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When we took our 1st mortgage endowment was the only 1 we could get.
Suppose we should have said no of course
Anyone concerned by interest rates rising re mortgage?
- Thread starter SirGalahad
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Suppose we should have said no of course
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I haven't read the thread, but I just saw that JPMorgan are expecting a 7% interest rate, and a hard landing into recession.
Just to cheer everyone up, like.
A cousin back in the day was a mortgage broker. He said he'd sort out an endowment and hand over the commission, which iirc was about a grand. . . . We got a repayment one. At some point when fixed the rate, I remember it was cheaper than savings interest rates.
Just to cheer everyone up, like.
A cousin back in the day was a mortgage broker. He said he'd sort out an endowment and hand over the commission, which iirc was about a grand. . . . We got a repayment one. At some point when fixed the rate, I remember it was cheaper than savings interest rates.
An endowment was the only mortgage we could get, others were available but not available if that makes sense. Building societies had a limited fund for mortgages and demand outstripped supply. We had just enough for a deposit which we transferred between 3 different bldg societies over a 3 month period based on 'rumours' that said building society had funds to lend.
A mate introduced me to a financial advisor who for a fee of (I think £150, maybe a bit more) told us to put our money into Leeds Permanent in Southall and a week later we had a mortgage, low cost endowment but that's all we could get if we wanted a mortgage.
Two years later when we sold the house at an almost 50% profit (irrelevant because our 2nd house had increased by the same percentage), we were able to switch to a repayment mortgage, I cant remember what payment we got off the the endowment, it was minimal but irrelevant in the great scheme of things given the increase in property value.
That would have been end of 1977 or early 1978.
A mate introduced me to a financial advisor who for a fee of (I think £150, maybe a bit more) told us to put our money into Leeds Permanent in Southall and a week later we had a mortgage, low cost endowment but that's all we could get if we wanted a mortgage.
Two years later when we sold the house at an almost 50% profit (irrelevant because our 2nd house had increased by the same percentage), we were able to switch to a repayment mortgage, I cant remember what payment we got off the the endowment, it was minimal but irrelevant in the great scheme of things given the increase in property value.
That would have been end of 1977 or early 1978.
I've been reading 6.25% as a peak, and a good chance of a recession.
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Deleted member 221031
UK should brace for 6.5% interest rates: here's why we’ve raised our forecast
The increase in interest rates we now anticipate is likely to be felt by the end of 2023, and we forecast a recession to follow between Q4 2023 and Q2 2024.
www.schroders.com
I feel for the people who have a good deal ending soon.
UK House Price to income ratio and affordability - Economics Help
An examination of UK house price affordability. Graphs and data to illustrate the affordability of housing and ratio of house price to earnings. Why ratios have increased.
www.economicshelp.org
That’s a bigger issue.
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Deleted member 221031
Someone talked me out of buying gold in the last recession and said to buy more property.
Both went up. But I can’t see property going up for a while now ?
yep go on rightmove and other than the new listing the first few pages are full of reduced in price properties once interest rates bite can see a good drop in prices some people might even have to cancel their full sky packages to keep up with payments
The Chinese have announced their intention to slap a license on the export of precious metals used in semi-conductors - and may be an escalation of their trade 'war' with America. It's their way of keeping them in check and giving Russia a helping hand as the war in Ukraine becomes more intense. I assume the export license will apply to the UK as well, raising the risk of a recession by the end of the year. It's almost certain interest rates will rise again.
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Norway and Sweden have found load this year.
Not sure if they will sell much to the USA. Probably.
How do I become a financial analyst? They just predict a small amount from where we currently are, then continually revise it. Seems like good money for a vague guess.
What were they predicting a year ago? Probably 2%. When interest rates do hit 7% they'll predict 9%.
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You learn about stuff that makes you sound clever.
I mean, can you explain why you'd want a protective collar and a long squeeze on your call options?
Talk the talk. In the 1980s they had a phone the size of a brick and shouted "buy", "sell" into it in wine bars.
A lot get paid for what is basically intelligent gambling. They don't produce anything or improve the world in any way, they just find ways of moving money from some other mug's bank account into theirs.
A builder gets paid for doing work - they take money from someone else but that person ends up with a house. Banks and investors just take money from people by outsmarting them and leave them with a loss.
A lot get paid for what is basically intelligent gambling. They don't produce anything or improve the world in any way, they just find ways of moving money from some other mug's bank account into theirs.
A builder gets paid for doing work - they take money from someone else but that person ends up with a house. Banks and investors just take money from people by outsmarting them and leave them with a loss.
Silver and gold in peticular apparently . I've been saving up abit of silver
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