“I’ve already made 12k in 2 years on my house, in 20 years time I’m going to be rich”

nelly_2

you might die before you pay it off, and your kids might not be able to cover the payments and it'll be repoed.

I thought I'd keep the thread light hearted

howididit_2

:eek: !!!!

But if I was renting they would be in the same situation also, actually they would be worse as my mortgage is paid off if I die before paying it off!!

:cool:


meanmachine - good points. Who knows what the future holds though: is it complacency or just getting on with your life...

meanmachine_2

"Getting on with life" isn't much of an argument for either camp.

If the economy goes belly up and interest rates do go silly (unlikely but possible), then life with a mega mortgage would be pretty grim.

I'm not a "nester" so am happily "getting on with life" right now thanks. If you can call trolling money forums a life...;)

howididit_2

The "getting on with life" comment was aimed at me - as I used to really worry about all this stuff but decided its not worth the energy in the end and just bought 2 years ago!

Sorry was not aimed at you!!!

I just decided to drop back here as I used to look at this forum (and HPC) 2 years ago when I bought and it made me very anxious! I agree over 25 years there will be times that are certainly rougher than now, and some that will be easier. I was just curious to see what sentiment was like now 2 years on.

moneywise_2

Woby_Tide wrote:

yes everyone, wait till houses crash 40% then buy two, and an aeroplane, and a sports car


AND THE BIGEST ICE CREAM IN THE WORLD

(in the meantime take advantage of the 4% interest on offer at your local friendly bank)

Only if you put your money into the friendly local bank as 4%

I wonder if you actually realise why they give you 4 %

may be they find somwhere give them more then that ???

moneywise_2

I totally agree with you ... try to be money making expert ! But i do both ! save and make ! :beer:

Tiggs wrote:

Agree, when i last moved my IO mortgage was £260k so i considered knocking back my expenses and paying it off ASAP......but in the end i just worked harder and now i earn nearly that in a year i no longer need to worry about the mortgage as my money makes more than the interest on it and the amount (relative to earnings) is no longer a big risk.

i choose to be a moneymakingexpert instead of a moneysavingexpert

meanmachine_2

Sentiment is the same now as it was two years ago I'd imagine.

Those who have just bought think they're brave. They think the pro-crashers are doom mongerers and weirdos.

Those who bought a few years ago think they're brilliant investors and are rich.

Those who haven't bought are either priced out, risk averse or still clinging on to the vague hope that the market will correct. They're also feeling defensive because the market didn't start its correction last year, as a lot of commentators were suggesting.

Recent BTLers think they've found the secret to getting rich quick.

Those who BTLd years ago are either sitting tight or actively selling, thinking the market's peaked.

Those who really *do* see their home as a home not as a cash machine never visit here in the first place.

Sentiment won't turn until the market has turned bearish - and continues to fall for years. Then we'll all have lost interest in bricks and mortar and think anyone crazy for suggesting it as a route to riches.

So, same old same old.

moneywise_2

Basic principal ..Buy LOW and Sell High if for investment !

Now I am not sure what you think about the house price . but for me it is super high .

meanmachine wrote:

Sentiment is the same now as it was two years ago I'd imagine.

Those who have just bought think they're brave. They think the pro-crashers are doom mongerers and weirdos.

Those who bought a few years ago think they're brilliant investors and are rich.

Those who haven't bought are either priced out, risk averse or still clinging on to the vague hope that the market will correct. They're also feeling defensive because the market didn't start its correction last year, as a lot of commentators were suggesting.

Recent BTLers think they've found the secret to getting rich quick.

Those who BTLd years ago are either sitting tight or actively selling, thinking the market's peaked.

Those who really *do* see their home as a home not as a cash machine never visit here in the first place.

Sentiment won't turn until the market has turned bearish - and continues to fall for years. Then we'll all have lost interest in bricks and mortar and think anyone crazy for suggesting it as a route to riches.

So, same old same old.

meanmachine_2

The problem is that, in 2001, prices seemed super high. And again in 2003, and again in 2004.

Bu8t are prices right now super high, or merely very high, but about to become stupidly so - Irish style.

For me it doesn't matter anymore. The market lost touch with reality back in 2001.

poopscoop

nelly wrote:

you might die before you pay it off, and your kids might not be able to cover the payments and it'll be repoed.

I thought I'd keep the thread light hearted

life assurance covers that