how much is youre morgage
18-02-2006, 06:08 PM
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how much is youre morgage
just sold the house and looking for a new one but im going to have to up the morgage might be around 120.000 is this average or not .
19-02-2006, 09:19 AM
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£120,000 mortgage,thats crazy,your call mate but personally i wouldnt do that,house prices are artificially high remember and regardless of what said we are heading towards a depression,more houses are being reposesed now than in the early nineties depression,just its being kept quiet,personal debt is at an all time high and bankrupcy is at its highest ever now,you may well make good money at the moment as a plumber but what about if it goes quiet,thats still one hell of a debt to cover.
if you do go for it though make sure the mortgage brooker allows you to pay off lump sums anytime on your total balance,once you get into it its amazing how fast you can get the original sum down.
if you do go for it though make sure the mortgage brooker allows you to pay off lump sums anytime on your total balance,once you get into it its amazing how fast you can get the original sum down.
19-02-2006, 10:40 AM
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you recon eh?
watch this space.
supply and demand doesnt affect house prices,interest rates do,if you can afford a £120,000 mortgage due to low payments the house prices always creep up as more buyers can target houses that were once out of reach,so houses get snapped up quicker,pushing the price up,as rates rise and people cannot afford the repayments typical 3 bedroom terrace house's for example stop selling for double the price of one 4 years ago!!they drop back to more realistic prices,the only losers here are the buyers who baught in the peak periods now have a house worth say £90,000 that they paid £130,000 for a few years earlier,so this house owner falls on hard times,cannot afford the now very high repayments and his house is repossesd,thats one person out of the total buyers pot who can no longer easily get a mortgage,this happens about70,000 times a month at peak reccesion times,takeing almost 1 million house buyers out of the total people able to buy a house,this forces prices down,its not tripe its fact,its how the ecconomy works,the trick is to balance it out,very difficult and the current govenment have done it for this long by robbing peter to pay paul (not the rs dealers lol!),it eventually has to give and the cycle starts all over again.
some people win,ive won recently myself,the last house i baught and sold is a classic example,when i went to look at it i never even went inside,it just didnt apeal and been on the market 2 years,i got a tip off a few weeks later that it was about to be repossed and it was going to be £5k cheaper if i wanted it,so i looked and bid £9k under the revised price,i got it for £8k under for a quick (desperate????!!!) sale,
i then resold this house 2 years later for 60% more than the original price,now then in the first week i had over 30 viewings and 5 offers,this on a house that only two years previuosly was almost unsellable,the buyers were desperate just to buy a house and most were young couples armed with crazy mortgages trying to compette with other similar couples who were getting cash thrown at then left right and centre by the banks,one who i knew had an offer that even i knew he couldnt afford to pay each month.
been in the houseing game for 18 years so seen it all and know exactly how it works,prices are comeing down,very slowly,i looked at three repossesions last week and havent looked at any in the previous two years,it will happen,those that think it wont are unfortunatly very nieve or listening to what the banks/govements/credit companies want you to believe.
watch this space.
supply and demand doesnt affect house prices,interest rates do,if you can afford a £120,000 mortgage due to low payments the house prices always creep up as more buyers can target houses that were once out of reach,so houses get snapped up quicker,pushing the price up,as rates rise and people cannot afford the repayments typical 3 bedroom terrace house's for example stop selling for double the price of one 4 years ago!!they drop back to more realistic prices,the only losers here are the buyers who baught in the peak periods now have a house worth say £90,000 that they paid £130,000 for a few years earlier,so this house owner falls on hard times,cannot afford the now very high repayments and his house is repossesd,thats one person out of the total buyers pot who can no longer easily get a mortgage,this happens about70,000 times a month at peak reccesion times,takeing almost 1 million house buyers out of the total people able to buy a house,this forces prices down,its not tripe its fact,its how the ecconomy works,the trick is to balance it out,very difficult and the current govenment have done it for this long by robbing peter to pay paul (not the rs dealers lol!),it eventually has to give and the cycle starts all over again.
