Vauxhall Owners Network Forum banner

941 - 960 of 1069 Posts

·
Super Moderator
Joined
·
25,362 Posts
Aye, if we down-size at some point, we'll buy outright. Just enjoying the space and spare rooms etc at the moment. Especially with our teenage boys having get-togethers with plenty of friends and stuff here.

I fixed at 2.11% for 5 years, which ends this autumn,.....so I'll start shopping round for an even better deal in the summer. It's not too bad now at £749 a month (£500 off the mortgage and £250 in interest...ish).
The Bank of England base rate may drop again , my mortgage as been super low for the last 10 years or so because i never fix the rate , my mate had locked his into a 5 year deal fixed at 5% which at the time seemed a good idea but turned out not to be.
Back in the late 90’s & leading up to the financial crash ,the ex wife sold new build homes to the Indian community in Leicester , whole families would chip in to buy the house & sit on for 6 months & sell it for around £60,000 more than they paid for it , however this wasn’t really a profit because the next house they would buy had gone up by £60 ,000 as well & so we’d watch the money go round.
Trouble was though that people who weren’t moving seen their property value soar so borrowed extra monies against the house to finance new cars , house extensions & flash holidays.
She was arranging mortgages for buyers giving them ratios of up to 7 times their wages , absolute madness but everyone involved in selling the property & sorting the finance got big commissions , the greed overtook leading to more & more risk being taken just to shift the brick.
Luckily i didn’t get swept up in the clamour for more of more.
The only buyers making real money were the buy to let money men , the ex sold 12 3 storey apartments to one bloke on a Sunday afternoon in Northampton.
When the bubble finally burst an awful lot of people got caught not only in negative equity but also trapped in mortgages like those from Northern Rock that when it collapsed their mortgages got sold on by the government to other financial institutions who then trapped them in high interest rate mortgages that wouldn’t drop , a nightmare that many families still suffer today.
As the ex wife used to say , “ it doesn’t always end well when the man or woman in the street try to be clever with money “
 

·
VXON's middle-aged lesbian.
Joined
·
2,998,491 Posts
*The Bank of England base rate may drop again

*my mate had locked his into a 5 year deal fixed at 5% which at the time seemed a good idea but turned out not to be.

*to buy the house & sit on for 6 months & sell it for around £60,000 more than they paid for it , however this wasn’t really a profit because the next house they would buy had gone up by £60 ,000 as well & so we’d watch the money go round.

*Trouble was though that people who weren’t moving seen their property value soar so borrowed extra monies against the house to finance new cars , house extensions & flash holidays.

*Luckily i didn’t get swept up in the clamour for more of more.

*The only buyers making real money were the buy to let money men

*When the bubble finally burst an awful lot of people got caught not only in negative equity

* “ it doesn’t always end well when the man or woman in the street try to be clever with money “
*Here's hoping ;-)

*5%? How long ago? Was he was in next to no equity or something. Even 3% was quite high in 2015 when we moved, for example. Think our first ever mortgage in 1998 was about 5.29%.

*Aye, that was going on down in the south east where we were. Nothing to be gained really, unless you do what I did (and am still doing now for a THIRD time), is buy a slightly cheaper project that needs work, and do tons of it yourself. Then I took my new equity to a completely different end of the country where the money goes an awful lot further,.....in a much nicer area too oddly enough.

*I did that once, in 2006. I whacked my first Audi S4 on the mortgage (£9800). Luckily I spent the rest of the extra on the house itself.

*Nor me. I just want to make a good lump of security now, for later on. To make life more comfortable for family in the future. Just in case I die in a 'bizarre gardening accident' or summat (see Spinal Tap).

*Those were scary times. I remember them well. People we knew lost just about everything.

*It's a gamble for ANYbody, even the so called experts.
 

·
Premium Member
Joined
·
13,210 Posts
Discussion Starter #943
Aye, if we down-size at some point, we'll buy outright. Just enjoying the space and spare rooms etc at the moment. Especially with our teenage boys having get-togethers with plenty of friends and stuff here.

I fixed at 2.11% for 5 years, which ends this autumn,.....so I'll start shopping round for an even better deal in the summer. It's not too bad now at £749 a month (£500 off the mortgage and £250 in interest...ish).
I still like the flexi/offset mortgage though. Make over and underpayments without penalties, any savings were also offset on the mortgage, which also saved money on interest. If you are looking for security, a fixed rate a good idea too. Although you can also get some of those and make over payments when you can on the capital, without any penalties. They seem to be more competitive now, compared to say 20 years ago.
When I bought my current house I maxed out on the mortgage, as I needed to hold some money back to spend on renovations. When I bought my first house, many moons ago, I thought paying the mortgage was it. I didn't think about the house needing maintenance too:ROFLMAO:You seem to start and by the time you finish, it's time to start again. Old houses have big mouths. My house was built in the early 70's, so has stacks of potential, within an established estate. We also like room, so downsizing won't be easy, my son is at home still too. What I have learn't over the years though, the bigger the house, the more you fill it
 

·
VXON's middle-aged lesbian.
Joined
·
2,998,491 Posts
Think we're allowed to over-pay our fixed mortgage by something like 10% per year, without penalty.

