Try Moneyfacts (http://www.moneyfacts.co.uk/mortgages/be...ge-ne.aspx) or http://www.fool.co.uk.

Don't forget to add in any fees etc. They vary widely and may, especially on shorter deals for smaller mortgages, mean that that a mortgage with a higher interest rate is actually cheaper.

/quote]with monthly overpayments to hopefully leave us mortgage free in 10 years time in our early forties.[/quote]

I did more or less the same in the 80's, I kept throwing large amounts at my mortgage and cleared it in seven years. I did put down a third as a deposit in the first place and was mortgage free at 28. Of course we had 15% interest rates when I first dipped my toe into the property market.

I just wanted to add that I am not a mortgage advisor so if you are thinking about going down the route of the longer fixed period mortgage speak to a good IFA.

I've never managed to find one! I know there are lists to search, like unbiased (sponsored by product providers, so is it really?), but I've never met one I'd really trust to sell me only what I need at the best price (well, except one and he moved to a really swanky private banking job in the Channel Islands.... out of my league!)

I've worked with one mortgage guy for 12 years now and never had an unhappy client. The real test is whether the broker makes sure you find out what your existing lenderr will offer you. About a quarter of people are better off not switching lender and just re-fixing with their current company.

Also he did try and pull a fast one I would kick his proverbial behind. Ask around, a friend should be able to recommend.

now is not a good time to sell in forest hill or anywhere else! i suppose letting is an option or house swapping?
but if you want a change of scene what do you do?? my house is adjacent to the Horniman Gardens but the neighbours are not barbque or outdoor entertaining friendly so summer entertaining is a bit of a no no!
its very quiet and backs onto the Horniman gardens
would like to swap for somewhere with a more practical garden
any ideas???

Hi Dylan
Sounds like you have one of the best locations in SE 23.
Why wory about your back garden when you have the whole park to walk in.

Dylan, we all like good neighbours but not wanting to have a BBQ in your own back garden for fear of offending them is going a bit far. It's your garden, do consider the neighbours but enjoy your garden in summer.

Dylan, you sound like a nice neighbour to have, but having the occasional barbeque is nothing for neighbours to complain about. If they live next door to Horniman gardens they must be used to some noise in the summer from the concerts and festivals - and they'll be one big barbeque there on 17th when the jerk cook out is on.
What a lovely place to live.

From the Times:

It is estimated that 4,000 estate agents have lost their jobs and that this could rise to 10,000 by the end of the year."

Yes with sales down 2/3rds hardly surprising. Also if was buying and had the funds I would negotiate very low rate with agent as I am sure others are doing.
Not a good time to be an agent.

I don't remember any rescue package in th 90s. And why? the market has been over-inflated for several years: a correction was bound to come.

The package ( HMP) announced in 1992 involved buying up lots of street properties from distressed owners for use as social rented housing. It was announced practically over one weekend and HA's had a short time to spend the available money. I worked on it and it was quite a challenge with many of us working late and weekends in order to meet our targets. The other thing that happened was the Private Sector Leasing initiative where private landlords let their property to housing associations for letting to homeless families off the waiting list. It wasn't perfect but it did make an impact.

I agree why do we need to pump money into housing. It is still over valued in relation to wages. Probably needs to come down another 20% making about 30% in total. This will only take us bak to what it was 4 to 5 years ago.
The 10% drop just revered the increase of the previous year. Why do we welcome drops in oli and food but not housing? Strange is it not.?
The people who should be strung up uo the banks etc who lent anything over 80% max in the past. Some people apparently got 125%. Of course even if these people are dismissed they have fat pensions.
Perhaps to late for government to intervene but should be a law that 20% must be cash deposit, if that reduces the market fine.
I have been saying for over 10 years this would happen but I was just dismissed as a scare monger.

I wouldn't describe predicting a drop in the housing market for 'over 10 years' as scaremongering. It does however smack of backing the inevitable. Housing markets always suffer downturns - the art lies in predicting them with an accuracy of somewhat less than a decade.