some people win,ive won recently myself,the last house i baught and sold is a classic example,when i went to look at it i never even went inside,it just didnt apeal and been on the market 2 years,i got a tip off a few weeks later that it was about to be repossed and it was going to be £5k cheaper if i wanted it,so i looked and bid £9k under the revised price,i got it for £8k under for a quick (desperate????!!!) sale,
i then resold this house 2 years later for 60% more than the original price,now then in the first week i had over 30 viewings and 5 offers,this on a house that only two years previuosly was almost unsellable,the buyers were desperate just to buy a house and most were young couples armed with crazy mortgages trying to compette with other similar couples who were getting cash thrown at then left right and centre by the banks,one who i knew had an offer that even i knew he couldnt afford to pay each month.
been in the houseing game for 18 years so seen it all and know exactly how it works,prices are comeing down,very slowly,i looked at three repossesions last week and havent looked at any in the previous two years,it will happen,those that think it wont are unfortunatly very nieve or listening to what the banks/govements/credit companies want you to believe.
19-02-2006, 10:54 AM
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Originally Posted by TF Rallyesport
prices are comeing down,very slowly
The second instance that confirm this for me is my parents house, still down south here, they bought a 3 bed semi detached bungalow 9 years ago for 68.5k!
and when they had it valued circa 2 years ago it was worth somewhere in the region of 250-270k! 
Dont know where your based but prices are definately not falling IMO...
I know people with alot more than a 120k Mortgage Dicky, just be sure that you can afford it before you go for it, and I mean really sure! lol Plus I think Tims raised a good point in that you might benefit from something that you can pay lump sums off...
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19-02-2006, 02:26 PM
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PMSL £120k morgage is to much, Rubbish how else are people meant to get houses? Trouble is either where you live houses are still avg 60k or you havent seen how new home owners are suppose to get a house etc 
19-02-2006, 03:02 PM
#10
............
Originally Posted by TF Rallyesport
you recon eh?
watch this space.
supply and demand doesnt affect house prices,interest rates do,if you can afford a £120,000 mortgage due to low payments the house prices always creep up as more buyers can target houses that were once out of reach,so houses get snapped up quicker,pushing the price up,as rates rise and people cannot afford the repayments typical 3 bedroom terrace house's for example stop selling for double the price of one 4 years ago!!they drop back to more realistic prices,the only losers here are the buyers who baught in the peak periods now have a house worth say £90,000 that they paid £130,000 for a few years earlier,so this house owner falls on hard times,cannot afford the now very high repayments and his house is repossesd,thats one person out of the total buyers pot who can no longer easily get a mortgage,this happens about70,000 times a month at peak reccesion times,takeing almost 1 million house buyers out of the total people able to buy a house,this forces prices down,its not tripe its fact,its how the ecconomy works,the trick is to balance it out,very difficult and the current govenment have done it for this long by robbing peter to pay Paul (not the rs dealers lol!),it eventually has to give and the cycle starts all over again.
some people win,ive won recently myself,the last house i baught and sold is a classic example,when i went to look at it i never even went inside,it just didnt apeal and been on the market 2 years,i got a tip off a few weeks later that it was about to be repossed and it was going to be £5k cheaper if i wanted it,so i looked and bid £9k under the revised price,i got it for £8k under for a quick (desperate????!!!) sale,
i then resold this house 2 years later for 60% more than the original price,now then in the first week i had over 30 viewings and 5 offers,this on a house that only two years previuosly was almost unsellable,the buyers were desperate just to buy a house and most were young couples armed with crazy mortgages trying to compette with other similar couples who were getting cash thrown at then left right and centre by the banks,one who i knew had an offer that even i knew he couldnt afford to pay each month.
been in the houseing game for 18 years so seen it all and know exactly how it works,prices are comeing down,very slowly,i looked at three repossesions last week and havent looked at any in the previous two years,it will happen,those that think it wont are unfortunatly very nieve or listening to what the banks/govements/credit companies want you to believe.
watch this space.
