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In terms of safety, commute, atmosphere, all that stuff. Budget of around $500,000.
T... |
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 ________ is better than ________? |
Additional Details
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Lol! I did NOT post it in this section intentionally! Have fun with it anyway! Thanks for pointing that out Jason J!... |
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Option 1:
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2 bedroom, 2 bath, 2 covered parking spaces.
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My parents are planning on buying a house and we found a beautiful house that said for lease. I always wondered what that meant O.o
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Karljt | Is the UK mortgage economy a ticking time-bomb? 52 year mortgages and 5 times your salary? |
If only leutenent Columbo was an estate agent |
 |
 
Juan Kassoff
|
i reckon so, im just waiting for a collapse, as are a couple of my pals who have sold and rented keeping the profit in a bank. interest is due to go up this week to 5%, and it will need to go up again before february. sounds good to me, lots of cheap houses that have been repossessed because silly people cant keep up with the payments when the fixed rate runs out and the payments increase by 40% a month. |
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Bulle Rouge
 |
No, don't think so
I have a mortgage until I am 72, I have about £100000 in equity, therefore if can no longer keep up the £750 pcm, I can sell up and have enough for a mobile home at worst.
I have to live somewhere, I could rent, but that would be more expensive and no equity at the end. However, if it gets to the point where houses become unsaleable because there are not enough first timers, the market will sink until the the demand balances with supply. I think it highly unlikely that there will be a huge crash in this market, the odd dip like in the late 80s early 90s maybe but not permanent |
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?
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I am in need of a bigger house, I live in a one bed roomed terraced bungalow with my 2 sons and a partner! I'm in a very quiet and hard to get into area and was planning to get an extension as i can't afford to buy a bigger house in the area. Now zebbie's mentioned that the government are going to tax those with extensions, I really am thinking of applying for a council house again and maybe buy it after 3 years. The only problem with that is i can't really choose the area! Stuck in rut!! Although I can afford the mortgage payments just now no problem, I did it alone for a few years with my single parent wages, now if I were to split from my partner after the rises, I would really be struggling! Renting again seems so tempting. At least I know I can get housing benefit if it all goes wrong side up. |
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Ollie
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My heart goes out to people wanting to get on the property ladder.
We got on in 92 prices were fair.The prices now a days are ridiculous the only people who really gain are morgage lenders. |
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Richard S
 |
The entire UK economy is a ticking time bomb. Lets break it down into sectors.
We were told that the way forward is for us to sell services and technology.
(I use the word mass to refer to the working class)
The manufacturing sector is dead, comparing to what it was 15-20 years ago - So if we import more than we export how do we make money? I do realise that we are exporting high price service and technology but the increased import is cancelling the surplus.
So what have we got in terms of manufacturing?
The ministry of defence contracts cannot sustain 56 million people. So what's left? Car industry? Steel? Chemicals? Pharmaceuticals? Air Travel?
I have always believe that if you aren't manufacturing, recycling and inventing then you can't have an economy.
This leaves the all important services
Linking with other universities in developing countries and selling education isn't going to last that long(they will learn) plus I never see the real benefit of that to the mass (General Public).
Thanks to Tesco, ASDA, Sainsbury's and the likes, we still have distribution centres employing the mass.
Call centres, love or hate them has been playing a major roll in providing people with work, but, look at it the major companies are still looking at ways to cut cost and move these services away from the UK.
Restaurants, takeaway and pubs more services that employ the mass.
Clothing and fashion outlets, some here today gone tomorrow are major players in employing the mass.
Forget farming and mining!
Now the question...
You have a house that cost 30% - 80% more than it should, compare to other EU countries. We pay more tax than we should (another debate) and we pay far too much for base products.
How many people working at shop floor level can afford a mortgage on there own? This leaves people fighting for independence, create unstable relationships or unhappy ones eventually. So if the mass cannot afford a mortgage and to alleviate this the lenders increase the repayment years and amount they lend then we will hit a Titanium way. None of the services I mentioned above provide stable long term employment (50 years) and none of them provide the wage needed to comfortably afford a house.
So we sacrifice family live to compensate (in some cases), lets ask the mortgage lenders one question, where is the next generation of mortgage payers coming from? Immigrants?
