View Poll Results: Where are you on the property ladder?
I bought my houses to live in, in XX years they'll be mine, don't care what theyr'e worth
42
64.62%
I sold my house/houses in mid 2007 at the peak, i'm waiting to dive back in at the bottom end
5
7.69%
I bought my houses in 06/07 & now they're worth less, want/need to sell & am gonna lose tons!
1
1.54%
I've been ducking and diving non-stop and am still turning a fast £
4
6.15%
None of the above - i just post nonsense to try to wind up SNET
13
20.00%
Voters: 65. You may not vote on this poll
Survey to see where we all are in the property market...
30 June 2009, 09:53 PM
#31
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nothing wrong with debt, the whole financial system is based on it
since the dawn of capitalism it has helped people become very very wealthy
if you feel the need to pay of debt (often borrowed at ridiculously low interest rates) feel free
I have borrowed money at under 5% on assets that have risen from 60k to well over a million in the last 15 years
I have 3 to 4 holidays a year, 4 cars, a wife who doesn't need to work and stays at home looking after our 5 children, I could sell up now, and buy my current 4 bed detached house with double garage outright and have more than enought to buy any car car on the market
so i,m not doing too bad
or I could have put all my money into paying off my 250k mortgage that I took out 15 years ago -- with taxed income -- to me thats madness
paying off debt is a mixture of puritanism and a fear of failure
since the dawn of capitalism it has helped people become very very wealthy
if you feel the need to pay of debt (often borrowed at ridiculously low interest rates) feel free
I have borrowed money at under 5% on assets that have risen from 60k to well over a million in the last 15 years
I have 3 to 4 holidays a year, 4 cars, a wife who doesn't need to work and stays at home looking after our 5 children, I could sell up now, and buy my current 4 bed detached house with double garage outright and have more than enought to buy any car car on the market
so i,m not doing too bad
or I could have put all my money into paying off my 250k mortgage that I took out 15 years ago -- with taxed income -- to me thats madness
paying off debt is a mixture of puritanism and a fear of failure
Just this year, I was in what I thought was a safe job. The company I work for (Construction) had had a fantastic year (Both work wise and profit wise) but thanks to the credit crunch, projects that we had in the pipe-line (Sure fire jobs) that meant there would be no credit crunch for us, got posponed/cancelled. All of a sudden the company had NO work in the pipe-line. No work meant no jobs.
Luckily we won (a hard fought battle) a decent sized project (approx £4m)
which means we have enought work to see us through another year, with another couple jobs on the horizon, all going well.
But there was a possibility that if the company got no work in, I could be out of a job. My only light at the end of the tunnel (If I had lost my job) was that I didn't have a Mortgage, thus not losing the roof over my head.
30 June 2009, 10:00 PM
#32
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Then when you lose your job/income stream, watch it all come tumbling around your head. No one's job is safe ATM.
Just this year, I was in what I thought was a safe job. The company I work for (Construction) had had a fantastic year (Both work wise and profit wise) but thanks to the credit crunch, projects that we had in the pipe-line (Sure fire jobs) that meant there would be no credit crunch for us, got posponed/cancelled. All of a sudden the company had NO work in the pipe-line. No work meant no jobs.
Luckily we won (a hard fought battle) a decent sized project (approx £4m)
which means we have enought work to see us through another year, with another couple jobs on the horizon, all going well.
But there was a possibility that if the company got no work in, I could be out of a job. My only light at the end of the tunnel (If I had lost my job) was that I didn't have a Mortgage, thus not losing the roof over my head.
Just this year, I was in what I thought was a safe job. The company I work for (Construction) had had a fantastic year (Both work wise and profit wise) but thanks to the credit crunch, projects that we had in the pipe-line (Sure fire jobs) that meant there would be no credit crunch for us, got posponed/cancelled. All of a sudden the company had NO work in the pipe-line. No work meant no jobs.
