0.25% is £9 a week on a 100k mortgage - ooh I'm scared

[Edited by workshy_fopp - 11/6/2003 5:11:39 PM]

 

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]

 

...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]

 

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]

 

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

 

<Adds AutoTrader To Favourites>

 

sial

 

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

 

It's £9/month on a 100k mortgage is it not??
Even less scared!


[Edited by imlach - 11/6/2003 6:53:04 PM]

 

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.

 

Fecken wow £20 needs to be £200 plus to have a good affect.

 

that's only another 2.25%...

 

@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)

 

yes yes please more intrest then me money in the back grows as well

got to get to 5% by end on next year

steve

 

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

 

guess who's just bought a house

 

not fecken me

steve

 

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

 

pslewis - nope, I have it the correct way around, surprising as it may seem!

 

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

 

I hope you are lying down!

I know it SEEMS like it should be the same, but it is not.....

 

must depend on the deal you get

steve

 

The capital payment does not have interest applied to it, and you should note my figures are about increases due to interest....

 

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 :-)

 

there

 

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

 

You're still wrong

 

ask ANYONE here, pslewis is NEVER wrong!!

Pete

 

dig out your spreadsheet Pete.....alternatively, try some of the online calculators if that is too complex for you :-)

 

Don't worry Pete, been on here since 1999, so know your reputation, but never been bothered to challenge it.....