The credit crunch ?

[Kirstie]

I'm not begrudging anyone anything. I just wish I didn't have to have a giant mortgage (which is partly because of relocation, as User482 pointed out). In spite of years of prudence, my financial situation could be so much significantly better for many other reasons which I don't want to go into on here.

 

[domtyler]

I'm not begrudging anyone anything. I just wish I didn't have to have a giant mortgage (which is partly because of relocation, as User482 pointed out). In spite of years of prudence, my financial situation could be so much significantly better for many other reasons which I don't want to go into on here.

Hmmm, I am thinking of getting myself a mistress, maybe we could sort something out?

 

[MarkF]

I don't have a mortgage...
I have rent, though...

And so would I if I was younger, I would not buy, you are as free as can be.

I duno what Mark's situation is, but I can imagine that if one bought at the right time, something that needed renovation, and you had a bit of a legacy or you had just sold and were downsizing rather than striving for an ever bigger house, you could be mortgage-free without being 'privileged'. Lucky perhaps, but not the sort of luck I'd begrudge anyone.

I am 46, I bought my house when I was 23, I paid off my mortgage quite a few years back, there is nothing unusual about that. I could, if I had wanted, have moved to a much larger and expensive property but I like to have a life, I definitely made the right decision.

BTW the 3 kids school packed lunches are included in the £100 food bill!

 

[gbb]

They are extremely risky - you are banking on a substantially rising housing market, and the rises of the last 10 years are completely abnormal. Maybe ok if you're planning to live in the same house for many years, but what happens if you have to relocate?

True , very true...that's why i said 'when conditions are right'.

In fact, i had exactly that aim to stay put for the forseeable future.
House prices had'nt bottomed out when i brought mine...they eventually dropped by 35 - 40 %.

More importantly for me, I remember as we are speaking (so's to speak) i brought mine with a whopping council discount....reducing the risk even further. 100% mortgage was fully in order for me...but those circumstances that applied to me, are very rare.

So i tend to agree with you User482.

But human nature and greed dictates we'll be going through the same agony again in a few years time.

 

[ChrisKH]

And so would I if I was younger, I would not buy, you are as free as can be.



I am 46, I bought my house when I was 23, I paid off my mortgage quite a few years back, there is nothing unusual about that. I could, if I had wanted, have moved to a much larger and expensive property but I like to have a life, I definitely made the right decision.

BTW the 3 kids school packed lunches are included in the £100 food bill!

Mind you, I've heard about you Yorkshiremen and money.

I also bought at age 24. I have upgraded properties over the years, so there is that. My mortgage is small compared to others who have £300k - £500k mortgages around me (and there are plenty of those) so I can be comparatively smug I guess.

It would be zero, if my missus didn't spend so much................

 

[MarkF]

Mind you, I've heard about you Yorkshiremen and money. :?:

Too true Chris

However I pushed the boat out when I was 23, most of my friends bought much smaller properties at the time and then moved up and past my house, fair enough, but a lot of them are now barearsed! What was the point? I have to take my niece and nephew on holiday with us because my sibling is skint....thay have 2 new cars and house with a swimming pool I know who enjoys "life" though.

 

[User482]

Too true Chris

However I pushed the boat out when I was 23, most of my friends bought much smaller properties at the time and then moved up and past my house, fair enough, but a lot of them are now barearsed! What was the point? I have to take my niece and nephew on holiday with us because my sibling is skint....thay have 2 new cars and house with a swimming pool I know who enjoys "life" though.

Quite so. Because Mrs User482 and I took a deliberate decision to not mortgage up to the hilt, we are able to afford a more comfortable standard of living than many, and we can also substantially overpay the mortgage, so it should be paid off in 15 rather than 25 years. The downside is that we live in a less than fashionable part of town. Like I give a sh1t.

 

[gbb]

Quite so. Because Mrs User482 and I took a deliberate decision to not mortgage up to the hilt, we are able to afford a more comfortable standard of living than many, and we can also substantially overpay the mortgage, so it should be paid off in 15 rather than 25 years. The downside is that we live in a less than fashionable part of town. Like I give a sh1t.

As always, there is a trade off.
Like you, i've settled for (personally)affordable housing, and reaped the benefits that brings financially, and accordingly my 'life' is more fulfilled.
The downside is...i live in a less desireable area of the city. Sometimes, when i see the way my part of town is deteriorating, compared with 15 years ago....it can be a bitter pill to swallow.

 

[domtyler]

Quite so. Because Mrs User482 and I took a deliberate decision to not mortgage up to the hilt, we are able to afford a more comfortable standard of living than many, and we can also substantially overpay the mortgage, so it should be paid off in 15 rather than 25 years. The downside is that we live in a less than fashionable part of town. Like I give a sh1t.

Some high rise council estates can be quite nice nowadays though!

 

[User482]

Some high rise council estates can be quite nice nowadays though!

Indeed. And then there's all the stamp duty you save.