Luckily we won (a hard fought battle) a decent sized project (approx £4m)
which means we have enought work to see us through another year, with another couple jobs on the horizon, all going well.
But there was a possibility that if the company got no work in, I could be out of a job. My only light at the end of the tunnel (If I had lost my job) was that I didn't have a Mortgage, thus not losing the roof over my head.
Who do you work for just out of interest?
30 June 2009, 10:00 PM
#33
Scooby Regular
Then when you lose your job/income stream, watch it all come tumbling around your head. No one's job is safe ATM.
Just this year, I was in what I thought was a safe job. The company I work for (Construction) had had a fantastic year (Both work wise and profit wise) but thanks to the credit crunch, projects that we had in the pipe-line (Sure fire jobs) that meant there would be no credit crunch for us, got posponed/cancelled. All of a sudden the company had NO work in the pipe-line. No work meant no jobs.
Luckily we won (a hard fought battle) a decent sized project (approx £4m)
which means we have enought work to see us through another year, with another couple jobs on the horizon, all going well.
But there was a possibility that if the company got no work in, I could be out of a job. My only light at the end of the tunnel (If I had lost my job) was that I didn't have a Mortgage, thus not losing the roof over my head.
Just this year, I was in what I thought was a safe job. The company I work for (Construction) had had a fantastic year (Both work wise and profit wise) but thanks to the credit crunch, projects that we had in the pipe-line (Sure fire jobs) that meant there would be no credit crunch for us, got posponed/cancelled. All of a sudden the company had NO work in the pipe-line. No work meant no jobs.
Luckily we won (a hard fought battle) a decent sized project (approx £4m)
which means we have enought work to see us through another year, with another couple jobs on the horizon, all going well.
But there was a possibility that if the company got no work in, I could be out of a job. My only light at the end of the tunnel (If I had lost my job) was that I didn't have a Mortgage, thus not losing the roof over my head.
as i said in the quote above "paying off debt is a mixture of puritanism and a fear of failure" --all credit to you for paying off your mortgage
Last edited by hodgy0_2; 30 June 2009 at 10:02 PM.
30 June 2009, 10:27 PM
#34
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There are three detached properties just round the corner from me, and no interest from buyers as the developers are cutting prices to the quick to get rid.
They paid £225,000 in 2006, one has an auction valuation of £160,000....
Glad my cash is stashed ready for next year, when it REALLY bites....
Then I'll dive back in...
dunx
P.S. Durum, durum, durm..... Jaws stylee
They paid £225,000 in 2006, one has an auction valuation of £160,000....
Glad my cash is stashed ready for next year, when it REALLY bites....
Then I'll dive back in...
dunx
P.S. Durum, durum, durm..... Jaws stylee
30 June 2009, 11:22 PM
#35
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we are in a house we've just built... see the DIY section - do need to update but sat broadband soo slow for pic uploads 
We moved from England to get away from the rat race.....
I was a transport manager - plenty of hassle and stress - now I go out in a van with my boss ( wifes cousin ) repairing windows and doors. We do have a laugh and there's no hassle or stress 
Wife worked full time in England in marketing now she doesn't work. We have 3/4 acre of land and a fantastic house with a small mortage. Life is soooo sweet
We moved from England to get away from the rat race.....
I was a transport manager - plenty of hassle and stress - now I go out in a van with my boss ( wifes cousin ) repairing windows and doors. We do have a laugh and there's no hassle or stress Wife worked full time in England in marketing now she doesn't work. We have 3/4 acre of land and a fantastic house with a small mortage. Life is soooo sweet
01 July 2009, 12:20 PM
#36
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Hodgy, I don't follow your logic at all.
Having no mortgage on your own home means you save all that interest that you can then invest elsewhere. Even on a 250k mortgage costs circa ?£800/month. In two years you'd save enough for a deposit on another flat.
I fully agree with having debt for investment properties (both for tax purposes and to leverage your potential gain) but can't see the sense with regards to main residence.
