Has it worked out for you

StevieJ

shortchanged wrote: »

Sorry but I don't really see your logic B Blank.

Debt accrues interest which inturn means more to pay back.

Not sure that is always true, my mortgage rate is 1.45% and my cash Isa rates are between 3.5 and 6.5%

pbouk

SUFFER_THE_LITTLE_GHOULS wrote: »

Buying a one bed flat in stabsville for cash does not equate you to being a home owner.

didnt say i was buying a flat anywhere near "stabsville" i am buying a 3 bed house in a nice area, not yet! that would be silly as the prices will go down even further. even in " stabsville"

pbouk

nearlynew wrote: »

Good for you.

Owning your home outright is a major step towards financial security.

Best of luck and don't forget to haggle on the price.
Start at about 30% off asking price and work from there.

thanks yes i agree, i dont intend to rush in and give someone full price as i know the price is still falling.

pbouk

originalmiscellany wrote: »

If it was me, I'd pay it off in cash and enjoy my life! I'd set up a mortgage amount comparable to what I would be paying and save that every month to ensure I am saving for the future and still living within my means. The freedom to know that I don't owe any money must be the most amazing feeling - lucky you and well done, but don't forget to keep on saving, and as stated above have it in a variety of saving schemes, not all penny shares on ponzi schemes

thank you, i have not been doing anything crazy, just living within my means. i think anyone on here who is saving a deposit should just keep doing this as the markets only going one way at the minute.

shortchanged_2

StevieJ wrote: »

Not sure that is always true, my mortgage rate is 1.45% and my cash Isa rates are between 3.5 and 6.5%

Thing is stevieJ no one is going to get a rate of much less than 3.5% if they take out a mortgage today even with a very good LTV.

In your circumstances it is logical.

Cleaver

pbouk wrote: »

I am currently in the position now to buy a home, CASH! no mortgage. i think if i had bought a few years ago i would have had the idea to just pay it off over the normal 20-25 yrs and pay for the house twice with interest charges, but because i had the instinct that the bubble was going to burst i just decided to save a good deposit which has now grown into a very big deposit, to the extent that i wont need a mortgage.

Sorry to point out the obvious but you say that if you'd bought a 'few years' ago you'd have had to have a mortgage for 20 to 25 years. But you're now in a position to buy a place outright. This doesn't make any sense.

You've obviously come in to a hell of a lot of money over the past few years, so even if you had bought a house a few years ago you'd presumably be able to pretty much pay all of the mortgage off today with your new found wealth.

So there isn't really that much difference, in your case, between buying today and buying a few years ago, is there? You obviously earn a lot of money, so are able to go from having no money a few years ago (hence needing a mortgage for 25 years) to be able to buy a house outright. Presuming the house is at least £120,000, you've been able to save (or somehow come by) tens of thousands of pounds every year. So mortgage or no mortgage, it makes no difference to you in the grand scheme of things.

AndyGuil

With rates going to increase this year, next year and (probably) the year after, owning your own home completely is a wise move. As has happened every time before, the interest rates have gone through the roof.

The_White_Horse

pbouk wrote: »

I am currently in the position now to buy a home, CASH! no mortgage. i think if i had bought a few years ago i would have had the idea to just pay it off over the normal 20-25 yrs and pay for the house twice with interest charges, but because i had the instinct that the bubble was going to burst i just decided to save a good deposit which has now grown into a very big deposit, to the extent that i wont need a mortgage.

just wanted to know if it has actually worked out better for you guys?

sounds like utter garbage to me. You saved up enough cash to buy an entire house in 5 years or so and clearly still paid rent at the same time.

i smell something..... and it's bs.

pbouk

Cleaver wrote: »

Sorry to point out the obvious but you say that if you'd bought a 'few years' ago you'd have had to have a mortgage for 20 to 25 years. But you're now in a position to buy a place outright. This doesn't make any sense.

You've obviously come in to a hell of a lot of money over the past few years, so even if you had bought a house a few years ago you'd presumably be able to pretty much pay all of the mortgage off today with your new found wealth.



So there isn't really that much difference, in your case, between buying today and buying a few years ago, is there? You obviously earn a lot of money, so are able to go from having no money a few years ago (hence needing a mortgage for 25 years) to be able to buy a house outright. Presuming the house is at least £120,000, you've been able to save (or somehow come by) tens of thousands of pounds every year. So mortgage or no mortgage, it makes no difference to you in the grand scheme of things.

no, what i meant was if i had bought 3-5 yrs ago with little or no deposit, i would have been in the frame of mind to just pay the mortgage over 20-25yrs etc. i have not come into any money.

The_White_Horse

pbouk wrote: »

no, what i meant was if i had bought 3-5 yrs ago with little or no deposit, i would have been in the frame of mind to just pay the mortgage over 20-25yrs etc. i have not come into any money.

so 3-5 years ago, you had enough for a 10% or possibly 20% deposit - and now, you magically have enough for a whole property. the full 100%. saved up in 3-5 years.

if that was the case, you would have still been better of getting a mortgage and investing the money saved.

you are an idiot. and a liar.