supply and demand doesnt affect house prices,interest rates do,if you can afford a £120,000 mortgage due to low payments the house prices always creep up as more buyers can target houses that were once out of reach,so houses get snapped up quicker,pushing the price up,as rates rise and people cannot afford the repayments typical 3 bedroom terrace house's for example stop selling for double the price of one 4 years ago!!they drop back to more realistic prices,the only losers here are the buyers who baught in the peak periods now have a house worth say £90,000 that they paid £130,000 for a few years earlier,so this house owner falls on hard times,cannot afford the now very high repayments and his house is repossesd,thats one person out of the total buyers pot who can no longer easily get a mortgage,this happens about70,000 times a month at peak reccesion times,takeing almost 1 million house buyers out of the total people able to buy a house,this forces prices down,its not tripe its fact,its how the ecconomy works,the trick is to balance it out,very difficult and the current govenment have done it for this long by robbing peter to pay Paul (not the rs dealers lol!),it eventually has to give and the cycle starts all over again.
some people win,ive won recently myself,the last house i baught and sold is a classic example,when i went to look at it i never even went inside,it just didnt apeal and been on the market 2 years,i got a tip off a few weeks later that it was about to be repossed and it was going to be £5k cheaper if i wanted it,so i looked and bid £9k under the revised price,i got it for £8k under for a quick (desperate????!!!) sale,
i then resold this house 2 years later for 60% more than the original price,now then in the first week i had over 30 viewings and 5 offers,this on a house that only two years previuosly was almost unsellable,the buyers were desperate just to buy a house and most were young couples armed with crazy mortgages trying to compette with other similar couples who were getting cash thrown at then left right and centre by the banks,one who i knew had an offer that even i knew he couldnt afford to pay each month.
been in the houseing game for 18 years so seen it all and know exactly how it works,prices are comeing down,very slowly,i looked at three repossesions last week and havent looked at any in the previous two years,it will happen,those that think it wont are unfortunatly very nieve or listening to what the banks/govements/credit companies want you to believe.
19-02-2006, 04:02 PM
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Originally Posted by MattRS1600i
Originally Posted by TF Rallyesport
you recon eh?
watch this space.
supply and demand doesnt affect house prices,interest rates do,if you can afford a £120,000 mortgage due to low payments the house prices always creep up as more buyers can target houses that were once out of reach,so houses get snapped up quicker,pushing the price up,as rates rise and people cannot afford the repayments typical 3 bedroom terrace house's for example stop selling for double the price of one 4 years ago!!they drop back to more realistic prices,the only losers here are the buyers who baught in the peak periods now have a house worth say £90,000 that they paid £130,000 for a few years earlier,so this house owner falls on hard times,cannot afford the now very high repayments and his house is repossesd,thats one person out of the total buyers pot who can no longer easily get a mortgage,this happens about70,000 times a month at peak reccesion times,takeing almost 1 million house buyers out of the total people able to buy a house,this forces prices down,its not tripe its fact,its how the ecconomy works,the trick is to balance it out,very difficult and the current govenment have done it for this long by robbing peter to pay Paul (not the rs dealers lol!),it eventually has to give and the cycle starts all over again.
some people win,ive won recently myself,the last house i baught and sold is a classic example,when i went to look at it i never even went inside,it just didnt apeal and been on the market 2 years,i got a tip off a few weeks later that it was about to be repossed and it was going to be £5k cheaper if i wanted it,so i looked and bid £9k under the revised price,i got it for £8k under for a quick (desperate????!!!) sale,
i then resold this house 2 years later for 60% more than the original price,now then in the first week i had over 30 viewings and 5 offers,this on a house that only two years previuosly was almost unsellable,the buyers were desperate just to buy a house and most were young couples armed with crazy mortgages trying to compette with other similar couples who were getting cash thrown at then left right and centre by the banks,one who i knew had an offer that even i knew he couldnt afford to pay each month.
been in the houseing game for 18 years so seen it all and know exactly how it works,prices are comeing down,very slowly,i looked at three repossesions last week and havent looked at any in the previous two years,it will happen,those that think it wont are unfortunatly very nieve or listening to what the banks/govements/credit companies want you to believe.
watch this space.