Having no mortgage on your own home means you save all that interest that you can then invest elsewhere. Even on a 250k mortgage costs circa ?£800/month. In two years you'd save enough for a deposit on another flat.
I fully agree with having debt for investment properties (both for tax purposes and to leverage your potential gain) but can't see the sense with regards to main residence.
01 July 2009, 12:30 PM
#37
Scooby Regular
What Hodgy has posted makes some sense, however the sense of absolute security from having no mortgage (on primary residence at least) far outweighs the financial pros and cons of using taxed income to pay off capital - for most people.
01 July 2009, 01:01 PM
#38
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Hodgy, I don't follow your logic at all.
Having no mortgage on your own home means you save all that interest that you can then invest elsewhere. Even on a 250k mortgage costs circa ?£800/month. In two years you'd save enough for a deposit on another flat.
I fully agree with having debt for investment properties (both for tax purposes and to leverage your potential gain) but can't see the sense with regards to main residence.
Having no mortgage on your own home means you save all that interest that you can then invest elsewhere. Even on a 250k mortgage costs circa ?£800/month. In two years you'd save enough for a deposit on another flat.
I fully agree with having debt for investment properties (both for tax purposes and to leverage your potential gain) but can't see the sense with regards to main residence.
but in any case Devildog is correct, obviously paying of a mortgage give you a much better sense of financial security
years ago when I bought my first house, I used a great financial adviser (still use him) and he said to me, "dont be afraid of money its just a commodity, it can work for you or you can work for it" and he showed me a few tricks, and I thought wow, and the fog slightly lifted
I am no financial expert (but they seem to be thin on the ground by all accounts) -- I just make my money work hard for me as much as I can
01 July 2009, 01:55 PM
#39
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I can't select any of the options either. bought 6 years ago and the flat (now rented out) is still worth more than the mortgage by about £30k
We bought a house at the end of last year and knocked £20k off the asking price. Ok we have two mortgages but with a bit of planning we are doing quite well. The flat pays for itself at the moment and the house is more than manageable. Also Nationwide are today reporting a third rise in house prices so not bad going.
5t.
We bought a house at the end of last year and knocked £20k off the asking price. Ok we have two mortgages but with a bit of planning we are doing quite well. The flat pays for itself at the moment and the house is more than manageable. Also Nationwide are today reporting a third rise in house prices so not bad going.
5t.
01 July 2009, 02:11 PM
#40
After getting married last August we bought our first family home in October. We knocked the asking price down from £340K to £282K as the market had long since peaked and turnover had slowed significantly.
We have a £100K mortgage which I wanted to repay at a fixed rate over 25 years. For the next 25 years I know I will be paying £700 a month to keep a roof over our heads.
I have heard all the armchair experts tell me that is madness and how much money I will waste over the 25 years blah blah blah. For us this is the right choice, we know exacly how much we need to pay month on month for the next 25 years, rates are low now, but I doubt anyone can predict where they will be in ten years or twenty years? I have perhaps paid a bit more to insure against this risk. I reckon it will all even out over the duration of the mortgage anyhow, and it saves me the hassle of having to look for new deals every 5 or so years.
Should the worst happen and I loose my job, and can not get employment within my specialism, I am of the mindset wherby I would take work in any line of business, and under such circumstances I can accurately forecast how much I need to earn to keep a roof over our heads. On the standard of living angle, well it would be a case of cutting the cloth to suit.
For us it aint about making money, its about having a comfortable home, in an area of our choosing where we are both extremely happy.
We have a £100K mortgage which I wanted to repay at a fixed rate over 25 years. For the next 25 years I know I will be paying £700 a month to keep a roof over our heads.
I have heard all the armchair experts tell me that is madness and how much money I will waste over the 25 years blah blah blah. For us this is the right choice, we know exacly how much we need to pay month on month for the next 25 years, rates are low now, but I doubt anyone can predict where they will be in ten years or twenty years? I have perhaps paid a bit more to insure against this risk. I reckon it will all even out over the duration of the mortgage anyhow, and it saves me the hassle of having to look for new deals every 5 or so years.
