What an idiot!!

wotsthat

Between '93 & '09 I paid a weighted average of 6.22% for a mortgage. Between '09 & now I've paid 2.54%.

It's a shitload of money I've not had to pay on a mortgage. The days of overpaying when the mortgage was around 5.7% are long gone. I've extended all mortgages to retirement date and, for seven years, have been pouring money into a sipp which has returned a 40% tax rebate on contributions and 11.2% annually since that time.

I purchased a main residence at generation lows, then got a holiday home after the GFC, saw my mortgage interest drop in half, got a 40% tax rebate on it and made an 11.2% annual return.

I sometimes have to pinch myself.

chucknorris

wotsthat wrote: »

Between '93 & '09 I paid a weighted average of 6.22% for a mortgage. Between '09 & now I've paid 2.54%.

It's a shitload of money I've not had to pay on a mortgage. The days of overpaying when the mortgage was around 5.7% are long gone. I've extended all mortgages to retirement date and, for seven years, have been pouring money into a sipp which has returned a 40% tax rebate on contributions and 11.2% annually since that time.

I purchased a main residence at generation lows, then got a holiday home after the GFC, saw my mortgage interest drop in half, got a 40% tax rebate on it and made an 11.2% annual return.

I sometimes have to pinch myself.

Have you ran the through the figures/calcs with Crashy yet?

mwpt

wotsthat wrote: »

Between '93 & '09 I paid a weighted average of 6.22% for a mortgage. Between '09 & now I've paid 2.54%.

It's a shitload of money I've not had to pay on a mortgage. The days of overpaying when the mortgage was around 5.7% are long gone. I've extended all mortgages to retirement date and, for seven years, have been pouring money into a sipp which has returned a 40% tax rebate on contributions and 11.2% annually since that time.

I purchased a main residence at generation lows, then got a holiday home after the GFC, saw my mortgage interest drop in half, got a 40% tax rebate on it and made an 11.2% annual return.

I sometimes have to pinch myself.

I thought property prices were historically high vs rents and wages in the run up to 2007 in the years I was considering buying, and I thought we'd see a correction. If I'd lived outside of London, I'd have been right. Then subsequent to the main property crash in 2008 I thought "emergency" interest rates would not stay low for long, because, well, they were emergency, so I thought it was too risky a period to buy (sure, I wasn't thinking properly).

I then watched as "emergency" rates became normal and property prices doubled. I eventually bought in 2014 and recently calculated I'm out of pocket around £200k on a flat I highly considered buying in 2007, and a lot more on several other properties I viewed in the years preceding that. I sometimes want to cry

kinger101

DividedNation wrote: »

Can you?

You will be eating your words when Carney has finished !!!!!!ing up the economy.


The man is complete fool,


He has solid track record of predicting the opposite of what actually happened.

It is bizarre he is still in a job, but it seems failure at the top the norm these days no matter bad you are at your job you get to keep it.

He is a very dangerous man, an idiot who thinks he is smart, well the record shows he is
a failure.

I'm not a fan of Carney either, but he doesn't set UK interest rates. And interests rates have been ultralow in Japan since the mid-90s. None of us have a crystal ball, but decades of low interest rates is nothing new.

chewmylegoff

Graham_Devon wrote: »

The pound surged the two days before the referendum (rising from 1.46 to 1.49 as the experts got things wrong again and it was assumed we would remain. It therefore took a hard tumble.

All the data is out there, so picking reference points as goal posts is silly.

It was 1.32 directly after the brexit vote and then rose again to 1.34 on 29th June, until Carney took action and talked down sterling, where it fell directly to 1.32.

Carney then made another statement on the 5th July which saw the pound fall from 1.32 to 1.29.

Ok so using your data we will test your claim that carney' statements caused the pound to fall by nearly double the amount that the Brexit vote did.

Ignoring the pre-Referendum surge (I'm not sure why but just to massage the numbers as much as possible in your favour) Brexit caused the price to fall from 1.46 to 1.32 = 9.6%.

Carney's statements! according to you, caused falls of 0.02/1.34 = 1.5% and 0.03/1.32 = 2.3%.

1.5% + 2.3% is not double 9.6%, is it.

wotsthat

chucknorris wrote: »

Have you ran the through the figures/calcs with Crashy yet?

Yeah, he started telling me about how there's going to be a crash and about how his rent hasn't changed in two decades. When I mentioned having a mortgage he started dry heaving and needed a lie down.

What made me think was the 'HPI forever' jibe of the crew and, in my case, there have been HPI gains but they're insignificant compared to the other financial gains of buying.

wotsthat

mwpt wrote: »

I thought property prices were historically high vs rents and wages in the run up to 2007 in the years I was considering buying, and I thought we'd see a correction. If I'd lived outside of London, I'd have been right. Then subsequent to the main property crash in 2008 I thought "emergency" interest rates would not stay low for long, because, well, they were emergency, so I thought it was too risky a period to buy (sure, I wasn't thinking properly).

I then watched as "emergency" rates became normal and property prices doubled. I eventually bought in 2014 and recently calculated I'm out of pocket around £200k on a flat I highly considered buying in 2007, and a lot more on several other properties I viewed in the years preceding that. I sometimes want to cry

Ouch!

I turned down going halves on a flat in Bermondsey with my brother in law. It came with a big RTB discount and was no more than £50k between us. We turned it down because it was too expensive. That was in the early nineties.

If I'd bought it I could retire today. I've only ever regretted it in a hindsight kind of way but do think about it occasionally.

In the grim north home ownership is a get rich slowly game where the benefits of ownership have, relatively, little to do with HPI.

westernpromise

wotsthat wrote: »

Between '93 & '09 I paid a weighted average of 6.22% for a mortgage. Between '09 & now I've paid 2.54%.

It's a shitload of money I've not had to pay on a mortgage. The days of overpaying when the mortgage was around 5.7% are long gone. I've extended all mortgages to retirement date and, for seven years, have been pouring money into a sipp which has returned a 40% tax rebate on contributions and 11.2% annually since that time.

I purchased a main residence at generation lows, then got a holiday home after the GFC, saw my mortgage interest drop in half, got a 40% tax rebate on it and made an 11.2% annual return.

I sometimes have to pinch myself.

But you're not paying £400 a month for a bedsit in Scotland, are you? That's having it made. That and a BCR of 130%.