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Unmortgage.com anyone used???
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ThePants999 wrote: »though as a homeowner, I find that maintenance and decorating is a fair bit more than a "tiny fraction" of my mortgage payment.
Over the long term? Really...?We don't know the business model.
No, we don't. You're right. Which raises eyebrows in and of itself.0 -
Er, yes. Perhaps we just have different views of "a tiny fraction", or perhaps you just do a lot more yourself whereas I get tradesmen in for most of it, but I estimate that what I spend on maintenance/decorating is about 10-15% of what I spend on mortgage payments over the long term.Over the long term? Really...?0 -
ThePants999 wrote: »Er, yes. Perhaps we just have different views of "a tiny fraction", or perhaps you just do a lot more yourself whereas I get tradesmen in for most of it, but I estimate that what I spend on maintenance/decorating is about 10-15% of what I spend on mortgage payments over the long term.
The average mortgage in the UK is £85,000. Making a guess at the average time remaining as 15 years, that's £625/month.
10-15% is roughly £60-100/month, or £700-1100/year. I don't find that hard to believe. So you're right, the question is whether 10-15% (1/10th - 1/7th) is a "tiny fraction". I'd say it is...
Many people - especially those at the end of the financial spectrum these products are aimed at - spend a much smaller percentage, of course, because their mortgage is such a large proportion of their monthly outgoings.0 -
The average mortgage in the UK is £85,000. Making a guess at the average time remaining as 15 years, that's £625/month.
10-15% is roughly £60-100/month, or £700-1100/year. I don't find that hard to believe. So you're right, the question is whether 10-15% (1/10th - 1/7th) is a "tiny fraction". I'd say it is...
Many people - especially those at the end of the financial spectrum these products are aimed at - spend a much smaller percentage, of course, because their mortgage is such a large proportion of their monthly outgoings.
I think you're clutching at straws! Even people on much bigger mortgages are still going to spend 10-20% extra on maintenance of their house. Easily 30% or more sometimes depending on what work needs done.
I'd say 5% or less is a tiny fraction.0
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