pay off mortgage ? slum btl?
Discussion
okgo said:
The 2k a month thing is irrelevant, most people on half decent money in town with no kids will be in that situation.
How devolved from reality can this place get?! Most people, no matter what their situation, will not be in a position whereby they have 2k spare a month.
I honestly think this place lives in a different space to the rest of the world.
Condi said:
How devolved from reality can this place get?!
Most people, no matter what their situation, will not be in a position whereby they have 2k spare a month.
I honestly think this place lives in a different space to the rest of the world.
I said half decent money in London with no kids. So yes, that is ruling out 'the rest of the world' Most people, no matter what their situation, will not be in a position whereby they have 2k spare a month.
I honestly think this place lives in a different space to the rest of the world.
Not being inflammatory.
Interesting thoughts thanks all.
Btw I'm not a powerfully built director. Our household income is about 85k which is actually 15k less than it was 5 years ago but my wife changed career from being a lawyer to a teacher and that decision came with a pay cut but in return a much better pension.
As to how I've ended up in the house of this value, again, not really down to me. 2011 we paid 250k for a 1 bed flat in bow, sold that in 2014 for 435k and purchased a semi renovated terraced house in leytonstone for 388. Including the cost of the loft, new kitchen and bathroom the house has had about 65k spent on it in the last 2 years. When the loft is done it'll be worth 600 (probably 625 actually but whatevs)
In the meanwhile we don't really spend much money, I drive a heap, and our net income is about 5k a month (4.7k I think). Fixed costs are about 1.4k ish and the rest, after paying for holidays and other rubbish, means me end up with 2k or so a month.
Anyway, im still not sure what to do with the cash. If we have kids the 2k spare money will go down by 6-700 quid a month anyway.
I jusy watch all these stupid pricks making thousands off homes under the hammer on many instances doint very little, and it infuriates me..
Btw I'm not a powerfully built director. Our household income is about 85k which is actually 15k less than it was 5 years ago but my wife changed career from being a lawyer to a teacher and that decision came with a pay cut but in return a much better pension.
As to how I've ended up in the house of this value, again, not really down to me. 2011 we paid 250k for a 1 bed flat in bow, sold that in 2014 for 435k and purchased a semi renovated terraced house in leytonstone for 388. Including the cost of the loft, new kitchen and bathroom the house has had about 65k spent on it in the last 2 years. When the loft is done it'll be worth 600 (probably 625 actually but whatevs)
In the meanwhile we don't really spend much money, I drive a heap, and our net income is about 5k a month (4.7k I think). Fixed costs are about 1.4k ish and the rest, after paying for holidays and other rubbish, means me end up with 2k or so a month.
Anyway, im still not sure what to do with the cash. If we have kids the 2k spare money will go down by 6-700 quid a month anyway.
I jusy watch all these stupid pricks making thousands off homes under the hammer on many instances doint very little, and it infuriates me..
Pay off the mortgage get one under your belt. Ignore homes under the hammer they aren't making that much money and you really don't want to be a slum lord I presume slum lord was tounge in cheek and you mean proper decent landlord renting out a modest house do you need the hassle if you've not done it before and are thinking of having kids? No mortgage, roof over your head and a decent income to give you and future kids a decent life. Sounds good to me.
princeperch said:
Interesting thoughts thanks all.
Btw I'm not a powerfully built director. Our household income is about 85k which is actually 15k less than it was 5 years ago but my wife changed career from being a lawyer to a teacher and that decision came with a pay cut but in return a much better pension.
Sorry, there is no need to explain your personal circumstances. Its not a pop at you at all. Btw I'm not a powerfully built director. Our household income is about 85k which is actually 15k less than it was 5 years ago but my wife changed career from being a lawyer to a teacher and that decision came with a pay cut but in return a much better pension.
I wasnt aware 'half decent money in town' meant a City job in London..... to me it could have meant a solicitor in Hull....
princeperch said:
If we have kids the 2k spare money will go down by 6-700 quid a month anyway.
