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UK Interest rates bite..., by runningdog on Jul 15, 2007 2:44:17 GMT 1, Is anyone finding they need to cut down on their rampant art acquisition project, due to being squeezed by the UK interest rate rises?
Will this have an effect on the market? (cheap prints anyone?)
Is anyone finding they need to cut down on their rampant art acquisition project, due to being squeezed by the UK interest rate rises?
Will this have an effect on the market? (cheap prints anyone?)
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UK Interest rates bite..., by corblimeylimey on Jul 15, 2007 19:29:43 GMT 1, Doubt it, I bet a lot of people like myself have fixed rate mortgages, about half of my mortgage is fixed for about another 9 years another part for nearly 5 years and the remainder which had been fixed won't be up for renewal for nearly a year.
Doubt it, I bet a lot of people like myself have fixed rate mortgages, about half of my mortgage is fixed for about another 9 years another part for nearly 5 years and the remainder which had been fixed won't be up for renewal for nearly a year.
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dotdot
Junior Member
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December 2006
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UK Interest rates bite..., by dotdot on Jul 15, 2007 19:38:36 GMT 1, I have no doubt there will be an impact.
Depends on who buys print - on the other hand.
Bagger may have problems with flippin if nobody's stumping up.
Just look at the failes on ebay for ref on that !
Disposable income will no doubt go down.
Could take a while to filter down to print purchases - but it will
filter down at some point...
Will it mean cheaper banksy prints - sorry i dont have that answer 
I have no doubt there will be an impact. Depends on who buys print - on the other hand. Bagger may have problems with flippin if nobody's stumping up. Just look at the failes on ebay for ref on that ! Disposable income will no doubt go down. Could take a while to filter down to print purchases - but it will filter down at some point... Will it mean cheaper banksy prints - sorry i dont have that answer |
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UK Interest rates bite..., by corblimeylimey on Jul 15, 2007 19:54:14 GMT 1, Bearing in mind a whole 1% increase on a £150,000 mortgage equates to a monthly increase of around £100 then those who have a smaller mortgage and the fact that the rate has gone up only 0.25% are not going to affected greatly, maybe by less than £20 per month. So those on here that are able to buy art that costs over £1000 an extra £20-£50 per month cost on their mortgage ain't going to make any difference.
www.bbc.co.uk/homes/property/mortgagecalculator.shtml
Bearing in mind a whole 1% increase on a £150,000 mortgage equates to a monthly increase of around £100 then those who have a smaller mortgage and the fact that the rate has gone up only 0.25% are not going to affected greatly, maybe by less than £20 per month. So those on here that are able to buy art that costs over £1000 an extra £20-£50 per month cost on their mortgage ain't going to make any difference. www.bbc.co.uk/homes/property/mortgagecalculator.shtml |
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UK Interest rates bite..., by Octopus UK on Jul 15, 2007 20:18:42 GMT 1, For those of us withourt a mortgage, the higher interest rate generates higher interest on our savings, therefore more cash to spend.
For those of us withourt a mortgage, the higher interest rate generates higher interest on our savings, therefore more cash to spend.
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UK Interest rates bite..., by tomhills1 on Jul 15, 2007 20:30:38 GMT 1, this rate rise makes no difference to me. i'm still trying to cut back in response to the last four rises. every one has a relative value: the first - the cost of a month's broadband. the second - a months contents insurance. the third - a meal for two without drinks. the fourth - a month's sky+, all in.
to put it in to further context, in six weeks mortgage payments i could buy most un-signed banksy's, 3 weeks mortgage payments is the same as sending my boy to nursery for 3 days a week, for 1 month. in 6 weeks i could have payed for my season ticket at arsenal, outright.
and that is interst only! i save the same per week as i pay in interest, i used to pay £150 less in interest a year ago, per month.
so, will this month's interest rate rise have an effect? no because that happened months ago. the greater argument about disposable income has more and more relavance, how some people can afford big purchases time and time again is alien to me. i'd have to sell to buy.
manchestermike and lesroy must be in some syndicate or other,or the same one good luck to you chaps.
