Buying house with cash (none, or tiny mortgage)

Gwhiz

lesley74 wrote: »

Can I ask, what makes you think there'd be no state pension? Are you saying you think the government are sending out false pension statements (ie I am 35 and have requested pension statements for my state pension)? I've heard this said before and I asked the Pension Office a few years back if it would be phased out, but they said they can't do that as we're paying NI to build up a pension so they can't just take it. I hope I'm right....:p

There just won't be the money.

Milliewilly

Gwhiz wrote: »

There just won't be the money.

I think there will be less money when you do eventually retire and you will have to work another 5 years i.e to age 70 for a man.

vegasvisitor

Gwhiz wrote: »

There just won't be the money.

I just feel that we're paying into it and they're happy to forecast our pensions etc, and provide a retirement age (67 for me), so surely they have to pay it?

thor

Todays pensioners have never had it so good. Ok so thatcher may hace broken the link to earnings but with pension credits(and all the additional benefits that provides), winter fuel payments, free tv for the over 75s etc they are not doing too bad. The problem is that the NHS is too good at it's job and has increased life expectancy so much that we are going to be overrun by the elderly in the not too distant future. The forecasts about how many pensioners a worker will be expected to support in the not too distant future is truly worrying and is the main reason Labour had to up the age of retirement. I see successive governments continuing the trend.

thor

Henry_P_Chester wrote: »

These 'advisors' are assuming the property market will continously rise. Buying a home is a risk why leverage that risk. Borrow as little as possible to buy one property and save as much as possible to get the next one up mortgage free too. Like you say the home would be always be yours and no one can take it from you even if you losr your job.

Agree completely. Property prices may have been goingup for hundreds of years but fundamentally there is no reason they won't go down for the next few hundred years.
Only borrow if you actually NEED to buy that more expensive house. If you can get a cheaper one which will suit your purpose you would be mad to ignore it. Sounds like these advisors have their own agenda in getting you to splash out.

Gwhiz

lesley74 wrote: »

I just feel that we're paying into it and they're happy to forecast our pensions etc, and provide a retirement age (67 for me), so surely they have to pay it?

You may be very disappointed!