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nikki
Platinum Member

Wales

4384 Posts

Posted - 11 Jul 2007 : 2:09:35 PM

as everything goes up, i wonder how badly this will affect the horse world at large.
I know it will/has effected my business, but i also know we can ride it out.

pagey

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mad alice
Gold Member

England
854 Posts

Posted - 11 Jul 2007 : 4:36:11 PM

Its quite sickning, our mortgage is enormous as it is, it is just making life even harder.

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jaj
Platinum Member

United Kingdom
4324 Posts

Posted - 11 Jul 2007 : 4:38:11 PM

My mortgage is enormous too

, Death by Mortgage we call it here down on the old homestead

.

Jen

Kuraishiya (Maleik el Kheil/Kazra el Saghira) and Sahara Bey (Kuraishiya/WSA Charismma)

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Pasha
Platinum Member

England
3622 Posts

Posted - 11 Jul 2007 : 5:00:35 PM

Look out ladies it will almost definately go to 6%, the market is expecting even higher - maybe even 6.5% by the middle of next year!
I was trying to buy a house but am now waiting for rates to stabalise

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nicolanapper
Platinum Member

England
4247 Posts

Posted - 11 Jul 2007 : 5:03:40 PM

I think the horse market is suffering, along with the high street etc., everybody seems to be tightening their belts therefore until rates start to noticeably drop things are going to get tough.
Nicky

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avanti
Platinum Member

England
2222 Posts

Posted - 11 Jul 2007 : 5:47:12 PM

I really feel for people trying to get on the property ladder and people struggling with a huge mortgage

the one thing about getting older is that I have paid off my mortgage in 2005

I would be really struggling now

, Mandy.

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jaj
Platinum Member

United Kingdom
4324 Posts

Posted - 11 Jul 2007 : 6:46:49 PM

Mandy that must be the best feeling. I can't sleep for worrying over ours

. We overstretched ourselves doing a barn conversion and boy are we paying for it now literally. The thought of the interest rates climbing a lot more is just too scary

.

Jen

Kuraishiya (Maleik el Kheil/Kazra el Saghira) and Sahara Bey (Kuraishiya/WSA Charismma)

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Arabian Girl
Platinum Member

England
2893 Posts

Posted - 11 Jul 2007 : 6:55:07 PM

..just bought my 3rd property of which i will be renting out,I have the mortgage capped for 2 yrs , by the time the two years is up , my rental income can support the rise in mortgage ratesand pay off a part of the mortgage.I do feel sorry for people who cannot get on the ladder though it must be so frustrating.

Posting from Billinge Wigan

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Judith S
Platinum Member

Wales
15686 Posts

Posted - 11 Jul 2007 : 7:07:31 PM

I feel so happy that we don't have a morgage (own a wonderful farm!)!!! Have just sold our last "buy-to-let" - we've had the best years in that market...now pleased to be out of it!!

Edited by - Judith S on 11 Jul 2007 7:29:19 PM

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rosyw
Platinum Member

England
3756 Posts

Posted - 11 Jul 2007 : 7:13:01 PM

I do feel for those that are really struggling with mortgages at the moment, but lookng back, when we took out the mortgage on our place interest rates were at 13%

.
We are now selling up, not because we ca't afford to stay, but because we don't want to keep on paying the mortgage, we are in the lucky position of having bought nearly 20yrs ago, so the rising property prices have worked in our favour, we can downsize, get rid of the mortgage and have some left over.
I also think that lenders these days are all too keen to let you borrow far more than is sensible, I know how hard it is to get on the first rung of the housing ladder, but people are really taking on far too much because they feel they have no choice, that if they wait they will never be able to get somewhere of their own.

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Arabian Girl
Platinum Member

England
2893 Posts

Posted - 11 Jul 2007 : 7:23:25 PM

Hi Judith ..i love renting property out, i have been doing it now for 10 yrs...touch wood i havnt had a bad tennant, but i do cater for "professionals" although as long as they leave my property as they find it thats all i require. I usually buy "quirky " properties , though i do buy new builds in listed buildings, My new property will be ready in October and i cant wait to get that up and running. If i sold my properties i could easily afford "a good quality home " with stables,land ect , which is what i want to do at a later date , but in the meantime, i am enjoying doing "lets". going back to the original post ,it is scarey if you are struggling , espaecially when the interst rates keep rising

Posting from Billinge Wigan

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Judith S
Platinum Member

Wales
15686 Posts

Posted - 11 Jul 2007 : 7:31:11 PM

Lynne - we've only ever bought new builds & have had GREAT folk in them - we've been very lucky!

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Nut
Platinum Member

United Kingdom
2838 Posts

Posted - 11 Jul 2007 : 8:56:51 PM

Our fixed rate 5 year term ends at the end of next month. I have set aside saturday morning to call and find a good deal but inevitably our payments will rise.

On the subject of buy to lets, I want to start looking into this for myself, a couple of you guys sound like you have some experience, any tips or places i can go for advice?

www.ndlarabians.webs.com

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Arabian Girl
Platinum Member

England
2893 Posts

Posted - 11 Jul 2007 : 9:13:29 PM

hi..its a massive minefeild you will need to speak to a financial advisor to see what suits your purse. I love having rental property , though it isnt problem free. You have to put up with moaners ect , even when there is no need for moaning....I tend to go for new builds, as they have up to date fixtures and fittings , although i dont like "characterless new builds" , i go for new builds set in listed buildings that have a good amount of landscaped gardens ect....You need also conform to health and safety issues, for example , ALL electrics have to be tested , yearly, and you need to adequatly insure your property and furniture, usually a little higher than normal insurance. I pick " desirable areas" as Location is so important..some of my rules are . NO SMOKERS. NO PETS (sound like hitler dont i???).I do also pay an estate agent to manage my properties, they check they are kept in good working order and that the tennant/s are looking after them.......I kit my properties out in a very trendy and co-ordinated manner as i know the type of tennant i want to attract, however the rental price assures me that i get "that" certain type. Just a few tips to begoing on with, you need to decide what property suits your purse and what type of tenant you wish to attract..hope this is of some help..Lynne

Posting from Billinge Wigan

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Nut
Platinum Member

United Kingdom
2838 Posts

Posted - 11 Jul 2007 : 9:28:12 PM

Thanks Lynne thats given me some things to think about. Basically people find it very strange by my OH and I are financially independant of each other, we share the bills, take it in turns to buy shopping, basically he doesnt pay for me and i dont pay for him as we'd both me stung in the past and I'm looking for something to be my pension fund. *roperty seems as good as any investment and he's actively encourageing me as well to make sure i'm able to look after myself in the future (and it will give me somewhere to run away to if I get fed up of him!!!

)...