Want a fixed rate mortgage?

[DealorNoDeal]

The average mortgage payment in 1997 was less than they are today as a percentage of someone's wage.

Yes, this caught my attention in the recent Nationwide thingy posted by Martin@AS Financial.

I assume mortgages have followed a similar trajectory. I remember the days when all you could borrow was 3x single or 2.5x joint. These days, the multiples must be much higher, which is fine when interest rates are rock bottom. But with them now at 6%...
.

[AtW]

The average mortgage payment in 1997 was less than they are today as a percentage of someone's wage.

Before or after tax?

It always cracks me up when before tax amount was used to calculate amount that can be loaned

[northernladuk]

Before or after tax?

It always cracks me up when before tax amount was used to calculate amount that can be loaned

Apparently the contractor lenders will lend to an Umbrella contractor based on their day rate. How's that going to work???

N.B. that was a year or two ago, not sure if that is still the case.

[Guy Incognito]

Are there any specialist mortgage products for very low LTV (<15%)?

Seems crazy I have to use high street products when my loan would be super-prime.

[northernladuk]

Yes, this caught my attention in the recent Nationwide thingy posted by Martin@AS Financial.

I assume mortgages have followed a similar trajectory. I remember the days when all you could borrow was 3x single or 2.5x joint. These days, the multiples must be much higher, which is fine when interest rates are rock bottom. But with them now at 6%...
.

Indeed. And you could take a guess that it will only take a crisis, like the mortgage one now or whatever in the future, to bring about another massive crash due to banks/institutions holding tons of toxic debt that no one can pay off. New buyers (or at least in the last 5 or so years) have got a very very rocky road ahead of them.

[AtW]

Are there any specialist mortgage products for very low LTV (<15%)?

Seems crazy I have to use high street products when my loan would be super-prime.

Hi, Gricer

[_V_]

Interesting the long term slope upwards there, the UK property prices are only sustained by larger and and larger income multiples. Not doubt the next 50 years people will think nothing of borrowing 20x their joint income on a multi-generational mortgage spanning 100 years.

How else will a 3 bed semi in Brum demand a £7m price tag.

[Lance]

Yes, this caught my attention in the recent Nationwide thingy posted by Martin@AS Financial.

I assume mortgages have followed a similar trajectory. I remember the days when all you could borrow was 3x single or 2.5x joint. These days, the multiples must be much higher, which is fine when interest rates are rock bottom. But with them now at 6%...
.

talk about a cherry picked data set. Was that from Scooty?
Here's another, cherry picked just to show a different story. London is an outlier that skews all data and should be excluded, ESPECIALLY when house prices are the subject.

[DealorNoDeal]

talk about a cherry picked data set. Was that from Scooty?
Here's another, cherry picked just to show a different story. London is an outlier that skews all data and should be excluded, ESPECIALLY when house prices are the subject.

I imagine the ratio for all Southern regions (excluding London) would be pretty high.

I guess we'll find out over the next year or so whether 6% interest rates are a problem.

[vetran]

I imagine the ratio for all Southern regions (excluding London) would be pretty high.

I guess we'll find out over the next year or so whether 6% interest rates are a problem.

Sunny Slough a decent two bed flat is £250k. You can move into a war zone for cheaper.