got one? - 22/10/2009 12:32:51 PM   
Mr Dead


Posts: 1141
Joined: 17/5/2006
From: an express elevator to hell....going down!
quote:

ORIGINAL: Sledge Hammer

why am I patronising?

There are loads of people who live with attitude of enjoy life now and moan later when things arent so good.

I was trying to point out that you should take advantage of low interest rates to pay off oustanding mortgage debt as opposed to going out and wasting the extra pennies in your take home pay.

When you looked at the riots in London over the banks, most of them didnt even look like they had a bank account. The point I am trying to make is that you cant take for granted that interest rates will stay the same for ever. They will go up and thats when another economic crisis will happen for those who are not prepared.

that lesson was for free.


thats pretty patronising! I haven't seen anyone on here go I know lets buy a house and party hard at the same time. On the same note you dont want to buy a house and then become a total hermit because you can only just afford the repayments. I know i've worked out a budget that allows me to live a lifestyle that will allow me to go out and enjoy myself on occasions, pay my mortgage and make overpayments on occasions to repay faster. its all about the balance. 

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Post #: 66
RE: Mortgages..who's got one? - 22/10/2009 12:36:41 PM   
rikkie


Posts: 4662
Joined: 30/9/2005
From: Ego Tripping At The Gates Of Hell
Concurred, making a comment like "that lesson was for free" is nothing if not patronising.

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Post #: 67
RE: Mortgages..who's got one? - 22/10/2009 12:37:12 PM   
Sinatra


Posts: 7864
Joined: 3/10/2005
quote:

ORIGINAL: Mr Dead

quote:

ORIGINAL: Sledge Hammer

why am I patronising?

There are loads of people who live with attitude of enjoy life now and moan later when things arent so good.

I was trying to point out that you should take advantage of low interest rates to pay off oustanding mortgage debt as opposed to going out and wasting the extra pennies in your take home pay.

When you looked at the riots in London over the banks, most of them didnt even look like they had a bank account. The point I am trying to make is that you cant take for granted that interest rates will stay the same for ever. They will go up and thats when another economic crisis will happen for those who are not prepared.

that lesson was for free.


thats pretty patronising! I haven't seen anyone on here go I know lets buy a house and party hard at the same time. On the same note you dont want to buy a house and then become a total hermit because you can only just afford the repayments. I know i've worked out a budget that allows me to live a lifestyle that will allow me to go out and enjoy myself on occasions, pay my mortgage and make overpayments on occasions to repay faster. its all about the balance. 


You beat me to it... don't get me wrong, I understand his point/sentiment, but it was put across in an incredibly patronising manner... as if everyone on here are complete fuckwits (no offence to any students ) like the London rioters.

< Message edited by Sinatra -- 22/10/2009 12:38:05 PM >

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Post #: 68
RE: Mortgages..who's got one? - 22/10/2009 12:38:25 PM   
Sledge Hammer


Posts: 1670
Joined: 14/11/2007
quote:

ORIGINAL: Mr Dead

quote:

ORIGINAL: Sledge Hammer

why am I patronising?

There are loads of people who live with attitude of enjoy life now and moan later when things arent so good.

I was trying to point out that you should take advantage of low interest rates to pay off oustanding mortgage debt as opposed to going out and wasting the extra pennies in your take home pay.

When you looked at the riots in London over the banks, most of them didnt even look like they had a bank account. The point I am trying to make is that you cant take for granted that interest rates will stay the same for ever. They will go up and thats when another economic crisis will happen for those who are not prepared.

that lesson was for free.


thats pretty patronising! I haven't seen anyone on here go I know lets buy a house and party hard at the same time. On the same note you dont want to buy a house and then become a total hermit because you can only just afford the repayments. I know i've worked out a budget that allows me to live a lifestyle that will allow me to go out and enjoy myself on occasions, pay my mortgage and make overpayments on occasions to repay faster. its all about the balance. 


Completely agree with that.

Im not saying that you should be a hermit and that you sshould over extend yourself hoping that you can take out further equity to pay off the debts you've built up by over extending your finances.

You should always take a mortgage that you can realistically service - my point was that now that payments have come down for people with trackers/ variable rates, dont go and spunk away the extra money you now have. Live the same lifestyle instead.

