cookstar

iTrader: (6)

I stand corrected.

P1Fanatic

Wtf do you live where a £600k house is £1k pcm in rent? Round here you might just get a tidy 2 bed apartment for that. I think that example is not the most realistic.

Simon

njkmrs

I think we have had this one before.
It is horses for courses !!
Happy to rent ,carry on .Choose to buy ,good luck .
Slightly drifting off topic,but this balloney about leaving a nest egg for the kids,mallarcky !!! Hell no.!!!!
By the time Im ready to go ,I would hope mine have sorted themselves out with jobs ,houses,nice lifestyles etc,etc .They wont need my hard earned to be enjoying their lives .Thats not to say they wont get it but I dont think of leaving a nice nestegg as the way forward and the be all and end all of MY hard work .(I did use to think of it like that to be honest previously).
My take on it now is enjoy your journey on the way through and have what you want ,when you want it ,within your means,including borrowing ,as long as you can get through .Use your money whilst you are young enough to enjoy it with your family and dont miss out on things whilst saving for the future.
Only my opinion ,preach over.
Enjoy the rate cut !!!! I intend to .

stevebt

iTrader: (8)

Partially that! When I got a mortgage on my house 8 years ago before the property really jumped I asked for £6k more so I could get a better place and they refused me I then watched friends get higher mortgages who earned less then me. The banks were giving the money out more freely with no checks on wether someone could actually repay this debt! Being self employed I always knew it would limit my credit but now I'm happy with my £400 a month mortgage. It would be nice to have a bigger property but I don't see the point in paying say and extra £60k for an extra bedroom in the area I live.

97TURBO

Jesus ****, i just signed papers to start a new fixed rate about 10 days ago It states that i cant withdraw from the offer once it begins, but thats not until november 30th so i just hope that means i can still pull out

Midlife......

iTrader: (2)

Slightly off topic..Sorry

I've been trying to work out if my Nat West Standard Variable Rate Mortgage (long story LOL) will drop. I have tried the Nat West website but not much help, but as Nat West seem to be tied in with the Royal Bank of Scotland which has dropped it's rate I might be in luck

Nationwide and RBS pass on rate cut | Money | guardian.co.uk

shaun

fast bloke

abort abort abort

actually, tell them you want to put it on hold, then check out what the new tracker deals might be. A long term fixed rate will probably balance out in all likelihood. A two year fixed rate now will cost you, but if you are comfortable with the repayments, then it isn't really that bad. You still get to live in the house you want at a premium you can afford. You can't make all the right calls all the time, but if someone qualified recommended that you take a fixed rate in the last 6 weeks, you should be asking for compensation.

fast bloke

Matteboy - I seem to remember that you like boats. Your aversion to debt is probably the strongest that I have come across, but if you like a spin in a quick boat, then your risk profile suggests that you would not fall into the cautious or moderate category. Quick boats, quick cars and quick bikes are probably the most surefire way of offing yourself in the fashion of James Dean.

I appreciate that it is your lifestyle choice to have no debt and take no risks, but did you not have dreams as a kid that you wanted to fulfill? Have you ticked them all off yet. If you died tomorrow, could you come back and say that you did all the stuff you wanted to do? I think that I probably could. If I died tomorrow my only regret would be that I didn't get to spend another 40 years having new dreams and then ticking them off. Some of the dreams have been better as dreams than in reality, but some have been better in reality than they were dreams.

You say that you would like to leave a nest egg for your kids. Would you not rather bring up kids who don't need handouts and can make their own nest egg?

njkmrs

You say that you would like to leave a nest egg for your kids. Would you not rather bring up kids who don't need handouts and can make their own nest egg?[/QUOTE]



Ditto.

Use your money now to enjoy your time with the kids .You cant get it back later .
I know someone who has grafted the last 25 years ,hard manual work ,own business ,but he has done nothing .Absolutely nothing .He has focused on being comfortable when he retires,in maybe another ten years ,but he has missed out on everything on the way through .Waste of a life .I cant see the point of being comfortable only in your /my later life when too old to do the things we can do whilst fairly young .

Enjoy ,enjoy enjoy !!!

P1Fanatic

Ditto.

