Hahaha, is Scunthorpe that bad you can pick a gaff up for 60k? Nahhhhh.

Im currently being stupid (as Im technically unemployed) and sitting on a 120k mortgage thats interest only paying £160 a month. I know its not the best idea but being unemployed its actually perfect for me, couldnt live anywhere else for that money. Up until a couple of months ago I had the ease of putting £400-500 a month away to take off the equity, obviously not now but that suits me in my situation. I know realistically I need to find a steady job before rates start to rise but they will have to get quite high to worry me personally.

 

Wasn't far off

 

its a Subaru forum though, so all about headline figures

 

and p1ssing competitions. Always has been

 

I don't think its a clear cut as this, people always seemed scared of "negative equity"
If you plan to keep the house long term, then it won't matter anyway as eventually the house will belong to you. So you won't have to worry about being in "negative equity"

Its also very unlikely having an extra 5% will make any real difference to whether you can remortgage anyway. Its also a bad idea in my book, if you need the cash then save up. Why borrow money against your house? Crazy!!

 

Who said anything about borrowing extra money?

Do you understand what remortgaging consists of? Simply changing your mortgage product once a current deal expires or becomes too expensive.

Sorry to be abrupt, but do you not understand the implications of being in negative equity? I.e being stuck on a terrible mortgage rate because no other mortgage company will touch you as your house is worth less than your mortgage? Not being able to move, being crippled by high mortgage payments as interest rates rise.... Because lets face it, if you can't save the extra deposit then you are not likely to be able to pay significant increases in your mortgage which can come from interest rate rises.

Some people haven't got a clue, get real.

**doesnt include op, as he has stated he bought below value. Also won't fit every circumstance, I.e adding value to a run down house.**

 

You clearly have no idea what you are talking about son, when your deal ends you go on your current lenders SVR, in a lot of cases this is actually a pretty low rate and can be a better deal than the one which you were previously on. This is a risky strategy but its all about risk anyway. My deal on my flat I rent out ran out in Aug last year and I am on the SVR, which is less than I would pay if I were to tell the bank I am renting it out and go on a buy-to-let mortgage. So I am happy to leave it as it is for now. Ok so rates may rise, hosing market could also crash, if it did your 75% mortgage would also be a very big headache for you x 4!!!

Most people buy their house as a long term investment in the hope it will rise etc. So finding out that your house is worth a few grand less than it was a few years ago aint such a big deal if you plan to keep it for the next 20 years.

I have a house with a 60% mortgage and I also have a flat in London which is around the same, both are worth well in excess of £300k so I am not worried. The house may have lost some money since I bought it 2 years ago, I don't know and I don't really care as I plan to be here for at least another 10 years and who the hell knows what will happen in 10 years. Its very unlikely I will lose anything on the flat since the market is London is strong and I have been making +£350 on the rent to mortgage for the past 2 years.

 

Lol you must have been on tuppence apenny, because they were selling houses in sunny scunny for a fiver with a whippet and a ferret cash back

 

Lol at the pissing contest, you'll not approve of my method

I'm intrest only with 140k but i have saved about 30k in payments over the last 4yrs which i have spent on the house i intend to keep as this one i plan on selling, but there is no way i could rent a 3 bed detached in this area for what i'm paying on the mortgage which is £300 ish.

There are many ways to skin a cat depending on your end game, but it is in most cases cheaper to buy than rent, so i would say who care what % it is if you plan on staying for a few years then it's imaterial how large the deposit is, historically houses double in value every 10 years, maybe not to the day but it all evens out over time.

And if your renting the rent WILL go up in line with mortgage rates as someone is paying a mortgage on the property, so it may as well be your name on it.

 

I think I'm the opposite of the usual pissibg contest on here as I boast how poor I am or frugal with my modest incomings

I couldn't give the smear off a vaginal wall to be fair

 

What a delightful piece of imagery!

 

Yeah you're right, i've not got a clue.

 

I wasn't bragging. If i was, then i would have mentioned my huge **** aswell ..... oops

 

On the plus side you've been reunited with your long lost dad.

 

Very good

 

Is that the one stuck up your rear end!

 

But Dad, you told me never to tell anyone about that

 

*snigger.

 

Glad to see you finally saw sense. I totally understand though, its a complicated industry and its easy to think you know what your talking about even when you don't. Better luck next time

 

I wasn't referring to you it should I ever hsve a need for a huge ****, I'll give you a call

 

agreed, I wish Mamoon would stop ramming his "i,ve got a big ****" down everyones throats, it's not big and it's not clever

 

I've got no problem with mamoon having a big c8ck, I just don't want my face rubbed in it all the time.

 

quite

and if it really is that big, well, he can just go and shove it up his own ****

 

Barking dogs don't bite.

 

Oh stop it!

You bunch of Homos