Should the worst happen and I loose my job, and can not get employment within my specialism, I am of the mindset wherby I would take work in any line of business, and under such circumstances I can accurately forecast how much I need to earn to keep a roof over our heads. On the standard of living angle, well it would be a case of cutting the cloth to suit.
For us it aint about making money, its about having a comfortable home, in an area of our choosing where we are both extremely happy.
Last edited by tarmac terror; 01 July 2009 at 02:15 PM.
01 July 2009, 02:27 PM
#41
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I can't select any of the options either. bought 6 years ago and the flat (now rented out) is still worth more than the mortgage by about £30k
We bought a house at the end of last year and knocked £20k off the asking price. Ok we have two mortgages but with a bit of planning we are doing quite well. The flat pays for itself at the moment and the house is more than manageable. Also Nationwide are today reporting a third rise in house prices so not bad going.
5t.
We bought a house at the end of last year and knocked £20k off the asking price. Ok we have two mortgages but with a bit of planning we are doing quite well. The flat pays for itself at the moment and the house is more than manageable. Also Nationwide are today reporting a third rise in house prices so not bad going.
5t.
01 July 2009, 02:43 PM
#42
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I thought interest only was the way it was usually done though... feel free to correct me!
5t.
01 July 2009, 09:16 PM
#43
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a couple of points re "Having no mortgage on your own home", is great but presumably you have paid it off at some point, out of taxed income, and this is fine if you intent to keep it, if you sell, and trade up the mortgage gets paid off, with the tax free capital gain
but in any case Devildog is correct, obviously paying of a mortgage give you a much better sense of financial security
years ago when I bought my first house, I used a great financial adviser (still use him) and he said to me, "dont be afraid of money its just a commodity, it can work for you or you can work for it" and he showed me a few tricks, and I thought wow, and the fog slightly lifted
I am no financial expert (but they seem to be thin on the ground by all accounts) -- I just make my money work hard for me as much as I can
but in any case Devildog is correct, obviously paying of a mortgage give you a much better sense of financial security
years ago when I bought my first house, I used a great financial adviser (still use him) and he said to me, "dont be afraid of money its just a commodity, it can work for you or you can work for it" and he showed me a few tricks, and I thought wow, and the fog slightly lifted
I am no financial expert (but they seem to be thin on the ground by all accounts) -- I just make my money work hard for me as much as I can
Also you keep mentioning that a mortgage is paid off with taxed income.So what? If you are paying interest every month, that's taxed income as well.
Maybe I'm missing something, but I just cannot see your logic in saying that having no mortgage on your main residence is 'for the puritanical and fearful'
Please explain
01 July 2009, 09:38 PM
#44
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Currently have no real need to buy a house due to my line of work tending to move me around the place every so often (and I like that flexibilty)
Would only really purchase as an investment, but now that the borrowing binge which has kept the economy going in the UK for the last 10 years has come to an end, I certainly won't be dipping into property anytime soon, and expect a long period of declining prices (5-15 years)
Would only really purchase as an investment, but now that the borrowing binge which has kept the economy going in the UK for the last 10 years has come to an end, I certainly won't be dipping into property anytime soon, and expect a long period of declining prices (5-15 years)
01 July 2009, 09:55 PM
#45
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You keep saying the gain on selling your home with a mortgage is tax free, but its tax free if it doesn't have a mortgage as well. So what is your point?
Also you keep mentioning that a mortgage is paid off with taxed income.So what? If you are paying interest every month, that's taxed income as well.
Maybe I'm missing something, but I just cannot see your logic in saying that having no mortgage on your main residence is 'for the puritanical and fearful'
Please explain
Also you keep mentioning that a mortgage is paid off with taxed income.So what? If you are paying interest every month, that's taxed income as well.