Use your money now to enjoy your time with the kids .You cant get it back later .
I know someone who has grafted the last 25 years ,hard manual work ,own business ,but he has done nothing .Absolutely nothing .He has focused on being comfortable when he retires,in maybe another ten years ,but he has missed out on everything on the way through .Waste of a life .I cant see the point of being comfortable only in your /my later life when too old to do the things we can do whilst fairly young .

Enjoy ,enjoy enjoy !!![/QUOTE]

As my old man always said "Enjoy it while you can - you could get knocked over by a bus tomorrow"

At the end of the day its a balance somewhere in between spend spend spend and save save save.

Simon

97TURBO

When should we expect to see the rates drop from our own banks etc..? im with Bristol and West (Bank of Ireland) and so far im not seeing any change worth talking about

Lee247

The investments we've got and paying for our house are what we chose to do. We are comfortable enough to pay it and still have money left to enjoy life.

When we kark it, it's just a nice little bonus for the kids. We have no intention of having a hard life to make it easier for them though

Petem95

Still some cracking fixed rate savings out there for those of you who have cash

Birmingham Midshires offering 6.97% AER on 6month fixed, and 6.6% on 1year

askBM | Savings | Telephone Savings | Fixed Rate Bonds

Matteeboy

It's not about leaving a the kid(s) (currently one 6 week old boy!) a chunk of cash. It's about building a big safety net to maintain this lifestyle which to us is perfect. Yes we have a boat but it cost the same as a 2nd hand hatch and isn't too thirsty - the pleasure we get from it is worth it. Other than that we don't spend loads but do everything we want to - surf, MTB ride, eat out when we want, have the occasional holiday, go to the beach, etc, etc. Fun does not have to cost the Earth - no interest in £10k holidays to Maldives, a £5k TV ir other things we consider pointless.

We've already travelled the World (6 month honeymoon), had a fun year in London, done the city thing in Bristol. It's all we want and all we need. The plan is to eventually spend the savings on a house - no mortgage, low overheads. Yes we could go out and buy some flashy cars, or whatever a lot of people do but we have no desire to. If I died tomorrow, firstly I'd be a little bit annoyed that life had been cut short, but other than that, so far so brilliant. Maybe losing a baby at full term last year just put it all into perspective? We now have a healthy boy, a lovely dog, a great place to bring him up, a great family nearby, etc, etc, puke, vom, etc.

Those that are debted up to the eyeballs on huge mortgages and other loans must constantly worry. It's a HUGE luxury to be able to not worry - no not be flash, just comfortable and happy. Maybe it's a Cornish thing?

Leslie

I agree absolutely with all of the above.

I avoid debt too and if i ever wanted anything I would save up for it, just meant I might have to wait a bit longer but it cost me less in the end and it meant more to me when I got whatever is was too. I came from a poor family and learned a lot from that as well.

I don't feel that I have missed out that much. I had the best job I could have hoped for even though at one time a London bus driver was paid more than me, and saw the world as well of course. When I went racing I could not buy a competitive car on my salary naturally so I had to build my own cars from scratch as well as the engines etc. in the first place, but I got all the more enjoyment and satisfaction from it anyway because of that.

I managed to get some good 'bikes and cars once again by saving for them, my first car was bought "on the drip" but after that was paid off I never did again.

There is no way I can complain about what I have been able to do in life so far and like Matt I also dont have the worry of massive debt on my back.

Les

fast bloke

Not in the slightest - My biggest worries at the minute are about whether my kids are happy and secure, and whether there will be snow in Aspen in December and in Arinsal in February. There will always be a way to pay the mortgage, but if there is no snow then that is an opportunity to have fun lost that can't be replaced. It would be different if I couldn't afford the mortgage, but money is like oxygen. You only think about it when you don't have any.

Why do you think people with big debts constantly worry?

Matteeboy

Always be a way to pay the mortgage?! What without work or a job?! You seem to be very very confident that you'll never stop having a good income. That's not clever.
Why do people with big debts constantly worry? They have to pay them off. Their jobs are a lot less secure than they were a year ago. They could get ill or badly injured. All sorts of reasons. In fact why an earth am I explaining?! It's flipping obvious.

