Everyone I know is sinking under a decade of DEBT..

purch

Not another of them

No, just one of the same one's.

StevieJ

purch wrote: »

No, just one of the same one's.

Probably

smeagold

RenovationMan wrote: »

I'd say to anyone that its far more productive to stop sitting on internet forums moaning about your lot and instead start doing something about it. You only have one life and its wasted if you live it in fear, afraid to make any decision just in case its a wrong one. Thats what I used to be like, now I'm not. I have to say that things are going swimmingly so far.

Hope your a good swimmer;)

ess0two

RenovationMan wrote: »

Then perhaps its time to play the game to your own rules? I did all the living within my means and careful saving to watch my returns dwindle down to zero.

In the end I decided to finally take a calculated risk and gamble on low interest rates being around for a few years. I sold our home and bought a large 5 bed stone farm house with a large £300k mortgage that was six times the outstanding mortgage on my previous property.

Surprisingly, my new mortgage is about the same amount each month as our previous one because we were on a fixed rate. Our new mortgage is a tracker and costs us £574 per month. Instead of saving our cash in a bank account paying zero interest, we are using the money to overpay the mortgage and to renovate the house.

I'd say to anyone that its far more productive to stop sitting on internet forums moaning about your lot and instead start doing something about it. You only have one life and its wasted if you live it in fear, afraid to make any decision just in case its a wrong one. Thats what I used to be like, now I'm not. I have to say that things are going swimmingly so far.

There will be plenty on here,hoping you fall flat on your face.

abaxas

ess0two wrote: »

There will be plenty on here,hoping you fall flat on your face.

Only if he is Ed Balls.

RenovationMan

smeagold wrote: »

Hope your a good swimmer;)

I have been so far.

WHITEVANMAN

RenovationMan wrote: »

Then perhaps its time to play the game to your own rules? I did all the living within my means and careful saving to watch my returns dwindle down to zero.

In the end I decided to finally take a calculated risk and gamble on low interest rates being around for a few years. I sold our home and bought a large 5 bed stone farm house with a large £300k mortgage that was six times the outstanding mortgage on my previous property.

Surprisingly, my new mortgage is about the same amount each month as our previous one because we were on a fixed rate. Our new mortgage is a tracker and costs us £574 per month. Instead of saving our cash in a bank account paying zero interest, we are using the money to overpay the mortgage and to renovate the house.

I'd say to anyone that its far more productive to stop sitting on internet forums moaning about your lot and instead start doing something about it. You only have one life and its wasted if you live it in fear, afraid to make any decision just in case its a wrong one. Thats what I used to be like, now I'm not. I have to say that things are going swimmingly so far.

I am pleased for you, you have made the right choice by taking more control of your own destiny.

I was not moaning about my lot.
I have been going my own way, within the rules for over 20 years.
Im already mortgage free, and have a part share in a second home.
Im curently quite comfortable while I look for new directions to move forward life after having taken the choice to sell up my main business.

I however once used to live well beyond my means, and that took me five years to get that under control.
Since then I have managed to get clear of my mortgage which was a variable tracker at 0.35% above base . After maximising many opportunites, having used switching, offsetting and equity release at opportune moments to cover me while I entered into a diverse range of investment opportunities.

My only advice to you would be vary wary of the interest rate, its being surpressed but this cannot last much longer, by overpaying you have put yourself in a position where you should be able to fix easily as they rise but something to watch all the same.

RenovationMan

ess0two wrote: »

There will be plenty on here,hoping you fall flat on your face.

To be fair, I really havent been given that impression by anyone on here. There was a bit of disbelief about my £30k overpayment (fair enough), but that stopped when I posted copied of my mortgage statements. Even the most bearish have commented that it's quite a gamble but have still posted good luck messages.

Who knows what people really think, but as far as posts on here have gone, they have been very positive.

StevieJ

WHITEVANMAN wrote: »

I however once used to live well beyond my means, and that took me five years to get that under control.
Since then I have managed to get clear of my mortgage which was a variable tracker at 0.35% above base . After maximising many opportunites, having used switching, offsetting and equity release at opportune moments to cover me while I entered into a diverse range of investment opportunities.

Not the smartest thing to do, I would have thought

smeagold

RenovationMan wrote: »

I have been so far.

what happens when the tide turns?