Has STRing paid off for anyone?

chucky

Cannon_Fodder wrote: »

Last summer you could get 7% on savings...I don't call that low.

wouldn't you have to lock yourself in for a certain amount of time (1 or 2 year deposit) and not take advantage of cheap house prices and cheaper mortgage rates during the last 6 months than this summer... :rolleyes:

Harry_Powell

StevieJ wrote: »

He obviously only STR in Aug 2007, found a good savings rate, then moved the lot into the stock market in March 2009 what a smart fellow or fellowess.

Amazing. But until he buys a house and sells his shares he only has a 'paper profit'. Much like the 'profit' homeowners gained from HPI.

Generali

Harry_Powell wrote: »

Building from a post I made on a different thread, I was wondering if anyone actually has made or will make a profit from STRing (Selling to Rent)?
Could anyone who STR'd please come to my aid and tell me if it worked for you?

I sold to rent, not to make a profit but because if I sold in the suburbs and forwent the season ticket and car I could afford to live in Central London and spend much more time with my (yet to be born at the time) family.

On the basis that I did it, it was a great success. When my first Generalissimo was born, I got to spend time before and after work with him as well as popping home at some point during the day most days, a luxury denied to most investment bankers and to all commuters.

It wasn't really a huge success or a huge failure financially but then I didn't do it for that reason. I think I had a much better relationship with my very young kids than the vast majority in the same position as me.

dgl1001

I remember talking to some bloke in 2003 who STR'ed the year before, leaving him with £8k in the bank, however, he had used all of the profit and was left with no nothing. Unfortunately he was on a low paid income and was quickly priced out of the market. Oh, and he would not stop talking about how great HPC was. A very sad situation

Cannon_Fodder

chucky wrote: »

wouldn't you have to lock yourself in for a certain amount of time (1 or 2 year deposit) and not take advantage of cheap house prices and cheaper mortgage rates during the last 6 months than this summer... :rolleyes:

Yes, fixing was involved.

Only 1 index say prices are up over this year. So that's debatable/regional/specific to the properties available/desired.

As long as the STR gets a house with a decent % difference, it doesn't matter what the index says.

Mortgage rates only apply to mortgagees.

StevieJ

Cannon_Fodder wrote: »

Last summer you could get 7% on savings...I don't call that low.

For term fixes, surely if you are a bear ready to pounce you don't want to tie your funds up for 5 years.

StevieJ

Harry_Powell wrote: »

Amazing. But until he buys a house and sells his shares he only has a 'paper profit'.

Shame that we're not getting too much response on this thread. Either STRing is a failed financial gambit and no one wants to admit to it, or no one on MSE has done it.

Or they have disappeared to HPC.co.uk for some positive stroking

Cannon_Fodder

1 year terms were at 7%. Hardly missing the boat. No need to pounce as this still has years to unravel...

Its just about the right house, now. Price is a side issue.

chucky

Cannon_Fodder wrote: »

Yes, fixing was involved.

Only 1 index say prices are up over this year. So that's debatable/regional/specific to the properties available/desired.

As long as the STR gets a house with a decent % difference, it doesn't matter what the index says.

Mortgage rates only apply to mortgagees.

the less the mortgage, the cheaper the house. something that isn't realised very easily by many...

you're right. to be fair Nationwide/Halifax aren't the greatest figures to extrapolate information from but they are an indicator of what is likely to happen over the next few months.

are you going to use the regional/local argument now?

PasturesNew

Cannon_Fodder wrote: »

Last summer you could get 7% on savings...I don't call that low.

Only if you locked in and could manage to get the account.
I gave up trying to get a lot of bank accounts because it all just became too much work/effort to achieve it. I don't want bank accounts registered at this address as I considered here to be "temporary" and so keep my banking details registered at my parents' house, where it's 'safer'. Communal hallway here means everybody's post is dropped through into the hallway and shoved on a table in the hall. Not secure. And then there was the whole issue of trying to prove you are who you say you are and live where you do. That and having to split it all up means I gave up really.

I never wanted my money locked in as I don't know when I'll need/want it.