shytorque

Well guys it has been five years now at the ultra low rate of .5% interest.
Reckon is has kept about 45K in my pockets .
What about you.

Or if you like how much has it cost you in lost interest?
Don't make any silly stories up though!!!
Tell all.........

Cpt Jack Sparrow

iTrader: (14)

**** all, as i was one of the unlucky ones that had just fixed my mortgage rate.

although last year it dropped drastically when we went back to variable.

we had got used to living paying the high amount so have continued for the last year making overpayments on the mortgage of nearly £800 per month

Mortgage dropped by 10k in a year happy days

shytorque

I do like good news stories !!!

MDS_WRX

iTrader: (1)

Don't know how much I've saved, but I've taken 4 years off my mortgage and continue to pay the same amount monthly so that's got to be worth quite a decent amount.

shytorque

Nice........!!!
Keep chipping away at it son whilst the goings good !!!

boomer

Think about us savers who are funding your mortgages!

Big losses after inflation

mb

shytorque

Well yes ...
I guess there cant always be just winners !!!!!
Sorry about that.............

john banks

It is possible to play both sides of the curve.

tony de wonderful

Basically, and the taxpayer too bailing out the banks, plus you have QE which leaves a liability.

It just shows there is no such thing as a free market, there is just politics.

hodgy0_2

I think your big mistake TDW was to underestimate the lengths "they" would go to underpin the status quo

When they felt threatened - unlimited funds were deployed (unlimited funds)

boomer

Just you wait until it goes up to 15% (that is FIFTEEN, not one and a half), like when i took out my mortgage

mb

tony de wonderful

Ultra-cheap money is perceived as the new normal.

Dingdongler

Am I the only one who gets the feeling that shytorque's posting style is very similar to PSLewis?

Matteeboy

He's an uber troll who uses loads of websites.
Bangs on about being loaded yet is leasing a 2.2 diesel jag, goes on about his missus get an AMG Merc on day, tries to put everyone down, gets pretty nasty at times.

Basically avoid.

jay-sti

iTrader: (2)

My mortgage came to its initial fixed 2 year term just as the market crashed , it went from 6.97% to 2.5% overnight , my mortgage dropped from £890 pm to £300 , since then I've saved £300-£400 a month and had a much better quality of life

Haven't saved a huge ammount over the 5 years as I've spent some sums on holidays , cars etc , also paid of any other credit or loans I've had and bought 4 new cars in that time but I've still managed to save over £10k

From struggling each month and worrying about money , to much more comfortable and relaxed , all in all the interest rate has been a big plus for me

'My parents on the other hand who are mortgage free and rolling in it are not so happy

Henrik

iTrader: (5)

It's fscked everyone who didn't have a mortgage over, basically:

* House prices were kept artificially high, when they were already out of reach for most would be buyers.
* Due to the low interest rates, the gbp got screwed -> inflation in living costs and goods, but no wage inflation

In my opinion, it sacrificed the 20-somethings and early 30-somethings to save those who already had mortgages but had overpaid for their houses.

Thanks, Gordon and Mervyn, much appreciated!

john banks

I was looking at gold prices the other day. Looks like selling gold to buy a house in summer 2011 has worked well with a 50% growth in house prices vs gold in that time. Gold should have continued upwards and houses should have gone down, but it although there may not be the manipulation of gold prices as previously thought by GATT, house prices have certainly been manipulated upwards.

Reducing interest rates still leave capital to be paid, a lot of capital for even a modest house. After worrying about Scottish independence I'm still wondering what to do next, present plan is to pay down debt asap, but reap the subsidised below inflation borrowing costs.

tony de wonderful

It's the debt which is being used to buy assets which is the mal-investement, if you are buying a business or something then it is good to take advantage.

tony de wonderful

That's somewhat of a contrarian point of view but one which I agree with. The bein pensant would view cheap credit as normal now and our house prices as normal; note the way the government has framed H2B as just normalising the housing market ("people can afford the mortages but the banks just won't lend because they don't have the deposit") - they corrected the market back to the 'right way' of getting big loans cheaply with low or no deposits. I think certainly that the idea of (what were) normal interest rates is being slowly forgotten by the younger generation, and this creates a massive moral hazard and potential future problem. There is safety in numbers I guess, the state cannot just ruin everyone overnight.

john banks

I'd like to say it was the former to be contrarian to your view and assert my willingness to participate in rigged markets to my considerable advantage, but the reality is there is no buy to let, it is commercial and agricultural plus own main residence.

pslewis

Savers like myself have suffered badly ..... when I had a mortgage it was 15% and savers were enjoying 10%!!!

Inflation reduced the debt without trying, I do admit that.

What I would give for a 10% savings rate today ..... that would add around £50,000 to my annual income - instead, it sits at a rather pathetic £10,000 per annum - not happy at all about that.

But, if it saved my savings from being completely wiped out and my Pension Fund desolated ...... then OK, maybe it's a fair swap.

Well done Labour for sorting it out before the current muppets took over - we have a lot to thank Brown and Darling for .... they saved the world from meltdown by showing the way forward.

Dingdongler

You often quote H2B. Do you have any idea how many homes have actually been financed this way?

tony de wonderful

Housing market is very thinly traded, it doesn't take much to distort it, plus you have people joined a 'crowd' than must buy now, in part incited by the fear of the H2B'ers jumping in first.

Just going on what I am seeing around here.

pslewis

Most of the big rises in property has been driven by those who are cash buyers .... very few Help to Buy purchases.

It's the reason that raising Interest Rates will not reduce House Prices ....... property is currently being bought mortgage free.

shytorque

Which other websites?
Never had a jag..
Misses has no Merc
Don't put people down...
Yes I can be nasty if provoked
Avoid...its your loss son!!!!

shytorque

PS might be chuffed being likend to me but its a bit hurtful to me !!!

shytorque

[QUOTE=jay-sti;11372276]My mortgage came to its initial fixed 2 year term just as the market crashed , it went from 6.97% to 2.5% overnight , my mortgage dropped from £890 pm to £300 , since then I've saved £300-£400 a month and had a much better quality of life

Haven't saved a huge ammount over the 5 years as I've spent some sums on holidays , cars etc , also paid of any other credit or loans I've had and bought 4 new cars in that time but I've still managed to save over £10k

From struggling each month and worrying about money , to much more comfortable and relaxed , all in all the interest rate has been a big plus for me






That's what I like to hear

Dingdongler

imho the housing market is not 'traded' in the way stocks, commodities etc are. So the term/concept 'thinly traded' does not apply to houses.

So I'll ask again, do you know how many homes were purchased in 2013 using H2B?

Dingdongler

Mat, I get a feeling in my water that he is PSL

Matteeboy

You might be right.
I thought he was another antagonist from a BM website but maybe not.
Very strange...