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Re: Interest rates
Posted: Sun Sep 04, 2022 6:18 pm
by Simon
Your parents were paying 9% on substantially cheaper houses though, so....
Re: Interest rates
Posted: Sun Sep 04, 2022 6:19 pm
by Broccers
Explosive Newt wrote: Sun Sep 04, 2022 5:48 pm
We had an agreement in principle for a 1.6% mortgage back in March - because that sale fell through we're now 3.38%. Annoying but I recall my parents paying rates of 9% so I guess we have to be grateful!
Imagine paying 6 as thats not far away
Re: Interest rates
Posted: Sun Sep 04, 2022 7:47 pm
by Rich B
Explosive Newt wrote: Sun Sep 04, 2022 5:48 pm
We had an agreement in principle for a 1.6% mortgage back in March - because that sale fell through we're now 3.38%. Annoying but I recall my parents paying rates of 9% so I guess we have to be grateful!
Blimey that's crap, though yeah, our parents interest rates were on MUCH smaller sums, so the overall costs were the same as we pay on HUGE mortgages.
Re: Interest rates
Posted: Sun Sep 04, 2022 7:54 pm
by Broccers
Simon wrote: Sun Sep 04, 2022 6:18 pm
Your parents were paying 9% on substantially cheaper houses though, so....
I hear this a lot - is it actually factually true based on their wages not what you think they earned.
More recently;
2000
New millennium, new increase in house prices. And at almost £30,000 in five years, it was quite a big one. The average cost of a home reached £89,597.
2005
In just five years, house prices leapt nearly £70,000. This meant the average property cost a staggering £156,236. While the average salary was around £23,900[8].
from this may or may not be accurate
https://www.sunlife.co.uk/articles-guid ... 362%2C084).
Re: Interest rates
Posted: Sun Sep 04, 2022 8:14 pm
by Rich B
Broccers wrote: Sun Sep 04, 2022 7:54 pm
Simon wrote: Sun Sep 04, 2022 6:18 pm
Your parents were paying 9% on substantially cheaper houses though, so....
I hear this a lot - is it actually factually true based on their wages not what you think they earned.
eh?
Re: Interest rates
Posted: Sun Sep 04, 2022 8:46 pm
by Broccers
Rich B wrote: Sun Sep 04, 2022 8:14 pm
Broccers wrote: Sun Sep 04, 2022 7:54 pm
Simon wrote: Sun Sep 04, 2022 6:18 pm
Your parents were paying 9% on substantially cheaper houses though, so....
I hear this a lot - is it actually factually true based on their wages not what you think they earned.
eh?
B?
Re: Interest rates
Posted: Sun Sep 04, 2022 9:13 pm
by Jimexpl
Broccers wrote: Sun Sep 04, 2022 7:54 pm
Simon wrote: Sun Sep 04, 2022 6:18 pm
Your parents were paying 9% on substantially cheaper houses though, so....
I hear this a lot - is it actually factually true based on their wages not what you think they earned.
More recently;
2000
New millennium, new increase in house prices. And at almost £30,000 in five years, it was quite a big one. The average cost of a home reached £89,597.
2005
In just five years, house prices leapt nearly £70,000. This meant the average property cost a staggering £156,236. While the average salary was around £23,900[8].
from this may or may not be accurate
https://www.sunlife.co.uk/articles-guid ... 362%2C084).
It’s so regional that the averages never tell the whole story - in 2002 we bought our first place (which we still live in!). It was 4.5x my income.
Today, even with a 10-15% drop due to brexit and the pandemic it’s valued at 7.5x my current income. I earn 2.5x what I did in ‘02.
If I do the same comparison on a property I nearly bought in Leicester it was 2.5x my income. Today it would be 2x my income.
Re: Interest rates
Posted: Sun Sep 04, 2022 9:18 pm
by DeskJockey
Our mortgage is up middle of next year. Not looking forward to the new rates.