bomberbrown Posted February 27, 2008 Share Posted February 27, 2008 ....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) Quote Link to comment Share on other sites More sharing options...
Bearing Up Posted February 27, 2008 Share Posted February 27, 2008 It's worse than you say - it's a 33% increase. Ouch indeed! Quote Link to comment Share on other sites More sharing options...
nohpc Posted February 27, 2008 Share Posted February 27, 2008 ....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. Quote Link to comment Share on other sites More sharing options...
redgenieuk Posted February 27, 2008 Share Posted February 27, 2008 well he's still got enough money to go down the pub so can't be that bad for him. Maybe someone else was buying!?!?! Quote Link to comment Share on other sites More sharing options...
Guest X-QUORK Posted February 27, 2008 Share Posted February 27, 2008 Surely he factored in future rate rises when he took out the mortgage? Quote Link to comment Share on other sites More sharing options...
Godfather Posted February 27, 2008 Share Posted February 27, 2008 Was he also trying to MEW? Quote Link to comment Share on other sites More sharing options...
Dubai Posted February 27, 2008 Share Posted February 27, 2008 I only just remembered discussing it with him in the pub last night) Hangover? Quote Link to comment Share on other sites More sharing options...
OurDayWillCome Posted February 27, 2008 Share Posted February 27, 2008 Surely he factored in future rate rises when he took out the mortgage? Just like the people who took out 125% NRK mortgages. 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: Quote Link to comment Share on other sites More sharing options...
Guest tbatst2000 Posted February 27, 2008 Share Posted February 27, 2008 Maybe someone else was buying!?!?! Or maybe he's downgraded from Bolly to Newcy Brown? Quote Link to comment Share on other sites More sharing options...
@contradevian Posted February 27, 2008 Share Posted February 27, 2008 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. Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted February 27, 2008 Author Share Posted February 27, 2008 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. Quote Link to comment Share on other sites More sharing options...
jdc Posted February 27, 2008 Share Posted February 27, 2008 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. Quote Link to comment Share on other sites More sharing options...
munimula Posted February 27, 2008 Share Posted February 27, 2008 ....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% Quote Link to comment Share on other sites More sharing options...
R K Posted February 27, 2008 Share Posted February 27, 2008 ....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. Quote Link to comment Share on other sites More sharing options...
lets get it right Posted February 27, 2008 Share Posted February 27, 2008 (edited) 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 February 27, 2008 by Lets' get it right Quote Link to comment Share on other sites More sharing options...
OurDayWillCome Posted February 27, 2008 Share Posted February 27, 2008 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. Quote Link to comment Share on other sites More sharing options...
lets get it right Posted February 27, 2008 Share Posted February 27, 2008 That's for a house right?That's somewhere to sleep, eat, wash and watch telly? £1600 a month. 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. Quote Link to comment Share on other sites More sharing options...
Oliver Sutton Posted February 27, 2008 Share Posted February 27, 2008 well he's still got enough money to go down the pub so can't be that bad for him. He'd taken a second job on behind the bar to help with the payments. Quote Link to comment Share on other sites More sharing options...
thedebtisreal Posted February 27, 2008 Share Posted February 27, 2008 I pay more than that in rent.... Quote Link to comment Share on other sites More sharing options...
Guest X-QUORK Posted February 27, 2008 Share Posted February 27, 2008 I pay more than that in rent.... F*ck me! I didn't know they'd rented out Kensington Palace. Quote Link to comment Share on other sites More sharing options...
Slumpmonkey Returns Posted February 27, 2008 Share Posted February 27, 2008 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!!! 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 There's one born every minute I guess! Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted February 27, 2008 Share Posted February 27, 2008 A mortgage payment of £1,200 leaves me precisely £81 for all my other outgoings. Thank Gord (sic) for low inflation Quote Link to comment Share on other sites More sharing options...
homeless Posted February 27, 2008 Share Posted February 27, 2008 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. Quote Link to comment Share on other sites More sharing options...
flatnose Posted February 27, 2008 Share Posted February 27, 2008 That's for a house right?That's somewhere to sleep, eat, wash and watch telly? £1600 a month. £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? Quote Link to comment Share on other sites More sharing options...
crazy diamond Posted February 27, 2008 Share Posted February 27, 2008 F*ck me! I didn't know they'd rented out Kensington Palace. not necessarily. rents in london are quite high and a 4 bed house can easily set you back almost double that in rent Quote Link to comment Share on other sites More sharing options...
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