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<blockquote data-quote="Andy1733" data-source="post: 537597" data-attributes="member: 34898"><p>Btw it's a lot harder for people to get pushed over the edge according to affordability now because since the 2008.crash they brought in stress testing.</p><p></p><p>When the interest rates were 0.5 % the stress test was set at 4.5%. Now it's 3% and next week possibly 3.5% it's set at 6%.</p><p></p><p> my niece bought her house a few month back</p><p> I recommended getting a 10 year fixed and a max of 170k spend from her part time teachers wage and her boyfriend's mechanic wage.</p><p></p><p>The broker they spoke to said go 2 or 5 years and you can afford 210k</p><p> Luckily she went 10 year at 3.29% but spent 190k... As you say it doesn't take much to tip over the edge and a future baby could make things right in the near future</p></blockquote><p></p>
[QUOTE="Andy1733, post: 537597, member: 34898"] Btw it's a lot harder for people to get pushed over the edge according to affordability now because since the 2008.crash they brought in stress testing. When the interest rates were 0.5 % the stress test was set at 4.5%. Now it's 3% and next week possibly 3.5% it's set at 6%. my niece bought her house a few month back I recommended getting a 10 year fixed and a max of 170k spend from her part time teachers wage and her boyfriend's mechanic wage. The broker they spoke to said go 2 or 5 years and you can afford 210k Luckily she went 10 year at 3.29% but spent 190k... As you say it doesn't take much to tip over the edge and a future baby could make things right in the near future [/QUOTE]
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