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There are no* 30 year fixed rate mortgages in the UK. The typical one is 5 years. I renewed last September for 5 years at 4.49% with about 80% LTV. The problem
by ta1243 2y ago
There are no* 30 year fixed rate mortgages in the UK. The typical one is 5 years. I renewed last September for 5 years at 4.49% with about 80% LTV.
The problem buying a house for me was always getting the deposit together while paying rent. Most people in the UK seem to rely on gifts from parents.
* very few -- there are some very specialised brokers
- alkonaut 2y agoOk. Weird that there is such a lot of talk about the 30yr mortgages if no one has them. I'd also be completely unable to afford the deposit for the home I own now (£500k loans at 80% LTV or so). The key was of course buying a small flat, selling that, buying a larger flat with the profit from the first as deposit on the next, selling that. The "income" in terms of property value increase from these month over month for 20 years was almost constantly higher than what I made working each month. If I didn't have the past trades behind me, I'd be renting to my grave. There is zero chance I'd even begin saving for a £100k deposit. It would be 100% of my fun/vacation money for ten years at least.
- ta1243 2y agoThis is a story about the US market.