Need to start thinking about this malarky!

Phirefly

You're not listening! In order for you to afford a house, you'd have to set your mortgage payments in such a way that you'd only be paying a fraction (if any) of the capital (the bit that actually pays back the money you borrowed) and the majority of your mortgage repayment would be interest to the bank. So effectively thats like renting from the bank.

PinkShoes and I are slightly hypocritcal in a way here, in as much as she and I both went against the prevailing wisdom and bought at a peak. The difference with the two of us though are as follows

1. Neither of us had the option of staying on at home
2. Both of us have a partner whose income is considered in calculating the amount we could borrow, and who pays half the mortgage every month (I'm assuming here actually, PS but I'm sure thats what I've gathered....)
3. We both took very calculated, deeply researched risks in that we bought our properties based on their future resale potential compared to other properties.
4. We have repayment mortgages, not interest only
5. We had a substantial deposit
6. For both of us, buying the property was similar in cost to renting
7. We're girls and need to feel like we're feathering our nest around us, its an emotional thing (OK, maybe I speak for myself there)

Among other things..

Its not meant to sound like a boast, far from it. I wouldn't be surprised if I also speak for PS when I say I'm nervous about the current climate, but I sleep well at night because I know I took the most considered of limited options at the time. If I had your options, I might have chosen differently.

And that 5 minutes of my time will be £3.50 please

southernscouser

Yes I am listening. Why you think I'm not I don't know.

I'm trying to find out my options and all pro's and con's.

Phirefly

Sorry, I didn't mean to sound rude, I should have quoted your comment that prompted my reply, just this threads moving too quick!!!

I just hate the thought of paying someone elses mortgage for them! :undecided

Thats the mindset others on this thread are trying to get you out of, and why I cited the examples in my post.

southernscouser

Phirefly wrote: »

Sorry, I didn't mean to sound rude, I should have quoted your comment that prompted my reply, just this threads moving too quick!!!



Thats the mindset others on this thread are trying to get you out of, and why I cited the examples in my post.

You're still not getting the £3.50!

Phirefly

southernscouser wrote: »

You're still not getting the £3.50!

Pfft :rolleyes:

Back to the day job for me then...