Comments on: Is it a Good idea to Get a mortgage 6 or 7 Times Income? http://www.mortgageguideuk.co.uk/blog/mortgages/is-it-a-good-idea-to-get-a-mortgage-6-or-7-times-income/ Simplifying Finance, Housing and debt Wed, 10 Mar 2010 10:45:59 +0000 http://wordpress.org/?v=2.9 hourly 1 By: Deborah http://www.mortgageguideuk.co.uk/blog/mortgages/is-it-a-good-idea-to-get-a-mortgage-6-or-7-times-income/comment-page-1/#comment-76 Deborah Sun, 15 Jul 2007 04:14:38 +0000 http://mortgageguideuk.co.uk/blog/mortgages/is-it-a-good-idea-to-get-a-mortgage-6-or-7-times-income/#comment-76 Get a room mate... I'd like to see what you say about your personal experience in 10 years... Get a room mate…

I’d like to see what you say about your personal experience in 10 years…

]]> By: Richard Pettinger http://www.mortgageguideuk.co.uk/blog/mortgages/is-it-a-good-idea-to-get-a-mortgage-6-or-7-times-income/comment-page-1/#comment-63 Richard Pettinger Wed, 11 Jul 2007 06:45:08 +0000 http://mortgageguideuk.co.uk/blog/mortgages/is-it-a-good-idea-to-get-a-mortgage-6-or-7-times-income/#comment-63 My bank allowed me to extend the term, this reduced the montly mortgage fee by £100. I'm not making any extra payments to bring down the mortgage My bank allowed me to extend the term, this reduced the montly mortgage fee by £100. I’m not making any extra payments to bring down the mortgage

]]> By: Kevin http://www.mortgageguideuk.co.uk/blog/mortgages/is-it-a-good-idea-to-get-a-mortgage-6-or-7-times-income/comment-page-1/#comment-62 Kevin Tue, 10 Jul 2007 14:16:29 +0000 http://mortgageguideuk.co.uk/blog/mortgages/is-it-a-good-idea-to-get-a-mortgage-6-or-7-times-income/#comment-62 Wait a second. Did you get an adjustable mortgage? 47 year term? What the heck! Are you making extra payments or anything to bring down the mortgage? Wait a second. Did you get an adjustable mortgage? 47 year term? What the heck!

Are you making extra payments or anything to bring down the mortgage?

]]> By: Richard Pettinger http://www.mortgageguideuk.co.uk/blog/mortgages/is-it-a-good-idea-to-get-a-mortgage-6-or-7-times-income/comment-page-1/#comment-60 Richard Pettinger Tue, 10 Jul 2007 06:33:44 +0000 http://mortgageguideuk.co.uk/blog/mortgages/is-it-a-good-idea-to-get-a-mortgage-6-or-7-times-income/#comment-60 Hi agog, I'm very bad in that I'm haven't been paying my parent's interest free loan back. If rates go up I can't refinance. I think longer mortgages are a response to the fact house prices have increased much faster than incomes. I think 50 year mortgages will become more common soon - like Japan. But house prices are a real problem because there is a redistribution of wealth from young generation to old Hi agog,

I’m very bad in that I’m haven’t been paying my parent’s interest free loan back.

If rates go up I can’t refinance.

I think longer mortgages are a response to the fact house prices have increased much faster than incomes. I think 50 year mortgages will become more common soon – like Japan.

But house prices are a real problem because there is a redistribution of wealth from young generation to old

]]> By: agog http://www.mortgageguideuk.co.uk/blog/mortgages/is-it-a-good-idea-to-get-a-mortgage-6-or-7-times-income/comment-page-1/#comment-57 agog Mon, 09 Jul 2007 21:58:34 +0000 http://mortgageguideuk.co.uk/blog/mortgages/is-it-a-good-idea-to-get-a-mortgage-6-or-7-times-income/#comment-57 Well, they sure do things differently over there! There are a couple of flaws in your arguement as far as I can see. 1) You may have a time when you are no longer spending and can live "rent-free", but by your own admission, that time for you is at least 47 years away. How much extra inteest are you paying over the incresead term? If you had gotten a lower mortgage, you would have been able to handle the payments, and wouldn't have had to spread them over your entire lifetime. 2) I don't know how it works in Britain, but don't you have to pay property tax yearly? And what about maintenance and improvement? I think your housing costs have gone up significantly more than 100/month. 3) You don't consider the effect of the loan from your parents in this. Aren't you paying that back? And don't forget, if they hadn't lent it to you, they could have bought stock and experienced very nice gains over the last few years. That should be figured into your cost analysis. What happens the next time interest rates go up? Can you re-finance again? Well, they sure do things differently over there! There are a couple of flaws in your arguement as far as I can see.
1) You may have a time when you are no longer spending and can live “rent-free”, but by your own admission, that time for you is at least 47 years away. How much extra inteest are you paying over the incresead term? If you had gotten a lower mortgage, you would have been able to handle the payments, and wouldn’t have had to spread them over your entire lifetime.
2) I don’t know how it works in Britain, but don’t you have to pay property tax yearly? And what about maintenance and improvement? I think your housing costs have gone up significantly more than 100/month.
3) You don’t consider the effect of the loan from your parents in this. Aren’t you paying that back? And don’t forget, if they hadn’t lent it to you, they could have bought stock and experienced very nice gains over the last few years. That should be figured into your cost analysis.

What happens the next time interest rates go up? Can you re-finance again?

]]> By: Broke-Ass Student » Blog Archive » Welcome to the 108th Carnival of Personal Finance http://www.mortgageguideuk.co.uk/blog/mortgages/is-it-a-good-idea-to-get-a-mortgage-6-or-7-times-income/comment-page-1/#comment-50 Broke-Ass Student » Blog Archive » Welcome to the 108th Carnival of Personal Finance Mon, 09 Jul 2007 10:29:00 +0000 http://mortgageguideuk.co.uk/blog/mortgages/is-it-a-good-idea-to-get-a-mortgage-6-or-7-times-income/#comment-50 [...] ¤ The Mortgage Blog looks at the advantages and disadvantages of getting a mortgage more than six times one’s income (from his personal experience), in Is It A Good Idea To Get A Mortgage Six Or Seven Times Income? [...] [...] ¤ The Mortgage Blog looks at the advantages and disadvantages of getting a mortgage more than six times one’s income (from his personal experience), in Is It A Good Idea To Get A Mortgage Six Or Seven Times Income? [...]

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