@yo-its-me saidGood luck, the interest rates are low at the moment but people are still eager to bargain for a lower price anticipating further increases with the state of the economy. It was 13.5% when I got my first place in 1990 but on it’s way down 😮
It's comforting to know others have had similar struggles with all this.
Thank you all for your replies.
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- 10 Jan 08
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@woodgirl saidWhat? Interest rates are higher than they've been since 2009.
Good luck, the interest rates are low at the moment but people are still eager to bargain for a lower price anticipating further increases with the state of the economy. It was 13.5% when I got my first place in 1990 but on it’s way down 😮
@a-unique-nickname saidVery true. We have a generation of home buyers who have only known super low interest rates. Big shock coming when their fixed term ends.
What? Interest rates are higher than they've been since 2009.
@woodgirl saidthe thatcher years 79 -90 were high interest years, I bought my first home in 84, when labour came in the rated dropped dramaticaly I was in negative equity fot about 6 years at times I though I might of lost the house.
Good luck, the interest rates are low at the moment but people are still eager to bargain for a lower price anticipating further increases with the state of the economy. It was 13.5% when I got my first place in 1990 but on it’s way down 😮
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@a-unique-nickname saidIn Canada back in the early 1980 a 5 year fixed interest mortgage averaged 19.4%. Man that’s like credit card interest. I never had a real “mortgage” for any of the homes I bought. It had nothing to do with any good financial acumen but rather being in the right place at the right time. Buy low, sell high. Purely blind luck.
What? Interest rates are higher than they've been since 2009.
@a-unique-nickname saidIt’s low in comparison to what I first had. A third of my wages went on my mortgage, that was the max that a building society would lend at that time. Buying my own home was my priority. I accepted that I couldn’t afford a holiday, never bought take aways, drove a cheap car, rarely went out and ate sausage rice and sweetcorn for Sunday lunch.
What? Interest rates are higher than they've been since 2009.
Understandably there are so many things that the average family have got used to, mine included, like smart TV,s, phones for the kids, computers, designer clothes, Sky tv, a lease car, fun outfits for dogs, frequent take away snacks. We’ve never had it so good and never will again I feel.
@great-big-stees saidWow that is high! I’ve bought at a peak mortgage rate plus sold during a dip in the housing market losing 16% on one house.
In Canada back in the early 1980 a 5 year fixed interest mortgage averaged 19.4%. Man that’s like credit card interest. I never had a real “mortgage” for any of the homes I bought. It had nothing to do with any good financial acumen but rather being in the right place at the right time. Buy low, sell high. Purely blind luck.
@woodgirl saidI was very lucky when I bought my new flat (condominium) two years ago, getting a 5 year mortgage at 1.4% interest. The general understanding though is that variable interest rate has always proved to be better in the long run.
Wow that is high! I’ve bought at a peak mortgage rate plus sold during a dip in the housing market losing 16% on one house.
@torunn saidThat’s excellent, good for you.
I was very lucky when I bought my new flat (condominium) two years ago, getting a 5 year mortgage at 1.4% interest. The general understanding though is that variable interest rate has always proved to be better in the long run.
- Joined
- 10 Jan 08
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@woodgirl saidBut you said that they're low at the moment, which is far from the case. Also, take into consideration the difference in houses prices now than in early 1990. A 200k mortgage with 6% could cost more than a 70k mortgage with 15%... Obviously depends on the term length etc.
It’s low in comparison to what I first had. A third of my wages went on my mortgage, that was the max that a building society would lend at that time. Buying my own home was my priority. I accepted that I couldn’t afford a holiday, never bought take aways, drove a cheap car, rarely went out and ate sausage rice and sweetcorn for Sunday lunch.
Understandably there are so ...[text shortened]... outfits for dogs, frequent take away snacks. We’ve never had it so good and never will again I feel.
I'd say the few years pre 2007 was an ideal time to buy. Going by The Big Short 😂
@a-unique-nickname saidOk, that was wrong. Hadn’t realised that the rate was as low 0.5% when I paid mine off in 2017!
But you said that they're low at the moment, which is far from the case. Also, take into consideration the difference in houses prices now than in early 1990. A 200k mortgage with 6% could cost more than a 70k mortgage with 15%... Obviously depends on the term length etc.
I'd say the few years pre 2007 was an ideal time to buy. Going by The Big Short 😂