House prices surge......

andybenw

Jimmy_31 wrote: »

It was a sneaky little dig to make everyone think weirdo pays mortgages off in 5 minutes.

This results in weirdo feeling happy because he thinks everybody believes him.

Hes a bit messed up like that.

Personally, I have managed to pay my mortgage in ten years reasonably comfortably. I'm on a reasonable wage but not huge. Admittedly due to house price rises I have only payed around 90k mortgage in total(without interest) and my house at present is only worth 140k.(I can see how paying top whack in the SE you'd never be able to do it without a huge wage0

However it is a 3 double bed. And I am now saving for a nice little BTL which I should have enough money to purchase in a couple of years.

How did I do it.. Lodgers.

Jimmy_31

MrRee wrote: »

Now, little youngster, let's get some things straight ....

1. I am not your mate, and,

2. I have forgotten more than you will ever know ..... you have two ears and one mouth for a reason - do yourself a big favour and use them in that ratio ... :beer:
You are sponging off your bosses accomodation, so you can save every penny you earn - that's excellent news.

The trick you need to pull off is to buy at the very bottom of the market .... or your savings will just disappear in an ever increasing purchase price.

That's the trick - the problem you face, today, is that the bottom was in 2009! I know that is a hindsight statement and I do not expect any applause for it - but it is a fact, history proves it.

You need to decide whether to buy now or wait decades until you can buy outright ... as that's how long it will take to save enough to buy at today's prices, let alone where they will be in 10 years time!

Now, you may be much smarter than you come across on here - you may not be the bumbling dreamer you appear, you may have it sorted and in 10 years buy with cash on the hip ..... having spent that time living rent free in your bosses cellar.

I wish you all the very best .... I do think the clever money is buying right now!

Thats you of my crimbo card list then lad.

Boss says who wants go to x job for x money and free digs, i say ill go. The boss aint paying for the digs as its priced into the job.

The crash started in 2009 and is still going on today and will still be going on tomorrow.

I already have cash on the hip but wont be buying yet as house prices are still falling.

You seem ever so desperate to convince people to buy a house ASAP.

It seems to me like you could be in serious financial difficulties if you have to come on the internet to try and convince a lad from the northwest into buying a cheap terrace ASAP.

Are you also having trouble keeping up the repayments on your wife:)

DiggerUK

Sorry to be the little boy in the court of the naked king amongst all you courtesans, but isn't HPC.co.uk still going?
..._

Jimmy_31

andybenw wrote: »

Personally, I have managed to pay my mortgage in ten years reasonably comfortably. I'm on a reasonable wage but not huge. Admittedly due to house price rises I have only payed around 90k mortgage in total(without interest) and my house at present is only worth 140k.(I can see how paying top whack in the SE you'd never be able to do it without a huge wage0

However it is a 3 double bed. And I am now saving for a nice little BTL which I should have enough money to purchase in a couple of years.

How did I do it.. Lodgers.

Not very subtle are you:rotfl:

Jimmy_31

DiggerUK wrote: »

Sorry to be the little boy in the court of the naked king amongst all you courtesans, but isn't HPC.co.uk still going?
..._

Yes.

The weirdo is heartbroken:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

Going4TheDream

andybenw wrote: »

Personally, I have managed to pay my mortgage in ten years reasonably comfortably. I'm on a reasonable wage but not huge. Admittedly due to house price rises I have only payed around 90k mortgage in total(without interest) and my house at present is only worth 140k.(I can see how paying top whack in the SE you'd never be able to do it without a huge wage0

However it is a 3 double bed. And I am now saving for a nice little BTL which I should have enough money to purchase in a couple of years.

How did I do it.. Lodgers.

I only took my last mortgage out over 12 years, I was 38 and wanted to get shot of it by the time I was 50. The thought that in 3 years its all over and shed loads of cash saved on interest is worth it. I had a great lodger for ten years, he came with me from my last place.

Not sure I would have been disciplined enough to actually over pay though if I had taken it over 25 years

andybenw

Going4TheDream wrote: »

I only took my last mortgage out over 12 years, I was 38 and wanted to get shot of it by the time I was 50. The thought that in 3 years its all over and shed loads of cash saved on interest is worth it. I had a great lodger for ten years, he came with me from my last place.

Not sure I would have been disciplined enough to actually over pay though if I had taken it over 25 years

I took my first mortgage over 25. Then when I moved I kept the next one at the same level which by this time was 18 years. Then decided to use savings to pay it off. Buying well within means to allow savings and Lodger money to top up was indeed the trick.

IveSeenTheLight

Jimmy_31 wrote: »

Got there in the end eh:)

It's not about getting there in the end.
I responded to the posts in series.
I then came upon your post where you had answered the points I raised.

I'm not going to read a whole thread and then go back to the posts I want to respond to.

You either live on a site (Is it like Auf Wiedersein Pet?) or at home with your parents.

Nothing wrong with that, many have to do so.

I do wonder whether you will be able to buy for cash and settle in one place if the builders provide accomodation because they can't get local contractors

IveSeenTheLight

Going4TheDream wrote: »

Not sure I would have been disciplined enough to actually over pay though if I had taken it over 25 years

I started off with a 25 year mortgages
After the 3 year fix, I remortgages over 20 year.
After then next 3 year fix (which I had overpaid also in that time) I took out a 12 year mortgage.
When the lightbulb moment goes on and you realise the benefits of overpaying with regards to the interest saved and the reduction in the amortization period, it does give you a great focus.

heathcote123

andybenw wrote: »

in the last year, my landlord has had to do the following work on the house i'm renting
- new roof, including all soffit boards
- new boiler
- external painting
- internal painting
- repointing rear wall
- new shed
- relaid patio due to frost damage


All sound like long term maintenance jobs which will not require doing for a number of years. Doing them can only at worst improved saleability/rentability and at best will have strongly improved the re-sale value.

You mean he found a mug to rent the place while he did the refurb?