HaHa - dream on! 
princeperch said:
I jusy watch all these stupid pricks making thousands off homes under the hammer on many instances doint very little, and it infuriates me..
Me too. I do know someone who rents into the bottom end of the market and he always says he's sorry he got into it, but yet he sticks at it.princeperch said:
Interesting thoughts thanks all.
I jusy watch all these stupid pricks making thousands off homes under the hammer on many instances doint very little, and it infuriates me..
I think for every 'success' that makes it on a show there will be several that went the other way. If it was so easy we'd all be doing it.I jusy watch all these stupid pricks making thousands off homes under the hammer on many instances doint very little, and it infuriates me..
Armitage.Shanks said:
princeperch said:
Interesting thoughts thanks all.
I jusy watch all these stupid pricks making thousands off homes under the hammer on many instances doint very little, and it infuriates me..
I think for every 'success' that makes it on a show there will be several that went the other way. If it was so easy we'd all be doing it.I jusy watch all these stupid pricks making thousands off homes under the hammer on many instances doint very little, and it infuriates me..
Bullett said:
Couple of kids in daycare will take care of that £2k a month for you.
Thank me later.
Yup. Plus, you may suddenly learn that the 'up and coming' area that was fine for a young couple hasn't moved up enough to be suitable for the offspring of two professional individuals. Many a couple suddenly notice the unpronounceable names on the primary school coat pegs, the large number of special assistants and the sudden change from passing legacy dribblers on the pavement on the way to consume a trendy burger to having play dates with people who are incapable of wiping their own arses without local authority assistance. Thank me later.
Suddenly realising you want to move to a much more boring area of inner London where the parents all walk upright and can string a sentence together and give their children normal names is not remotely uncommon and is much easier to do if you have a nice big cash float rather than having everything tied up in the primary property. I don't know anyone who remained living in 'trendy' areas of inner London after their first contact with the true indigenous population that only happens because of having children. The veneer of fun and pleasure is wiped away in an instant and the location is finally revealed for what it really is: A benefit bankrolled s
t hole of scum and villainy with half a dozen trendy shops. If the plan is to have kids then the reality is that you have absolutely no idea how you will be thinking about where you live until they are a couple of years old (minimum). You also won't know whether you or your partner want to pay a random stranger to raise your child or do it yourself until the child appears.
Given the huge impending change that lies ahead then cash ( or some form of liquid equivalent) is absolute king.
Bullett said:
Couple of kids in daycare will take care of that £2k a month for you.
Thank me later.
This. Also, private school is another excellent way of making sure you have to account for every penny you spend and never have to worry about excess income again. It's not something I'd considered we'd be able to benefit from until the missus popped a couple out and caught a whiff of straw boaters and stripy blazers. Now, I have been saved from all excess income worries. Praise be.Thank me later.
My advice - pay some mortgage down whilst you can, and try to save a bit too.
DonkeyApple said:
Bullett said:
Couple of kids in daycare will take care of that £2k a month for you.
Thank me later.
Yup. Plus, you may suddenly learn that the 'up and coming' area that was fine for a young couple hasn't moved up enough to be suitable for the offspring of two professional individuals. Many a couple suddenly notice the unpronounceable names on the primary school coat pegs, the large number of special assistants and the sudden change from passing legacy dribblers on the pavement on the way to consume a trendy burger to having play dates with people who are incapable of wiping their own arses without local authority assistance. Thank me later.
Suddenly realising you want to move to a much more boring area of inner London where the parents all walk upright and can string a sentence together and give their children normal names is not remotely uncommon and is much easier to do if you have a nice big cash float rather than having everything tied up in the primary property. I don't know anyone who remained living in 'trendy' areas of inner London after their first contact with the true indigenous population that only happens because of having children. The veneer of fun and pleasure is wiped away in an instant and the location is finally revealed for what it really is: A benefit bankrolled s
t hole of scum and villainy with half a dozen trendy shops. If the plan is to have kids then the reality is that you have absolutely no idea how you will be thinking about where you live until they are a couple of years old (minimum). You also won't know whether you or your partner want to pay a random stranger to raise your child or do it yourself until the child appears.
