Mortgage approvals strong in July

[wendigo100]

do people think that a >£200k mortgage is way above the norm?

No. There's millions of poor saps borrowing >£150K.

[ElectricChair]

Note the word "July" this is significant.

The key date is 10th August.

That is the date when a major US bank announced bankruptcy, and banking stocks plunged about 10-15% and the Federal reserve, the bank of Japan and ECB pullled the emergency cord.

Of course this may have no effect on the UK housing market, because the UK is different.

do you mean a bank announced bankruptcy or some of its funds announced bankruptcy.

[oracleslave]

No. There's millions of poor saps borrowing >£150K.

+- £285 000 to go

[wendigo100]

+- £285 000 to go

Does that mean you're into the man for 435 big ones? (as they say in Noo Yoik)

[chicane]

do people think that a >£200k mortgage is way above the norm?

If you expect to be able to pay it off in less than 10 years from now, it's not a big deal. Anyway, these days you have to spend around that amount anyway to have a chance of escaping the scrotes.

[oracleslave]

Does that mean you're into the man for 435 big ones? (as they say in Noo Yoik)

Almost

[sasguru]

Almost

Ouch! I wouldn't be able to sleep nights. Does your partner also work?

[~Craig~]

If you expect to be able to pay it off in less than 10 years from now, it's not a big deal. Anyway, these days you have to spend around that amount anyway to have a chance of escaping the scrotes.

Well i'm only 25 anyway so I have a fair while to pay it off. I would try and plough any extra funds into paying it off earlier though.

[wendigo100]

Almost

I'm impressed. Good money being an Oracle slave then I assume.

Or is it BTL and all that malarky?

[BlasterBates]

do people think that a >£200k mortgage is way above the norm?

I'm looking to move from my first place to a 3 bed house and it's quite a sizeable jump.

Don't do it Craig, wait. A year ago the US didn't have a housing bubble, now its official.

Houses ain't going to rise from now on and I think you may see a sizeable drop in house prices.

A lot of house owners will be moving onto more expensive mortgages over the next few months, coupled with the tightening of credit, this will probably put pressure on house prices.