House ownership - Selling yourself into a lifetime of servitude

Conrad

ninky wrote: »

a lot of people in my positon would have taken out the maximum mortgage they could get to live in a big house but i live in a 1 bed in an inexpensive area of london. my dreams lie elsewhere

I dislike people who think in terms of a wealth status ladder, so I much admire someone who buys small and is contented.

At the same time though some of us buy a bigger property as we enjoy many and layered contentment from it such as being able to grow our own veg right outside the kitchen door or allowing our garden to become a wildlife haven.

There is more to owning a larger pad than the status some might think it infers on them.

Orpheo

ukcarper wrote: »

I've had a mortgage for 37 years in total but it’s all paid off now and I’m living rent-free in a house that would cost me £1200 a month to rent. That’s £14.4k a year I really feel like I’m in servitude especially since my Mortgage has been less than equivalent rent for at least 30 of those years

By way of contrast, my (retired) parents have gone from owning their home outright to, last year, having to take out a 30 year mortgage. They bought a house in Canada with my sibling's family. After a few years of living together, the arrangement has failed, the property sold, my parents forced to buy with a long mortgage, which I am bewildered that they have been given considering their age and my father's ill-health. They have the silly notion that people selling them financial advice and products have their best interests at heart. When I was a boy, a used car dealer that my dad introduced as his 'mate' stole a car (that my dad owned outright) and thousands of pounds from him. My dad didn't even get a used car in return.

Their story, just like your story, proves nothing one way or another.

ninky_2

debtistheft wrote: »

This is nice to read. At least someone on here seems to have their priorities right. Look how defensive people get when you challenge what society consideres 'normal'. One is upset even to the point that he tries to mock my religion. Such fear.

is a belief in religion really any different to a belief in property as the route to salvation.

you seem to think it's okay to mock a belief in property. to me that makes your views fair game.

debtistheft

CAN1976 wrote: »

You're not following me. If i did not have my mortgage I would be paying out the same amount in rent. This would not be going in to stocks and shares. I can either have all my life paying rent, or a period of paying a mortgage, followed by a period of no rent/mortgage, at which point the money that has been used for rent can THEN be invested.

This worked just fine for my parents who bought a house at 18 years old and were mortgage and rent free by the age of 45. Their monthly outgoings are now absent a component for rent/mortgage, whereas a similar couple who had just rented, would STILL be paying rent.

If you have a mortgage then the interest repayment part of that mortgage is the same as paying rent. The capital repayment part is money borrowed from the bank to invest in an asset. You will also have placed a deposit on the house in order to reduce the monthly payments; this deposit could have been inveted elsewhere.

You could very easily have rented a place for the equivalent amount you pay in interest, you could have borrowed the capital amount and invesed it in shres/bonds with your deposit. As well as increasing your own personal wealth your investment wouldhave provided money for industry which in turn creates jobs. In essence you would be investing n yourself and in your fellow man. Buying your own house is an investment in yourself.

Conrad

debtistheft wrote: »

One is upset even to the point that he tries to mock my religion. Such fear

Actualy my own spiritual beliefs might be quite close to yours. I have no interest in man made relgious templates, but do allow some room for a spiritual super natural fabric underpinning the Universe.

You bought up religious quotes in support of your argument. I sought to unpick this attempt by pointing out religions and thier followers are a pick n mix afair (agree with God on Homosexuals, but CHOOSE to ignore the bits about amassing money - classic pick n mix).

tartanterra

debtistheft wrote: »

With mortgage terms now lasting anything upto 30 or 40 years and with houses costing far more than ordinary people can afford, are people blindly and willingly selling themselves into serfdom and servitude to the financial organisations that manipulated the housing market upwards.

Is the tenant the free-est person, unshackled by the false dreams pushed by the banks and their puppets, the politicians? The start of this manipulation was the selling off of the council houses,the continuation is the reduction in the number of homes built.

People who encourage others to buy overpriced houses are either fools who are blinded to the system or are part of the system.

"A free life cannot acquire many possessions, because this is not easy to do without servility to mobs or monarchs."

I'm so glad there is people out there like you, who continue to enrich property owners like myself...... Keep up the marxism!

ninky_2

Conrad wrote: »

I dislike people who think in terms of a wealth status ladder, so I much admire someone who buys small and is contented.

At the same time though some of us buy a bigger property as we enjoy many and layered contentment from it such as being able to grow our own veg right outside the kitchen door or allowing our garden to become a wildlife haven.

There is more to owning a larger pad than the status some might think it infers on them.

very true. i've got quite a lot of veg on my roof terrace. already had some rocket and strawberries and the peas and toms are coming on nicely. we even had grapes a couple of years ago (it's a sun trap). hoping my place on the local allotments will come up soon (finally into single figures in the queue after a six year wait).

i have bought a place overseas (outright - no debt) which is a sizeable plot. although as i don't plan to live on it permanently just a large part of the year (the rest of the year doing well paid contracts in london and also some travel) i will have to work out how the veg and garden don't go to wrack and ruin.

ninky_2

tartanterra wrote: »

I'm so glad there is people out there like you, who continue to enrich property owners like myself...... Keep up the marxism!

i don't see what is very marxist about idealising the landlord / tenant relationship. :think:

ukcarper

Orpheo wrote: »

By way of contrast, my (retired) parents have gone from owning their home outright to, last year, having to take out a 30 year mortgage. They bought a house in Canada with my sibling's family. After a few years of living together, the arrangement has failed, the property sold, my parents forced to buy with a long mortgage, which I am bewildered that they have been given considering their age and my father's ill-health. They have the silly notion that people selling them financial advice and products have their best interests at heart. When I was a boy, a used car dealer that my dad introduced as his 'mate' stole a car (that my dad owned outright) and thousands of pounds from him. My dad didn't even get a used car in return.

Their story, just like your story, proves nothing one way or another.

Except there are thousands of people in my position and a lot less in your parents.

debtistheft

ninky wrote: »

is a belief in religion really any different to a belief in property as the route to salvation.

you seem to think it's okay to mock a belief in property. to me that makes your views fair game.

Where am I mocking ?