TelBoy

Tima and a place, Bajie, time and a place...

unclebuck

I remember those days too. What a great time to buy. Bargins everywhere. It was that slump that enabled me to get on the property ladder.

UB

Bajie

Sadly I was in the rental trap paying a "mortgage" on a house that wasn't mine and couldn't bear giving some muppet me cash anymore so gave it to the government instead.
lol Been doing the same ever since ...

carl

You sure about this? I thought they only hit 15% for the afternoon on Black Wednesday which was, what, 1992?

scoobynutta555

http://www.houseweb.co.uk/house/market/irfig.html#85

Try here for the base rate figs since 1985

15% in one month, doesn't say how long in the month though

tiggers

Well that shows you didn't have a mortage in 1989/90 then doesn't it.

By your Black Wednesday comment I assume you are refering to our beloved previous Tory government's efforts to keep us in the ERM when everyone knew we could not stay in it.

They of course knew this, but wanted to avoid losing face so thought they'd sell off half the country's reserves and put the base rate up to 19% and then 25% if I remember correctly to try and ride it out. It saved their face for around 12 hours as by the following morning we were out of the ERM and a lot worse off as a country.

And people say they knew how to handle the economy

And Yes I paid the 15.4% mortgage rate for 14 months as I have just checked on my old statements. Back then I was happy if we got down anywhere near 11% - those were the days

tiggers.

scoobynutta555

Yep, I can go along with the 15% for at least a year. Be a bit of a shock to a lot of people if rates went up to 15% like they were then

You've never had it so good

carl

Well, I was 16/17 then... busy getting an 'A' grade in GCSE Economics

tiggers

Sorry mate, I didn't mean to come across like I was having a go. Just pointing out that if you did have a mortgage back then you'd definitely remember it.

DEEDEE

My mortage payments are only £67 a month but the wife pays £70ish We do not complain any more. Life is great when your old 44 years, part time not far away

catherine666

Negative equity isn't something I have experienced from a personal point of view in my lifetime.

My parents bought a 4 bed house in South-East London for 90k in 1993-1994. They sold up for ~230k and they now own a 5 bed house outside of london (in a 'cheaper' area) that cost them 340k, and is now worth near to 450.

A 3bed terraced in the same area was on for 239,995. It sold for 232750.

This is a joke. I can't even afford a 1bed.

Damo