Rough with the smooth - overpay now that payments are lower because they will go up. And then come and join me in my ivory tower once those who didnt heed my advice come cap in hand or alternatively go to London with Pitchforks and torches calling for some fat cat bankers head.

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Post #: 69
RE: Mortgages..who's got one? - 22/10/2009 12:39:07 PM   
Badgers


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Booooooooooooooooooooo Sledge Hammer

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Post #: 70
RE: Mortgages..who's got one? - 22/10/2009 12:42:18 PM   
Sinatra


Posts: 7864
Joined: 3/10/2005
quote:



Im not saying that you should be a hermit and that you sshould over extend yourself hoping that you can take out further equity to pay off the debts you've built up by over extending your finances.

You should always take a mortgage that you can realistically service - my point was that now that payments have come down for people with trackers/ variable rates, dont go and spunk away the extra money you now have. Live the same lifestyle instead.

Rough with the smooth - overpay now that payments are lower because they will go up. And then come and join me in my ivory tower once those who didnt heed my advice come cap in hand or alternatively go to London with Pitchforks and torches calling for some fat cat bankers head.


I'd agree with most of that... and I certainly don't want anyone calling for my head.!

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Post #: 71
RE: Mortgages..who's got one? - 22/10/2009 12:43:54 PM   
Sledge Hammer


Posts: 1670
Joined: 14/11/2007
I do private lessons as well but they are chargeable

Its funny when I wrote here endeth the lesson, I was quoting Sean Connery from the untouchables!

But is it 'patronising'? are you sure thats the word you meant to use......


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Post #: 72
RE: Mortgages..who's got one? - 22/10/2009 12:46:59 PM   
Sinatra


Posts: 7864
Joined: 3/10/2005
quote:

But is it 'patronising'? are you sure thats the word you meant to use......



It might have been, but don't you worry your pretty little head about it...

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Post #: 73
RE: Mortgages..who's got one? - 22/10/2009 1:27:56 PM   
pocketrocket

 

Posts: 1159
Joined: 1/8/2006
From: age frais
quote:

ORIGINAL: Sledge Hammer

Im not saying that you should be a hermit and that you sshould over extend yourself hoping that you can take out further equity to pay off the debts you've built up by over extending your finances.

You should always take a mortgage that you can realistically service - my point was that now that payments have come down for people with trackers/ variable rates, dont go and spunk away the extra money you now have. Live the same lifestyle instead.



Your delivery may be a tad pompous but I can't fault your logic regarding how people manage their finances. Tracker mortgages will end, mine just has and I've defaulted on to the standard variable rate mortgage which equates to an extra 300 per month. So I would concur with Sledgy and advise those on trackers to guard your cash now cause it'll hurt when you come off it.




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Post #: 74
RE: Mortgages..who's got one? - 22/10/2009 1:30:02 PM   
Sledge Hammer


Posts: 1670
Joined: 14/11/2007
quote:

ORIGINAL: Sinatra

quote:

ORIGINAL: Mr Dead

quote:

ORIGINAL: Sledge Hammer

why am I patronising?

There are loads of people who live with attitude of enjoy life now and moan later when things arent so good.

I was trying to point out that you should take advantage of low interest rates to pay off oustanding mortgage debt as opposed to going out and wasting the extra pennies in your take home pay.

When you looked at the riots in London over the banks, most of them didnt even look like they had a bank account. The point I am trying to make is that you cant take for granted that interest rates will stay the same for ever. They will go up and thats when another economic crisis will happen for those who are not prepared.

that lesson was for free.


thats pretty patronising! I haven't seen anyone on here go I know lets buy a house and party hard at the same time. On the same note you dont want to buy a house and then become a total hermit because you can only just afford the repayments. I know i've worked out a budget that allows me to live a lifestyle that will allow me to go out and enjoy myself on occasions, pay my mortgage and make overpayments on occasions to repay faster. its all about the balance. 


You beat me to it... don't get me wrong, I understand his point/sentiment, but it was put across in an incredibly patronising manner... as if everyone on here are complete fuckwits (no offence to any students ) like the London rioters.


Well I do want to cause offence to students...and I tell you why!

Half the time they dont know what they are complaining about - they just jump on the bandwagon of outrage without really understanding the problem.

Its happened this year and has happened a million times before. Just because you dont have jobs, doesnt mean you should go to the nearest protest to while away the day.