supply and demand doesnt affect house prices,interest rates do,if you can afford a £120,000 mortgage due to low payments the house prices always creep up as more buyers can target houses that were once out of reach,so houses get snapped up quicker,pushing the price up,as rates rise and people cannot afford the repayments typical 3 bedroom terrace house's for example stop selling for double the price of one 4 years ago!!they drop back to more realistic prices,the only losers here are the buyers who baught in the peak periods now have a house worth say £90,000 that they paid £130,000 for a few years earlier,so this house owner falls on hard times,cannot afford the now very high repayments and his house is repossesd,thats one person out of the total buyers pot who can no longer easily get a mortgage,this happens about70,000 times a month at peak reccesion times,takeing almost 1 million house buyers out of the total people able to buy a house,this forces prices down,its not tripe its fact,its how the ecconomy works,the trick is to balance it out,very difficult and the current govenment have done it for this long by robbing peter to pay Paul (not the rs dealers lol!),it eventually has to give and the cycle starts all over again.
some people win,ive won recently myself,the last house i baught and sold is a classic example,when i went to look at it i never even went inside,it just didnt apeal and been on the market 2 years,i got a tip off a few weeks later that it was about to be repossed and it was going to be £5k cheaper if i wanted it,so i looked and bid £9k under the revised price,i got it for £8k under for a quick (desperate????!!!) sale,
i then resold this house 2 years later for 60% more than the original price,now then in the first week i had over 30 viewings and 5 offers,this on a house that only two years previuosly was almost unsellable,the buyers were desperate just to buy a house and most were young couples armed with crazy mortgages trying to compette with other similar couples who were getting cash thrown at then left right and centre by the banks,one who i knew had an offer that even i knew he couldnt afford to pay each month.
been in the houseing game for 18 years so seen it all and know exactly how it works,prices are comeing down,very slowly,i looked at three repossesions last week and havent looked at any in the previous two years,it will happen,those that think it wont are unfortunatly very nieve or listening to what the banks/govements/credit companies want you to believe.
Cheap lending combined with a distrust of the stockmarkets in relation to pension provision etc have, I feel, fuelled the explosion in house prices from the turn of the millenium until last year when the influx of new money started to run out.
What remains to be seen is just how people will react when interest rates begin to revert to their long term average and more stories of job losses etc start hitting the mainstream media.
From where I'm standing, a lot of people have just spent too much money over the last few years, both on housing and on other consumer tat, without really considering the longer term implications.
Specifically on the point of house prices - what makes you think things are any different to last time ? (I would suggest that things could potentially be worse !)
19-02-2006, 05:42 PM
#13
If i am honest , i think house prices will drop as people just cant afford to buy there first house and those who have cant afford to move up the ladder
Its our own stupid fault for paying 120k for a one bed cardboard house in the first place
Its like designer clothes , they only cost the earth because stupid people pay the big prices for them ,,if we dint pay the stupid prices they wouldnt ask it
Same with cossies i suppose , are escoss"s worth 15/16k probs not , but because we love them we pay it , is only us that keep the values up
People panic bought houses 3/4 years ago and forced the house prices up ,
Paul
Its our own stupid fault for paying 120k for a one bed cardboard house in the first place
Its like designer clothes , they only cost the earth because stupid people pay the big prices for them ,,if we dint pay the stupid prices they wouldnt ask it
Same with cossies i suppose , are escoss"s worth 15/16k
probs not , but because we love them we pay it , is only us that keep the values up People panic bought houses 3/4 years ago and forced the house prices up ,
Paul
19-02-2006, 05:46 PM
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Never in the history of housing markets has there been a worse time to buy. We stand on the summit of the greatest housing bubble the world has ever known with a run up in prices of over 130% in 5-6 years. History shows that markets do eventually crash and the higher they have risen the further they fall. Look at the signs: rising unemployment, rising bankruptcies, rising company liquidations, increasing numbers of houses for rent and for sale, builders offering deep discounts on new houses
very interesting read!! and sums the whole situation up!!
http://www.economist.com/finance/dis...ory_id=4079027
run for the hills!!
very interesting read!! and sums the whole situation up!!
http://www.economist.com/finance/dis...ory_id=4079027
run for the hills!!
19-02-2006, 06:04 PM
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Originally Posted by MattRS1600i
First time houses are still going up. If you ignore the top 5% most expensive houses then look at the housing market. I'll tell you from the perspective of a recent-ish first time buyer looking to move again, also with a strong financial background and a degree in economics. By the way, many congratulations if you can predict exactly how the housing market works
19-02-2006, 06:16 PM
#16
............