Maybe I'm missing something, but I just cannot see your logic in saying that having no mortgage on your main residence is 'for the puritanical and fearful'
Please explain
my point is if you had the capital in the bank you would buy a 300K house
I would buy a 600k house and have a 300k mortgage (which i would just pay the interest), when both houses increases in value by 50% (all my property has doubled in roughly 6 10 years)
you will have a house worth 450 -- well done
I will have a house worth 900K, I could sell then pay back my 300k mortgage and be left with 600k
also dont forget you capital is reduced over years by inflation
http://en.wikipedia.org/wiki/Leverage_(finance)
Last edited by hodgy0_2; 01 July 2009 at 09:57 PM.
01 July 2009, 09:56 PM
#46
After getting married last August we bought our first family home in October. We knocked the asking price down from £340K to £282K as the market had long since peaked and turnover had slowed significantly.
We have a £100K mortgage which I wanted to repay at a fixed rate over 25 years. For the next 25 years I know I will be paying £700 a month to keep a roof over our heads.
I have heard all the armchair experts tell me that is madness and how much money I will waste over the 25 years blah blah blah. For us this is the right choice, we know exacly how much we need to pay month on month for the next 25 years, rates are low now, but I doubt anyone can predict where they will be in ten years or twenty years? I have perhaps paid a bit more to insure against this risk. I reckon it will all even out over the duration of the mortgage anyhow, and it saves me the hassle of having to look for new deals every 5 or so years.
Should the worst happen and I loose my job, and can not get employment within my specialism, I am of the mindset wherby I would take work in any line of business, and under such circumstances I can accurately forecast how much I need to earn to keep a roof over our heads. On the standard of living angle, well it would be a case of cutting the cloth to suit.
For us it aint about making money, its about having a comfortable home, in an area of our choosing where we are both extremely happy.
We have a £100K mortgage which I wanted to repay at a fixed rate over 25 years. For the next 25 years I know I will be paying £700 a month to keep a roof over our heads.
I have heard all the armchair experts tell me that is madness and how much money I will waste over the 25 years blah blah blah. For us this is the right choice, we know exacly how much we need to pay month on month for the next 25 years, rates are low now, but I doubt anyone can predict where they will be in ten years or twenty years? I have perhaps paid a bit more to insure against this risk. I reckon it will all even out over the duration of the mortgage anyhow, and it saves me the hassle of having to look for new deals every 5 or so years.
Should the worst happen and I loose my job, and can not get employment within my specialism, I am of the mindset wherby I would take work in any line of business, and under such circumstances I can accurately forecast how much I need to earn to keep a roof over our heads. On the standard of living angle, well it would be a case of cutting the cloth to suit.
For us it aint about making money, its about having a comfortable home, in an area of our choosing where we are both extremely happy.
01 July 2009, 10:26 PM
#47
Scooby Regular
01 July 2009, 10:33 PM
#48
We often cross over on here from whats best personally and whats best as a business proposition .
Different things suit different peoples ideas and needs and its what is best for the individuals circumstances and which way they look at things .So horses for courses .
Makes for good arguments tho from us keyboard warriors !!!
Different things suit different peoples ideas and needs and its what is best for the individuals circumstances and which way they look at things .So horses for courses .
Makes for good arguments tho from us keyboard warriors !!!
01 July 2009, 10:55 PM
#49
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Are you one of the many SNeters who have "stashed" their cash for last 10yrs thereby missing the massive property price increases over that time? Current falls won't drop far enough to have made the wait worthwhile ...
TX.
TX.
01 July 2009, 11:09 PM
#50
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Bought a house in 1999 that I rent out. Paid 180k for it and after the drop it's worth around a realistic £370k now. Rented out @ 40% over the mortgage payment with a long term letter that I have had to drop 25% in rent due to as the market is flooded.
Sold my house recently for what I paid for it in late 05 and was lucky to break even - really lucky.
Now renting a massive house in Surrey for around 40% of the amount it would cost me to buy. The money I make on my much smaller house I rent out pays the rent on this place - well, covers 65% of it, making it very cheap.
