Buying a house without a mortgage

Frugaldom

Hi guys,

Just a brief update from me - it's taken a bit of juggling of finances but I'm now back on track to fill the 2009/10 ISA before we get to the end of this tax year, so I'm happy about that. :j

Pavlov's - when are you moving house? (Or have you already moved?)

ninky_2

:money:great thread.

black_taxi_2

hi nyk

i hav a flat valued at 125k.(just up-graded an modernised)

mortgage an debts total 46k(clear in 3 years)

never thought of buying a property out-right before until i saw this thread.

---

im 49 -single--time/line by 60

next property i get will be my dream/retirement flat

250k--300k(also money needed to up-grade modernise.)

hope to do this using stock/shares/cash isa

if it doesnt happen--im ok----i can easily retire in flat i have now.

:beer:

Frugaldom

Hi black taxi, thanks for posting your comments. Quick question - saving £300k in 11 years??? :eek: That's way out my league, but the amount could possibly buy me a small country manor in Scotland! :rotfl:What have you got in mind now that we've plagued your mind with a mortgage free alternative to house buying? The dream home by retirement sounds ideal. I'm kind of ultimately aiming for that too, should I be fortunate enough to see retirement. I'd love to play the stockmarket (I've dabbled in the past) but with such a small income, it's difficult to warrant such risk. My ultimate goal, I guess, is to buy a cheap fixy-up asap, one that I'd be happy to develop into my dream home, and then retire as early as possible.

Good luck with your progress, I hope it all goes to plan and that you'll share your progress notes with us on here.

pavlovs_dog

nykmedia wrote: »

Pavlov's - when are you moving house? (Or have you already moved?)

we moved in last weekend, but we were only reconnected to the [STRIKE]outisde world[/STRIKE] internet this weekend. it does feel a bit like living in a hotel at the moment, but our space is lovely. We have a lot more room and a lot more privacy-it's lovely. Got a closer eye on the property market as we'd like to move this year, but we're merrily saving month by month whilst we're here

Frugaldom

Hi Pavlov's, I've updated my username to frugaldom. Much more apt for the purposes of my challenge, don't you think? Also keeping a close eye on the property pages as sales about here are incredibly slow and prices beginning to look like they could become a bit more realistic. Final leg of my journey to fill 2009/10 ISA and then who knows when that'll next happen, as I can't see me having an extra 5k+ per year without a miracle win on those Premium Bonds before they get cashed in for DS's 21st birthday.

Hope you're settling into life in the new place, having your own space is a 'must have' in my book.

Frugaldom

Frugaldom wrote: »

...Property prices where I am appear to be crashing and it's quite severe.
Example 1 - (substantial 3/4 bedroom property with commercial premises attached) went on market at o/o £225,000 last year, dropped to o/o £205,000 - this week's advert = FIXED PRICE £168,000 :eek: ...

I just had to update this thread after reading back through my earlier posts and spotting the above. That property is STILL on the market, now advertised at £149,000 That's 3 years it's been advertised and a drop of over £76,000, as the original asking price was O/O (Offers Over) the £225k. :eek: The original post is here

ninky_2

Frugaldom wrote: »

Pavlov's, that is FANTASTIC! :T Well done with all of that and thanks for sharing your news! It must be so exciting seeing the figures all clicking up and knowing that the dream is coming closer to being within your grasp. I would be so, so tempted to blow the furniture and emergency funds on the deposit and then start from scratch attempting to play catch up, but your determination is really admirable. I've confiscated myself from the emergency funds here completely and am concentrating entirely on trying to fill this year's ISA. At least we hadn't to dip into any of it for DD's wedding.

Confession time - I have now fully topped up and put all of DS's 21st birthday money into Premium Bonds. With my reckoning, a £25 win on £1000 over the next 5 months would be heaps more than any bank would pay me in interest and, as I've already had a total of £75 (£50 + £25) on them this year so far, I'd be well ahead of the game. (Sorry, Pavlov's, I do know there are better investments but, but, but... )

GOOD LUCK with the house move. Your time with the in-laws will all be worth it when you see the difference it makes having your own place to appreciate in the end without strangling yourself in debt.

well maybe you'll be luckier than me. i've had 300 quid in premium bonds for over six years now and not a bean.:(

Frugaldom

ninky wrote: »

well maybe you'll be luckier than me. i've had 300 quid in premium bonds for over six years now and not a bean.:(

Hi Ninky, I have been quite lucky with mine but I keep changing the numbers. I save up, get the PBs, have a win and then even if it's only £25, I cash the bonds in next time I have something big to pay rather than lifting it out my ISA. DS's 21st is the next big pay-out for me, which will wipe out most of my remaining Premium Bonds I hold, so it could be some time before I replace them. (IF I replace them.) At the end of the day, at least you know your £300 is still safe and good luck for this year.

Frugaldom

Hope everyone managed to fill their ISA accounts for the 2009/10 tax year. I've kind of lost interest in them for this year, as they're becoming more and more 'something for the rich', of which I am not one. Living in a household of 3 adults, I know for a fact that it's impossible to have £15,000+ among us to stash away just because it's free from tax on the interest. The ISA limit is about to pass the amount I profit from self-employment, so no chance of filling it! :rotfl: My next big decision is where to keep the current savings

a) ISAs
b) High interest savings account
c) Fixed term savings
d) Premium Bonds
e) Lump it on a 16/1 shot in the Grand National :rotfl:

What's everyone else doing?

I was reading the details of THIS as a project - can it really be offers over £15,000? :eek: I may call the planning department, DS could have the jail part padded out for his music! :rotfl: