Hehe, I don't pay a mortgage. We live in this house with no mortgage or rent. Its an old farmhouse and the landlord owns the land and house outright. He's a friend of a friend and is letting us live here on the condition that I help work on the house to renovate it so he can rent it out in the end. All we pay is the water and electric bill for what we use. Cheap as chips.
I'm looking at buying an old house next year though to completely renovate and then rent out for meself and GF.
Hehe, I don't pay a mortgage. We live in this house with no mortgage or rent. Its an old farmhouse and the landlord owns the land and house outright. He's a friend of a friend and is letting us live here on the condition that I help work on the house to renovate it so he can rent it out in the end. All we pay is the water and electric bill for what we use. Cheap as chips.
I'm looking at buying an old house next year though to completely renovate and then rent out for meself and GF.
I don't see the point in people having mortgages as you can't take it with you.
My mortgage, flat maintenance and council tax are approx £850 PCM. To rent my flat would cost me £1350 PCM with flat maintenance and council tax included. All other bills would be on top. So it's much cheaper to get a mortgage if you can, rather than to rent if you live here.
Plus, all being well and good, the property will at least maintain it's value and in many cases increase in value, as what you owe decreases. So it's a bit like a savings account. Whereas, if you rent, you can't get it back.
That's why I have a mortgage rather than rent anyway.
You can tell there's a lot of lucky buggers who bought their houses before the boom in this thread. Hope sitting on in your comfy piles whilst the younger generation struggles with a lifetime of mega debt makes you feel good about yourselves. There really is no need to be so smug about it.
I don't understand why some people feel the need to be so bitter and resentful.
How are those who have paid of their mortgages being smug by saying so?
My parents bought our house in 1978 - within a year the interest rates had gone up to 15%, more than doubling their outgoings. They had two young children and were working all the hours god sent and them some. My dad was then made redundant and became so ill he nearly died. But they clung on. We didn't have foreign holidays, fancy new cars etc. They didn't constantly remortgage like many, just so they could redecorate or build extensions. They made do. They did all the DIY and by Christ did the house needed a lot of it.
And they are now mortgage free, I am delighted to say. So do you begrudge them? Or those like them? If so why exactly?
Every generation has ups and downs. That's the way it works. It wasn't all wonderful in days gone by, just different.
I've still got 16 years of a mortgage to pay (by myself) and I am dreading the inevitable interest rate rises. But do I blame or get arsey with those who are lucky enough to have paid their dues. No. I just accept that it is what it is, and that hopefully I'll one day be in their enviable position, as will you if you are sensible.
I don't understand why some people feel the need to be so bitter and resentful.
How are those who have paid of their mortgages being smug by saying so?
I've got to say I don't get the resentment either. And that's from someone who pays £400 a month for a room in a shared house, plus bills and have had people on the thread comment how crazy that sounds to them.
I'm not going to be getting a mortgage anytime soon that's for sure. Am I envious of people who managed to get on the property ladder years ago and so have a mortgage cheaper than my rent? Of course I am. But I don't feel there has been any smugness from those people. They answered a question that's all. And I'm not going to presume their lives are any easier than mine because I don't have a clue.
I've got to say I don't get the resentment either. And that's someone who pays £400 a month for a room in a shared house, plus bills and have had people on the thread comment how crazy that sounds to them.
I'm not going to be getting a mortgage anytime soon that's for sure. Am I envious of people who managed to get on the property ladder years ago and so have a mortgage cheaper than my rent? Of course I am. But I don't feel there has been any smugness from those people. They answered a question that's all. And I'm not going to presume their lives are any easier than mine because I don't have a clue.
I certainly appreciate the fortunate position I am in and fingers crossed you'll get there too one day, if that's what you want. 😊
It's swings and roundabouts. If my boiler goes I'm buggered as I don't have the money to pay for a new one and don't have a landlord replace it for me!! But then I do own my bathroom and kitchen...however the rest of the flat still belongs to the bank!
£400 PCM doesn't sound too bad to me, except that you have to pay bills ontop. But then I live in the south east!!!
Was paying £575 a week rent for a three bed flat in Canary Wharf. Now paying 1800 a month also in rent a two bed city centre flat in the North West and is about to be paying roughly the same in mortgage for the next 20 years.
My husband and I are 50 years old and we owe about 50k on a house worth £475k. As we have an offset mortgage and about 30k in our savings account most of what we pay each month comes off the that with a minimal amount in interest. I know to many this would be an enviable position to be in. All I would say is that we have done it the hard way. We don't own new cars/latest technology etc, we have concentrated on paying off our mortgage as soon as possible.
£100 a week in (literally) Central Kirkwall. Massive open plan living room/kitchen, two bathrooms, two bedrooms. I'll never be able to buy, so I have to put up with anything in my price range that accepts pets.
Very comforting to read all these people who have paid off their mortgage!
Currently we pay interest only which is about 250 a month but we're shortly moving onto repayments which will be around 700 a month. We'll see how it goes!
Same here. Currently interest only mortgage is 245 a month but as from November will go up to 597 a month as a repayment mortgage. Will be paid off in 7 years.
Last time I visited London (six weeks ago), I paid about £14 a night (some £100pw, although weekend rates might have been a bit more). This is a for hostel of course. But it's cheaper than the rent I'd been paying for my house in the north west.
So it can be done. (Tourists hostels I think generally don't do long term, but there must be similar places that do and charge by the week or month. I lived in a long-stay hotel once, although not in London, for nearly 3 years.)