Yeah, we added some money on top to get some jobs done that I knew would need doing fairly quickly (new boiler/garage door/uPVC side doors/new LED lighting/fireplace etc etc etc). Cheap money to borrow really, as long as it's not spent on posh new cars and trips to Florida.
 

·
Super Moderator
Joined
·
25,362 Posts
*Here's hoping ;-)

*5%? How long ago? Was he was in next to no equity or something. Even 3% was quite high in 2015 when we moved, for example. Think our first ever mortgage in 1998 was about 5.29%.

*Aye, that was going on down in the south east where we were. Nothing to be gained really, unless you do what I did (and am still doing now for a THIRD time), is buy a slightly cheaper project that needs work, and do tons of it yourself. Then I took my new equity to a completely different end of the country where the money goes an awful lot further,.....in a much nicer area too oddly enough.

*I did that once, in 2006. I whacked my first Audi S4 on the mortgage (£9800). Luckily I psent the rest of the extra on the house itself.

*Nor me. I just want to make a good lump of security now, for later on. To make life more comfortable for family in the future. Just in case I die in a 'bizarre gardening accident' or summat (see Spinal Tap).

*Those were scary times. I remember them well. People we knew lost just about everything.

*It's a gamble for ANYbody, even the so called experts.
Just before the crash , he was expecting the interest rates to rise based on information he’d been given at the time , a year later it came crashing down & he was locked into the deal.
 

·
Rascal
Joined
·
11,856 Posts
Our new mortgage is fixed for 2 years to start with, get us in and sorted with a known figure of 1.51% but after that it will go to 4.54% (unless I renegotiate or the rates change of course!)

I wonder how many people don't renegotiate though.. you'd have to, surely, at those rates?
 

·
Super Moderator
Joined
·
25,362 Posts
Our new mortgage is fixed for 2 years to start with, get us in and sorted with a known figure of 1.51% but after that it will go to 4.54% (unless I renegotiate or the rates change of course!)

I wonder how many people don't renegotiate though.. you'd have to, surely, at those rates?
I’m lucky that I’ve been with my building society since 1987 , when the rates go high I always get offered a 2% discount over 3 years for a small sum.
However with rates being this low I’ve not been offered any discount which is perfectly understandable.
 

·
Premium Member
Joined
·
635 Posts
Spent the day gettin messy. Gunna spend the night getting even messier 😅😅😅😅 welllllll it js me birthday 🎂 woop woop
 

·
Premium Member
Joined
·
9,738 Posts
Went with Neighbour/Mate to my mates garage to get his Nissan Navara Pick up MOT'd, left car with him went back hour later, mate gave him his MOT, but told me exhaust at front wont last much longer, front tyre is close to limit, wheel bearing on front a little grumbly just keep an eye on it.
 

·
Premium Member
Joined
·
13,210 Posts
Discussion Starter #953
Went with Neighbour/Mate to my mates garage to get his Nissan Navara Pick up MOT'd, left car with him went back hour later, mate gave him his MOT, but told me exhaust at front wont last much longer, front tyre is close to limit, wheel bearing on front a little grumbly just keep an eye on it.
At least it passed(y)
Mine is going in next week for the cambelt kit, water pump, alt belt & mot. As it's 6 years old & it's first cambelt change.
 

·
Super Moderator
Joined
·
25,362 Posts
Been listening to Rush albums today, since hearing about the death of my drum-hero, Neil Peart 😢 😢
When did Neil pass ?
Some great songs from that band , first heard of them in the late 70’s on a radio show called Friday night rock show.
They had such a distinctive sound that made the tracks stand out against other rock bands of the time.
Every now & again i just have the need to put some Rush on 😊
 

·
Super Moderator
Joined
·
25,362 Posts
The new series of Karl Pinklingtons Sick of It is now available to watch on Sky one.
Brilliant comedic take on real life’s erks & dilemmas & awkward situations.
In this series his mom says he needs a girlfriend , meanwhile he gets restless with life in general & stops taxi driving.
He gets rid of the Skoda & leases a brand new BMW 7 series with all the gadgets etc & starts a single client chauffeured service because he heard there was big money to be made.
As usual he soon realises it’s not all sugar & roses.
 
941 - 960 of 1069 Posts
Top