Help,location location but want to be mortgage free!!!

Dhrucku

Wanting to be mortgage free will still line you up for > 10 years of payback to a bank so not sure how old you are now, but it's a long haul regardless.

I myself have just bought a 3 bed detached in the Medway Towns (fast becoming a commuter town) but this house is a special case in that it was a new build, built last year separated with a lane from terraced houses. It has a 2 minute walk to the train station and is spotless and has a new feel to it still. All this whilst being extremely affordable and very practical. Feels slightly like we're cheating the system in getting a new build and paying 80-90k below what we would usually in an area not too far away for similar.

My advice is to look around for an area that's not your typical and look for those "special cases" as there is somewhere you'll be able to snipe somewhere.

elle37

Dhrucku wrote: »

Wanting to be mortgage free will still line you up for > 10 years of payback to a bank so not sure how old you are now, but it's a long haul regardless.

Feels slightly like we're cheating the system in getting a new build and paying 80-90k below what we would usually in an area not too far away for similar.
My advice is to look around for an area that's not your typical and look for those "special cases" as there is somewhere you'll be able to snipe somewhere.

Thanks for the advice re looking for the exceptions, curious why your property was 90K below usual??? were you specifically looking for special cases? , yes I know it will be a long haul and I'm hoping to take steps to reduce that time by making good sensible choices now. I'm 37 so I know it will take a while but i'd rather work towards that than feel that i'm not in control.

elle37

bluesnake wrote: »

.... but often does increase your wealth. - is that the saying?

One more link for elle37 and CobaltBlue
https://www.youtube.com/watch?v=vBX-KulgJ1o

Interesting experiment. not to steer off point too much but I've been following a blog for a while called riskology which is very interesting http://http://riskology.co/superhero-leadership/

elle37

So the kids are back on the road....

Traffic is absolutely manic!!! driving to my current location has been a challenge after an exhausting day at work. So while sitting in traffic i've been thinking about my proposed other locations and the additional time in traffic to get there.

So this and next week i'll check my diary and pick a day when i've got loads on and travelling from London Bridge ( I drive and walk) , i'll do the commute to my selected locations. I'm already aware that i'll need to get up earlier from any of the locations I choose, but getting home at a reasonable time is more important to me (I think)

greenbee

Elle - health problems are often a trigger for making changes as your reprioritise. I have been through the same thing, and as soon as I was well enough sold my old house (only about 2 years left on the mortgage) and moved to a bigger, more expensive house in a nicer location. And bought insurance so that if I can't work at any point the mortgage will be paid off.

At the time I didn't know whether I'd be able to continue to work, and realistically who knows what will happen with jobs anyway. But I did know that if my health didn't improve or deteriorated I didn't want to be stuck in the old house and old location. I'm currently doing up the new place, with no chance of overpaying the mortgage till that's done, but the move has definitely been worth it. And bad patches health wise are a lot easier here.

So find an area you love, and a house you know you will be happy in if you have to spend more time in it due to poor health. And work out a financial compromise that allows you to finance it, but not to the extent that it gets you too stressed about how you will repay the mortgage.

Oh - and find out about critical illness insurance. You can still get it even with a diagnosis, and some conditions don't impact on cost.

elle37

greenbee wrote: »

But I did know that if my health didn't improve or deteriorated I didn't want to be stuck in the old house and old location. I'm currently doing up the new place, with no chance of overpaying the mortgage till that's done, but the move has definitely been worth it. And bad patches health wise are a lot easier here.


Oh - and find out about critical illness insurance. You can still get it even with a diagnosis, and some conditions don't impact on cost.

Yes, I completely understand that. When I first became ill and was in doors for a while It kick started the review of my life! It was difficult to be stuck in and thinking about all the what if's. It's taken a while but i'm well enough now to get on with it and make a move, your personal experience is really helpful so thank you.

Yes I have illness insurance which I've had for a while, and well before my illness, I'm likely to need an operation at some point in the next few years which will take me out of work for some time.

thank you greenbee

Winter_Phoenix

bluesnake wrote: »

Because you want to live mortgage free, often the only easy way to realistically gain money in real terms is buy house2 (and house3 house4...), then sell in 25 years time which will give you a huge nestegg.

You could be right, BUT...

In 25 years, the Baby Boomers will be aged between 80 and 95. Depending on somewhat unpredictable factors (birthrate, immigration, house building), the market might be flooded with properties and a full-scale housing price crash in progress!

(Just a thought!)

bluesnake

Winter_Phoenix wrote: »

You could be right, BUT...

In 25 years, the Baby Boomers will be aged between 80 and 95. Depending on somewhat unpredictable factors (birthrate, immigration, house building), the market might be flooded with properties and a full-scale housing price crash in progress!

(Just a thought!)

Think it depends where you are located, and what you buy, and what happens in your area, and the demographics, and luck.

Yes, baby boomers will be on their way out, however higher rate of divorce - two houses needed instead of one, and single parents are making up for it. Then you have all the immigrants. Universities have realised that foreign students are of more financial value and worth than locals, which also hugely drives up property prices and demand.

Location location, location. There is always a want for the 'hot spots' - zone 1 is good, and lesser zone 2, and still lesser zone 3 etc. Looks like London is an expensive winner even in zone 6. I hear Manchester is also not doing bad either.


Life insurance is not bad, if you have someone to leave it to, and they need it. Personally I feel that invalidity insurance is more useful because often as a family unit, if you are immobile not only does it stop you from working, but it also stops your partner or family from working too. From two salaries, to state benefit, mortgage and bills is often mind blowing financially cripling.

Death, in ways offers a clean break for spouses and family. Grieve for a while, pay taxes, often ones spouses and family lifestyle is not drastically effected as much. Yes your family would hopefully not want you dead, but imagining your family and their position if you were bed ridden, they are on call 24/7, 365 days, every day, till you sleep and possibly wake up multiple times each night every night, My friend P, who's mum has had a stroke is in this position - work til 5:30pm, go home and fix up mum till 7:30pm, may get 30 min break, then it is her telly, clothe change, bath, bed time, then get woken up to perform various duties 3-5 times a night/small hours. Then wake up for work but before leaving do more duties and let the carers in. He has an infirm partner in a rented house and he tries to see her twice a week too.

Read some 20+ years ago there was a 23 (or was 32 - some one will put me right?) times more likely chance of you becoming infirm, rather than dying and depends how one sees value.

Lots of people have deleted their posts from here - why?

elle37

Hey Bluesnake, thanks, we have been talking about insurance in the family actually, more in relation to the folks but like you I know lots of people whose lives have changed dramatically as a result of ill heath of a relative.

i'm moving forward positively with getting finances in order so very pleased, have done tons of area research, prepping my place to sell hoping to go on the market feb/march and going through an online agent.

Your point about universities is an interesting one. In my area we have a relatively new university campus and lots of properties appear now to be university student accommodation! 2- 3 bed properties, demographic obvious has changed the area somewhat, the affect of housing benefit caps has also had an impact so again I've noticed a change in demographics as people are pushed out of zone 3 to 4.

ummm now you mention it I've noticed some specific posts missing......I wonder why