Aw, shucks :blush:

And LOL

You ok FB?

If it helps in mitigation, the cat is a serious country killer cat - there is a wildlife exclusion zone 400 metres round the property (i.e. he's killed everything that existed in it), and he lives out all night, summer and winter

Oh, and it is the cocker spaniel bitch that really rules the house - apart from the current Mrs TS, that is

 

Except me

I think I mentioned earlier I was skint, and certainly never tried to put anyone else down

Yes, dirty great mortgage, but car loan also and an overdraft I could do without

LOL at the ePenis quote, I must remember that for future reference

 

No problem and point taken. I just read back through some of my posts and cringed. Oops. Oh and the baby boy is great

Reading Robert Peston's "Who Runs Britain" book. Only just started but some interesting stuff in it.

Fast Bloke - you've been un-banned then? This wasn't in France. It was in the UK.

 

The quote about the Millionaire" renting ".
Not sure if he is one of your relatives or mates Mattee (the one off the program the other night ),but if I were a millionaire ,it would make no difference to me whether I bought or rented .I would not be staying still long enough to care .

We are discussing here what Joe Bloggs on the street does .It is more relavant .

Fast Bloke has the right idea .Do what you need to do to get by .If it means getting your hands dirty now and again ,so be it .
Think I may stretch myself to that Dax Rush turbo megabusa track toy afterall .
May send the kids out on a paper round to help out .!!!!!!

 

Well if you do get a Dax, be sure to post plenty of pics!

No idea who the millionaire renter was - he owns some property firm I think.

 

Strange - it was in France before you edited the post

 

You can't be owned by a cat and have mitigating circumstances - End of!!


I'm good - You good?

You know you are 25% of the reason that I am here - Puff, Mr Cookie and Sunilp are the other 75% - Ahh the olden days!!

 

LOL

And StuartH, Cossiekiller, the Koni Cavalier bloke, P1WR and a whole host of others......

 

You up for an empty thread? - or maybe standing start times.... in reverse. IIRC JasonM is the koni guy

 

Ah, yes - JasonM

Remind me what the empty thread idea is - gimme a break, i'm rusty

 

Now that's actually BS.
They were talking about the French rental market at one point (how it's much more geared towards long lets and how mortgages are frowned upon) but the millionaire who rents is in the UK.

 

Are you referring to the type of bloke who's always trumps your own achievements?

Elevenerife (s) we call them. As in in if you've been to Tenerife, he's been to Elevenerife.

 

Naaaah - the beaches are nothing compared to those on thirtyerife.

 

If he is then give me a shout, he'll be in for a free night out

I've had the benefit of good advice for one mgge, and good luck with my other, whose product has just ended - atm its best for me to be on C&G's SVR rather than buy another product.

 

Hadn't heard that one before but very good

 

I saw The Money Programme and the comparison between renting and buying.

What I don't understand, and what I don't think they mentioned , is what happens after you retire.

If you buy a house, then you have paid off the mortgage when you retire, and you have somewhere to live, or somewhere to sell so that you can buy somewhere smaller to live.

If you are a serial renter, then you have little income, but must still pay to rent a property. Even a small property will require a large pension to service it. Therefore when you are earning and renting you must put away sufficient to cover the rent after you have retired (an additional pension if you like), or you must make bigger pension contributions to cover living expenses and rent after you retire. If you want to retire early then those sums could be quite large.

That never seems to be mentioned by those that propose renting as a cheap alternative to purchasing a property

 

Sk - I think the idea is that renting a place is usually cheaper than buying (a place of the same value) so you save the extra money. But I'm sure that doesn't often happen. It's what we do though.

 

Would you not be entitled to claim housing benefit when you retire?

 

Mattee I understand where you are coming from, honestly I do. However, that is absolute boll0cks

Over the very short term what you say is probably correct, however in the medium to long term inflation erodes the value of a mortgage payment. The rent will always rise with inflation because the house price (historically) also does.

 

True enough. We are in a slightly unusual situation - no rent rises in almost 3 years and rent here really is a LOT less than even an interest only mortgage.

Kind of skews my view of the real world I guess.

Still in glad we rent at the moment though.

 

That comes through loud and clear.

 

Sometimes there is greater utility to be gained from renting than buying ie you can rent a better house for less than the mortgage payments would be on it.

This particularly rings true when you have an overvalued housing market like the UK used to have.

Likewise when the **** is dropping out of the housing market and the renter can sit back and watch mugs with huge mortgages entering into crippling negative equity.

Of course it makes sense to buy ultimately but not 'at any cost' to 'get on the housing ladder' as some morons have been doing.

Regarding the 'mortgage paid off' comments above isn't it often the case that the homeowner ends up having to sell the house in order to pay to have his/her bottom wiped in their dribbling old age? Either that or some stinking ungrateful kids who've stolen the best years of your life end up inheriting it and spunking the money up the wall.

Certainly I plan to make sure nobody whatsover benefits from my estate on the sad day I depart this mortal coil. I'm going to leave strict instructions for it to be spent on causing misery for the type of people I dislike.

 

There is also the point of property prices - say you have finally paid off your mortgage and put many many thousands into the pockets of the bank that lent you then money.
You now own your house outright - which is great. But what about it's value? If you sold today (or anytime in the next two years) you won't get very much for it - if you can sell it. Meanwhile renters/savers know exactly what they have saved an can realise it at any moment.

Small point but worth making.

 

What are the chances of mortgage rates/interest rates shooting back the other way? Back to anything between 10-15%?

We just seem to be in a barmy position at the moment.Banks with no money and interest rates at bugger all

 

Hogwash.
Pay mortgage for 25 yrs .Sell ,mucho cash in pocket compared to original purchase price .
Rent for 25yrs (put money in landlords pocket as opposed to a banks coffers !!! ).Money saved wont be as much as money received from sale of purchased property .Unless you have fantastic luck in investing .Period .Look at property over last few decades .

 

Jammy git - none of my clients ever take me for a free night out. It must be all those fixed rates i do

 

Chances of 15%? - None in the next 10 years without a political readjustment. - Chances of 7-8% in the next 5 years with a basic tax rate of 25% - more than likely. Good time now to overpay your mortgage, so that you have an option to underpay when we get stiffed to pay it all back. Chances of any party looking after the savers (who don't actually help the economy) more than the borrowers (who keep it running) - 0% ever