Yes there are injustices in the world - bankers taking M bonuses, people being persecuted in the world, Jeremy Kyle being allowed to broadcast.

Well I have another - Students getting cheap alcohol in your union bar. A union bar. Union. The kind of thing you will be protesting against once you get into the real world.

Cheap drink - i deserve it more than you. I work for a living. And have a ruddy mortage. you dont need alcohol to get the free and easy hussies into bed in your student digs. I do! so it should be cheaper for me! Thats injustice.

So I call for a student tax that should be taken off students and only be given back to them when they graduate to help them get onto the property ladder. Or give it to them as bus fare to go to London to protest.

Here endeth the rant....for now

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Post #: 75
RE: Mortgages..who's got one? - 22/10/2009 1:36:13 PM   
pocketrocket

 

Posts: 1159
Joined: 1/8/2006
From: age frais
Sledgy, you need to start your own rant thread (or search for the one that is in OT).

Carry on.

< Message edited by pocketrocket -- 22/10/2009 1:37:41 PM >


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Post #: 76
RE: Mortgages..who's got one? - 22/10/2009 1:43:28 PM   
Sledge Hammer


Posts: 1670
Joined: 14/11/2007
I really do hate students!

I used to be one and drank and shagged so much that I am jealous of their freedom.

Modern day students instead waste their time protesting and trying to look offbeat with their trendy clothes (read smelly). I like the idea of a rant thread dedicated to me but I sense that I will be the most hated person on here very quickly. In other words take over from Rikki



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Post #: 77
RE: Mortgages..who's got one? - 22/10/2009 1:49:54 PM   
Sinatra


Posts: 7864
Joined: 3/10/2005
quote:

Tracker mortgages will end,

Not always...

quote:

  Well I do want to cause offence to students...and I tell you why!

Half the time they dont know what they are complaining about - they just jump on the bandwagon of outrage without really understanding the problem.

Its happened this year and has happened a million times before. Just because you dont have jobs, doesnt mean you should go to the nearest protest to while away the day.

Yes there are injustices in the world - bankers taking M bonuses, people being persecuted in the world, Jeremy Kyle being allowed to broadcast.

Well I have another - Students getting cheap alcohol in your union bar. A union bar. Union. The kind of thing you will be protesting against once you get into the real world.

Cheap drink - i deserve it more than you. I work for a living. And have a ruddy mortage. you dont need alcohol to get the free and easy hussies into bed in your student digs. I do! so it should be cheaper for me! Thats injustice.

So I call for a student tax that should be taken off students and only be given back to them when they graduate to help them get onto the property ladder. Or give it to them as bus fare to go to London to protest.

Here endeth the rant....for now



I'm starting to like this guy....

quote:

  I really do hate students!

I used to be one and drank and shagged so much that I am jealous of their freedom.

Modern day students instead waste their time protesting and trying to look offbeat with their trendy clothes (read smelly).


I do like this guy...

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Post #: 78
RE: Mortgages..who's got one? - 22/10/2009 4:09:46 PM   
Sledge Hammer


Posts: 1670
Joined: 14/11/2007
I'm glad I am suddenly getting the love I deserve - and look I didnt have to buy you alcohol even!

Back to mortgages - the banks were stupid for lending such high multiples, however some people were just as stupid borrowing more than they could afford. They both took risks and now they've been found out.

For all your financial rants, please feel free to contact me at www.sledgehammer-rants.org

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Post #: 79
RE: Mortgages..who's got one? - 23/10/2009 10:11:28 AM   
The Janitor


Posts: 609
Joined: 5/10/2005
Does anyone have any advice for a first-timer who has remained wilfully ignorant of mortgages up until this point. People have advised me to see a mortgage broker but I am still a little unsure where to start.

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Post #: 80
RE: Mortgages..who's got one? - 23/10/2009 10:58:44 AM   
thatlittlemonkey


Posts: 8123
Joined: 24/10/2005
I saw the title of this thread and thought it said "Montages - who's got one?".

I have mortgage, but really wish I had a montage instead.

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Post #: 81
RE: Mortgages..who's got one? - 23/10/2009 11:09:44 AM   
Sinatra


Posts: 7864
Joined: 3/10/2005
quote:

ORIGINAL: The Janitor

Does anyone have any advice for a first-timer who has remained wilfully ignorant of mortgages up until this point. People have advised me to see a mortgage broker but I am still a little unsure where to start.


