Bank raises UK rates to 3.75%
11 June 2003, 11:35 PM
#2
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Cheers for all the contributions to my thread. Interesting stuff.
pslewis - great to see you are attempting to talk sense for a change (as I know you can, or maybe not)
UB
[Edited by unclebuck - 11/6/2003 11:43:59 PM]
pslewis - great to see you are attempting to talk sense for a change (as I know you can, or maybe not)UB
[Edited by unclebuck - 11/6/2003 11:43:59 PM]
11 June 2003, 11:53 PM
#3
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...you are assuming a mortgage lasts for 1 day Pete - do you know anyone with a mortgage lending period of 1 day....err, no, neither do I!
My original statement said over a period of 25 years, and the monthly increases are 100% correct in my original statement.....
ie, at the end of this month, someone with an interest only mortgage will pay £20 more, and someone with a repayment will only pay £14 more....
FACT and more to the point, my example is real world!
Now admit you are wrong
[Edited by imlach - 11/6/2003 11:57:26 PM]
My original statement said over a period of 25 years, and the monthly increases are 100% correct in my original statement.....
ie, at the end of this month, someone with an interest only mortgage will pay £20 more, and someone with a repayment will only pay £14 more....
FACT and more to the point, my example is real world!
Now admit you are wrong
[Edited by imlach - 11/6/2003 11:57:26 PM]
11 June 2003, 11:53 PM
#4
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erm - Pete - Much as I dislike you, I am a qualified CeMAP mortgage advisor and I must say - You are full of $hit......
btw - you are also correct..... once in a lifetime
Imlach - mefinks your calculator needs new batteries
[Edited by fast bloke - 11/7/2003 1:04:06 AM]
btw - you are also correct..... once in a lifetime
Imlach - mefinks your calculator needs new batteries
[Edited by fast bloke - 11/7/2003 1:04:06 AM]
06 November 2003, 12:33 PM
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So, it's finally begun. It's not a lot but the party is coming to an end. (way after it should have done)
Pretty soon we'll start to find out who's finacially secure and who has been living on credit way above their means.... (X5 owner types spring instantly to mind)
http://news.bbc.co.uk/1/hi/business/3246383.stm
UB
Pretty soon we'll start to find out who's finacially secure and who has been living on credit way above their means.... (X5 owner types spring instantly to mind)
http://news.bbc.co.uk/1/hi/business/3246383.stm
UB
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06 November 2003, 04:15 PM
#8
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NO use what so ever 
. The property below went on the market yesterday and today i find ( see below) was on at £225k needing at least 50k to but back in order. Already bids way over 225k.
**** **** ****
Can't believe this it has happend again......
This time no viewing till this monday and peeps already put offers in before they view it internally...
Already over its flippen guild price
Steve
PS totally p@ssed off with house prices , this is on top of the .25% rate rise ... Lets hope Rate goes to 10%
steve
. The property below went on the market yesterday and today i find ( see below) was on at £225k needing at least 50k to but back in order. Already bids way over 225k. **** **** ****
Can't believe this it has happend again......
This time no viewing till this monday and peeps already put offers in before they view it internally...
Already over its flippen guild price
Steve
PS totally p@ssed off with house prices , this is on top of the .25% rate rise ... Lets hope Rate goes to 10%
steve
06 November 2003, 09:17 PM
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On the radio today 100 grand repayment mortgage will add an extra £20 per month. I foresee a lot of very unhappy people because this is only the start of rises.
06 November 2003, 09:33 PM
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@stephen emery.......but if you were selling this house the offers would be ok i guess
Why didn't/haven't you put an offer in then? I've put offers in for houses before viewing a few times, if that's what you have to do in the current market, get in there first and if you change your mind just pull out (oh er missus)
Why didn't/haven't you put an offer in then? I've put offers in for houses before viewing a few times, if that's what you have to do in the current market, get in there first and if you change your mind just pull out (oh er missus)
06 November 2003, 10:03 PM
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Hmm....seems to be a lot of difference in figures on here (me as well!).
The definitive guide is that (over 25 years) with an increase of 0.25% interest :
Interest only 100k mortgage ---> up £20.83/month
Repayment 100k mortgage ---> up £13.81/month
The definitive guide is that (over 25 years) with an increase of 0.25% interest :
Interest only 100k mortgage ---> up £20.83/month
Repayment 100k mortgage ---> up £13.81/month
06 November 2003, 10:53 PM
#18
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imlach:- Interest only 100k mortgage ---> up £20.83/month
Repayment 100k mortgage ---> up £13.81/month
------------------------------------------------------------
I would hazard a guess that its the other way around?! Repayment is ALSO the payment of capital, so would be higher!
I agree that the rate needs to go up to 7% to stop the madness in the property market!
Pete
Repayment 100k mortgage ---> up £13.81/month
------------------------------------------------------------
I would hazard a guess that its the other way around?! Repayment is ALSO the payment of capital, so would be higher!
I agree that the rate needs to go up to 7% to stop the madness in the property market!
Pete
06 November 2003, 10:57 PM
#20
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The interest part of the mortgage is the SAME surely???
The capital payment makes the repayment method higher
I think I will have to have a lie down if I am wrong!!
Pete
The capital payment makes the repayment method higher
I think I will have to have a lie down if I am wrong!!
Pete
06 November 2003, 11:00 PM
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Nope, nothing to do with the deal you get!
Work it out for yourselves - in fact, this is now a puzzle for you all :-)
I'll post the answer once you're all at your wit's end :-)
Work it out for yourselves - in fact, this is now a puzzle for you all :-)
I'll post the answer once you're all at your wit's end :-)
06 November 2003, 11:14 PM
#26
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The interest payment on the SAME deal will be the SAME if £100k is still outstanding, with the exception that a repayment mortgage requires a higher payment to re-pay capital!
Pete
Pete