Is being mortgage free overrated?

[NDA]

red_slr said:

Try France, some crazy property out there
http://www.rightmove.co.uk/overseas-property/prope...

A bit 'Psycho' that one....

[anonymous-user]

orangesrule said:

I'm currently torn as to weather

Somewhere sunny perhaps?

[g3org3y]

ghost83 said:

g3org3y said:

Some interesting viewpoints and experiences on this thread.

Unfortunately I'm not a financial wizard like many here and have only managed to get on the housing ladder at the ripe old age of 33. Many years of mortgage payment to go. Wage slave etc

You're on the property ladder be proud of yourself

I have many friends who are genuinely struggling in this regard. These are people who aren't squandering the money on booze/fags/going out. They are just finding it tough to raise enough capital for deposits when already getting nailed with high rent.

[MontyC]

orangesrule said:

ghost83 said:

If I was you and can afford to save good money put that money away and buy another house to rent out OR get a mortgage on a better house and rent yours out! Gives you an extra income then or at least he rent might pay your new mortgage or at least towards it

That was the original plan, but what with 3% extra stamp, 40% income tax, agency fees, it just doesn't seem like a viable option at the moment.

I'm in a very similar situation as you, I paid off my mortgage on my 3 bed semi in kent by 30, and could pretty much now afford a 2 bed BTL with minimal mortgage. however i'm not sure its worth doing. with the tax and stamp duty.
But then its not worth having saving either as interest rates are so low. I'm happy living where I Am though would love a double garage but have no room to build one in my current location but I see that as no reason to move.

[HumanDoing]

Average age of a person paying off their mortgage = 50-60 https://moneyfacts.co.uk/news/mortgages/paying-off...

Average age of a person on Pistonheads paying off their mortgage = about 30, apparently.

[monkfish1]

ghost83 said:

Move up north it's great!

Too cold, to wet!

[RTB]

HumanDoing said:

Average age of a person paying off their mortgage = 50-60 https://moneyfacts.co.uk/news/mortgages/paying-off...

Average age of a person on Pistonheads paying off their mortgage = about 30, apparently.

If you asked Pistonheaders to self-report penis length you'd end up with a similar data set.


p.s. mines only 6 inches, apparently a lot of women don't like it that wide though.....

[anonymous-user]

HumanDoing said:

Average age of a person paying off their mortgage = 50-60 https://moneyfacts.co.uk/news/mortgages/paying-off...

Average age of a person on Pistonheads paying off their mortgage = about 30, apparently.

Given the membership here that doesn't seem strange at all. Did you think all those members with garages full of sports cars and sock-draws full of Swiss watches were representative of the average UK resident?

Beating yourself up over the success of others won't provide any long term comfort.

[soupdragon1]

Hang On said:

Given the membership here that doesn't seem strange at all. Did you think all those members with garages full of sports cars and sock-draws full of Swiss watches were representative of the average UK resident?

Beating yourself up over the success of others won't provide any long term comfort.

And you'll also have the 'silver spoon' brigade, living life on daddy's success. These folk had their mortgage paid off before they were even a little sperm meandering up mummys fallopian tubes.

[soupdragon1]

RTB said:

p.s. mines only 6 inches, apparently a lot of women don't like it that wide though.....

[RHVW]

soupdragon1 said:

Hang On said:

Given the membership here that doesn't seem strange at all. Did you think all those members with garages full of sports cars and sock-draws full of Swiss watches were representative of the average UK resident?

Beating yourself up over the success of others won't provide any long term comfort.

And you'll also have the 'silver spoon' brigade, living life on daddy's success. These folk had their mortgage paid off before they were even a little sperm meandering up mummys fallopian tubes.

It does seem some people live in a different world than the majority and judge others by their conditions....

[orangesrule]

Hang On said:

Given the membership here that doesn't seem strange at all. Did you think all those members with garages full of sports cars and sock-draws full of Swiss watches were representative of the average UK resident?

Beating yourself up over the success of others won't provide any long term comfort.

I agree that general membership on here isn't representative of the average person.
Its all about how individuals prioritise their spending. I roll around in a '97 328 which cost me £500 over 4 years ago...there are some on here that spend more than that in a month on car finance and complain they'd never be able to purchase a house. I personally am in a position to be able to clear my mortgage due to long periods of working away working 12.5hr shifts. Everyone is in different situations, if I had a family then there's no way I'd be in the same position.

[fido]

HumanDoing said:

Average age of a person on Pistonheads paying off their mortgage = about 30, apparently.

Confirmation bias on your part. That's probably posters replying to "Have you paid off your mortgage before you are 30?". Pretty sure if you started a thread "Do you still have a mortgage?" then there would be as many replies. Just to add I did pay off my first mortgage at 30, well 31 actually. it was an Offset and I had just enough savings against to balance the outstanding amount, but let it sit there as a cheapo overdraft facility for another year. I should have bought a BTL at that stage but started to spend frivolously. Don't be me.

Edited by fido on Friday 17th November 13:36

[HumanDoing]

fido said:

Confirmation bias on your part. That's probably posters replying to "Have you paid off your mortgage before you are 30?". Pretty sure if you started a thread "Do you still have a mortgage?" then there would be as many replies. Just to add I did pay off my first mortgage at 30, well 31 actually. it was an Offset and I had just enough savings against to balance the outstanding amount, but let it sit there as a cheapo overdraft facility for another year. I should have bought a BTL at that stage but started to spend frivolously. Don't be me.

Edited by fido on Friday 17th November 13:36

I have an MSC in Public Health so yes I understand bias - including 'responder bias', a crude definition of which would be 'people talking unverifiable bks on the internet'.

[Dave_ST220]

RTB said:

p.s. mines only 6 inches, apparently a lot of women don't like it that wide though.....

An oldie but a goldie

[768]

Whatever an MSC is.

[e30m3Mark]

768 said:

Whatever an MSC is.

Well I never.

[blueveloce]

Well done to those who had their mortgage paid of in their 30s but for me it needed us to downsized to clear our mortgage and give us some financial security at the age of 43yrs.

Fortunately all our homes needed work at purchase time which kept the prices low and while living in them i managed to get them up to a high standard reaping the rewards at sale time...but there is no way i could of paid my mortgage off any other way as i was one of many who was miss sold a endowment mortgage and it was no way near going to cover what we owed....

Thankfully downsizing let us pay any debt and cash in what had been paid into the endowment..

[King Herald]

fido said:

Confirmation bias on your part. That's probably posters replying to "Have you paid off your mortgage before you are 30?". .....

I paid my first mortgage off when I was 29. Only took it out when I was 27 too.



Mind you, I paid it off by selling the house, pocketing the usual late 80s 50% house value increase, and buggered off to travel the world.

[bogie]

swerni said:

King Herald said:

fido said:

Confirmation bias on your part. That's probably posters replying to "Have you paid off your mortgage before you are 30?". .....

I paid my first mortgage off when I was 29. Only took it out when I was 27 too.



Mind you, I paid it off by selling the house, pocketing the usual late 80s 50% house value increase, and buggered off to travel the world.

I paid 10% deposit on my first house, that was £1,250.

Got to love the north east

£3k here in the early 90s crash, in NE Mids....you can still get a 2 bed house for £30k in nearby towns...the craziness of the densely populated South never really happened

http://www.rightmove.co.uk/property-for-sale/prope...