The real irony is interest only mortgages could be quite flexible - many of them allowed penalty free capital 'overpayments' during the term; most useful for people with feast and famine incomes.
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Reform to put millions in interest-only trap
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Originally posted by MPwannadecentincome View PostEvery 3 to 5 years is the average? God knows what has happened to all the people over 60 on my street who have been here 30+ years and there are families all over the houses as soon as they 'move on'!
Originally posted by MPwannadecentincome View PostBesides, maybe its 3 to 5 years average in a certain price bracket, I cannot imagine paying stamp duty at 3% + every 3 to 5 years.Comment
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Originally posted by Moscow Mule View PostI agree with you (I was just pointing out the statistics) except for the point quoted (and with a caveat) - the only reason house prices haven't crashed round our way is lack of supply
I look at what you can buy in Florida for $300k and what you can buy in Brum for £200k and it's big ******* difference!Comment
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Originally posted by AtW View PostOld people were less mobile.
Why not if house prices always go up by 10-20% a year?This default font is sooooooooooooo boring and so are short usernamesComment
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Originally posted by MPwannadecentincome View PostWTF then 3% stamp duty becomes 5% stamp duty and where does the money to pay the stamp duty come from? Either income or increasing the mortgage, so if you keep moving and having to increase the mortgage each time then interest only is a fool's game.Comment
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Originally posted by AtW View PostLook, if you move every 5 years than 3% stamp duty is 0.6% per year, not a big issue when interest rates were 5%+ _AND_ property prices were going up and up and up.
Property prices go up and up. So you need more income to move as the cost of moving is non-trivial. Stamp duty at 5% is not insignificant.This default font is sooooooooooooo boring and so are short usernamesComment
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