BOE Base = 2%

PasturesNew

Dithering_Dad wrote: »

lol, I assume by the wording that you didn't appreciate being discussed by us. Apologies for that PN.

I don't care really.

Dithering_Dad wrote: »

However, I am sure you said you were living on your STR interest, and so your above statement is incorrect. I'd also suggest that as your interest rate falls you will soon have to start touching the STR capital too.

My situation and what has lead to it, where I am going with my Plan, is too complex to post in its entirety for every situation.

I pick out bits ...

Mentally my STR was there and "no matter what happens, at least I've got the rent/bills/food/bit of life covered". Now, I've lost that security. And I've lost it at the same time that my other income has dropped... and is dropping like a stone daily. (e.g. today it was £10).

I saw the STR interest pot as something that could theoretically save my 4rse if all else fell apart income-wise. And without warning all else income-wise DID fall apart ... turned round to stare at the STR pot and oops ...

So it's just theoretically how I stack things up mentally. I don't actually touch the STR. I've been earning money for the last year and living frugally, so I still have day-to-day savings made in the past few months.

Dithering_Dad wrote: »

Obviously getting a job will mean that you won't need to touch the STR at all, but then if it was so easy you could have done that when you first STR'd

I sort of tried to get a job, but sort of got caught up in a few things, and then found that my online earnings were doing more/better than I'd ever thought, so got slack and lazy and didn't look for an actual job too hard. I just figured "something would turn up by magic" only it didn't.

Everything fell off a cliff, when I didn't expect everything to. And now it's December so no point looking until January.

neverdespairgirl

PasturesNew wrote: »

I would say PN hasn't touched her STR or its interest and won't. PN is off to get a job.

People who talk about themselves in the third person make NDG nervous.

neverdespairgirl

Dithering_Dad wrote: »

Surely you can't argue against the fact that you are better off arranging a 10 year fixed rate mortgage when BoE rates are at 2% than when BoE rates are at 8/9 or 10%?

Depends partly on the capital sum, but otherwise, I agree.

chewmylegoff

BiggaThanBen wrote: »

And a 850pcm house will be likely much better than a 100K one ..

a good point... assuming a rental yield of 5-7%, the £850pcm house will be worth £150k - £200k

so need to factor in the mortgage payments of on £50-£100k borrowing, or compare to a rent of £416 - £580pcm for a more realistic sum.

i did the maths myself in june and came to the conclusion that i could only afford for the house to fall by 11% in value over a 3 year period before it was cheaper to rent.

chewmylegoff

neverdespairgirl wrote: »

Depends partly on the capital sum, but otherwise, I agree.

depends what the fixed rate mortgage deal is more to the point. BR could be 0%, doesn't mean you can get a fixed rate mortage at 1% for the next 10 years.

ffacoffipawb

Kenny4315 wrote: »

Mr Clown & Hs Darling don't have a Ffing clue what there doing and the MR King is a first rate F King idiot as well. Have these lot got no other ideas ? Wasn't it using interest rates as the only fiscal control the reason why why are in this !!!!!! in the first place. :mad:

Looks like there is going to be a new mean to Interest Free credit before long ..... Hello sir ..... would you like to buy this COUNTRY we have interest free credit available ...... ' :mad:

It does however mean that I am going to be coining in a substantial amount more loot from my BTL as my tracker will go down yet again :money: NICE ONE GORDON, DARLING and MERV. :money:

Another fine mess ...

Kenny4315

neverdespairgirl wrote: »

I can't remember what sort of widget it was. It meant we had no hot water or heating, though. The heating didn't matter at all, as it was in the summer, but the no-hot-water was a pain.

maybe the diverter valve ? Could have had a new condensing combi worcestor greenstar 30cdi, for around £700 though. Most of my £8k was on a new boiler and unvented cylinder (mains pressure), take care of all 3 flats very effeciently. When I bought place knew that I would need to spend some cash replacing things. Scaffolding £1k, electrics £1k, other stuff £2k.

I have a worcestor 30 CDI system boiler running on an S-plan, with an OSO unvented cyclinder (means hot water is a full mains pressure), 1 zone per floor (3 CH zones), plus cyclinder zone. Seimens remoter programmers on each floor, and 4 time clocks on the main boiler. It some pretty wicked system and top notch efficiency, even the worcestor engineer who came out to check it over was impressed. Will be well worth it in the long term in terms of energy effiency.

neverdespairgirl

Kenny, I'm sure you are right - but I don't understand half of it!

£300 wasn't for the widget alone, it was the widget, gas and electricity inspections and safety certs, all together.

Heat-exchange? I have a vague memory it could be that.