Renting is so much cheaper than buying and will be until prices properly correct. The current blip is catching out so many people. Now is a terrible time to buy, and only a good time to sell to those smart enough to realise this market is W shaped.
Sold my house recently for what I paid for it in late 05 and was lucky to break even - really lucky.
Now renting a massive house in Surrey for around 40% of the amount it would cost me to buy. The money I make on my much smaller house I rent out pays the rent on this place - well, covers 65% of it, making it very cheap.
Renting is so much cheaper than buying and will be until prices properly correct. The current blip is catching out so many people. Now is a terrible time to buy, and only a good time to sell to those smart enough to realise this market is W shaped.
Last edited by fatherpierre; 01 July 2009 at 11:19 PM.
02 July 2009, 11:11 AM
#51
a mortgage allows you to "gear" up, which gives much better returns
my point is if you had the capital in the bank you would buy a 300K house
I would buy a 600k house and have a 300k mortgage (which i would just pay the interest), when both houses increases in value by 50% (all my property has doubled in roughly 6 10 years)
you will have a house worth 450 -- well done
I will have a house worth 900K, I could sell then pay back my 300k mortgage and be left with 600k
also dont forget you capital is reduced over years by inflation
Leverage (finance) - Wikipedia, the free encyclopedia
my point is if you had the capital in the bank you would buy a 300K house
I would buy a 600k house and have a 300k mortgage (which i would just pay the interest), when both houses increases in value by 50% (all my property has doubled in roughly 6 10 years)
you will have a house worth 450 -- well done
I will have a house worth 900K, I could sell then pay back my 300k mortgage and be left with 600k
also dont forget you capital is reduced over years by inflation
Leverage (finance) - Wikipedia, the free encyclopedia
The only things that would worry me is;
What would happen if you couldn't sell you house when you were due to repay your mortgage?
What would happen if at the time the market wasn't that great and your house was worth say 400K. What could you buy for 100k when you're used to living in a 900k house?
Like i say i dont disagree with your thinking, its just not for me. I have a friend who only pays his mortgage interest only. His theory is that when his (quite loaded) parents snuff it, he'll use the inheritance to clear his mortgage
02 July 2009, 11:33 AM
#52
Scooby Regular
thnks Cocker
The principle, contrary to what some snetter’s might think wasn’t conjured up in my deranged mind
The same principle lies behind endowment and pension mortgages (which you don’t pay off the capital just the interest)
Where my strategy differs is that I trust my own judgment more than the shysters in the finance industry (who as I stated haven’t covered themselves in glory)
And the big difference is that I don’t pay, unlike Endowment and pension mortgages the massive upfront costs to financial men and women – who then blow it on £500 bottles of champagne at lunch – and these upfront costs means that the stock market has to perform not just well but fvcking well over the term coz the fees you pay the financial bods come out regardless of your investment performance. (the level of financial knowledge in this country is shocking)
But your right and it brings me back to my point about “fear of debt” – but making money is a risk reward business
and your arguement about Zimbabwe is a valid one -- however by the time the UK got in that position we would all have much more to worry about (and i,d still rather have property than bits of paper)
The principle, contrary to what some snetter’s might think wasn’t conjured up in my deranged mind
The same principle lies behind endowment and pension mortgages (which you don’t pay off the capital just the interest)
Where my strategy differs is that I trust my own judgment more than the shysters in the finance industry (who as I stated haven’t covered themselves in glory)
And the big difference is that I don’t pay, unlike Endowment and pension mortgages the massive upfront costs to financial men and women – who then blow it on £500 bottles of champagne at lunch – and these upfront costs means that the stock market has to perform not just well but fvcking well over the term coz the fees you pay the financial bods come out regardless of your investment performance. (the level of financial knowledge in this country is shocking)
But your right and it brings me back to my point about “fear of debt” – but making money is a risk reward business