I could find somewhere cheaper, but I run a company , I work very long hours and I don't want to have to travel to the outskirts of London to save some money, a hostel would not be suitable as I have my cats and I want some space and comfort , so I choose to live in Central London and pay more for it.
I am lucky that I can afford it ,( people on low incomes have a bloody hard time) I didn't buy in London as it is overpriced so I bought back at home in the country and now my Mum has a lovely large home with 2 acres of gardens to live in for life for the same price I could have got a two bed flat with a window box in central London ( if I was lucky) and I get to visit and am happy as I know my Mum is taken care of .
You can tell there's a lot of lucky buggers who bought their houses before the boom in this thread. Hope sitting on in your comfy piles whilst the younger generation struggles with a lifetime of mega debt makes you feel good about yourselves. There really is no need to be so smug about it.
Getting fed up with attitudes like yours actually
We paid off our mortgage in 2008 but nearly lost our home in the 90s when both me and my Husband were made redundant in the same month, as my Husbands profession (typographic designer) was effectively made redundant by the advancement of DTP so he had retrain as an apple mac designer.
whilst he was doing that I had to take a low paid job just to pay the bills, there was no mortgage relief, no in work benefits no WTC for me, we had to cash in two savings plans and we lost a lot of money but that was the only way we could afford to pay our mortgage so that's what we had to do.
This year my husband turned 65 those savings plans would have given us a good standard of living from this year, instead I still have to work when I might have been able to retire early myself
BTW I have three nieces and nephews all under 30, all have mortgages and not one of them begrudge us (and believe me we have discussed this) our mortgage free existence but then they haven't been bought up to be self entitled whiners
Comments
I'm looking at buying an old house next year though to completely renovate and then rent out for meself and GF.
You jammy bugger!!:)
My mortgage, flat maintenance and council tax are approx £850 PCM. To rent my flat would cost me £1350 PCM with flat maintenance and council tax included. All other bills would be on top. So it's much cheaper to get a mortgage if you can, rather than to rent if you live here.
Plus, all being well and good, the property will at least maintain it's value and in many cases increase in value, as what you owe decreases. So it's a bit like a savings account. Whereas, if you rent, you can't get it back.
That's why I have a mortgage rather than rent anyway.
I don't understand why some people feel the need to be so bitter and resentful.
How are those who have paid of their mortgages being smug by saying so?
My parents bought our house in 1978 - within a year the interest rates had gone up to 15%, more than doubling their outgoings. They had two young children and were working all the hours god sent and them some. My dad was then made redundant and became so ill he nearly died. But they clung on. We didn't have foreign holidays, fancy new cars etc. They didn't constantly remortgage like many, just so they could redecorate or build extensions. They made do. They did all the DIY and by Christ did the house needed a lot of it.
And they are now mortgage free, I am delighted to say. So do you begrudge them? Or those like them? If so why exactly?
Every generation has ups and downs. That's the way it works. It wasn't all wonderful in days gone by, just different.
I've still got 16 years of a mortgage to pay (by myself) and I am dreading the inevitable interest rate rises. But do I blame or get arsey with those who are lucky enough to have paid their dues. No. I just accept that it is what it is, and that hopefully I'll one day be in their enviable position, as will you if you are sensible.
I've got to say I don't get the resentment either. And that's from someone who pays £400 a month for a room in a shared house, plus bills and have had people on the thread comment how crazy that sounds to them.
I'm not going to be getting a mortgage anytime soon that's for sure. Am I envious of people who managed to get on the property ladder years ago and so have a mortgage cheaper than my rent? Of course I am. But I don't feel there has been any smugness from those people. They answered a question that's all. And I'm not going to presume their lives are any easier than mine because I don't have a clue.
I certainly appreciate the fortunate position I am in and fingers crossed you'll get there too one day, if that's what you want. 😊
It's swings and roundabouts. If my boiler goes I'm buggered as I don't have the money to pay for a new one and don't have a landlord replace it for me!! But then I do own my bathroom and kitchen...however the rest of the flat still belongs to the bank!
£400 PCM doesn't sound too bad to me, except that you have to pay bills ontop. But then I live in the south east!!!
Same here. Currently interest only mortgage is 245 a month but as from November will go up to 597 a month as a repayment mortgage. Will be paid off in 7 years.
I could find somewhere cheaper, but I run a company , I work very long hours and I don't want to have to travel to the outskirts of London to save some money, a hostel would not be suitable as I have my cats and I want some space and comfort , so I choose to live in Central London and pay more for it.
I am lucky that I can afford it ,( people on low incomes have a bloody hard time) I didn't buy in London as it is overpriced so I bought back at home in the country and now my Mum has a lovely large home with 2 acres of gardens to live in for life for the same price I could have got a two bed flat with a window box in central London ( if I was lucky) and I get to visit and am happy as I know my Mum is taken care of .
Getting fed up with attitudes like yours actually
We paid off our mortgage in 2008 but nearly lost our home in the 90s when both me and my Husband were made redundant in the same month, as my Husbands profession (typographic designer) was effectively made redundant by the advancement of DTP so he had retrain as an apple mac designer.
whilst he was doing that I had to take a low paid job just to pay the bills, there was no mortgage relief, no in work benefits no WTC for me, we had to cash in two savings plans and we lost a lot of money but that was the only way we could afford to pay our mortgage so that's what we had to do.
This year my husband turned 65 those savings plans would have given us a good standard of living from this year, instead I still have to work when I might have been able to retire early myself
BTW I have three nieces and nephews all under 30, all have mortgages and not one of them begrudge us (and believe me we have discussed this) our mortgage free existence but then they haven't been bought up to be self entitled whiners