Lets do mortgage for life, then we wont have to worry about paying it off once we die. Isn't that renting? |
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Daniel G
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Well they have been talking of that for the last 6 years, and no crash in that time. I think those wanting a crash may find themselves left wanting. I am moving shortly but with only a 60% mortgage I feel I am well placed for any downturn in the market.
Those selling and renting - what happens if, the market doesn't slow / crash and in 5 years and on average 5% increase each year. What will you do then??
A house is a home and nothing more - what goes up goes down and visa versa! Just enjoy it............................. |
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leighhallam2000
 |
The problem is not the rising interest rate, which is well overdue. It is the millions who have been persuaded over the last five years to buy a car/holiday etc with the equity in their house due to the rising prices. (3 years ago the CCCC predicted 1 million people going into unmanageable debt with a 1% rise in rates.)These second lenders will repo as soon as possible when there is a loss of confidence in the market. If you have no second mortgage and lots of equity (as some of the respondants who gloat) bye bye cash!!!! |
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Adrian F
|
It is impossible to answer that with 1 "overall" answer.
I personally don't think we have a "ticking time-bomb". there are just too many factors that support low (at the minimum) house price growth for some time to come.
The primary one being that demand greatly exceeds supply. Yes, 1st time buyers are struggling to get a foot on the ladder which may reduce demand but the fact is there are simply not enough houses in the UK given population growth (whether internal or through immigration) and changing household trends (more people wanting to live on their own).
If prices do soften and you go into negative equity then it may make life tough for a few years but in the long term property is still a good investment. I should know, about a year before the last crash in the late 80s/early 90s I bought a 2 bed flat for £70k. After the crash it was valued at £55k but I sold it in 2004 for £220k.... |
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Nigel F
 |
Of course what people cannot grasp is that after paying five times the cost of their home in mortgage interest when they die the government will come along and take 40% of any increase in "value" in inheritance tax ...so after a lifetime's effort they will be unable to pass the house on to their children….this is such a great country to live in!
Only Brown and Blair could get away with devaluing our savings and pensions....because that's what house price inflation does...and then rip our families off when they are at their most vulnerable. |
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kimi00888
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I had a valuation on a property last week and asked what the valuerer thought. His answer was that house prices were not going to fall as there are not enough properties for sale and that there are too many wealthier people now coming into the UK from europe. I must agree. Don't think you will get cheaper properties when repossesions go to auction. It just won't happen. Auction properties are sought by builders looking for profit and investors who are prepared to push the bottom rung price up, pushing normal settlers/ homeowners out of reach of a possible home.
My home has gone up in value by £100000.00 in just 10 years! great for sellers not good for buyers and no good if you wish to move home. Basically the interest rates will cause the higher priced properties to stagnate until sold to londoners who can afford to downshift. Its happening all the time especially in the north UK and many rural areas.
As for poorer people hoping for a housing crash - Fools you are.
Repossesions also mean decline in high street spending, decline in trade and loss of business and jobs. Ever tried to live on £56 a week or less? Yep I know what poor is too!
Personally I think the Mortgage market should become separated from the bank sector so it can find it's own rates of interest. Banks only want to recieve money at the moment so lower interest rates are not encouraging people to save.
As for 52 year mortgages???? Proof I think that lenders don't give a hoot whether you can pay or not. And the Million pound houses in 20 years time? Either there's plans to create a UK tax haven or the rich of monaco are planning to move!
I like the tax haven idea myself.
New property valuations schemes will cripple us even more. There are few 2 bedroom or larger unmodernised houses left for buyers seeking lower council tax. Don't carry out any more Mods peeps unless you're going underground!
5 Times your salary - shame - wages will never rise enough to cover the payments over a lifetime. |
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Its a dirty business
|
Its a dirty business this getting re-elected isnt it. First you've got to fiddle the official inflation figures so that they dont include house prices. Then you've go to find someone to blame if it goes wrong (eg Govenor Bank England). Then just let it rip - binge on.
What a magnificent example of statesmanship Blair and Brown have provided - appeal to the base instincts of a few and drag the rest of the population into a disgusting orgy.
What foresight, what vision, what leadership, what prudence. What a disgrace.
The UK is now exposed to any world event or whim which upsets this house of cards. While Germany has been restructuring its economy the UK has slithered into some self styled 'Del Boy' service economy based on ever more debt (1.25 trillion at the last count).
