Slight negative equity - jump ship or sit tight?

PasturesNew

Doozergirl wrote: »

I have no idea what an amortization table is but it sounds clever.

Amortization (a word I've always hated the sound of) comes from American usage and it means "at every point/month during the mortgage, how much have I paid off and what do I still owe".

This mortgage calculator shows an amortization table:
http://www.tigertom.co.uk/ttcalc/mortgage.php?loan=100000&downpayment_percent=10&year=25&interest_rate=6&currency=%A3&amortization=on&periodicity=12&action=Calculate

PasturesNew

Doozergirl wrote: »

Secondly. You're still you and you probably don't need all that space. If your house is getting smaller it's because you are accumulating too much stuff. Lose it. ebay it, charity shops, whatever.

This is true. Most people have far too much stuff.

I actually got rid of all my stuff last year. Walked away with just a suitcase and a laptop (lucky you lot, eh!).

I was reading earlier where somebody is doing a "100 Thing Challenge" where they are paring down their stuff so they only own 100 things. Although they were cheating a bit as that didn't include any kitchenware, household items (rugs/lamps/etc), linens/towels or underwear/socks. Just their personal stuff.

I was almost tempted to make my own list as I think if I take away household items and work items (PC, printer, router, USB sticks, range extender, Ext HDD) I'd be under the 100 items. So instead I ate wine gums, much better than counting things.

But really, OP, take on board what Doozergirl says and check out and chuck out your old tat. And the stuff you've got for "just in case" and "you never know ..." and "I might shrink/grow back into that one day".

Before I moved I had 12 pairs of jeans - all 4-6 sizes too big - on the basis "I might be that size again in the future, in about 20 years' time and I will be glad I kept those". It's not needed.



Oh ... and for the record, I live in a studio flat, the TOTAL floorspace of the whole place is 250 square feet. And I work from home (complete with all the equipment/paperwork that requires)

Zammo

hearts wrote: »

"if prices drop the predicted 40-50% (!) then we'll not be able to pay our way out of negative equity for about 6 years"

If prices drop by this amount then the likeyhood is that you will have perished in the plague that caused it. In other words those figures aren't "predictions" they are scare mongering.

So prices can rise by 300% in less than a decade, but it's "scaremongering" to suggest that they will drop by 50%?

Jog on sunshine. Jog on.

tryinhardtosavethepennies

PasturesNew wrote: »

I actually got rid of all my stuff last year. Walked away with just a suitcase and a laptop (lucky you lot, eh!)....

Oh ... and for the record, I live in a studio flat, the TOTAL floorspace of the whole place is 250 square feet. And I work from home (complete with all the equipment/paperwork that requires)

That is incredible! Do you have children too?

Also, what prompted you to give all your stuff away?

tryinhardtosavethepennies

Oh, P.S. am looking into shifting some items on eBay - we normally have a fairly regular clear out and charity shop a bundle of stuff (good old Fly Lady!) but it has, come to think of it, been a while since we last did this.

Thanks for all the advice ppl

PasturesNew

tryinhardtosavethepennies wrote: »

That is incredible! Do you have children too?

Also, what prompted you to give all your stuff away?

No, but if I had I would've sold them too.

I had been brought up with the idea of a "borrom drawer" and I guess over the years I was trying to collect together things to make a home. Only I never felt I had a home. Just a jumble of stuff, waiting for some mythical time/day. As I wasn't well off I'd also get donated things, which of course never matched anything I had.

I'd moved before and put everything into storage, and again. Most of the stuff I owned was up to 15-20 years old (including clothes). I'd kept everything "in case". But when you look at the cost of storage, especially in the long-term (I once had 2 containers in storage for 2 years), you can buy new stuff instead with the money.

When you put stuff in storage it's there, nagging at the back of your brain that at some future point you have to get it all out again. It's sat there, costing money. So I just didn't see the point of doing it again.

I thought: why store all this old cack, when I can save myself the money (probably £2-3,000 by the time it's all added up) and buy shiny new things that match and fit my next house wonderfully. It'd be the first time I ever had a house with all new things in it. And I felt I deserved that... at some future point.

Since I've moved I've also gone out of my way to strike a balance between significantly improving my life by buying things, yet not cluttering up my space by buying things that don't bring me that value. So I've bought, say, a handy laptop table (£10), but only bought 2 bath towels because 2's enough. My only big naughty purchase was a breadmaker. That was an irrational moment, but I am using it.

The uber-plan is: I arrived here in one tiny car, when I leave I want to be able to pack EVERYTHING in that same tiny car and move in one trip. Some of the things I've bought at a price that I can leave them easily. e.g. 19p plates, set of glasses at £3.65. Total value of things I could leave behind would be about £10.

The plan was to try to be as instantly mobile as possible, "just in case". When I moved, I picked a town at random to move to. I'd never even been here before. I don't know if I am in the right place/where I will end up. I'm enjoying a worry-free, stress-free life without a care.

PasturesNew

Turnbull2000 wrote: »

Aren't you the BTL investor who last year suggested the possibility of 50% rises over the next 4 years, that all is well in the banking industry, rates will plunge, and offer 25% over in Scotland?

http://forums.moneysavingexpert.com/showpost.html?p=5885869&postcount=11

http://forums.moneysavingexpert.com/showpost.html?p=5885869&postcount=11

tryinhardtosavethepennies

PasturesNew wrote: »

The uber-plan is: I arrived here in one tiny car, when I leave I want to be able to pack EVERYTHING in that same tiny car and move in one trip. Some of the things I've bought at a price that I can leave them easily. e.g. 19p plates, set of glasses at £3.65. Total value of things I could leave behind would be about £10.

The plan was to try to be as instantly mobile as possible, "just in case". When I moved, I picked a town at random to move to. I'd never even been here before. I don't know if I am in the right place/where I will end up. I'm enjoying a worry-free, stress-free life without a care.

That is quite an inspiration!

lostinrates

PN, I realised you were str but not the drastic action behind it! I really admire your resolve! I wish we could agree on the stuff to ditch. as it is a whole load of stuff is in storage, most of which isn't my taste, or even his if he's honest, but has sentimental value. I think I've resigned myself that our junk is going to continue to cost until we buy at which pint we'll have to have a garage sale or something.

tryinhardtosavethepennies

what's "str"?