I think someone who held off buying a house in 1998 based on such concerns would feel pretty peeved today. They would have lost out big time on the 'ladder' even allowing for the total 30% fall you suggest!

And here's my prediction. Sometime in the next 10 years the market will go up again. Remember folks, you heard it here first!!

It used to be expected the maximum loan would be 2.5 times earnings, but in the 1990's this went up to 3.5, then 'pop' as unemployment rose. I noticed of late money the amount of money lent was based on a person's lifestyle, oooops.

Didn't the audit commission report a few years ago house building was at its lowest level since 1945, while it was reported developers had planning permission to build more than enough properties?

Is it in the interest of developers to restrict the flow of new housing to increase the number of buyers competing for a property?

Considering the billions banks etc have lost in recent times I find it a bit rich the media seek advice from those institutions for their readers.

It does surprise me there hasn't been a major financial scandal involving a housing association, looks like the checks & balances are working.

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I remember in the 1990's viewing numerous properties in Forest Hill which had been abandoned like the marie celeste. The other thing I remember was the number of homes of empty properties with pink walls which I assumed was because they were reoprocessed.

At that time a reasonable purpose built 2 bed flat in Sunderland Road could sell for ?65,000 a year later you could pick it up for ?45,000 and is probably now around ?200,000.

There's a road in Lewisham which were a reasonable indicator of the average national property price....

1990 ?75,000 boom
1991 ?64,000 bust
1998 ?85,000
2007 ?240,000
2008 ?230,000

Oh I have just seen a property marketed as 'one and a half bedrooms'!

Hi Billham
Yes I fully except the bubble burst long after I thought it would. This is a great pity as it would have been less severe 5 or so years ago.
I fully accept prices will go up again sometime. I would guess about 10 years to reach previous peak and by that time wages will have caught up.
I wonder how thise people who lied on self certification feel now. Guess their lender should take them to court for fraud.

The bubble burst this time because of overlending and overborrowing by people who were not good credit risks ie most of the general public. The cheap money ran out. What happened last time ( late 80's )was encouragement to trade on the market through time limited double tax relief which caused rampant house price inflation.

The party is over and what is happening now is market correction . However housing is not a luxury item for most people -its a necessity hence ' market correction ' for many means negative equity and huge debts, and loans being called in. Housing has a unique position in our economy and hence there is a need to build in some protections into the system to provide some balance and protection for the most vulnerable. It also to a limited extent maintains some aspects of the economy through providing jobs and cashflow.

Last time I witnessed people in my block of flats just handing over their keys and walking away debtridden which took them years to recover from. Relationships, families and health suffered. I witnessed ordinary people and families dispossessed , desperate and homeless through no fault of their own. Only through sheer luck did I not join the statistics. I recall this starting in 1988 not 1991 ( when was your recession!) and a gradual coming out of by 1995- 7 years effectively.

However what is rather different this time is that essential commodities have been subject to hyper inflation because of oil prices, more so than luxury goods, also we have less control than ever over our energy supply, the costs of which are simply extortionate and warrant further government investigation. Its when you have trouble paying for the basics that things can get rough for a larger section of the community.

What we still need in the UK is less reliance on owner occupation as the main respectable form of tenure and more general affordable renting as is the way in most European countries. Only then can we avoid the extremes of inevitable boom and bust cycles.

On the BBC 6 o'clock news they reported that Lewisham Borough had suffered the biggest drop in House prices in London.
Unfortunately, they didnt add anymore detail such as average percentages etc.

That is surprising as does not seem to tie up with other figures recently released. I would have thought as LBL starts from a lower level than most boroughs. Not disputing figures just surprised.

Just seen the suspension of stamp duty for 12 months up to GBP 175k.
Not sure the government should have got involved , I believe the market will sort itself out , but as only up to GBP 175k may assist just first time buyers