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About LinkBacksPayed off my mortgage last year!! Cool.
Payed off my mortgage last year!! Cool.
Congratulations, the start of many firsts. I live with my girlfriend for about 10 months now and its going great. Don't worry about the economy naysayers just try to keep a little abreast of whats going on out there. Also be careful with that money luckily I had the girlfriend to haul me in.Originally Posted by dkmech
The deal finally completed. So I am now a proud part owner of a little semi! (parents own part of it too but it's all for me to live in). Got quite a lot of decorating work to do now. Should be fun (for a while).
Also take a look at the DIY stores for deals. Focus do a Homemovers Advantage Card which is 10% off everything for 6 months which is pretty good. I think Homebase do something similar on their loyalty card.
Stealth Geek - And Proud!
Gotta love Rave the doomsayer
Me personally? No. I'm 27, and I don't have a lot of friends 15-20 years my senior.
Ask a representative sample of people 15-20 years my senior though (say 100-200 people) how many of them either were repossessed or were 'trapped' by NE for years and you'd get a lot of positive responses.
Sorry to be a spelling Nazi, I daresay there are some alcohol induced errors in this reply of mine, but it's affect. I really think that's one common spelling error that it's important to get right.Sure there may be partial collapses, but if you're in for the long term, they won't effect you.
Anyway- won't affect you how? In that it won't affect you that you'll be spending 25 years paying off a too large mortgage for the too small house you're stuck in?
Nope, they haven't 'burned' any money at all- because it became cheaper to rent (depending on your area) around 2004-2005. When you take out a mortgage, you 'rent' a large sum of money from the bank to buy your house. When you rent a house, you, um, just rent a house. When it costs more to rent the money than it does to just rent the house, buyers are losing. I certainly would pay more on an interest only mortgage to buy the house I currently live in than I'm currently paying in rent- so far from 'throwing away money on rent' I'm actually saving money. Currently the money I'm saving is eaten up by my overdraftSure you could wait for a collapse, which may happen, but people have been saying "It's about to happen" for years, and all that's happened is that they've burned money renting instead.but once that's paid off it's all going in a savings account
.
Yeah, because why subsidise some landlord's lifestyle when you can subsidise a bank's shareholders insteadRenting is good for some people, but if you _can_ afford something, IMHO you'd be a bit daft to keep on renting....
Last edited by Rave; 05-02-2007 at 11:34 PM.
come on, i spell at the age of an 11 year old (its offical.. or was, i might of moved on 18 months now).
Now why do people buy to let so much now adays. the lucky 7%. Because you can get away with charging 7% of the value each year.
Intrest the mortgage i'm looking at is 5%. So 2% repayment still less than renting.
We're not talking about bloody goose stepping morons buying endowment equity mortgages, we are talking about people with deposites buying a house they can afford.
Who cares if you get NE, if you wernt planning to sell it, and can still afford repayments, your in liquid terms no worse off.
Its much more prudent to worry that we're heading for recession and you might have no job at all!
throw new ArgumentException (String, String, Exception)
i dont know about doon soud, but oop nord, the average deposit is 30 grand on a 100k house. that is something that i certainly cant afford!
IMO though Rave, the years you are waiting for the house price crash to happen (which I believe won't be that major a decrease) are years that could be used to pay off a mortgage.
To be honest though, i dont know what the rental market is like in east london. I have just had an offer accepted on a 2 bed flat near the m3 just outside of london. My mortagage will be £790 a month (on a £129,500 mortagage). With someone else sharing with me that will drop to £400 or maybe even less (I am still concentrating on getting in first before worrying about roomy rates!!!). You have to admit, that isnt bad.
I know it is a bit of a gamble, but in my case if the market crashes I have no reason to sell/move. I can just ride it out until the prices increase again. I can already afford the mortgage, and I have 1/2 yearly pay rises for the next 2 years, so for me it is doable. It also helps that I had a £50k inheritance left to me which had to be used as a deposit on a property, otherwise I would be renting!!!!
Discuss
790 a month?
how on earth are first time buyers not yet out of uni going to be able to afford that?
its going to push the average age of first time buyers higher and higher, then the market will collapse in on itself.
here's hoping anyway, ill be around after to pick up the pieces
Where? Rightmove is an easy method of comparing prices to rental yield, so lets see it
If house prices crash, you're worse off than someone who stuck their money is (say) gilts. Or ATM, gold.Who cares if you get NE, if you wernt planning to sell it, and can still afford repayments, your in liquid terms no worse off.
Oh absolutely. I drive a bus for a living, and although nothing's certain I reckon many people will need to ride buses when they can't afford their cars any more. Remind me what you do again?Its much more prudent to worry that we're heading for recession and you might have no job at all!
Man Rave you are one seriously stubborn fellow and must be the grumpiest bus driver alive.
You just have to admit that many many people in the UK see the situation differently from you. I sense there is another motivator behind your anger at the current situation but I can't work out what it is. And I see from your links in your signature you are against a lot of things, maybe you have more time to think about these things but for me, all I can do is try to make my vote count in elections and just avoiding things I don't think are right, getting wound up never helps me or indeed does it rectify the situation as a whole.