The really incredible thing is that something very similar happened in 1988 to 1992 (remember) - unyet they have still got voted back in! The whole thing just beggars belief - it must be one of the greatest scams of all time.
I just hope for the poor souls who have bought at inflated prices, because they feared getting left even further behind, that it doesnt implode.
Unfortunately the reckless manipulators who have got us into this quick-fix insanity will not be the ones paying the price - as usual. |
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G F
 |
It certainly is, look at the Dot Com Bubble, this will follow exactly the same patern. It is known that the goverment do play a large part in trying to sustain any type of financial market, the problem is, they can only do this for so long, and, in fact, by doing so, are prolonging the 'Bursting' of the bubble. These companys offering people 5 times their working salary are deliberatly 'sucking' people in, once interest rate increase, as it has already done so, these people will find themselves in a very tight spot. Credit is at an all time high in the UK and the Banks, and other such organisations are loving it, what they fail to realise though, is if too many people fall into this trap, the banks will benefit from it in a short term sense, however, over a longer term, the banks will in fact loose out. |
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bassim55
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I have No doubt in my mind that it will end in tears the housing Market is not in line with the rest of the economy |
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oliver r
|
Prices will continue to rise in the next ten years. Palatable Corrections with Interest rates takes at least that long,if ever.
It's basically supply vs demand, more people moving into this island, especially with the recent expansion of the EU. It's the becoming of present day Britain-the prize or burden for being economically sound, in addition to the ubiquitous English language. The bubble will not burst, it may leak from time to time but nothing major, we've learned our lessons from the crash. Unless we can find another continent to annex or conquer even colonise yet again...simply put-we don't have any more land to relocate our growing and ageing populace...and criminals.
Sad fact..no easy future for us all.
What can we do now?
How can we make a better for our children? |
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voodoobluesman
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No, and if you think that 5 times salary is alot, there are lenders that offer more than that! The old types of 3x salary is based on the old-fashoined idea of a mortgage being only a third of the man's income per month. We all now know that this is an old fashioned sum especially as women stay at home less and less after children.
Mortgages are still cheaper than renting and interest rates are unlikely to go sky high any more with all of these changes to the financial world.
I remember when Lloyds Bank introduced the 25 year fixed rate at 11% !!! Everyone thought it was great too.
As for the "inevitable property crash", don't hold your breath, people have been waiting for that one for years now. How many times do we have to say
"It's a different economy now!" |
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adyifauk
|
The opportunity to take 52 year mortgages will be limited mainly due to the fact that the lender will need to see evidence that the mortgage will be affordable in retirement, prior to granting the loan.
The ability to to borrow 5 times salary will not be available to everyone, however this could be useful for individuals anticipating dramatic pay increases (newly qualified Solicitors, Doctors etc).
Rising Interest Rates are more likely to cause a time-bomb effect on the mortgage economy as this will directly affect the borrowers ability to meet their monthly payments.
There is very little difference in monthly costs between a mortgage of 5 times salary with an interest rate of 3.5%, compared to a mortgage of 3.5 times your salary if the interest rate is 7%.
eg, someone earning £20,000 who borrowed 3.5 times salary - £70,000 at an interest rate of 7% would pay monthly payments of £500 over 25 years.
Someone borrowing 5 times salary - £100,000 at 3.5% over the same term would pay £505. However, this payment would rise to £715 per month if the interest rate rose to 7%.
Whilst this scenario may sound unlikely, in reality it is likely to affect thousands of homeowners that took out fixed rate mortgages 2-3 years ago, as they could now be faced with paying their mortgage at the lenders Standard Variable Rate because their initial fixed rate has, or is about to expire. |
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jimbob
 |
It seems that we; thanks to banks and a government with no idea, are heading for a country where nobody actually owns anything anymore... I haven't started the property ladder yet, but the way things are going it looks like people like me won't even get the chance to actually own there own house... all we will be effectively doing is renting our houses from the banks for our whole life and when we die perhaps we would have been lucky enough to afford to have kids to pass the property and burden on to.. and thats if they can afford it; as it usually takes £15000 for them to get a qualification that a good employer takes notice of these days ...