this rate rise makes no difference to me. i'm still trying to cut back in response to the last four rises. every one has a relative value: the first - the cost of a month's broadband. the second - a months contents insurance. the third - a meal for two without drinks. the fourth - a month's sky+, all in. to put it in to further context, in six weeks mortgage payments i could buy most un-signed banksy's, 3 weeks mortgage payments is the same as sending my boy to nursery for 3 days a week, for 1 month. in 6 weeks i could have payed for my season ticket at arsenal, outright. and that is interst only! i save the same per week as i pay in interest, i used to pay £150 less in interest a year ago, per month. so, will this month's interest rate rise have an effect? no because that happened months ago. the greater argument about disposable income has more and more relavance, how some people can afford big purchases time and time again is alien to me. i'd have to sell to buy. manchestermike and lesroy must be in some syndicate or other,or the same one good luck to you chaps. |
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UK Interest rates bite..., by manchestermike on Jul 15, 2007 20:35:48 GMT 1, there's a few of us that have to sell to buy Tom... 3 signed Banksys gone this month
there's a few of us that have to sell to buy Tom... 3 signed Banksys gone this month
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UK Interest rates bite..., by tomhills1 on Jul 15, 2007 20:37:43 GMT 1, there's a few of us that have to sell to buy Tom... 3 signed Banksys gone this month
pure jest michael, i know for a fact you've let some serious works of art go just recently. decisions, desicions.
nick on the other hand............................
there's a few of us that have to sell to buy Tom... 3 signed Banksys gone this month pure jest michael, i know for a fact you've let some serious works of art go just recently. decisions, desicions. nick on the other hand............................ |
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UK Interest rates bite..., by corblimeylimey on Jul 15, 2007 20:39:07 GMT 1, there's a few of us that have to sell to buy Tom... 3 signed Banksys gone this month
That'll raise a few quid, no wonder you're buying a few things.
there's a few of us that have to sell to buy Tom... 3 signed Banksys gone this month That'll raise a few quid, no wonder you're buying a few things. |
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Wiseblood
Junior Member
🗨️ 1,245
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May 2007
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UK Interest rates bite..., by Wiseblood on Jul 15, 2007 20:40:20 GMT 1, it all depends on peoples income and mortgage size i have a friend who is a surgeon and lives in a 120k 2 bed semi and is happy only paying 500 a month when his monthley income is close to 11k before tax so there is more than likely people on this board in similar finaicial situations, so an extra 20 or 30 pound a month isnt going to evan make a dent (my pound button doesnt work if any one is wondering why everything is just numbers)
it all depends on peoples income and mortgage size i have a friend who is a surgeon and lives in a 120k 2 bed semi and is happy only paying 500 a month when his monthley income is close to 11k before tax so there is more than likely people on this board in similar finaicial situations, so an extra 20 or 30 pound a month isnt going to evan make a dent (my pound button doesnt work if any one is wondering why everything is just numbers)
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UK Interest rates bite..., by snakes on Jul 15, 2007 20:41:18 GMT 1, Theres an un precidented amount of signed Banksy's on ebay at the moment!
Interest rises or just a way of funding the print fever which seems to have afflicted many of us. Although the Mrs believes it is a OCD!
Theres an un precidented amount of signed Banksy's on ebay at the moment!
Interest rises or just a way of funding the print fever which seems to have afflicted many of us. Although the Mrs believes it is a OCD!
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UK Interest rates bite..., by tomhills1 on Jul 15, 2007 20:59:34 GMT 1, it all depends on peoples income and mortgage size i have a friend who is a surgeon and lives in a 120k 2 bed semi and is happy only paying 500 a month when his monthley income is close to 11k before tax so there is more than likely people on this board in similar finaicial situations, so an extra 20 or 30 pound a month isnt going to evan make a dent (my pound button doesnt work if any one is wondering why everything is just numbers)
with you on the lack of £ button action, my space bar has died. proper arse ache. your surgeon friend must have a huge savings account or a very rich drug dealer aquaintance  i do think his is an exceptional situation though, i don't know anyone even close to that.
i think he is a little foolish not putting his money in to bricks and mortar, he can clearly afford it. i'm just astounded that someone would take home over 5 grand a month after tax, pension, national insurance etc and have 90% of it to play with. mental, good luck to him though, why should we all be whores to the banks?
it all depends on peoples income and mortgage size i have a friend who is a surgeon and lives in a 120k 2 bed semi and is happy only paying 500 a month when his monthley income is close to 11k before tax so there is more than likely people on this board in similar finaicial situations, so an extra 20 or 30 pound a month isnt going to evan make a dent (my pound button doesnt work if any one is wondering why everything is just numbers) with you on the lack of £ button action, my space bar has died. proper arse ache. your surgeon friend must have a huge savings account or a very rich drug dealer aquaintance i do think his is an exceptional situation though, i don't know anyone even close to that. i think he is a little foolish not putting his money in to bricks and mortar, he can clearly afford it. i'm just astounded that someone would take home over 5 grand a month after tax, pension, national insurance etc and have 90% of it to play with. mental, good luck to him though, why should we all be whores to the banks? |
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Zippy
Junior Member
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April 2006
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UK Interest rates bite..., by Zippy on Jul 15, 2007 21:01:29 GMT 1, i believe they are listed by one seller.
