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Buying is a no-brainer
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I'd imagine if interest rates rise, rent would rise aswell as BTL landlords won't want to be cut short.0
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Jack_Johnson_the_acorn wrote: »I should be mortgage free in the next 10 yrs. When I'm roughly 40. That means i can pay into a pension for the next 30 years to give myself a comfortable retirement
Don't wait 10 years to start your pension!
A good example of the power of compound interest in this article - When saving for 10 years pays more than saving for 40
Save from 21 to 30, then stop. You will have a bigger pension than a saver who starts at 30 and stop at 70. The miracle of compound interest, Einstein's 'eighth wonder of the world’Signature on holiday for two weeks0 -
Mutton_Geoff wrote: »Don't wait 10 years to start your pension!
A good example of the power of compound interest in this article - When saving for 10 years pays more than saving for 40
Save from 21 to 30, then stop. You will have a bigger pension than a saver who starts at 30 and stop at 70. The miracle of compound interest, Einstein's 'eighth wonder of the world’
I've been paying into a pension since i was 18. 10 yrs into a final salary scheme and 3 years into career avg. My pension is fantastic compared to most. My point was that I'll have no rent or mortgage for potentially 40yrs. When my mortgage is cleared allowing me to throw a load of cash at my retirement.0 -
It depends on the pension scheme - e.g. the NHS pension.Mutton_Geoff wrote: »Don't wait 10 years to start your pension!
A good example of the power of compound interest in this article - When saving for 10 years pays more than saving for 40
Save from 21 to 30, then stop. You will have a bigger pension than a saver who starts at 30 and stop at 70. The miracle of compound interest, Einstein's 'eighth wonder of the world’0 -
It depends on the pension scheme - e.g. the NHS pension.
And current tax limitations, the AA and LTA. If there is spare capacity to save up to the £40k AA without risk of exceeding the LTA (£1m), then some might say it was foolish to miss out on long term compounding at 4/5/6% (stock market based investments) vs overpaying a 1/2/3% mortgage to be mortgage free in your 40's or 50's.
Many people view mortgages as an evil debt that has to be cleared so that their house is all theirs. I disagree, financial planning involving debt can be a good thing. It depends how cheap the mortgage money is and half a hundred* other personal factors.
(* memorable Arthur Harris phrase).Signature on holiday for two weeks0 -
Actually it's a very fair price for an expensive area on the coast in the southwest.Crashy_Time wrote: »As he can buy a two bed for 80k they may not have much further to fall where he lives
.......on the other hand.....0 -
Debt at an interest rate that is less than inflation cannot be evil - end of!Mutton_Geoff wrote: »Many people view mortgages as an evil debt that has to be cleared so that their house is all theirs. I disagree, financial planning involving debt can be a good thing. It depends how cheap the mortgage money is and half a hundred* other personal factors.0 -
He won't be able to afford it at the rent he's paying, OTH a mortgage would only cost 2/3rds of his rent, plenty to travel around and so on.ScorpiondeRooftrouser wrote: »Maybe he wants to experience living in more than one tiny part of the world before he dies, so wants to be free to move around.0 -
Now the problem here is she should have taken care of the property twenty years ago repairing and renovating as required.HouseMouse wrote: »OK then, another view.
I know a lady in her 60's.
She's an owner occupier, having been given the house as part of a divorce settlement over 20 years ago. It's in the north & not worth that much especially given its condition.
She lives off pension credit.
The house is falling down around her because she can't afford any repairs/maintenance.
Leaving it all to accumulate until now is NOT the correct way to do things. She only has herself to blame but good luck anyway.0
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