I think the last generation was the last people to actually be in with a chance to own their house....and it will stay like that as long as the government suck money out of middle to lower classes through other taxes.. that they invent. Of cause Blair is going to stand on his soap box and encourage us all to buy,buy,buy... thats the way they get paid...the way they pay their mortgages... its definatetly a sellers market! |
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John C
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We have been here before and will be again. Inflation isnt all bad - prices go up but so do salaries. My first mortgage 30 years ago cost £24 a month from a gross salary of £130 a month. Inflation has meant that I now have a relatively low mortgage on a house worth £450,000.
Inflation means short term pain for long term gain. |
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keith s
|
hope not |
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Chris A
|
Yes and no...there are many possibilities. However I would make the following points:
1. A 52 year mortgage is not too bad; people mortgage and remortgage all the time, extending the original length of their original mortgage, so end up not paying it back for 50 years nearly anyway.
2. Mortgages 5 times the salary will not affect too many people, as the Bank of England is due to raise interest rates by a 1/4% (0.25%) and will do so again in the New Year, resulting in many not being able to afford even a 5 times salary mortgage anyway.
3. Abbey only initiated this as a marketing gimmick...it was on main headline news for about 5 days...superb free advertising...well done Abbey |
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zebbie22
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The goverment is greedy, greedy, greedy, greedy and it a form of control - they will not be happy until we pay out every penny og out wages to them...I mean they are even trying to tax people who have built extensions and consevotorys.
the thing is why do we let them get away with it - other countrys dont put up with it but we never say a word.
Why should it be so hard to buy a property everyone should have the right to buy an afordable home. |
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jmashman_uk
|
I have just bought a new house with quite a large mortgage but well within our means. The prospect of negative equity does not bother me for a couple of reasons.
1 we have put such a large deposit in
2 negative equity only applies when you want to sell your house
It will all sort its self out in the long run |
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mark j
 |
LIES, LIES, LIES.
4 YEARS AGO I MOVED HOUSE, THE ESTATE AGENTS FINANCIAL ADVISOR TOLD ME THAT THE RATES OF INTEREST WOULD NEVER AGAIN BE OVER 4%, THE REASON WAS THAT WE WERE TO JOIN THE EUROPEANS AND OUR RATES WOULD HAVE TO BE BELOW 2% FOR US TO JOIN.
SO WHO LIED? THE GOVERNMENT OR THE FINANCIAL ADVISOR, MY GUESS IS AS ALWAYS THE TAX HUNGERY LABOUR GOVERNMENT, THEY LOVE THE STAMP DUTY, THEY LOVE ALL THE NEW TAXES, NOW THEY WANT TO INVENT A FEW MORE, AND AT THE END OF THE DAY WHAT DO WE GET FOR IT? GREAT HEALTH SERVICE, GREAT ROADS, GREAT POLICEING OR NOTHING! |
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marquis_mirage
|
Yes. New houses aren't being built at a sufficient rate, and those that are are being bought up by landlords who have the capital to do so and then rent them out at prices equal to mortgage repayments. In effect artificially stimulating the housing market further for their own profit. This leads to first time buyers on a normal salary not being able to afford to save to buy a property because they can't compete. Meanwhile people are paying over the top for substandard living arrangements because landlords will not invest in those properties and develop them at minimum cost. Millions can afford to pay the monthly rent with no problem, if it was as simple as turning that rent into mortgage payments the problem wouldn't be what it is. Of course, you'd have to limit the amount of residential property an individual could own too. Basically, a lot of people are paying the mortgage for the property their landlord is renting them, while the landlord uses the prices of these houses to get more loans for their next project. Capitalism at its worst and as we have a capitalist government, of which many of the ministers own multiple properties, it isn't going to change. A minority of people are making large amounts of money out of this, while everyone else suffers. The debt isn't a problem for the banks or politicians, the government is well aware that people with debt over their heads are less likely to be active through strikes to change the state of the labour market which keeps the disparity between the rise in earnings and housing prices growing. Something has to give somewhere and if it change isn't going to happen economically through sensible fiscal measures eventually it'll go to the streets. The poorer people get the less they have to lose and the jails aren't big enough to hold everyone. Economic and social collapse follows and that's not going to be pretty. |
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paul b
|
What a bank manager told me years ago, houses will always go up because we live on an island , and land is in short supply , standard buisness practise. Where theres a demand and theres a shortage = pricerise |
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keefer
|
