Indeed.
The bubble is gonna burst...time to stop putting so much hope & importance on stuff that is subject to change (esp on a foundation of unsustainable 'get more' capitalism). It'll only end in tears.
Mortgage Advice...
- Thread starter Super P
- Start date
Indeed.
The bubble is gonna burst...time to stop putting so much hope & importance on stuff that is subject to change (esp on a foundation of unsustainable 'get more' capitalism). It'll only end in tears.
Also be aware that you will be tied down to that mortgage and house for the rest of your life if things dont work out.
It will affect any plans you may have to Travel or move anywhere, either looking for a job or meeting somebody.
The whole "getting on the ladder" is just a marketing blurb used by vested intrests that want your cash. Its like the lotto blurb " If your not in you cant win" type of reasoning.
The other side of that argument is " if your not in you cant loose either"
Just be carefull and give it a little more thought before you rush into anything. The impulse to buy is hard to resist, so try not to let that bias your decision.
It will affect any plans you may have to Travel or move anywhere, either looking for a job or meeting somebody.
The whole "getting on the ladder" is just a marketing blurb used by vested intrests that want your cash. Its like the lotto blurb " If your not in you cant win" type of reasoning.
The other side of that argument is " if your not in you cant loose either"
Just be carefull and give it a little more thought before you rush into anything. The impulse to buy is hard to resist, so try not to let that bias your decision.
Thats it in a nutshell............
and you got that advise for free.
Took me 20 years of life experience to realise that nugget.
It's not a perfect system, and you've missd the boat on the 'salary doubling' markets of the last 20 years, but frankly it takes a very particular set of circumstances for buying to be financially preferable to renting.
The current interest rate has certainly levelled up the pro renting argument, but it'll never last and it only IMO makes renting "nearly as good as buying". The ability to call a place yours, know a landlord will never kick you out, know you don't pay his mortgage, know you're not reliant on anyone else to fix a broken boiler, and know he can't tell you what you can and can't do, is worth it's weight in gold.
The current interest rate has certainly levelled up the pro renting argument, but it'll never last and it only IMO makes renting "nearly as good as buying". The ability to call a place yours, know a landlord will never kick you out, know you don't pay his mortgage, know you're not reliant on anyone else to fix a broken boiler, and know he can't tell you what you can and can't do, is worth it's weight in gold.
Morbyd
Moderator
Not really, if the alternative is renting.
You can sell a property and repay the mortgage with the proceeds, so you're not stuck for life.
The main argument in favor of buying is, as long as you buy at the bottom end of the market, you are making those payments into equity and not into someone else's pocket. Almost like putting it in a bank. Or rather, more like putting in the stock market where values can fall but, long-term, tend to rise.
Not really an option if you're in Negative Equity
What 'e said.
Also, buying and eventually paying off a mortgage is essential if you're gonna have any sort of independance in retirement.
The notion that the system is doomed is totally wrong just because prices stopped racing up at a ridiculous rate.
Bricks and mortar, as long as you don't overstretch yourself, is (quite literally) safe as houses over the long term.
blackswan555
Active Member
It happened around 92>93 the last time, Interest rates were low, property developers were giving loans to anyone that walked to WHSmiths, bought 6 wage packets and fill`d them in,,,, Even if you were on the dole 
2 bed new showhome , furnished, 56 grand and they gave you 3 g cash back !!! 90 ish out of the 120 houses were reposesed within 2 years when the interest rate/payments went from £286 to £600, I sold mine in 2000 for less than I paid for it
with rates as low as they are, which way are they going to go ,,,,,hmmmm
Have a good one
Tim
2 bed new showhome , furnished, 56 grand and they gave you 3 g cash back !!! 90 ish out of the 120 houses were reposesed within 2 years when the interest rate/payments went from £286 to £600, I sold mine in 2000 for less than I paid for it
with rates as low as they are, which way are they going to go ,,,,,hmmmmHave a good one
Tim
Careful with your absolutes. Partially wrong I'll accept.
The reality is no one knows what's going to happen. Granted, your assumptions are rooted in economic trends based on past experience.
You may be right but we're entering new territory now. Come from a place of not knowing and expect the unexpected.
An economy built on greed will eat itself eventually. The question is not 'if' but 'when' will it burn out? There's nothing holistic about the way we live and we've got to the stage where we're trading in virtual sums in a context of aggressive competition with one another. Nature tells us this can't continue (if we choose to listen) and in a more grounded sense - so does history.
Every power hungry empire in history has fallen. Think of the Romans.
Dramatic? Maybe...but when it comes to the economy you can make 'safe' decisions but nothing is certain.
**** me if your soapbox gets any higher you'll be a danger to aviation.
Why haven't you gave up your job and flat and moved into a squat then?
I'd be a lot more open to your views if you didn't work in an office, have a mortgage and live the same sort of conformist life as everyone else.
It's not a soap box. If it was I'd be getting everything right!
...and I'm as messed up as the next person sadly.
It's possibly more of a 'life is short, let's sift through all the $hit' moment.
(Possibly amplified by a death in the family)
*uncomfortable silence*
Sorry to play that trump card but it's true.
And I'm even more sorry if I put up a harsh mirror perhaps?
...and I'm as messed up as the next person sadly.
It's possibly more of a 'life is short, let's sift through all the $hit' moment.
(Possibly amplified by a death in the family)
*uncomfortable silence*
Sorry to play that trump card but it's true.
And I'm even more sorry if I put up a harsh mirror perhaps?
russellventilla
Member
(Possibly amplified by a death in the family)
*uncomfortable silence*
Sorry to play that trump card but it's true.
the use of smileys here is rather odd....
Well death is kinda strange ain't it?
Tell me how I'm supposed to react and I'll draw up a more culturally appropriate response.
It's not a soap box. If it was I'd be getting everything right!
...and I'm as messed up as the next person sadly.
It's possibly more of a 'life is short, let's sift through all the $hit' moment.
(Possibly amplified by a death in the family)
*uncomfortable silence*
Sorry to play that trump card but it's true.
And I'm even more sorry if I put up a harsh mirror perhaps?
With reference to your typically sanctimonious last line, it would take more than your sub sixth form belief that anyone who doesn't live in a squat and have a stone age existence is some puppet of the bankers to reflect on how i live my life.
Your life may be easier if you accept that the world, for all it's faults, is not evil, but full of people who are aware, intelligent and caring without having to sit in a teepee on a weekend to prove it to others.