and your arguement about Zimbabwe is a valid one -- however by the time the UK got in that position we would all have much more to worry about (and i,d still rather have property than bits of paper)
02 July 2009, 11:33 AM
#53
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a mortgage allows you to "gear" up, which gives much better returns
my point is if you had the capital in the bank you would buy a 300K house
I would buy a 600k house and have a 300k mortgage (which i would just pay the interest), when both houses increases in value by 50% (all my property has doubled in roughly 6 10 years)
you will have a house worth 450 -- well done
I will have a house worth 900K, I could sell then pay back my 300k mortgage and be left with 600k
also dont forget you capital is reduced over years by inflation
Leverage (finance) - Wikipedia, the free encyclopedia
my point is if you had the capital in the bank you would buy a 300K house
I would buy a 600k house and have a 300k mortgage (which i would just pay the interest), when both houses increases in value by 50% (all my property has doubled in roughly 6 10 years)
you will have a house worth 450 -- well done
I will have a house worth 900K, I could sell then pay back my 300k mortgage and be left with 600k
also dont forget you capital is reduced over years by inflation
Leverage (finance) - Wikipedia, the free encyclopedia
To live in the same standard house you've just sold, will cost you £900k, thus meaning you need a £300k mortgage. Just stay in the house you have.
02 July 2009, 11:39 AM
#54
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02 July 2009, 12:00 PM
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Maybe it depends on where you are on the property ladder. If you are 21 and in a flat and know you will upgrade a few times then yes it makes sense.
Once you are in a house/home you are happy in then it makes no sense. I'm not talking about buying the house in cash, but paying off the mortgage over a number of years when things are good.
Or would you take the mortgage to the grave with you?
By paying off the mortgage you are
1) Saving 10s of 1000s £ in interest
2) That money can be used to buy other property
3) That other property will not only be leveraged but it will also produce an income (that your main residence doesn't)
4) Like this you are diversified. Not only in terms of geographical areas (that may do better than your own area) but also type ie house vs flat vs commercial etc.
5) Capital gains tax is now only 18%. Once you've 'fiddled' it a bit you'd only end up paying 10-12%, so not huge amounts.
02 July 2009, 12:14 PM
#56
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I agree Deep
and ultimatly my game plan would be to end up with a house worth say 800/900k with a lowish mortgage -- say 200k that I would put on a repayment.
plus the reducion of CGT to 18% make my argument even more compelling IMO
as with everything its timing and you have to know when to get off the wheel
we shall see
and ultimatly my game plan would be to end up with a house worth say 800/900k with a lowish mortgage -- say 200k that I would put on a repayment.
plus the reducion of CGT to 18% make my argument even more compelling IMO
as with everything its timing and you have to know when to get off the wheel
we shall see
02 July 2009, 02:58 PM
#57
Is anyone on here happy to have one property and money in the bank ??
I was always taught to have as little debt as possible,and if you cant afford it you cant have it..
Seems this isnt the way anymore.......Perhaps thats why this country is in the mess its in.
Everyone wants to look the biggest **** on the block........but if you dont own it,your just a tenant with a job..
I was always taught to have as little debt as possible,and if you cant afford it you cant have it..
Seems this isnt the way anymore.......Perhaps thats why this country is in the mess its in.
Everyone wants to look the biggest **** on the block........but if you dont own it,your just a tenant with a job..
02 July 2009, 03:55 PM
#59
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I sold my house at rock bottom and bought a new one twice as big
Big loss ( to what it could have been ) still 100k profit but even bigger gains with the new house
......The housing crash did me a favour really!
Big loss ( to what it could have been ) still 100k profit but even bigger gains with the new house
......The housing crash did me a favour really!
02 July 2009, 04:35 PM
#60
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years ago when I bought my first house, I used a great financial adviser (still use him) and he said to me, "dont be afraid of money its just a commodity, it can work for you or you can work for it" and he showed me a few tricks, and I thought wow, and the fog slightly lifted
Long as it isn't this fella!
Really interesting thread, this one!