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    • chevalier
    • By chevalier 16th Jun 08, 12:59 AM
    • 7,687Posts
    • 17,796Thanks
    HELLO From New Zealand
    • #1
    • 16th Jun 08, 12:59 AM
    HELLO From New Zealand 16th Jun 08 at 12:59 AM
    Hi all
    Haven't got long on the old computer (in a camp site that has timed access). But I thought I would let you know that the Chevalier have made it to New Zealand.

    Some interesting parts to it though. We new about the liquids in see through bags stuff, for hand baggage, but they were quibbling that DS1's allergy medicine was in a 150ml container even though it was only half full. It was only when we mentioned that it was for his allergy that is went though ok!!!

    Then for some reason BOTH boys set the metal arch off in the security area so they both had to be hand searched ! Wasn't very impressed with that, but it had to be done. Does nothing for ones stress levels.

    And THEN you still have to take your shoes off and have them x rayed! Now I where doc martens and they are a 5 minute job to take off and another 5 to put on, so guess who held up the queue.......:rolleyes:

    Still we made it through to the departure area and the boys were very good considering. (Thank fully they had not been upset and tearful on departure from my parents in laws house, so that was a bit relief!).

    But then for some reason when we went to go through to the departure lounge they wanted to search us AGAIN. I got asked why was I wearing my thick coat ? WTF! Er because it is winter in New Zealand and it can get chilly duh! Also it would pack anywhere else. But I guess they thought it was suspicious. Big sigh.

    boys were really good on the plane and did sleep a bit, but I just couldn't - way too bright, so got into Los Angeles feeling like crap!

    And what a stress that was, they make you get off the plane, get in a queue, finger print and iris scan, all so that you can sit in a transit lounge for an hour, and then get back on the plane! I mean I wouldn't mind but you can't even go and look at the rest of the air port, you just sit in the lounge. And it took AGES to process everyone as well. So being the suspicious type it seems a clever ruse, to get more biometric information about people.....

    Anyway I hope all the debt busting is going well. It is raining up a storm here, but it is badly need apparently as the hydroelectric lakes are well done and there may be power cuts soon . So maybe we brought them some good English rain!!!!

    I want a job that is less than an hour driving away from my house! Are you listening universe?
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    • Chocforever
    • By Chocforever 13th Oct 16, 10:10 PM
    • 769 Posts
    • 1,662 Thanks
    I don't know the amount of equity you have in the UK property and so it's not clear to me whether you could afford to buy a suitable house in NZ even if you cashed in the UK property for the deposit. What sort of mortgage term would you plan to get? Using your example, $360k, is a lot to pay off over 10 - 15 years and even on interest only, the mortgage will be higher than your current rent.

    Have you got good work/private pensions or were you planning on releasing equity to partially fund retirement?

    If you are truly committed to staying in NZ for the next 10 years and think the children will stay there when they grow up, I would buy in NZ because that's your home. You have gained from UK house price appreciation. You'll probably lose some of that on the exchange rate if you cash in over the next 2 -3 years but I think you just have to accept that if you need to cash your investment in, so be it.
    Mortgage, draw down Sept 2014: £222,000

    Now: £177,639
    • chevalier
    • By chevalier 14th Oct 16, 9:29 PM
    • 7,687 Posts
    • 17,796 Thanks
    our english house is about 400k with equity of 200k. we would therefore even at these ridiculous rates 'just' have enough for the deposit over here. on the other hand putting down a 100deposit on two rental properties say in Plymouth (a market and houseing stock i know well) and renting them out to students would net us about 3k a year.....which we could transfer over i suppose I don't know. my biggest regret is that we didn't sell up when we left (and when the exchange rate was nearly 3 to the pound) and buy at that price. the same house would literally have cost half what it will now in only 8 years. But I was really quite sick at the time and couldn't tell that it was all going to go down like this. sigh
    I want a job that is less than an hour driving away from my house! Are you listening universe?
    • Chocforever
    • By Chocforever 14th Oct 16, 11:38 PM
    • 769 Posts
    • 1,662 Thanks
    I suppose what I was wondering is that say you buy a house in NZ at £400k, do you have the same disposable income as your UK tenants to cover the £200k mortgage. My impression was that NZ property prices are very high relative to salaries, though I'm not very knowledgeable on this.

    OK, so rental yields are better on two lower value properties. I see where you are coming from, and that monthly surplus could pay for rent on a nicer house now or go towards a retirement pot. However, I would expect the capital appreciation would be lower unless there is anything market specific in that area so it might only change the timing of when you make a profit.

    My gut feel is that in terms of quality of accommodation, and I think that has impacted on your happiness and perhaps ability to feel settled in a neighbourhood, you have had to make do for a long time. I would still be inclined to sell up and buy the best house you can in NZ and see it also as a long term investment for your retirement. I think the only thing that would change my mind is if I thought house prices would fall in NZ, or have significantly lower rates of inflation than the UK, for the medium to long term. But even then, you are exposed to currency movements which is quite a risk when you have effectively a single large investment.

    One thing that has changed in the UK mortgage market over recent years is the ability to get mortgages with terms extending into retirement (up to the age of 85!) if there is adequate pension provision in place. I don't know if NZ lenders sell these sorts of products. Even if you planned to overpay the mortgage and get rid of it asap, it could allow you to borrow more and give you some breathing space if you scheduled out the mortgage payments over a longer term just in case something unexpected cropped up.

    I appreciate that none of the available options give a very palatable answer. I would give it all some serious thought, including retirement plans, make your decision and go with it. Otherwise, if you keep mulling it over, your stress will increase with every sensational news headline and report of changes in house prices.

    Anyway, that's my view and I'll leave you in peace now!
    Mortgage, draw down Sept 2014: £222,000

    Now: £177,639
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