Mortgage deal ending

[denislawsbackheel]

So basically if/when it drops down to 2/3% ever again to fix for as long as poss ?

It won’t come back to those rates in your lifetime.
If I could have fixed at 5% for 30 years back in the day I’d have had their hands off.

 

[marco]

a few people going to be screwed,managble but not along with gas and eletricity costs on top

 

[BlueHammer85]

It won’t come back to those rates in your lifetime.
If I could have fixed at 5% for 30 years back in the day I’d have had their hands off.

House prices were ridiculously cheaper back then compared to average wage

 

[denislawsbackheel]

Not to those who were buying them at the time.
I was paying way over 50% of my take home pay on my mortgage in the 80s.

 

[mancityvstoke]

It won’t come back to those rates in your lifetime.
If I could have fixed at 5% for 30 years back in the day I’d have had their hands off.

yeah historically 5% is cheap.

 

[SiMCFC]

Not to those who were buying them at the time.

My Parents bought there house at the time for 25k when they were on 19k (1980s).

The same house now is worth £175k... Salaries have not kept up whatsoever.

 

[mancityvstoke]

My Parents bought there house at the time for 25k when they were on 19k (1980s).

The same house now is worth £175k... Salaries have not kept up whatsoever.

£19k a year is good money for the 80's

 

[denislawsbackheel]

My Parents bought there house at the time for 25k when they were on 19k (1980s).

The same house now is worth £175k... Salaries have not kept up whatsoever.

When they bought their house basic rate income tax was 30% with no tax free threshold and as pointed out £19K was good money.
To compare costs then and now you’d have to factor in post tax disposable income and monthly payments on mortgages. They were probably paying around 9% and over on their mortgage but qualified for MIRAS which is no longer available.
It’s too meaningless and glib to just say they earned £X and paid £Y for a house.

 

[Scoobz3]

Mortgae rates over time https://www.mortgageable.co.uk/mortgages/history-of-mortgage-interest-rates/

Good historical perspective here https://www.bankrate.com/mortgages/historical-mortgage-rates/

 

[BerkshireBlue]

Be catastrophic for the kids of young working couples that would have to sell their houses as well, I know plenty in my position where if what you want to happen actually happened would completely destroy us financially.

only to a very small percentage. it needs a big reset and someone has to take the brunt. I'm man enough to take it are others brave enough to stand up to the banks as well