Given the huge impending change that lies ahead then cash ( or some form of liquid equivalent) is absolute king.
I tell my friends this and they all say they thought it was a nice area... nope. If you drive through it might look ok but as soon as you have any interaction with the locals you realise its a ghetto.
SilverSixer said:
This. Also, private school is another excellent way of making sure you have to account for every penny you spend and never have to worry about excess income again. It's not something I'd considered we'd be able to benefit from until the missus popped a couple out and caught a whiff of straw boaters and stripy blazers. Now, I have been saved from all excess income worries. Praise be.
I have tears in my eyes from laughing so hard at the above. That's really tickled me. Beautifuly written.Private education would probably be ever so slightly out of our reach (but not impossible) for future children. I have to say though that I am not particularly keen on it. I think it leads to a sense of entitlement , and say that as someone who was privately educated, both primary and secondary.
Our local primary school is rated as outstanding . secondary is a bit more of a mixed bag..
Our local primary school is rated as outstanding . secondary is a bit more of a mixed bag..
There are many great primary schools in London because of the number of parents who traditionally would have moved out to suburbia opting to remain, combined with a large number of immigrants who have travelled thousands of miles to ensure their children have the best possible start in life. Secondaries are a significant issue on the other hand. But so are the private schools as almost all have been taken over by overseas and new money and are frankly ghastly environments. Paying £20k per annum for your child to attend Alderly Edge 90210 pretending to be Downton Abbey is not fundamentally appealing. These schools have changed dramatically in their culture since I went to them as have the clientele.
I had decided to send my children to a minor, provincial boarding school out where we spend most weekends instead of continuing their education in London but ultimately but over Christmas I realised that I enjoy having them around too much so have moved out of Town to here full time until they have finished their education.
But the simple reality is that offspring weirdly change your own outlook on life and what you want out of it and that is why I'd suggest building up a war chest that will give you the greatest freedom to react to and be the new you when your children come along. If it turns out that in three/four years time you want to remain where you are for the duration and the secondary schooling is what you want and you feel comfortable with your teenage children moving around the area at night then you simply use the funds to clear the mortgage in one go. All it's going to cost you is 1.59% per annum on the fund size to be significantly more flexible.
I had decided to send my children to a minor, provincial boarding school out where we spend most weekends instead of continuing their education in London but ultimately but over Christmas I realised that I enjoy having them around too much so have moved out of Town to here full time until they have finished their education.
But the simple reality is that offspring weirdly change your own outlook on life and what you want out of it and that is why I'd suggest building up a war chest that will give you the greatest freedom to react to and be the new you when your children come along. If it turns out that in three/four years time you want to remain where you are for the duration and the secondary schooling is what you want and you feel comfortable with your teenage children moving around the area at night then you simply use the funds to clear the mortgage in one go. All it's going to cost you is 1.59% per annum on the fund size to be significantly more flexible.
Ahonen said:
SilverSixer said:
This. Also, private school is another excellent way of making sure you have to account for every penny you spend and never have to worry about excess income again. It's not something I'd considered we'd be able to benefit from until the missus popped a couple out and caught a whiff of straw boaters and stripy blazers. Now, I have been saved from all excess income worries. Praise be.
I have tears in my eyes from laughing so hard at the above. That's really tickled me. Beautifuly written.
princeperch said:
Our local primary school is rated as outstanding......
Unless it's a big intake and you live pretty close then you generally have to be very lucky for your kids to get in.We have distant family in London and they've resorted to getting their oldest kids statemented (or whatever the current term is). That puts them high up in the selection criteria and it's worked for them. Siblings then follow on.
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