You're rather keen to shout about money it seems (size of mortgage, holidays in Aspen, etc, etc) and "advise" yet I'm afraid I would never consider taking advice from you in your situation. The people I take advise from have plenty of money, no debts and aren't in the least bit "flash." Just comfortable, free of money worries and happy. I cannot believe that even after the financial turmoil CAUSED by stupid debts, that people still think it's fine to be up to their eyeballs in it, and to go out and spend more. Mortgage drops £200 a month? What can we spend it on then... Why not SAVE that extra cash instead?!

njkmrs

Save for what ??
I have the house I want, albeit with big mortgage .I pretty much do what I want when I want .(I am far from rich .)
What is this saving for the future for ? .When is the future ?.i am here for now .!!
If your happy with your lot now ,then there is nothing to save for .
No pockets in shrouds ,I say ,no pockets in shrouds lad !!!!

Petem95

Economy is heading for the worst dire straights since the Great Depression - unemployment rate is likely to be sharply up by this time next year. You might find yourself without a job, and with very few options. That's when having some savings could make the difference between losing your house and not losing your house...

john banks

fast bloke, can I ask what sort of joint income multiple is it possible to borrow at the best rates presently? Deposit is 3x gross joint income, excellent credit rating, no other debts.

njkmrs

If,s and buts .
It is at the end of the day bricks and mortar .Yes I enjoy it ,but it is not what I live for .I have thought about what if ,but I will cross that bridge when I come to it .
Losing my job would just open the next chapter .A chapter in a different house in a different warmer country to be honest .
I dont advise people to go blindly through life not thinking about the consequences of their actions but ,dont go to deep about it .
Let things sort themselves out .
Too many people through jealousy want to see others fall ,when most just want to better themselves and enjoy life .
Thats it for me .No more preaching on this one .

john banks

Sorry to quote myself fast bloke, but I was also wondering about refinancing our business loan which is base+1% variable. I think it would be good to fix it for 10 years when we think the rates are bottoming. Do you have any ideas whether the sorts of fixes you can get for business are similar to residential? The loans are secured on the practice building I believe, LTV would be about 60-70%.

Matteeboy

nkj - jealousy?!!!! Let's see how you debt heads are doing in two years time then.

PaulC72

Personally I don't think worrying about the mortgage is such a big thing if the worse happens it will and I nor any of the SN posters can really effect it in anyway. I try not to worry about anything I cannot control, if I lost my job tomorrow I would do my uttmost to get a new one doing anything I could but at the end of the day if I didn't find one I would work something out either with the mortgage lender or be rehoused either way until it happens I shall not worry about it.
I think however you do need to try and be a little more wary of the current climate, thats why we are waiting to book next years holiday until a little closer to the time

njkmrs

As you know nothing about my financial situation other than I have a rather large mortgage or two.!!, then yes please feel free to ask how I am doing in a couple of years .


I hope you can keep aspiring to have this and that without owing anything .A nd then in a couple of years after that I hope you again still have aspirations to have this and that without owing anything .

I just hope it does not all pass you by because you did not want any debt whatsoever .

As I said it is horses for courses.

Good Luck.

Matteeboy

Fine nkj - you live on the never never. We'll buy a nice house outright and have no mortgage. Or debt.

njkmrs

No probs.I wish you well .Let me know when you get it .If im still around .!!!

97TURBO

Other than the Mortgage i never buy anything unless i can buy it outright. Thats always been my way, its probably why getting my first mortgage was difficult as i had no credit background In an ideal world no debt is good, in this one it appears to be bad.

john banks

I bought a sofa on the never never to get my credit score up.

Matteeboy

We could buy a nice house outright for cash tomorrow if we wanted. But we are saving more to buy something really nice. Which we'll be able to for not a lot soon as the market tumbles.

Try pulling that sort of trick while having to sell a depreciating house, with a huge mortgage in a stagnant market...

House prices are going to fall dramatically - it's what analysts call a "head and shoulders" market - market rises, flattens off (shoulder) as investors have a bit of a wobble, ,peaks (head), drops, flattens off a bit (as confidence is briefly restored (albeit artificially with measures like an interest rate fall) then dives again. Has happened many times but this will be much worse.

Once it hits rock bottom, I can almost guarantee that it will "double bottom" - bounce off the bottom then drop again. Another thing that has happened time and time again.

Then big mortgage holders will be deep in the mire. But of course, just like a year ago many SNers were convinced that not house buying was more stupid than a paedo attending a PTA meeting, the same is happening again. Denial of market conditions. I'll return in a year or so and do another excruciatingly annoying "told you so"