What kind of deposit have you got...? To be honest it's difficult to help you without some specific details and not everyone feels comfortable sharing them on here. If you've got a half decent deposit, say 20% - 40% the rates are still low. From 3.69% fixed for 2 years for a 40% deposit to 5.69% fixed for 2 years for a 20% deposit. Or maybe you'll want a Tracker deal? it all depends, I'd steer away from a broker and just build up your own knowledge, the reason for this is because brokers nearly always favour certain lenders (even though they swear blind they dont) so you might not always get the best deal. Buy The Sunday Times and keep an eye on the Money section, usually excellet for tips on anything Mortgage related. Their website is pretty good too. Also, beware of comparison sites, these aren't always up to date and dont always have a full list of lenders. They can be useful for information purposes though.

< Message edited by Sinatra -- 23/10/2009 11:11:14 AM >

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Post #: 82
RE: Mortgages..who's got one? - 23/10/2009 11:37:05 AM   
The Janitor


Posts: 609
Joined: 5/10/2005
Well I have around 20% of the deposit. Your right it's not the sort of thing that can be easily discussed on a message board. Thanks for the advice though and I will give the Sunday Times a go this week.

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Post #: 83
RE: Mortgages..who's got one? - 23/10/2009 11:39:02 AM   
kathryn2

 

Posts: 1513
Joined: 24/4/2006
quote:

ORIGINAL: The Janitor

Does anyone have any advice for a first-timer who has remained wilfully ignorant of mortgages up until this point. People have advised me to see a mortgage broker but I am still a little unsure where to start.


This thread on the moneysavingxpert.com forum is a good place to start:
First Time Buyer's Guide To Mortgages
http://forums.moneysavingexpert.com/showthread.html?t=209805




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Post #: 84
RE: Mortgages..who's got one? - 23/10/2009 11:46:04 AM   
Sinatra


Posts: 7864
Joined: 3/10/2005
I'd wait just a tad longer if I had 20% deposit. The signs are Banks could start to become more competative against over the next 6 months regarding first time buyers.... just keep a close eye on the market mate.

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Post #: 85
RE: Mortgages..who's got one? - 23/10/2009 12:14:32 PM   
Sledge Hammer


Posts: 1670
Joined: 14/11/2007
You should go and see an independent mortgage broker as they will generally have the biggest range to offer you and will go through the best options.

do not try and source stuff yourself as you may take out something that is either inflexible to your needs, overpriced or just not very good.

Banks will tell you about their products only.

A reputable mortgage broker will source the markert and explain the pros and cons of each type of product.

Where do you live/ intend to live?

< Message edited by Sledge Hammer -- 23/10/2009 12:16:29 PM >


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Post #: 86
RE: Mortgages..who's got one? - 23/10/2009 2:35:34 PM   
Sinatra


Posts: 7864
Joined: 3/10/2005
quote:

You should go and see an independent mortgage broker as they will generally have the biggest range to offer you and will go through the best options.


quote:

  A reputable mortgage broker will source the markert and explain the pros and cons of each type of product.



Be very careful.... only very reputable broker will be completely impartial.
This isn't my opinion it's fact.

< Message edited by Sinatra -- 23/10/2009 2:36:12 PM >

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Post #: 87
RE: Mortgages..who's got one? - 23/10/2009 3:15:12 PM   
shool


Posts: 10147
Joined: 24/3/2006
From: In The Pipe, Five by Five.
I know a reputable one if you want his details feel free to PM me.

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Post #: 88
RE: Mortgages..who's got one? - 23/10/2009 3:17:02 PM   
Sinatra


Posts: 7864
Joined: 3/10/2005
quote:

ORIGINAL: shool

I know a reputable one if you want his details feel free to PM me.


It's you isn't it??

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Post #: 89
RE: Mortgages..who's got one? - 23/10/2009 3:19:46 PM   
Woger


Posts: 3815
Joined: 30/9/2005
Subprime is the only way to go.


Seriously it's the biggest decision of your life and it's worth looking at how much interest you pay over 20 or 30 years, get someone who is good at excel and they can show you on a month by month basis how much you pay. As an example people should look at the Irish property market to see what can go wrong, don't base your decision on having to get on the "property ladder", everyone else is doing, rent is dead money etc

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