Z
i believe they are listed by one seller.
Z
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Zippy
Junior Member
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April 2006
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UK Interest rates bite..., by Zippy on Jul 15, 2007 21:02:14 GMT 1, octopus, can i ask how it is possible to have no mortgage!!
Z
octopus, can i ask how it is possible to have no mortgage!!
Z
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Harveyn
Full Member
🗨️ 7,746
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July 2007
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UK Interest rates bite..., by Harveyn on Jul 15, 2007 21:40:45 GMT 1, I think selling art to buy more is all part of the fun. Its a bit like property investment in that once you have a certain size of portfolio and after a certain period of time selling is just part of the process of freeing up some of your equity gains you have made to reinvest. Although parting with some art is harder than bricks and mortar.
Eventually there will be some dip in art prices at this end of the market but in the long term you should continue to see growth if you have invested in talent. If not the most important thing is you have invested in art you like and you have stayed within the limits of your budget.
I think selling art to buy more is all part of the fun. Its a bit like property investment in that once you have a certain size of portfolio and after a certain period of time selling is just part of the process of freeing up some of your equity gains you have made to reinvest. Although parting with some art is harder than bricks and mortar.
Eventually there will be some dip in art prices at this end of the market but in the long term you should continue to see growth if you have invested in talent. If not the most important thing is you have invested in art you like and you have stayed within the limits of your budget.
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ABC
Artist
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August 2006
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UK Interest rates bite..., by ABC on Jul 15, 2007 22:20:47 GMT 1, The mortgage is the best thing I did, hard to believe but I actually lowered the thing for my latest development and its the cheapest for years, its taken 13 years mind but worth every penny. I would put money on the fact that 50%, including me some time in the past have purchased prints on a CC on the basis they could fuel their addiction even if they didn't have a penny to rub together.
A colleague sold a micallef print the other week, hand delivered it, then stated how shocked he was that someone had spent 1.5k on a print but they looked like they were homeless and lived in a real hole of a place.
Its not about the love of art for some its about a quick turn around, but If it gets you out of a hole then good luck I suppose. As for me I'd rather pay the mortgage than buy a print, when I'm 40ish id rather have a nice place opposed to renting or still living at home.
I do agree that selling to fund a bigger purchase is the only way most can afford that bigger better work, Im certainly thinking about it with these crazy print prices going on.
The mortgage is the best thing I did, hard to believe but I actually lowered the thing for my latest development and its the cheapest for years, its taken 13 years mind but worth every penny. I would put money on the fact that 50%, including me some time in the past have purchased prints on a CC on the basis they could fuel their addiction even if they didn't have a penny to rub together.
A colleague sold a micallef print the other week, hand delivered it, then stated how shocked he was that someone had spent 1.5k on a print but they looked like they were homeless and lived in a real hole of a place.
Its not about the love of art for some its about a quick turn around, but If it gets you out of a hole then good luck I suppose. As for me I'd rather pay the mortgage than buy a print, when I'm 40ish id rather have a nice place opposed to renting or still living at home.
I do agree that selling to fund a bigger purchase is the only way most can afford that bigger better work, Im certainly thinking about it with these crazy print prices going on.
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UK Interest rates bite..., by manchestermike on Jul 15, 2007 22:34:26 GMT 1, Exactly ABC... I'm 27 and have got just under 18 years of mortgage left. I hope to move in a couple of years but only will if my mortgage time doesn't increase over how ever many years I have left then (15/16?)... the long term plan is to be fully mortgage free by 45
Exactly ABC... I'm 27 and have got just under 18 years of mortgage left. I hope to move in a couple of years but only will if my mortgage time doesn't increase over how ever many years I have left then (15/16?)... the long term plan is to be fully mortgage free by 45
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Catwoman
New Member
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April 2007
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UK Interest rates bite..., by Catwoman on Jul 15, 2007 22:40:40 GMT 1, ...funny MM, you always sound older ;D!
...funny MM, you always sound older ;D!
