mortgage rates

[smiley]

We have come to the end of our mortgage deal.

As we were applying they were being withdrawn quicker than we could apply.

We have one to post of our papers at 4.99% but have to pay the fees.

Whilst going through the application we were told the amount we could borrow if we wanted ( which we don't).

we were offered 5.5 times my hubbys salary, does this not seem strange to anyone?

I have only ever borrowed what the wage package could afford to pay, and we struggled at times to make ends meet on 3 times the salary.

Obviously, I don't understand the ways of certain finance.

Why do the banks etc still offer stupid money 5.5 x the salary when people will get in trouble paying it back.

Surely it would be better to curb the amount x salary then people wouldn't use stupid credit to live and pay mortgages.

 

[JasonR_374341560]

What is a Mortgage hee hee hee,

Thank god we paid ours off many many years ago.

I pity those trying to get on to the housing ladder and those paying Labours bills whilst trying to pay Abbey and Co.

 

[botty]

hhi same here ours was paid for some years ago now our daughter and her partner bought there first house last year think if they had been looking now dont think they would have had much chance they had a little help getting on the ladder but it is better than them paying rent and seeing nothing for it

 

[colin(bridgend)]

Our son, who is single, obtained his degree in June 2007 and now has a very good job earning over

 

[JasonR_374341560]

As before our son has just given us a house.

I'm still in shock, but would advise any youngsters to not be quick to flee the nest until they have saved some money.

 

[PaulHull]

Our mortgage is currently fixed at 5.65% but is apparently going to just up to nearly 7% (accorinding to current projections) when the fixed terms ends in 18 months time. This will mean nearly

 

[Wendy-Norfolk]

I have just looked through my paperwork.

In 1983 we borrowed an extra

 

[ShadySadie]

I'm glad Paul is so smart, we borrowed more than we could afford when our children were small. It assured them nice surroundings to live in along with their own nice large agrden to play in and good schools.

Many take risks for their families and to get on in life. I'm not sure how many of them are snobs though.

It's hard for people in all pay bands when the mortgage and housing market wobbles!

 

[DeliDave]

we had to overborrow and overpay by 1% as I had to have a self certifying mortgage being self employed Its only by luck and a second job that we got by and I certainly dont look down at anybody whose come unstuck .Its there by the grace of God nowadays,fuel has gone up with every delivery it seems food and utilities sky rocketing and every tax you could imagine being forced on us.This government is as bad as Prince John ever was imho

 

[LesleyRussell]

We bought our first house in 1984 - shortly afterwards interest rates crept up to 15.75% however in those times you did have the benefit of MIRAS tax relief which no longer exists.

HSBC are currently offering to match anyones current fixed rate mortgage when it expires although I have not looked fully into this so cannot confirm whether there are any hurdles / hidden costs etc but well worth an enquiry.

 

[Stephen_374341239]

Hi smiley

The reason for giving these 5.5 times salarys and more is in the hope you do defualt on you mortgage. Then thay can get there hands on the house and then sell at a profit Easy money.

 

[colin(bridgend)]

I do not agree with the government loaning

 

[Garfield]

We are planning to downsize to a 5 bed detached and clear the mortgage completely before my 44th birthday, we have managed this without inheriting / winning anything but just luck, hard work and nerves of steel when we had a mortgage of

 

[Wendy-Norfolk]

The best of luck to you, Garfield. :O)

A mortgage of

 

[MichaelE]

Problems will arise when trying to sell a bigger house as most likely it will be a chain,who will be at the bottom of the chain?

The first time buyer who cant get a morgage which upsets the whole apple cart.

My next door neigbours sale has fallen through because of this and he was 2nd in the chain of 6.