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Debate House Prices
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BOE in rate shocker
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RenovationMan wrote: »It's interesting how mcc100 makes the effort to read my post and then create a reply to inform me that no one is interested in my post. Is that not paradoxical?
No. Its an oxymoron.;)It's getting harder & harder to keep the government in the manner to which they have become accustomed.0 -
Why anyone would be jealous of someone with debts of £253k is beyond me
Richer you are more debt you build up.
USA is world's richest country and it has highest debt.
Rich people/countries/companies tends to rack up huge debts because size of their house/economy/operation require more money to run and lenders (banks) do give them money because they (lenders) believe that they can pay back the loan with interest.
Don't forget one of the fundamental proverbs in this site, debt is not bad, bad debt is bad.Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0 -
Richer you are more debt you build up.
USA is world's richest country and it has highest debt.
Who is richer, someone with a £1million house with a £1million mortgage, or someone with a £150k house and no mortgage ?
Assume that both people have a bank balance of £2000, the same income, and no other debt.
The reason that the USA is the richest country is because they haven't paid their debt back.
If I go out and borrow £1million today, does that make me rich ?30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Who is richer, someone with a £1million house with a £1million mortgage, or someone with a £150k house and no mortgage ?
Assume that both people have a bank balance of £2000, the same income, and no other debt.
But you are giving one £150K equity and one £0 so on paper it is obvious one is better off in terms of assets.
So why not say £1M house and a £850K mortgage if you want to make it equal?
But in the real world the person with a £1M mortgage is likely to be on £250K+ a year. I think that is the point the OP is on about, the more you earn the more you can borrow.0 -
We will not allow house prices to drop. Deal with it.We love Sarah O Grady0
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But you are giving one £150K equity and one £0 so on paper it is obvious one is better off in terms of assets.
So why not say £1M house and a £850K mortgage if you want to make it equal?
But in the real world the person with a £1M mortgage is likely to be on £250K+ a year. I think that is the point the OP is on about, the more you earn the more you can borrow.
The point I was replying to (as quoted in my reply)........Richer you are more debt you build up.
USA is world's richest country and it has highest debt.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
The point I was replying to (as quoted in my reply)........
Doesn't really make sense though, a rich person may have more debt but also more assets.
Your example was more debt and no assets whatsoever.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
But in the real world the person with a £1M mortgage is likely to be on £250K+ a year. I think that is the point the OP is on about, the more you earn the more you can borrow.
"The more you earn, the more you borrow" ?
Is that the rule ?
I would have thought that the way to be rich is to earn more, and borrow less.
I think you might be trying to say "the more you borrow, the more you earn". If you are, my reply would be "if you invest your borrowed money wisely (and with a bit of luck)".30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0
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