If Anyone bought a house 2007 has it gained any value?

[Flowersblue]

If Anyone bought a house 2007 has it gained any value?

Our hasn’t and also barely anything off the mortgage from 14 years ago basically may has well just rented.

So you're just paying the interest?

Yes. Bought this place in Jan 2007 for 283, just sold for 440. North East England.

Live in Yorkshire. Bought for 137k in 2006. Now worth approx 165k. Think we’ve paid about 20k/25k off the 120k mortgage but it was a 30 year term, so will see more come off a bit later down the line.

Bought in Jan 2007 £530k . Valued last year £830k .
SE countryside where Londoners are moving to apparently . For Sale turning to Sold very quickly.

Sorry OP , I read the thread after my post .

Lots of good advice here already , you can’t go back in time but you can go forward by getting a better mortgage . Good luck with it .

@Flowersblue

Yes I will get it sorted this week. But It means that I’m stuck on this small house and won’t be able to buy a bigger one as it hasn’t gone up in value and only 14k equity. Very upsetting. What a waste.

How is it a waste? You have your own home and with that comes security that a lot of people don't have.

I get that you're frustrated but you have options, like changing your mortgage to get a better rate etc

Claiming you'd be better off renting is really fucking insulting to people who really are stuck with no other option.

Bought at the end of 2006, £273,000, worth £600,000 now (at the low end). We've spent money on new windows, new kitchen and drive though and having the garden landscaped.

Agree with the comments about sorting the mortgage out, we did about 5 years ago and it was all done online/by telephone even then and very easy.

Not in the UK but our housing market is crazy!

Brought in 2007 for $320k now valued at $1.3mil. Currently gaining at 20% a year

I bought a wreck of a flat in 2008 for £100k. Have spent £40k on doing it up to a top spec standard and it is now worth £180k.

I spent far too much on the renovation, but I can't afford the next rung up the ladder, and this is my home, so why not.

Do you not review your mortgage statements annually? Do you not stay current with what mortgage rates are at? Do you not increase your payments in line with your pay increases at work. This is all very basic stuff that could have saved you thousands.

OP you should have remortgaged much earlier, but you now know that. Get it sorted as soon as possible. We bought in 2007 and prices have risen locally so over £250k equity now, despite a period of having an interest only mortgage. Been on a repayment mortgage for a while.

We bought one in 2007 which was run down and we renovated and improved it. Perhaps we overspent on the works, but we put just short of 250k into it. We don't live there any more, but it's only half a mile from where we live now, so it's easy to keep an eye on prices. I doubt it would make £250k even now.

We bought our current one in 2009 and did even more extensive works. It's probably made quite a bit on what went into it, but we're not ready to sell. We didn't make much headway against the mortgage, though, until we got an inheritance and new jobs.

Our house has just about doubled from 2007 ( SE).

Thanks again. I think the upsetting thing is aswell is that I’ve never been happy here. There’s just a small patio area out the back and many other things I don’t like and it’s all been for nothing. By that, I mean there’s not even any equity to move and yes, there was money to pay extra. All for the sake of a phonecall. I feel really awful about it all, all these years.

The only advice I can give is to reduce your rate as 5% is quite high. I think ours is 1.7% at the moment.

Also, if you absolutely can, start overpaying on your mortgage. We bought a house in 2005 and sold it what we paid it for in 2013. We would have pretty near negative equity if we hadn't had chipped away at overpayments, even starting with £100 per month will help in the long term.

I totally understand why you would be upset about this, but you have the opportunity to change this now, switch to a lower rate, and then overpay - even if only the amount you save in interest by keeping your monthly repayment the same.

I think many people have relied on house price rises - we bought our flat in 2016 & the valued has remained static (and I suspect it will drop) - it's disappointing, especially seeing friends who bought 2 years before benefiting from significant increases in value. But we have thrown the majority of our savings at it & have cleared £72k in 4.5years.

At the moment I'm focussing on reducing the balance & our monthly repayment, as no one wants to buys a titchy, damp, gardenless flat!

Thanks

One part of our mortgage has a rate of 2%, another part 1%. Makes quite a difference.

The house we bought in 2013 has gained over £100k in value (based on neighbours homes that were not extended and sold recently). We extended ours and have added £250k. It is our first home and we have worked very hard on it (did a lot of the refurb ourselves) but we've been lucky to have it increase so much. I expected when we bought that it wouldn't go up much and that my parents generation got all the money there was to be made in property but apparently not! We are in the SE within the M25 so not sure if that helps for price rises.

5% is really quite high. We are paying 1.6% now and we remortgage every 2 years. You should talk to a broker.

OP the best time to plant a tree is 20 years ago. The second best time to plant a tree is now.

It hurts to think of missed opportunities but nothing can change the past. Obviously you are fixing it now but I would recommend using the anger and upset you are feeling to have a good look at everything. You will tick mortgage off the list and the next things to look at could include:

• Energy - are you on the best tariff?
• Debt - do you have any interest bearing debt you can switch to an interest free balance transfer credit card?
• Utilities - have you shopped about for deals on internet, mobiles etc.?
• Subscriptions - are you paying for lots of different streaming/music services you could cut down on?
• Insurance - do you compare insurance costs for car, house pets etc. every year for the best deal?

I feel like you do about my missed pension opportunities. So commiserations here. I also got trapped into a high rate -think around 7% for a few years as I didn't earn enough to remortgage and get a cheaper deal. My house also hasn't gone up in value since 2007.

If you can remortgage and get a deal that allows overpayments I think you'd be able to make a difference quite quickly. The less you pay, the more you can overpay, it's a virtuous cycle. I found online repayment (amortisation) charts really helpful.

Ex-husband choose and bought our house (jointly) in 2006 for £125,000. I'm now in the process of selling it (it's taken nearly 5 years) and I've accepted £110,000. I've lost £15,000 on it.

We are in the SE within the M25 so not sure if that helps for price rises.

Of course it helps. If, as I suspect, the OP is in the NE then it's not in the least bit surprising that her house hasn't increased in value. The region will no doubt be badly hit by the Brexit and pandemic economic effects as well so I'm expecting our house to go down in value over the next 10 years or so. We have plenty of equity and have no plans to move of course.