Rich People in Big Houses

JonnyBravo

mbga9pgf wrote: »

Err, they could lower the asking price and not be a bunch of greedy C*nts?

You should be addressing nearlynew. That description must be about him seeing as he sold a house recently and I remember the discussion where he said he was going to take as much as possible.
It's easy to ask other people to accept less but not so easy if it's oneself..... no doubt you'll claim you're different. Let me know when you want to sell any property.

Milliewilly

mbga9pgf wrote: »

Err, they could lower the asking price and not be a bunch of greedy C*nts?

The irony in your posts is delicious.

ukcarper

mbga9pgf wrote: »

Err, they could lower the asking price and not be a bunch of greedy C*nts?

That’s ok if everybody does. But I’m sure you would lower your price and move out onto the street.

dopester

wageslave wrote: »

All about where you are in your life really and your attitude to debt.

I own my house outright and it is an extremely nice feeling. I used to worry about the mortgage, I am not even sure why, it wasn't particularly large or cumbersome.

I keep toying with the idea of selling and moving up the ladder. No sense to it really, this place is more than adequate for our needs and the area, while not posh, is decent enough. I just want a nicer house.

I am not quite sure what that says about me:o

If you bought that home anywhere between 8 and 12 years ago you've probably seen the glory of HPI, together with a fair bit of wage-inflation to boot, making that initial mortgage much less of a concern in your floated arrival to asset-wealth riches.

Lol at this thread where taking on £100K debt/mortgage/upsizing is still treated like it's no big deal.

I really don't think many people understand the deflationary vortex the economy has entered. Some people who don't really shine at anything... for instance a Birmingham Midshires mortgage arranger on £35K a year, might go on to get an admin job on £16K for a while - but end up lucky to be stitching footballs together for the Chinese at 20p a day the way the deflationary path is leading.

Go on then... take out your extra £100Ks of debt now... keep on acting like there are no prospects of swinging cuts to the NHS and Education and Unemployment Allowance budgets. Magic money always going to be there, together with even more HPI cause UK is so rich and compared to other countries, where the UK is isolated from global forces, the verdict of the markets, and increasing/emerging competition.

JonnyBravo

dopester wrote: »

If you bought that home anywhere between 8 and 12 years ago you've probably seen the glory of HPI, together with a fair bit of wage-inflation to boot, making that initial mortgage much less of a concern in your floated arrival to asset-wealth riches.

Lol at this thread where taking on £100K debt/mortgage/upsizing is still treated like it's no big deal.

I really don't think many people understand the deflationary vortex the economy has entered. Some people who don't really shine at anything... for instance a Birmingham Midshires mortgage arranger on £35K a year, might go on to get an admin job on £16K for a while - but end up lucky to be stitching footballs together for the Chinese at 20p a day the way the deflationary path is leading.

Go on then... take out your extra £100Ks of debt now... keep on acting like there are no prospects of swinging cuts to the NHS and Education and Unemployment Allowance budgets. Magic money always going to be there, together with even more HPI cause UK is so rich and compared to other countries, where the UK is isolated from global forces, the verdict of the markets, and increasing/emerging competition.

Your posts are always erudite, polite, consistent and well reasoned.

They are however just too large a step for me to take mentally. I can see all of what you say has logic and some of it may come to pass but the end result seems to be at the far end of possibilites. Or if the path does lead to the picture you paint I can't see it happening within one lifetime. I agree people seemingly take on large debts without too much thought, but the majority of them do get through it somehow.... whether easily or by struggling all their lives is debatable etc etc.
It's just such a large "status quo" to change in such a drastic way.

For now I'm happy to say I'm in the "largely as before" camp, and whilst this does include large tax increases etc etc, everything is relative, and relative to your predictions it is "largely as before".


Thanks for a year of genuinely interesting posts though. :T Happy New Year to you dopester.

hayleythedaisy

I'd rather the first one, I think our house is about £130 with a £100 ish mortgage, if we owned it outright we could save to put an extension on and replaster the walls and then we wouldn't need to move ever!. (And if circumstances changed where we couldn't work, lost our jobs, had a child who needed full time care, just got fed up of life and wanted to go and tour the world etc etc we could much more easily!
(I am quite a newfounded simple person though, I thought I wanted a nice car on finance - discovered I actually want a small one with no bill on it, I always thought I'd like to live in a massive house with 8 bathrooms, til I realised how much upkeep that would be. I'm not career or money driven. I like the nice things in life, but to me they are good company, baths, evenings in, a nice meal out sometimes.)

The_White_Horse

this is stupid.

the question doesn't make sense because you don't know how old/what stage of life the mortgage payer is and how many live in the house, or what size the house is and/or where it is.

for example, if i was 62 and about to retire, I would take option 1. If I was 30 and could afford the repayments, I would take option 4.

The person in option 1 is currently wealthiest (you would presume but we don't know their incomes) but will he be in 25 years time? probably not.

dopester

JonnyBravo wrote: »

Happy New Year to you dopester.

And Happy New Year to you JonnyBravo, and to everyone else on the forum.

It was an exaggeration JB, as I'm sure you know, but only to emphasise my fears of people taking on big debts at this point. With people seemingly having little concern to how all the existing Government budgets and debts are to be financed.

Some sort of revolution for society and dealing with debt would take place before we have lots of UK people stitching footballs for 20p a day. Hopefully some breakthroughs with new tech will come to the rescue too.

There are all sorts of reminders from recent history that our UK economy hasn't somehow overcome all the checks and balances - although it seems to me it's had a good long run of acting like it has.

At the other place someone posted up the YouTube link to this documentary:
New York - Nightmare In The City that Never Sleeps. (1 of 6 parts on YouTube.. about an hour in total). It's quite funny in retrospect that New York nearly went bust in the late 1970s... because of it's huge $12 billion deficit/borrowing... and the markets didn't look favourably on lending them more money.... having to swipe from pension funds to get a few more days. There were some economic themes in this documentary which I believe might be ahead for the UK proper, with decisions to be made.

lostinrates

I'd buy the house that met our needs, best suited our wants and came withing affordability, tht would depend on our income. If we could buy the house we wanted and needed mortgage free...sure, but we can't. We could buy A house/home mortgage free...but we haven't, so thats telling I suppose.

Harry_Powell

It's all about risk and the level you're comfortable with.

My Uncle knows someone who bought a 2 bed terraced house when he was a young, single bloke and worked all the hours god sent and paid it off really quickly. He then felt 'safe' financially and my Uncle swears that it sapped all his friend's ambition. He stayed in his low-level job because he could afford to (with zero mortgage) and even when a wife and kids turned up he squeezed them all into his terraced house.

He was bemoaning his lot though during the boom he saw his family, friends and work colleagues climb the ladder, take on large mortgages and saw HPI take their net worth to points he could never dream of. He started off as one of the richest and most secure person in his peer group. He's now one of the poorest.

Financial security often comes at a price.