|
Oct 2021
9:48am, 29 Oct 2021
54,692 posts
|
Velociraptor
Mortgage (and savings interest) rates reached their lowest at the point at which I paid off my mortgage, and have stayed there since then. I do not have the Midas touch.
|
|
Oct 2021
9:51am, 29 Oct 2021
22,835 posts
|
Rosehip
Same here, V’rap
Having no mortgage etc for my pocket,I’d quite like an interest rate hike now but hate to think what it would do to others
The ca 10% + payrises at the time were nice though
|
|
Oct 2021
9:58am, 29 Oct 2021
8,849 posts
|
Fragile Do Not Bend
I bought my first flat a little after the peak interest rates when I think it was at 9%. But then, property prices compared to income was a lot cheaper then.
What I do remember is a lot of people having issues with negative equity after all that happened.
|
|
Oct 2021
9:59am, 29 Oct 2021
63,921 posts
|
Diogenes
I fixed my mortgage rate to 0.5% above the Bank of England rate just as it fell to its lowest rates ever. I’ve just been fortunate (sort of ) to recently be able to pay it off. As much of the mortgage was also interest only I feel very lucky in that I’ve saved myself a lot of money over the years. It was a huge gamble as I didn’t have a repayment method.
|
|
Oct 2021
10:03am, 29 Oct 2021
54,694 posts
|
Velociraptor
I remember the property hysteria when the loophole whereby an unmarried couple buying a house jointly got double MIRAS was about to be closed but the closure wouldn't be applied retrospectively. I came close to buying a nice two-bedroomed ground floor flat in Birmingham and got mightily gazumped. Not a disaster since in those days junior hospital doctors got free accommodation on site, though I may have engaged in some grumpy name-calling at the time.
|
|
Oct 2021
10:05am, 29 Oct 2021
54,695 posts
|
Velociraptor
I wonder how many of those couples who bought at inflated prices for the tax benefits got into a pickle when MIRAS ceased to exist.
|
|
Oct 2021
10:05am, 29 Oct 2021
130,110 posts
|
GregP
Same as Alice a couple of pages ago
|
|
Oct 2021
10:08am, 29 Oct 2021
63,925 posts
|
Diogenes
I was just about to buy a flat back then (early 90s) but couldn’t get an offer accepted on the one I liked. A year later I was quite relieved. I spent my deposit on a car instead.
|
|
Oct 2021
10:10am, 29 Oct 2021
21,137 posts
|
Bazoaxe
Dio, that was almost exactly the same as us. Gamble on a 0.5% above base rate fix and through a variety of means we managed to pay the mortgage off in April, about 5 months ahead of schedule. I would like to say it was good planning, but it was a bit of pot luck !
|
|
Oct 2021
10:26am, 29 Oct 2021
50,551 posts
|
McGoohan
[I have returned to this thread today after accidentally unfollowing it - think I hit something on my mobile. First thing I saw as I scrolled through page after page? Alice the Camel's monkey-gland burger!]
|
Menopause and running
Jan 2025