Hate Buy 2 Let

keeperbear

mrstinchcombe wrote: »

I wish 3 times my salary could buy anyhting around here but it cant. Lets face it if you were trying to become a FTB in todays conditions you would struggle to do it too

FTBs will always struggle. When I bought in 1991, interest rates were 15%! You will always struggle to buy your first property, but there does seem to be a lot more whinging about it nowdays. What does the OP want? A communist state which limits ownership rights. Demand and supply are the main influences on house prices.

keeperbear

UK007BullDog wrote: »

The only thing I can see why home ownership is positive is that IF you pay your mortgage off before retirement you live rent or mortgage free.

What about equity from increases in property prices? You could accumulate substantial equity and still have your original mortgage amount outstanding. Once you retire, you can sell and move to a smaller property in order to release the equity.

keeperbear

MortgageMamma wrote: »

I STILL cannot understand what all the fuss is about with home ownership . To me, it seems we have become a nation of egotistical snobs who are obsessed with owning property. Really, its no big deal whether you rent or buy so long as you have a nice and fulfilling life

I am sorry, but owning makes clear financial sense, just like a pension fund. Once you pay off your mortgage, you live rent free in your retirement and also have substantial equity that can be released. I have recently paid off my mortgage, and will not have to find 800GBP a month for the rest of my life. Once I retire and my income declines, I will not have to pay rent and will thus be able to holiday abroad in order to continue my nice and fulfilling life.

spurs_nut

MortgageMamma wrote: »

spurs_nut wrote: »

Actually you t0sser I was born and bred in salford and lived in a council house until I was 25. I was a single mother of two girls and then I had my moment of realisation, I got of my BIG FAT !!!!, got qualified and I grafted for everything I have got, and then when the time was right I went self employed.

!!!!!! DO YOU WANT??????? A MEDAL?



I dont have a lot in monetary terms but my lifestyle is absolutely fantastic, so frankly, you have not hit a nerve, all you did was astound me with your small minded accusations and you pathetic attitude to life.

POT AND KETTLE

If your happy being Mr Average with an average house and an average job and a completely average life then good for you, but some of us want more, some of us have the drive and the mentality to achieve more, and if you can't handle that then you are the one with the problem!

yawwwwwwwwwwwwwwnnnnnnnn!

spurs_nut

MortgageMamma wrote: »

I STILL cannot understand what all the fuss is about with home ownership . To me, it seems we have become a nation of egotistical snobs who are obsessed with owning property. Really, its no big deal whether you rent or buy so long as you have a nice and fulfilling life

You cant take your property with you when you pop your clogs. What do you think people will say about you when you die? "joe bloggs was a really special man because he worked his nuts off to buy the three bedroom terraced number 146 park street?! :rotfl: Perhaps we should start carving this into headstones, so everyone knows you were a complete martyr and a slave to your mortgage until the day you died.

Really, life is about living, its about lifestyle - there are so many other things you can achieve that are more important than home ownership

For those of you who are of the "I want to leave something for my kids" mentality - why does that something have to be bricks and mortar? why not spend the money you would on a mortgage deposit and start a business and leave them that as an inheritance? your house could be worth a lot less when your offspring are old enough to inherit it than it is now or even what you paid for it. And what do you think they are going to say? "This means a hell of a lot because my parents worked their fingers to the bone to pay for it?" are they hell, they will most likely fight about selling and making money from it one way or the other. May as well just stick some money into an investment for them

Its my opinion that the best thing you can pass on to your children is how to live a fulfilling and rewarding life, tell them stories about all the things you have done and the places you have been, the things you have achieved, a head full of memories and admiration is better than a pocket full of cash any day.

I personally would like to see the buy to let market do well, with more higher quality and executive properties on the market, and hopefully that would help create more competition between landlords and bring up the standard of rented accomodation in general.

MortgageMamma

can I just ask, Are you really a mortgage advisor/broker?

MortgageMamma

Yes I am, which is why I see a different pespective

every single day of my life I get asked the same questions

Can I afford it?
Is it a good investment?
Will I make money out of it?
Should I have an interest only mortgage?
Should I buy to let?

Surely one can see why I am somewhat immune to the nations obsession with property.

I happen to be one of those brokers who tells it like it is. I won't fall over myself to get someone a 6 x salary stretch, in fact I start warning trouble is ahead when I see someone pushing 4 x joint salary

If someone asks me if somethigns a good investment my standard reply is that I've left my crystal ball at home but if I could borrow theirs I would have a look and advise accordingly

I dont think there is anythign wrong with those who want to. or who have made money in the property market, fair play to them but I cannot stand the whingers and the defeatists who expect the world to change because its not fair. Life isnt fair.

As to the question about owning a property and living rent free upon retirement? this country is ridiculous, when my folks are too old to work they will come and live with me, you find on the continent that is done a lot, years ago it was commonplace for families to look after one another. Whats happened to the extended family? we all lock ourselves away in our pokey little boxes that have cost us hundreds of thousands of pounds and anything apart from the nuclear family is considered abnormal! You OWE it to your parents to look after them in their old age, they wiped your dirty little bottom and wiped away your tears, fed, clothed and loved you, and made sure you went to school - giving something back is only right - too many old people whose families have all grown up and deserted them and shed themselves of the responsibility for their parents, only to wish they had done more when the parents have died. Its a shame that there are so many children these days that hardly know their grandparents, the reason the majority of old people suffer in retirement is because they are neglected by their ungrateful selfish and unloving familes

Leighthal

I keep hearing this complaint that you can't get a mortgage to buy a house on a factory wage.BUT YOU CAN!(I DID!!).It just depends on where you want to live.I think this is a new era(for nationals anyway), where if you want to buy at the low end of the market then you must migrate to suit.If you want to live with the high earners, but dont earn high, then you rent.This has been the case for years with immigrant workers.Asians have been doing it for years,and now the Eastern Euros.I have the upmost regard for people who come to this country and look after each other in an alien enviroment and succeed.They know where to start and they dont expect anything to be handed to them on a plate.

MortgageMamma

Yes and they (particularly eastern euros) work their butts off, stick together as a family, and what do the brits do? Feel intimidated by them becuase of their determination to build a better life and their strong family values. Coming from an italian family I had it drummed into me from an early age that you look after your elders and work hard in life.

UK007BullDog

keeperbear wrote: »

What about equity from increases in property prices? You could accumulate substantial equity and still have your original mortgage amount outstanding. Once you retire, you can sell and move to a smaller property in order to release the equity.

Yes you could however:

1. Do you really want to sell your property. You might like it so much that you do not want to relocate.

2. No one knows what property prices will be in the future. What if there is a house price crash just when you want to retire and all the equity is lost? What then? How to pay the mortgage as you still have to repay.

3. You have the equity but what if you cannot find anything suitable or the money you have left will only buy a small matchbox?

This uncertainty would not work for me as its just too much of a gamble. But it might work for others.

keeperbear

UK007BullDog wrote: »

2. No one knows what property prices will be in the future. What if there is a house price crash just when you want to retire and all the equity is lost? What then? How to pay the mortgage as you still have to repay.

So, in 25 years time do you expect property prices to be lower? I doubt it. Also, you should PLAN for a retirement and not leave things until the last minute. I experienced the last two house price 'crashes', and they didn't last for more than two years.