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Debate House Prices
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UKs biggest lender ends IO mortgages without evidence.
Comments
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It's all about timing.
Anyone who has rented in the last 3-4 years has made a '!!!!!!! fortune'.
I worked out that if we'd have stayed renting the same place we were in (a small 1-bed flat) over buying the place we're in now (a 3-bed Semi) 4 years ago, we'd be just under £10000 better off today. So about £200 a month.
But obviously that would've meant staying in that pokey 1-bed flat for another 4 years, and seeing as our daughter is now approaching her 1st birthday, we would have moved to a bigger place when the missus fell pregnant anyway. So for us, it's not really a 'fortune' and we've had the benefit of a much larger place for those 4 years too.0 -
I worked out that if we'd have stayed renting the same place we were in (a small 1-bed flat) over buying the place we're in now (a 3-bed Semi) 4 years ago, we'd be just under £10000 better off today. So about £200 a month.
But obviously that would've meant staying in that pokey 1-bed flat for another 4 years, and seeing as our daughter is now approaching her 1st birthday, we would have moved to a bigger place when the missus fell pregnant anyway. So for us, it's not really a 'fortune' and we've had the benefit of a much larger place for those 4 years too.
Good point! Quality of life is often more important than money. I often wonder about some of those who STR'd with families, exactly how they balanced the quality of life of their families over financial gain (as it turned out probably minimal gains, or even losses if your name is Jonathon Davis)Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
Lordy. That an overwhelming amount of anecdotal evidence there Stevie.
Mine was an example not evidence meant to close the case
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Mine was an example not evidence meant to close the case
It's ok the shrewder folk on here would have realised that.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
HAMISH_MCTAVISH wrote: »Eh???
You think the world is going to abandon inflationary monetary systems in your lifetime?
Really??? You'd make a housebuying decision based on that?
No. I'd make a housebuying decision on affordability, like I did several years ago. I ignored others "advice" and did what I felt was right.
I'm glad I did. Several people, a few years earlier (around 1989) told me to get myself a property, or miss out forever. Buying then would have meant stretching myself to the financial limit, I could have done it, but didn't want to (I wonder what your advice would have been at the time ?).30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
I'm glad I did. Several people, a few years earlier (around 1989) told me to get myself a property, or miss out forever. Buying then would have meant stretching myself to the financial limit, I could have done it, but didn't want to (I wonder what your advice would have been at the time ?).
Well I took my own advice at the time, and stretched myself to the absolute limit.
Which has paid off handsomely.
That mortgage was paid off in 17 years. That house is now worth 4 times what I paid for it.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Well I took my own advice at the time, and stretched myself to the absolute limit.
Which has paid off handsomely.
That mortgage was paid off in 17 years. That house is now worth 4 times what I paid for it.
My mortgage was paid off in about the same time. I'm not fussed what my house is worth (about 3 times what I paid ?). I'm just glad I didn't take the advice of some of my more "bullish" friends.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
HAMISH_MCTAVISH wrote: »Absolutely False.
Had I rented instead of buying from 2007 until today, I'd be many tens of thousands of pounds worse off.
Even on a national average basis, when comparing buying versus renting on like for like properties since 2007 and including the price falls, a buyer with a tracker mortgage is now at breakeven with the renter.
Remember, time and low interest rates are the enemy of housing bears.
well yes timing is important, i timed it so i didnt buy a house during the boom, some may say hey that was nice timing and some will say YOU ARE GOING TO BE OUT PRICED FOREVER:rotfl::rotfl::rotfl:the clock is still ticking and houses are still getting cheaper, some may call it a ticking time bomb waiting to go off.
Not everybody who hasnt bought a house rents one instead.0 -
No. I'd make a housebuying decision on affordability, like I did several years ago. I ignored others "advice" and did what I felt was right.
I'm glad I did. Several people, a few years earlier (around 1989) told me to get myself a property, or miss out forever. Buying then would have meant stretching myself to the financial limit, I could have done it, but didn't want to (I wonder what your advice would have been at the time ?).
People have been saying the same thing to me on a regular basis over the last few years due to me being silly and not buying a boom house.
Its all gone a bit quiet now though0 -
People have been saying the same thing to me on a regular basis over the last few years due to me being silly and not buying a boom house.
Its all gone a bit quiet now though
They used to say to me I must mad when I bought during the early 90's recession, they've gone a bit quiet too.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0
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