poppet2 Posted March 29, 2012 Share Posted March 29, 2012 Not necessarily. I suppose it depends on the bank and the type of mortgage. Don't you mean the types of mortgages on those 5 properties of yours', Agent Orange? Link to comment Share on other sites More sharing options...
Agent Orange Posted March 29, 2012 Share Posted March 29, 2012 Don't you mean the types of mortgages on those 5 properties of yours', Agent Orange? I was being modest Link to comment Share on other sites More sharing options...
Cyclone Posted March 29, 2012 Share Posted March 29, 2012 That doesn't agrre with the prices on here.. http://www.lloydsbankinggroup.com/media1/economic_insight/halifax_house_price_index_page.asp According to the table that's downloadable the average in the UK in '87 was 46k (using the All(ANN) table line 66 ) .. or did I misread or mis understand? There's a massive discrepancy between the two sources... I agree that the one you're looking at says 46k. I wonder if the graph is displaying data adjusted for inflation (ie inflating the historical price to be in 'todays money'... http://www.nationwide.co.uk/hpi/historical.htm This is the source of the underlying data. Yep, they were using the adjusted figures, which makes it meaningless for most comparisons, how annoying. I shall repeat my post with the new value of 45k. Link to comment Share on other sites More sharing options...
Cyclone Posted March 29, 2012 Share Posted March 29, 2012 http://www.housepricecrash.co.uk/graphs-average-house-price.php Average house price in 1987 was around 90k... Assuming that a 10% deposit was used, an interest only mortgage with an endowment paying out 25k is going to leave them 55k short! Of course that house today is worth 165k, so they can sell it, clear the debt and have 110k left to buy a house to live in, it will mean downsizing though. Modify this for 45k as 90k is an adjusted for inflation figure. 25k endowement is going to leave them 15k short. House is worth 165k today, they can either pay the 15k with change from behind the sofa, or downsize very slightly to cover the difference, or take out a small mortgage to finish paying it off. Either way, it's a small amount and the shortfall isn't calamitous and won't cause the end of the world. Link to comment Share on other sites More sharing options...
irenewilde Posted March 29, 2012 Share Posted March 29, 2012 F5k. and if you really wanted to go upmarket, then for 98k you could have a massive detached house at Lodge Moor with massive drive, garden etc..... No you couldn't. We bought a detached house in Lodge Moor at around that time and paid a hell of a lot more than that. And it needed a lot of stuff doing to it. Link to comment Share on other sites More sharing options...
Blue Moon Posted March 29, 2012 Share Posted March 29, 2012 I think the only way you can benefit from all this is if you are left a property in a will - all paid for and in good nick. Otherwise, home ownership is really out of reach for most people these days. Costs are enormous for loans, upkeep, etc... Link to comment Share on other sites More sharing options...
I1L2T3 Posted March 29, 2012 Share Posted March 29, 2012 They do let you have the deeds, you do own it outright. There is a charge against the house, if you didn't own the house there couldn't be such a charge. I don't think you own a property outright until you pay off the mortgage. Just looked into the title deeds thing. They're stored digitally by the Land Registry now and you can download copies for a few quid. Link to comment Share on other sites More sharing options...
Cyclone Posted March 30, 2012 Share Posted March 30, 2012 I don't think you own a property outright until you pay off the mortgage. Just looked into the title deeds thing. They're stored digitally by the Land Registry now and you can download copies for a few quid. You're wrong, you own it, the deeds are in your name, the mortgage lender holds a charge against it registered with the land registry in the same way. If you default on the debt they can take court action to exercise that charge and claim ownership of the property. Link to comment Share on other sites More sharing options...
FACEBOOK Posted March 30, 2012 Share Posted March 30, 2012 Home ownership is NOT vastly exaggerated. As long as you keep up your payments, he who controls it, owns it. Link to comment Share on other sites More sharing options...
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