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Debate House Prices
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Bloody hell - it's MELTDOWN on the FTSE
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Thats hopefully what people are now doing blisk0
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Pobby, we are in the same situation as you. Endowment was supposed to pay off the mortgage in 18 months time now (retirement age) and give us "£40k plus, to do what you want with". We have £17k defecit. And now our pensions will have been shot to pieces PLUS the money from downsizing will be erm, downsized. So much for flogging ourselves to death working 7 days a week in our business.
Endowments were almost always a piece of rubbish. Knew a 'financial advisor' in the 90s who made enormous amounts of cash from commission by pushing them on to people looking to buy through his EA business.
You might get lucky and have it mature in the middle of a boom having started it in a bust but no way would I ever consider taking one on as a mortgage repayment vehicle.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Too late now !!!!!!, unless there is a boom of enormous magnitude in the next 18 months:mad:
Yes, I often see our IFA now retired, with a deep sun tan and driving his new Jag.0 -
Pobby, we are in the same situation as you. Endowment was supposed to pay off the mortgage in 18 months time now (retirement age) and give us "£40k plus, to do what you want with". We have £17k defecit. And now our pensions will have been shot to pieces PLUS the money from downsizing will be erm, downsized. So much for flogging ourselves to death working 7 days a week in our business.
Sorry to hear that and you are among many I fear. We down sized a long while ago so not an option. I have just over 5 years to go and my wife says she thinks she will have to work beyond retirement.The £30k odd ayear (including state pension) we had planed on would have given us a very comfortable retirement is looking a bit optimistic now. Well I guess we will have to see nearer the time.0 -
Dow and NASDAQ now bounced back up to +1.3%, FTSE dutifully following having recovered to -2.46% and rising...--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
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tomstickland wrote: »I've been having similar thoughts about why I put so much effort into savings. Maybe I should spend more of it and enjoy it now. That's my latest opinion.
Savings are about deferred gratification.
Maybe enough deferring, time for the gratification!
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Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
You should have got a 120% mortgage to buy a house, mewed out loads of money from the equity when its value rose, maxed out your credit cards, had a whale fo a time pretending to be a millionaire and then gone bankrupt and left the mess for the taxpayers to clean up.
In 6 short years you'd be in a position to do it all again! Yay!Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
Down over 5% now....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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