Yes I do, is the short, pithy answer. At the moment we are enjoying historically low interest rates, but the underlying trend would appear to be upward. Today it is expected that the Bank Of England interest base rate is going to increase which is bound to be passed on to mortgage holders. If they have borrowed large amounts to get on the property ladder then home owners could well begin to feel the pinch. A small incremental rise might not look much but it can translate to big increases in repayments unless you are tied in to some kind of deal. Already there has been a rise in the numbers not being able to keep up their mortgage repayments and in the number of repossessions which can't augur well for those investing in the property market. However I feel that the UK house market is well overpriced and overdue for a readjustment. |
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a7mul
|
How short your memories truly are, when I was unable to afford a house, between 6months and 5 years ago. I used to take comfort in the words of people like yourselves that prices would crash and so on. 5 years later and the prices have double and im lucky enough to be in a job where my wages have managed to catch up sufficiently to afford a mortgage. In conclusion, this scare mongering is unlikely to change the direction of house prices. So you friends that are renting, and eating into the profits of their house sales will be waiting until theyve spent all the profit before "cheap" houses become available. Obviously this is not an exhaustive arguament, yet I would say I had a similar attitude 5 years ago and a house has cost me twice what it would have done at the time, plus the economy is not in the same situation it was when there was last alot of negative equity. Think on..... |
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bosswifemumchiefbottlewasher
 |
Get a grip they have only gone up to 5% - I remember when the rates were 13% now that is high. As for the multiples, by & large income multiples have not changed in the mortgage indusrty since rates were at 13% so by increasing these now does not mean that much, loans are also based on affordability as per the FSA guidelines. Also for those lenders who advertise these sorts of multiples, they are not aimed at the green first time buyer market, often you have to have a sizeable deposit and alos meet affordability criteria so the reality is much different from a 5x multiple.
Why is it that minimal increases in rate encourage a panic over the mortgage and housing industry, which is really a separate issue. What is a much more interesting and worthwhile debate is why unsecured debt is not regulated. This is the real threat for homeowners and first time buyers alike. They cannot afford a mortgage because in general they have huge credit card debts and unsecured loans with high repayments, no wonder they struggle every time interest rates increase! |
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Taelan
|
I currently have a mortgage which is six times my salary. I had to have a guarantor for my mortgage but the truth of the matter was was that my rent before I moved was £540. My current mortage payment on a £120,000 mortage is £509 interest only.
All the time the prices of houses are going up I'm paying the same amount. But the interest rate will hit me by about £20 next month.
I'm still quids in.
Yes, higher interest rates could seriously effect my payments, and like many I would stand to lose my home if mortage rates hit 16% again. But please tell me who didn't struggle when that happened because rent went up also.
We just have to cross our fingers and hope that theyve learnt from the mistakes of the 80s. |
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PETER F
|
House prices will fall eventually, however when it will happen is another question. When the average house price is 10 times the average salary something has to give. Houses in this country are way over priced.
A 52 year mortgage is simply stupid. I don't know anyone who has spent 50+ years paying theirs off. As most people don't get one until their at least 25 then that would make them 77 before it's paid off. That's 12 years of retirement with a mortgage still to pay. It's utterly insane.
The irony for all the people who have overstretched themselves is that if they had left it and rented for a while then the collapse would have come sooner. It is only because people are convinced that there will not be a collapse and have kept buying that they are still going up now.
I bought my house about 7 years ago for £40,000. It's now worth about £105,000. That's a two up two down small semi in quite a cheap area, an affordable starter home. When starter homes cost over £100,000 what do people on low incomes do? How does someone who earns less than £20,000 a year buy a house?
It cannot go on like this for much longer and anyone who says it will has their head in the sand.
Edit: 4 negative, that's a record for me. I guess a few people on here must have overstretched themselves and now have their heads in the sand... |
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colindj69
|
Doesn't bother me too much, my mortagae is next to nothing anyway and I'm set to make a killing on my house either way I can't lose but I do feel sorry for 1st time buyers who have to live with partners etc just to be able to remotly afford a rabbit hutch. I do think this goverment is screwing us over every way possible but do we really think any other goverment would be any better.... The whole reason why I don't vote as well... |
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