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bomberbrown

My Very First Mortgage Reset Anecdote

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....well it's truly grabbed my mate by the testicles that for sure. He's been trying to secure a better deal/rate for about 6 weeks with no luck apparently.

Thats a 25% increase on his monthly mortgage payments. Ouch! These mortgage reset's a gonna really hurt.

(This is 100% genuine btw, I only just remembered discussing it with him in the pub last night)

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....well it's truly grabbed my mate by the testicles that for sure. He's been trying to secure a better deal/rate for about 6 weeks with no luck apparently.

Thats a 25% increase on his monthly mortgage payments. Ouch! These mortgage reset's a gonna really hurt.

(This is 100% genuine btw, I only just remembered discussing it with him in the pub last night)

well he's still got enough money to go down the pub so can't be that bad for him.

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Surely he factored in future rate rises when he took out the mortgage?

Just like the people who took out 125% NRK mortgages. :lol:

Some MP's want the government to go easy on them as they supposedly took the mortgages on in 'good faith' when fixed rates where just over 5%. Surely they should have factored in the current rates of over 7%. Why should we bail them out. :angry:

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A £1200 a month mortgage seems bad enough to me! Needs to be on really good secure money just to sustain that. Hope its a mansion for that, but suspect it isn't.

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Was he also trying to MEW?

I'm sure he's been MEWing through the whole 7 year 'party'. His mortgage shouldn't be those figures for the house he has, where it is for what he must have bought it for.

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A £1200 a month mortgage seems bad enough to me! Needs to be on really good secure money just to sustain that. Hope its a mansion for that, but suspect it isn't.

That would be slightly less than my rent, and despite what the VOA think, this is not a mansion. Still, there are two of us.

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....well it's truly grabbed my mate by the testicles that for sure. He's been trying to secure a better deal/rate for about 6 weeks with no luck apparently.

Thats a 25% increase on his monthly mortgage payments. Ouch! These mortgage reset's a gonna really hurt.

(This is 100% genuine btw, I only just remembered discussing it with him in the pub last night)

This is what it's really all about.

People buying houses with mortgage rates at well below the long-term average without any thought at all for how they might afford the mortgage even at long-term average rates around 7%

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....well it's truly grabbed my mate by the testicles that for sure. He's been trying to secure a better deal/rate for about 6 weeks with no luck apparently.

Thats a 25% increase on his monthly mortgage payments. Ouch! These mortgage reset's a gonna really hurt.

(This is 100% genuine btw, I only just remembered discussing it with him in the pub last night)

That's for a house right?

That's somewhere to sleep, eat, wash and watch telly?

£1600 a month. :blink:

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People buying houses with mortgage rates at well below the long-term average without any thought at all for how they might afford the mortgage even at long-term average rates around 7%

Which is understandable given most people are a bit thick and optimistic and easily led etc.

The bit about this I have never understood is why the banks have been lending money like water without a care about "how they (their customers) might afford the mortgage even at long-term average rates around 7%".

It's as if the banks have taken leave of their senses. 'We don't care who we lend to or what multiple we lend as long as WE LEND and pass the risks on to someone else by securitising the debt.'

Were there some banks who securitised debt and others who bought it? Or did they all do it and sell the debts to each other. Seems like a madhouse to me.

Edited by Lets' get it right

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I'm sure he's been MEWing through the whole 7 year 'party'. His mortgage shouldn't be those figures for the house he has, where it is for what he must have bought it for.

What is so scary is that we joke about 'they must be MEWing' and then it turns out that so many people have been. I have felt really poor in comparison to my friends over the past five years and yet many of them now have bloated MEWtastic mortgages and the reality of their frivolity is starting to set in.

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That's for a house right?

That's somewhere to sleep, eat, wash and watch telly?

£1600 a month. :blink:

Yes but he can paint the walls whatever colour he likes. And, to some people, 1600 a month is not a lot of money. To others its more than their take home pay.

Funny old world. Some people are WORTH so much more than others.

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WHo on earth would take out a mortgage for £1200 just so they can have the right to paint their walls and show off down the pub to their mates? A jump to £1600 is nearly my monthly take home salary!!! :blink:

Absolute - madness! This guy and millions of others like him will be pig-sick when I buy a house similar to theirs in two to three years time with a 30 per cent deposit and monthly repayments of £600 per month :P

There's one born every minute I guess! :lol:

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i believe for the same money you could stay at a pretty decent hotel

in this hotel you will pay no council tax of 50 week either, that you can spend on a nice couple of dinners

in this hotel you will get your own cleaner and bed linen changed

you will pay no heating bills at all , thats another few nice meals a month

your breakfast will be cooked for you to a nice standard

there will be no repair costs

and leaving is just as easy as heading to the reception

this is where i balance out the benifits of owning a home, when good hotels cost less with all the extras, that realy does show how over priced they realy are.

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That's for a house right?

That's somewhere to sleep, eat, wash and watch telly?

£1600 a month. :blink:

£1600 fecking crazy. It makes me feel very lucky, renting small detached bungalow just outside Dales National Park for £450, solid long-term rent . No neighbours withing 400 yds. Why buy?

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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