House prices suffer biggest drop since 2009 - Nationwide -2.6%

the_flying_pig

2% 1 5 10 15 20 25 2% 3.1% 16.2% 34.2% 54.0% 75.9% 100.0% 3% 2.7% 14.6% 31.4% 51.0% 73.7% 100.0% 4% 2.4% 13.0% 28.8% 48.1% 71.5% 100.0% 5% 2.1% 11.6% 26.4% 45.2% 69.3% 100.0% 6% 1.8% 10.3% 24.0% 42.4% 67.0% 100.0% 7% 1.6% 9.1% 21.8% 39.7% 64.8% 100.0% 8% 1.4% 8.0% 19.8% 37.1% 62.6% 100.0% 9% 1.2% 7.1% 17.9% 34.7% 60.4% 100.0% 10% 1.0% 6.2% 16.2% 32.3% 58.2% 100.0%

wotsthat

the_flying_pig wrote: »

2% 1 5 10 15 20 25 2% 3.1% 16.2% 34.2% 54.0% 75.9% 100.0% 3% 2.7% 14.6% 31.4% 51.0% 73.7% 100.0% 4% 2.4% 13.0% 28.8% 48.1% 71.5% 100.0% 5% 2.1% 11.6% 26.4% 45.2% 69.3% 100.0% 6% 1.8% 10.3% 24.0% 42.4% 67.0% 100.0% 7% 1.6% 9.1% 21.8% 39.7% 64.8% 100.0% 8% 1.4% 8.0% 19.8% 37.1% 62.6% 100.0% 9% 1.2% 7.1% 17.9% 34.7% 60.4% 100.0% 10% 1.0% 6.2% 16.2% 32.3% 58.2% 100.0%

Today's winner of numberwang.

chewmylegoff

RenovationMan wrote: »

Well as you're not me you'll never be really sure what focusses my mind, so your point is moot.

well i was just linking to something that you had previously said about your overpayments. whilst i definitely agree with you that i am not you, i'm also pretty sure that you are you, and given that you already had a plan in place, with the available assets to fulfil it, before your mortgage term started, it seems a bit odd to claim that the interest only mortgage has focussed your mind to triumphantly overpay your mortgage.

My overpayments were made from investments that I could not cash in when I took out my mortgage, so your other point is moot.

could have still just made the same planned overpayments on a repayment mortgage though.

anyway, as my OH always says, if it's not about cows, it's a moo point. make of that what you will.

N1AK

RenovationMan wrote: »

Sorry, I have no idea what you are trying to prove here and how it disproves my "average repayment over 25 years term is 4% per year" statement.

The error was saying:

RenovationMan wrote: »

someone who had bought a year ago on a repayment mortgage would have reduced their mortgage by 4% by now

and it is obviously wrong, as you well know. Obviously others are trying to make the point go on forever, but if you'd simply acknowledged the error and explained what you had meant you wouldn't be debating whether it is correct with people 4 pages later

N1AK

RenovationMan wrote: »

Using my trusty loan amortization calculator, I would have paid only £17,631.03 after 2 years on a standard repayment mortgage, not the £50k I have actually paid off. All thanks to having an IO mortgage that has focussed my mind on repaying my mortgage with overpayments. Yay!:money:

Given the financial circumstances couldn't you have gotten a repayment mortgage with a low enough rate that you wouldn't want to pay it off at the moment?

I had planned to overpay when we got this house but given the low rate on the mortgage our savings are outperforming it. If anything I wish we'd gone with a longer term (25 instead of 10) so we could keep even more money out of it while the rate it low.

shortchanged_2

N1AK wrote: »

and it is obviously wrong, as you well know. Obviously others are trying to make the point go on forever, but if you'd simply acknowledged the error and explained what you had meant you wouldn't be debating whether it is correct with people 4 pages later

Unfortunately renoman can't admit when he's made an error. He would rather argue and argue until people just get bored and then claim he 'won' the argument and you've been trounced and flounced and in the style of a certain Bjørge Lillelien, 'you boys have taken one hell of a beating'........................well in his mind anyway.

the_flying_pig

wotsthat wrote: »

Today's winner of numberwang.

ah yes, apologies.

this probably means that an important person in my organisation received an email that included a strange aside about pwoperdee prices.

RenovationMan

chewmylegoff wrote: »

well i was just linking to something that you had previously said about your overpayments. whilst i definitely agree with you that i am not you, i'm also pretty sure that you are you, and given that you already had a plan in place, with the available assets to fulfil it, before your mortgage term started, it seems a bit odd to claim that the interest only mortgage has focussed your mind to triumphantly overpay your mortgage. .

We're at that 'chicken and egg' phase of the discussion. Which came first, the IO mortgage or the Plan? As I said, it's a moot point because your whole argument is based on knowing my mindset and what motivates me financially. You don't know me. I do. Simples.

chewmylegoff wrote: »

could have still just made the same planned overpayments on a repayment mortgage though.

anyway, as my OH always says, if it's not about cows, it's a moo point. make of that what you will.

I could have made the same overpayments on a repayment mortgage. The question is whether I would have. Perhaps with the repayment mortgage quietly (albeit painfully slowly) reducing my mortgage I would have used the overpayment monies towards the renovations and gotten them carried out quicker? Who knows because I didn't get a repayment mortgage, so we'll never know. Hence the mootness of the point. Simples.

RenovationMan

N1AK wrote: »

Given the financial circumstances couldn't you have gotten a repayment mortgage with a low enough rate that you wouldn't want to pay it off at the moment?

I had planned to overpay when we got this house but given the low rate on the mortgage our savings are outperforming it. If anything I wish we'd gone with a longer term (25 instead of 10) so we could keep even more money out of it while the rate it low.

I have never had a repayment mortgage, I find them to be very inflexible and a good product for people who are not very good at managing their money and require it to be managed for them. I could have gotten a repayment mortgage on the same same rate as my IO mortgage (2.05% above BoE).

If you had a IO mortgage you would have been able to invest more into your savings plan and ultimately reduce your mortgage faster. Food for thought.

RenovationMan

shortchanged wrote: »

Unfortunately renoman can't admit when he's made an error. He would rather argue and argue until people just get bored and then claim he 'won' the argument and you've been trounced and flounced and in the style of a certain Bjørge Lillelien, 'you boys have taken one hell of a beating'........................well in his mind anyway.

*sigh*

All you are doing with this sort of a post is confirm what I said would happen at the end of our 'Downsizing debate', which was that you'd flounce out of that discussion in defeat and then keep having beligerent digs at me in other threads, yet never again attempt to hold a serious debate with me (in fear of another serious drubbing).

This is exactly what has happened and everyone can see the bitterness in your posts. You're getting as bad as DervProf, who was obsessing so much about me that it took over his forum life. I put him in the 'sin bin' and it really helped him - he hardly comes on here now and I believe that he has finally stopped accosting people at his work's photocopier to rant about how he's 'going to get RenovationMan and get him good stylee'.

Well, I'm afraid I'm going to do the same with you. So until you've calmed down enough to engage in decent debate, I'm putting you on Ignore. It's for your own good shortchanged.

I do hope you have as much success with restoring your mental equilibrium as DervProf had when I did the same with him. Good luck mate, get better soon. :beer:



P.s. No doubt DervProf will be along shortly to desperately prove that he's not bothered about me putting him on Ignore and will moan about me having a 'dig'. It's for his own good, my digs are like methadone to a heroin addict - without some sort of, any sort, of contact with me, he would die.