My Interest rate gamble pays off again!

Graham_Devon

Is gambling good then?

Chucky seems to have problems with it!

RenovationMan

DervProf wrote: »

Because you're worth it.

How about quietly enjoying your current good fortune, instead of telling us about it ? You are lucky enough to have chosen the right mortgage at the right time. I was lucky enough to buy the right house at the right time, and clear my mortgage well before retirement. I certainly don't feel I need to remind people of this every few weeks. Maybe I'm missing out ? OK folks, I have no mortgage, I have savings (can't quite bring myself to tell you how much). My house is worth 3x what I paid for it.

No, that's does nothing for me.

Oh, I can almost feel the jealousy oozing out of the screen as I read this post. I reached your own good fortune many years ago when I bought my first starter home in 1995 (same year as yourself I believe) and paid off the mortgage. Unlike yourself, I didn't settle for just this. When we both retire I will be downsizing from a 5 bed farmhouse with attached 1 bed apartment and a few acres of land with various out buildings and you will erm, be staying put for another 25 years.

No wonder you are reticent about boasting. There isn't much to shout about is there?

STOP PRESS- Middle aged man owns 2 bed house that he bought cheap in 1995 and lived in ever since .--- :rotfl:

wotsthat

RenovationMan wrote: »

It feels like my birthday every BoE rate meeting. Perhaps instead of a cake, you could simply raise a glass of something tasty to the toast of the board, Reno man!

Well done RM - everyone seems delighted for you.

I'm taking all of my overpayments out of my mortgage now so that I have the maximum debt possible at 2.5%.:)

It doesn't seem fair that I can't get a very good risk free return on it though. I know I'm not a pensioner but surely I deserve a savings rate of 5% risk free.:(

lostinrates

We took the gamble too. So far so good. We'll see how it feels when it comes to the end of this tracking term....I think we'd like to fix at the end of that.

Really2

Graham_Devon wrote: »

Is gambling good then?

Chucky seems to have problems with it!

Depends, if you can work out if a gamble could possibly loss free, yes.

Gambling where the odds are stacked against you is generally bad but more rewarding.

Mine was fairly low risk as I projected if rates averaged around 5% over 25 years, the cost still allowed £500 per re mortgage to break even.

My eye at the time was rates to fall to around 2.5% for a couple of years.

Graham_Devon

RenovationMan wrote: »

Oh, I can almost feel the jealousy oozing out of the screen as I read this post. I reached your own good fortune many years ago when I bought my first starter home in 1995 (same year as yourself I believe) and paid off the mortgage. Unlike yourself, I didn't settle for just this. When we both retire I will be downsizing from a 5 bed farmhouse with attached 1 bed apartment and a few acres of land with various out buildings and you will erm, be staying put for another 25 years.

No wonder you are reticent about boasting. There isn't much to shout about is there?

STOP PRESS- Middle aged man owns 2 bed house that he bought cheap in 1995 and lived in ever since .--- :rotfl:

Oooo!

albionrovers

DervProf wrote: »

Because you're worth it.

How about quietly enjoying your current good fortune, instead of telling us about it ? You are lucky enough to have chosen the right mortgage at the right time. I was lucky enough to buy the right house at the right time, and clear my mortgage well before retirement. I certainly don't feel I need to remind people of this every few weeks. Maybe I'm missing out ? OK folks, I have no mortgage, I have savings (can't quite bring myself to tell you how much). My house is worth 3x what I paid for it.

No, that's does nothing for me.

So why comment? Dunno ... think you did want to tell us really ...

angrypirate

Whoop de fricking do da for you reno man. And I care because? What money saving expert tips do you have from your lesson for a FTB? Get a fixed rate mortgage now at 5% for 3 years? Or should i get a tracker now at boe + 3%?

Graham_Devon

Really2 wrote: »

Depends, if you can work out if a gamble could possibly loss free, yes.

Not really a gambling then is it.

If you want to tell us your balls are stupendously larger than the next persons because of your gamble....it aint wise to then water the gamble down like that.

Percy1983

RenovationMan wrote: »

Oh, I can almost feel the jealousy oozing out of the screen as I read this post. I reached your own good fortune many years ago when I bought my first starter home in 1995 (same year as yourself I believe) and paid off the mortgage. Unlike yourself, I didn't settle for just this. When we both retire I will be downsizing from a 5 bed farmhouse with attached 1 bed apartment and a few acres of land with various out buildings and you will erm, be staying put for another 25 years.

No wonder you are reticent about boasting. There isn't much to shout about is there?

STOP PRESS- Middle aged man owns 2 bed house that he bought cheap in 1995 and lived in ever since .--- :rotfl:

This post really did hit me as a person who needs belongings to be happy.

Personally I will be buying a 3 bed semi and spend the rest of my life there I will be perfectly happy as there is more to life than having more than the joneses, true happiness comes when you don't even register what the joneses are doing anymore.

And why would you want such a big house to retire in, just more to clean (which is the last thing I want in old age).

It doesn't seem like you took a massive gamble but glad it working out for you.