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UK Interest rates bite..., by tomhills1 on Jul 15, 2007 22:43:12 GMT 1, Exactly ABC... I'm 27 and have got just under 18 years of mortgage left. I hope to move in a couple of years but only will if my mortgage time doesn't increase over how ever many years I have left then (15/16?)... the long term plan is to be fully mortgage free by 45
you got a mortgage at twenty mike? fair play, you seem to be a chap who knows what he wants and goes for it. top marks, i tend to play it safe but still hope to do away with the millstone sooner rather than later.
abc, totally agree, a roof over your head is worth more than any piece of art. those that now choose to offer up info on related pieces that could buy you a palace should back down. i mean, if you have art worth a lot of money yet are living on the breadline then surely a reality check is in order?
Exactly ABC... I'm 27 and have got just under 18 years of mortgage left. I hope to move in a couple of years but only will if my mortgage time doesn't increase over how ever many years I have left then (15/16?)... the long term plan is to be fully mortgage free by 45 you got a mortgage at twenty mike? fair play, you seem to be a chap who knows what he wants and goes for it. top marks, i tend to play it safe but still hope to do away with the millstone sooner rather than later. abc, totally agree, a roof over your head is worth more than any piece of art. those that now choose to offer up info on related pieces that could buy you a palace should back down. i mean, if you have art worth a lot of money yet are living on the breadline then surely a reality check is in order? |
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UK Interest rates bite..., by tomhills1 on Jul 15, 2007 22:44:03 GMT 1, ...funny MM, you always sound older ;D!
looks it too!
ouch 
...funny MM, you always sound older ;D! looks it too! ouch |
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Montubu7
Junior Member
🗨️ 2,196
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November 2006
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UK Interest rates bite..., by Montubu7 on Jul 15, 2007 22:48:54 GMT 1, I got a mortgage early, paid it off, got another paid it off etc etc.. & am now officially a lazy bas*ard.. 
I got a mortgage early, paid it off, got another paid it off etc etc.. & am now officially a lazy bas*ard.. |
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UK Interest rates bite..., by tomhills1 on Jul 15, 2007 22:50:25 GMT 1, I got a mortgage early, paid it off, got another paid it off etc etc.. & am now officially a lazy bas*ard..
W.T.F!!!!!! ?
I got a mortgage early, paid it off, got another paid it off etc etc.. & am now officially a lazy bas*ard.. W.T.F!!!!!! ? |
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UK Interest rates bite..., by manchestermike on Jul 15, 2007 23:00:30 GMT 1, Exactly ABC... I'm 27 and have got just under 18 years of mortgage left. I hope to move in a couple of years but only will if my mortgage time doesn't increase over how ever many years I have left then (15/16?)... the long term plan is to be fully mortgage free by 45 you got a mortgage at twenty mike? fair play, you seem to be a chap who knows what he wants and goes for it. top marks, i tend to play it safe but still hope to do away with the millstone sooner rather than later. abc, totally agree, a roof over your head is worth more than any piece of art. those that now choose to offer up info on related pieces that could buy you a palace should back down. i mean, if you have art worth a lot of money yet are living on the breadline then surely a reality check is in order?
Well, 22 and a half Just rounded it down to 20 a couple of years ago when I remortgaged - couldn't drop any time off it this year... but couple of years from now a move plus a drop in time is the plan ;D
Exactly ABC... I'm 27 and have got just under 18 years of mortgage left. I hope to move in a couple of years but only will if my mortgage time doesn't increase over how ever many years I have left then (15/16?)... the long term plan is to be fully mortgage free by 45 you got a mortgage at twenty mike? fair play, you seem to be a chap who knows what he wants and goes for it. top marks, i tend to play it safe but still hope to do away with the millstone sooner rather than later. abc, totally agree, a roof over your head is worth more than any piece of art. those that now choose to offer up info on related pieces that could buy you a palace should back down. i mean, if you have art worth a lot of money yet are living on the breadline then surely a reality check is in order? Well, 22 and a half Just rounded it down to 20 a couple of years ago when I remortgaged - couldn't drop any time off it this year... but couple of years from now a move plus a drop in time is the plan ;D |
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ABC
Artist
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August 2006
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UK Interest rates bite..., by ABC on Jul 15, 2007 23:10:49 GMT 1, At the end of the day we all have bills to pay regardless of if whether its a mortgage. My misses now wants a new car!! What do you do? get HP or sell two prints? - Yep thats it, get HP.
