Originally posted by AtW
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Reply to: 40 year fixed rate mortgage
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Previously on "40 year fixed rate mortgage"
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Originally posted by ladymuck View Post
That's my understanding, but I'm not sure if borrowing multiples will remain the same. It's a good point now I mull on it further
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Originally posted by DealorNoDeal View Post
You mean, for a given income, they will let you borrow more with the 40-year than a 25-year?
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so not only economy is going the way of japanese zombie economy but the mortgages will also be longer like japan
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Originally posted by ladymuck View PostBut then you'd be comparing apples with oranges in terms of products as the size of borrowing is likely to be different for the different terms.
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Originally posted by DealorNoDeal View Post
I think jayn200 meant that you could get a 25-year mortgage, with a lower interest rate than 5.5%, and that might work out cheaper per month.
But then you'd be comparing apples with oranges in terms of products as the size of borrowing is likely to be different for the different terms.
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Originally posted by AtW View Post
Then they certainly can’t afford 40 years of this debt slavery - they should move to Bham where real estate is reasonably priced and it will only require them to have 39 year mortgage
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Originally posted by Lance View Post
utter rubbish.
The monthly payments will be lower.
Take a £100k mortgage with 5.5% interest, payable over 40 years = £515.77 p.m.
over 25 years £614.09 p.m.
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Originally posted by Paralytic View Post
And total amount payable over 40 years, £247,570, versus £184,226 on a 25 year term.
But, I'd agree its good that the market is offering this product, especially with the ability to overpay and the flexibility to exit.
Longest mortgage I ever had was 3 years. Interest rates are not going to do an early 90s (15%) again for the next decade at least, if ever.
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Originally posted by AtW View Post
Then they certainly can’t afford 40 years of this debt slavery - they should move to Bham where real estate is reasonably priced and it will only require them to have 39 year mortgage
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Originally posted by Paralytic View PostThe people who take out this mortgage are not the people who will spend £100/month on two meals out.
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Originally posted by AtW View Post
100 quid difference is one OK restaurant (outside of London) for two per month, with just one bottle of house wine
Better have a 2nd job than wait 40 years to “own” your place
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