Originally Posted by TF Rallyesport
Originally Posted by MattRS1600i
First time houses are still going up. If you ignore the top 5% most expensive houses then look at the housing market. I'll tell you from the perspective of a recent-ish first time buyer looking to move again, also with a strong financial background and a degree in economics. By the way, many congratulations if you can predict exactly how the housing market works
I totally agree with what has been said about interest rates but I cannot see them reaching the levels they have in the past, or the levels to cripple first time buyers. I can fully see the £2-3 million properties struggling and losing huge money, but the £90k bread and butter first time homes are here to stay IMO. Banks are already offering 10 year fixed rates at 4.3%. You also have to consider the effects of rising interest rates on the value of the pound and it's impact on the manufacturing industry, well what we have left and how far the government ( well Bank of England because it is independent after all
) will let them rise.
19-02-2006, 06:30 PM
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in practice mate it would only take a 2-3% rise to cripple most people as they have been using their houses like cash machines to buy new cars holidays etc etc.
interest rates are at an all time low and still ftb are very much priced out of the market! infact they only make up 6% of the housing market compared to 55% in 1993!!!
why oh why are people in this country so beat up with the fact that owning a house is the single most important thing they have to do in thier lives!!! THATS WHY HOUSES PRICES ARE SO HIGH!!! you keep driving them up in desperation!! in fear of never getting on the ladder and estate agents are lapping it up!!
there are many many sites saying the housing market is doing well!!..... Of course they would say that! imagine what would happen if they said house prices were falling! this happend at the last crash of the early 90's
its not nice seeing grown men cry over negative equity!!
interest rates are at an all time low and still ftb are very much priced out of the market! infact they only make up 6% of the housing market compared to 55% in 1993!!!
why oh why are people in this country so beat up with the fact that owning a house is the single most important thing they have to do in thier lives!!!
THATS WHY HOUSES PRICES ARE SO HIGH!!! you keep driving them up in desperation!! in fear of never getting on the ladder and estate agents are lapping it up!!there are many many sites saying the housing market is doing well!!..... Of course they would say that! imagine what would happen if they said house prices were falling! this happend at the last crash of the early 90's
its not nice seeing grown men cry over negative equity!!
19-02-2006, 09:20 PM
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We finally got our first house in december after years of saving and waiting for a cheap enough place to come up.
Ended up buying a near shell of a 3 bed semi for £119,995 and after non stop work every spare minute since then it's now back up together and valued at £148,000.
And back on topic, my mortgage is £622 per month.
Ended up buying a near shell of a 3 bed semi for £119,995 and after non stop work every spare minute since then it's now back up together and valued at £148,000.
And back on topic, my mortgage is £622 per month.
20-02-2006, 11:12 AM
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Mines a 116k mortgage, roughly £550 a month on a 35 year plan 
(will knock it down to 30 once I'm out of the first 3 years...)
trouble is I was renting a 1 bedroom flat for £450 an month, another £100 a month and I've got my own place.
At least the money is paying MY mortgage off and not the landlords, its a 2 bedroom house with scope to make it into 3 so I'm happy
I first started looking for houses about 4 years ago but it took me a long time to take the plunge and actually buy, by which time the house prices had gone up about 15k
(will knock it down to 30 once I'm out of the first 3 years...)trouble is I was renting a 1 bedroom flat for £450 an month, another £100 a month and I've got my own place.
At least the money is paying MY mortgage off and not the landlords, its a 2 bedroom house with scope to make it into 3 so I'm happy
I first started looking for houses about 4 years ago but it took me a long time to take the plunge and actually buy, by which time the house prices had gone up about 15k
20-02-2006, 05:49 PM
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you would be lucky to find a house by me for less than 150k by me! its absolutely unreal how expensive houses are at the moment. 
im looking at buying a house soonish but because of the cost in this area ill be looking at moving to 'the slums!' which would make it impossible to own a nice ford or anything remotley not-shed-like!
its absolutely unreal how expensive houses are at the moment. im looking at buying a house soonish but because of the cost in this area ill be looking at moving to 'the slums!' which would make it impossible to own a nice ford or anything remotley not-shed-like!
20-02-2006, 06:12 PM
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Tim mate,
Like you i've been in the housing game for a fair while but got to disagree with some of your comments.