At the end of the day we all have bills to pay regardless of if whether its a mortgage. My misses now wants a new car!! What do you do? get HP or sell two prints? - Yep thats it, get HP.
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stuey09
New Member
🗨️ 49
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August 2008
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UK Interest rates bite..., by stuey09 on Jul 15, 2007 23:11:49 GMT 1, Good move Mike. By overpaying an extra few quid a month on mine I've knocked 5 years off my term. I'd rather be in Thomas's position though.
Good move Mike. By overpaying an extra few quid a month on mine I've knocked 5 years off my term. I'd rather be in Thomas's position though.
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Montubu7
Junior Member
🗨️ 2,196
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November 2006
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UK Interest rates bite..., by Montubu7 on Jul 15, 2007 23:12:47 GMT 1, At the end of the day we all have bills to pay regardless of if whether its a mortgage. My misses now wants a new car!! What do you do? get HP or sell two prints? - Yep thats it, get HP.
Get a company car so you pay f**k all like my missus, doesnt matter when you clip my car coming on the drive as work will just replace it...........
At the end of the day we all have bills to pay regardless of if whether its a mortgage. My misses now wants a new car!! What do you do? get HP or sell two prints? - Yep thats it, get HP. Get a company car so you pay f**k all like my missus, doesnt matter when you clip my car coming on the drive as work will just replace it........... |
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stuey09
New Member
🗨️ 49
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August 2008
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UK Interest rates bite..., by stuey09 on Jul 15, 2007 23:14:30 GMT 1, At the end of the day we all have bills to pay regardless of if whether its a mortgage. My misses now wants a new car!! What do you do? get HP or sell two prints? - Yep thats it, get HP.
The gratuity comes in handy
At the end of the day we all have bills to pay regardless of if whether its a mortgage. My misses now wants a new car!! What do you do? get HP or sell two prints? - Yep thats it, get HP. The gratuity comes in handy |
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ABC
Artist
Junior Member
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August 2006
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UK Interest rates bite..., by ABC on Jul 15, 2007 23:16:15 GMT 1, Company car in the Military, no thanks Hummers a shit. Although clip your car with a hummer and you wont be getting a new one, you'll be squashed.
Company car in the Military, no thanks Hummers a shit. Although clip your car with a hummer and you wont be getting a new one, you'll be squashed.
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UK Interest rates bite..., by numusic on Jul 16, 2007 7:41:09 GMT 1, At the end of the day we all have bills to pay regardless of if whether its a mortgage. My misses now wants a new car!! What do you do? get HP or sell two prints? - Yep thats it, get HP.
same here, had a kid last year, bought a house last week, and she wants a car this week.. (if she says volvo, that's it, i'm outta here)..with the art intact.
At the end of the day we all have bills to pay regardless of if whether its a mortgage. My misses now wants a new car!! What do you do? get HP or sell two prints? - Yep thats it, get HP. same here, had a kid last year, bought a house last week, and she wants a car this week.. (if she says volvo, that's it, i'm outta here)..with the art intact. |
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UK Interest rates bite..., by corblimeylimey on Jul 16, 2007 9:02:59 GMT 1, Exactly ABC... I'm 27 and have got just under 18 years of mortgage left. I hope to move in a couple of years but only will if my mortgage time doesn't increase over how ever many years I have left then (15/16?)... the long term plan is to be fully mortgage free by 45
That was my plan, I had a four bed detached house when I was about 21 with a 100% motgage which was only £52000! I'm now 42 so I should have been almost debt free by now.
BUT..... life is not as straight forward as you'd like to plan, good luck to those who pull it off it's not impossible, but kids, divorce, all sorts of unexpected turns can come up, and doing as I did way back, which was to sell the house and spend the profit and give up work for a while, doesn't do your long term plan any good.
Exactly ABC... I'm 27 and have got just under 18 years of mortgage left. I hope to move in a couple of years but only will if my mortgage time doesn't increase over how ever many years I have left then (15/16?)... the long term plan is to be fully mortgage free by 45 That was my plan, I had a four bed detached house when I was about 21 with a 100% motgage which was only £52000! I'm now 42 so I should have been almost debt free by now. BUT..... life is not as straight forward as you'd like to plan, good luck to those who pull it off it's not impossible, but kids, divorce, all sorts of unexpected turns can come up, and doing as I did way back, which was to sell the house and spend the profit and give up work for a while, doesn't do your long term plan any good. |
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i do think his is an exceptional situation though, i don't know anyone even close to that.