Take it easy...lifes too short.
Last edited by GeorgeTuk; 06-02-2007 at 12:12 AM.
Stealth Geek - And Proud!
On the contrary my dear fellow- you're more likely to get a smile from me when you board my bus than (I'm guessing) 95% of my colleagues. I make a point of being friendly and polite.
Um...well....duh? If everyone in the U.K. saw things my way then we wouldn't have a housing bubble would we? Way to state the obvious thereYou just have to admit that many many people in the UK see the situation differently from you.
Well, I'l spell it out for you then- our government are utterly incompetent ****s. I voted for an opposition party, and I'm still getting ****ed. That upsets me. Quite a lot.I sense there is another motivator behind your anger at the current situation but I can't work out what it is.
Yeah hell, why not get stoned, and let life pass me by. Oh, that's why, it's illegal. This government have done nothing to legalise fun, and have ****ed up everything else. Ultimately, I'm a peace and fun loving guy, which means I have to be against our current government. It's not an idealogical stand, it's a practical one.And I see from your links in your signature you are against a lot of things, maybe you have more time to think about these things but for me, all I can do is try to make my vote count in elections and just avoiding things I don't think are right, getting wound up never helps me or indeed does it rectify the situation as a whole.
Take it easy...lifes too short.
What do you stand for? Are you a young person? Do you think it's right that people under the age of 30 have no chance to buy a house unless they are city traders or lucky to have rich parents? Do you think it's great that we have nigh on 10m 'economically inactive' citizens in this country? Do you like the fact that our trade deficit is £bns a month and growing? What do you like? Give me some positive news about this country, because I need it.
Last edited by Rave; 06-02-2007 at 01:03 AM.
Oh yeah, renting has serious advantages... IF you're not planning to stay where you are for anything more than three-five years.
Other advantages are:
Ensuring your landlord has your boiler serviced regularly.
Ensuring the landlord has the central heating and hot water system checked.
Getting the landlord's permission to redecorate and then being limited to the choice of colours he/her gives you.
Getting hold of the landlord whenever anything concerning the property goes wrong or breaks.
Not being allowed to hang any pictures or even change the way the fridge door opens without the landlord's consent.
Not being allowed to hire any sort of outside contractor, be it a plumber or even a BT engineer without the landlord's permission.
Not being able to replace a worn carpet until the landlord stumps up for it.
Having to leave two month's rent as a deposit which you'll risk losing if you spill red wine on the light carpet.
Having to agree to allow the landlord access.
Oh yeah, renting is waaaay better than owning your own home where you can do whatever you like...
Renting is like throwing your money down a drain! When you have your own house you have something to show for all your hard earned expenditure. Its a good investment too.
</sweeping generalisations>
Not having the capital to put down on a deposit to live in the house to which I've become acustomed I'm very happy to rent for the moment.
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Steve, I'm 24 and a first time buyer790 a month?
how on earth are first time buyers not yet out of uni going to be able to afford that?
its going to push the average age of first time buyers higher and higher, then the market will collapse in on itself.
here's hoping anyway, ill be around after to pick up the pieces
I am young, 26 which is fairly young I suppose, and have a house with my girlfriend which is on a managable mortgage. We both have fairly decent wages and a combined income of £43,000. We do work hard to get it though and neither of us went to university but thats a choice we made on our own (as we weren't together then), it just didn't represent good value for money. And our parents have less income than us, in her case much less.On the contrary my dear fellow- you're more likely to get a smile from me when you board my bus than (I'm guessing) 95% of my colleagues. I make a point of being friendly and polite.
Um...well....duh? If everyone in the U.K. saw things my way then we wouldn't have a housing bubble would we? Way to state the obvious there
Well, I'l spell it out for you then- our government are utterly incompetent ****s. I voted for an opposition party, and I'm still getting ****ed. That upsets me. Quite a lot.
Yeah hell, why not get stoned, and let life pass me by. Oh, that's why, it's illegal. This government have done nothing to legalise fun, and have ****ed up everything else. Ultimately, I'm a peace and fun loving guy, which means I have to be against our current government. It's not an idealogical stand, it's a practical one.
What do you stand for? Are you a young person? Do you think it's right that people under the age of 30 have no chance to buy a house unless they are city traders or lucky to have rich parents? Do you think it's great that we have nigh on 10m 'economically inactive' citizens in this country? Do you like the fact that our trade deficit is £bns a month and growing? What do you like? Give me some positive news about this country, because I need it.
Yes a Iam disappointed with the number of spongers on state benefit but thats happens each time you get a labour government for 2 or more terms. The scroungers take advantage of the new initiatives because they are not stupid as they make out, the administration spends whatever they can get their hands on to make 'a legacy' (not just Tony Blair). At the moment they have spent nearly all the pensions money and defence reserve and only to get headline grabbing attention such as ASBOs, new half baked IT projects, Olympics, an unuseable Dome and a unpopular and unecessary war in Iraq.
But...life goes on and one day people will come to their senses.
Stealth Geek - And Proud!
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