Yes I agree that house prices are artificially high in certain sectors of the market but about right in others. The first time buyer market IS too high to be sustainable but the family home, traditional semi, detached is at about the right price level.
Supply and demand do also control house prices just the same as interest rates have a great effect on the demand side of things.
But I feel that the days of boom then bust are well behind us, a depression we're not heading in to because the BofE policies are now not controlled by government and the CPI rates are strictly controlled to maintain about the 2% mark for long, medium and short term growth. The prices may stagnate a fair while to allow the average wage to increase but the massive drops seen in the late eighties won't appear.
Like you i've been in the housing game for a fair while but got to disagree with some of your comments.
Yes I agree that house prices are artificially high in certain sectors of the market but about right in others. The first time buyer market IS too high to be sustainable but the family home, traditional semi, detached is at about the right price level.
Supply and demand do also control house prices just the same as interest rates have a great effect on the demand side of things.
But I feel that the days of boom then bust are well behind us, a depression we're not heading in to because the BofE policies are now not controlled by government and the CPI rates are strictly controlled to maintain about the 2% mark for long, medium and short term growth. The prices may stagnate a fair while to allow the average wage to increase but the massive drops seen in the late eighties won't appear.
20-02-2006, 06:22 PM
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Originally Posted by escortrsmatt
you would be lucky to find a house by me for less than 150k by me! its absolutely unreal how expensive houses are at the moment. im looking at buying a house soonish but because of the cost in this area ill be looking at moving to 'the slums!' which would make it impossible to own a nice ford or anything remotley not-shed-like!
its absolutely unreal how expensive houses are at the moment. im looking at buying a house soonish but because of the cost in this area ill be looking at moving to 'the slums!' which would make it impossible to own a nice ford or anything remotley not-shed-like!its all well and nice being within easy commute of the city for work, but i can't see myself moving out of home any time soon.....
Also, RE that artical in the Economist, there was another issue that had a similar story where they interviewed Alan Greenspan - was very interesting to see what he had to say on the arificial bubble in the USA's housing market, and how he would have managed fiscal and monetary policy differently if he had been aware of the situation that such low interest rates would have resulted in! - Hindsight is a wonderful thing!
(also, not strictly truew that the BoE is completely independent - it can be revoked at any time IIRC from my uni work
- although the government would be very very unlikey to do so, for obvious reasons. do agree that boom bust in the historical sense is over- the peaks and troughs are not likly to be as severe!)
21-02-2006, 10:54 AM
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Bought my house off the parents, owd coonts still live here though
Paid final payment in December gone from an £80k mortgage
House is worth rough guesstimate between £110-£130k (unique on the estate) 3 bed end terrace with garage drive and FREEHOLD
2 bed terraces in a dog shit area round here are like £60k, thats crime capital of Oldham possibly still with an outside bog (also has 1 inside)
Prices have to drop, single people these days just cannot afford to buy like they used to, Our parents have done well from the housing markets, having prob near paid up on their house that prob cost em £30k 30 year ago they now have a healthy investment above their heads.
Plus wasnt there something where the Government will assist 1st time buyers
Paid final payment in December gone from an £80k mortgage
House is worth rough guesstimate between £110-£130k (unique on the estate) 3 bed end terrace with garage drive and FREEHOLD
2 bed terraces in a dog shit area round here are like £60k, thats crime capital of Oldham possibly still with an outside bog (also has 1 inside)
Prices have to drop, single people these days just cannot afford to buy like they used to, Our parents have done well from the housing markets, having prob near paid up on their house that prob cost em £30k 30 year ago they now have a healthy investment above their heads.
Plus wasnt there something where the Government will assist 1st time buyers
21-02-2006, 11:24 AM
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Me and the missus have just bought our first place
3 bed with garage for £120k
Havent seen many down here in this price bracket though and ours was originally up for £136K then down to £132k and we offered £120k and had it accepted
Had all the dates through for completion so just waiting now
Scott
3 bed with garage for £120k
Havent seen many down here in this price bracket though and ours was originally up for £136K then down to £132k and we offered £120k and had it accepted
Had all the dates through for completion so just waiting now
Scott
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18-09-2006 07:31 AM