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V8Triumph

Original Poster:

5,981 posts

95 months

[news] 
Thursday 12th July 2012 quote quote all
After being an idiot with credit aged 18-19, I have lived the last 3 1/2 years completely debt free and for the last 2 years have been saving up for a deposit on a house (currently renting). However, I've come to realise that a. it may be hard for me to get a mortgage (number of reasons - 1. irresponsibility at a young age and never had anything on credit since and 2. I'm self employed.)

So, I've been number crunching and realised if I lived like I do now (i.e. rather frugally! rolleyes ) I could have £100,000 saved up within 6 years. I would not beable to apply for a mortgage for three years due to the amount of books I would need. So, what is another 3 years in rented and buy just a modest house? Mortgage free and save up the next £80,000 to buy a nicer place (which would be easier with no rent / mortgage). Houses are fairly cheap where I live.

Are there any real disadvantages to doing this? And has anyone ever actually done this? I know it's unusual to say the least but I have no desire to ever have any debts again and am very disciplined when it comes to saving for something I want. Unfortunately I'm not disciplined when it comes to buying things on the 'never never'.

Rugbyman

1,579 posts

83 months

[news] 
Thursday 12th July 2012 quote quote all
Shirley at your age life is for living .....go out and do some

Buy a silly V8 ........ go explore some wild place ...... spend some on hookers and coke

Dont , dont , dont waste your youth...you will never get it back

IMHO of course biggrin

ETA - I didnt do any of the above you understand getmecoat ( Phil 46 )

Edited by Rugbyman on Thursday 12th July 12:41


Edited by Rugbyman on Thursday 12th July 12:42

Chilli

16,715 posts

116 months

[news] 
Thursday 12th July 2012 quote quote all
How do you know that house prices won't double in 2 years time? Unlikely, I agree. How do you know you won't get runover and killed to death in the next couple of years? How do you know.....get my point, Stop planning what's plan is slightly better than another, and get living. Life's too short.

Nick.
(recently turned 40)

Chilli

16,715 posts

116 months

[news] 
Thursday 12th July 2012 quote quote all
Rugbyman, I swear on my Bulldog's life (who I love more than Mrs C, I didn't see your post before posting mine.

See OP, we must be right. Stop fannying around and get stuck into life.

V8Triumph

Original Poster:

5,981 posts

95 months

[news] 
Thursday 12th July 2012 quote quote all
Rugbyman said:
Shirley at your age life is for living .....go out and do some

Buy a silly V8 ........ go explore some wild place ...... spend some on hookers and coke

Dont , dont , dont waste your youth...you will never get it back

IMHO of course biggrin

ETA - I didnt do any of the above you understand getmecoat ( Phil 46 )

Edited by Rugbyman on Thursday 12th July 12:41


Edited by Rugbyman on Thursday 12th July 12:42
I've got a 'silly V8' wink Travelled lots a few years ago and being a girl I'm not interested in hookers! Never opposed to 'investing' wink in lots of silly old cars biggrin
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Rugbyman

1,579 posts

83 months

[news] 
Thursday 12th July 2012 quote quote all
Chilli said:
Rugbyman, I swear on my Bulldog's life (who I love more than Mrs C, I didn't see your post before posting mine.

See OP, we must be right. Stop fannying around and get stuck into life.
Ha ha no worries .....

I hope Mrs C isnt reading ...;)

Vytalis

1,093 posts

44 months

[news] 
Thursday 12th July 2012 quote quote all
On those figures, surely it would be better to build your own by knocking CAPEX off in chunks. Small plot of land, maybe a timber frame house bought / paid for in bits (buy the bits you need as you need it) with a static caravan in the interim on the site. Within 6 years you'll have your own house which would be worth a fair bit more than £100k and you'll not have had to pay for rent for many of those six years

James (aged 35 and three quarters with an epic mortgage and some great memories from my 20s)

Rugbyman

1,579 posts

83 months

[news] 
Thursday 12th July 2012 quote quote all
V8Triumph said:
Rugbyman said:
Shirley at your age life is for living .....go out and do some

Buy a silly V8 ........ go explore some wild place ...... spend some on hookers and coke

Dont , dont , dont waste your youth...you will never get it back

IMHO of course biggrin

ETA - I didnt do any of the above you understand getmecoat ( Phil 46 )

Edited by Rugbyman on Thursday 12th July 12:41


Edited by Rugbyman on Thursday 12th July 12:42
I've got a 'silly V8' wink Travelled lots a few years ago and being a girl I'm not interested in hookers! Never opposed to 'investing' wink in lots of silly old cars biggrin
Male hookers ..... Im sure there are some on here come to think of it ...
wink

V8Triumph

Original Poster:

5,981 posts

95 months

[news] 
Thursday 12th July 2012 quote quote all
Vytalis said:
On those figures, surely it would be better to build your own by knocking CAPEX off in chunks. Small plot of land, maybe a timber frame house bought / paid for in bits (buy the bits you need as you need it) with a static caravan in the interim on the site. Within 6 years you'll have your own house which would be worth a fair bit more than £100k and you'll not have had to pay for rent for many of those six years

James (aged 35 and three quarters with an epic mortgage and some great memories from my 20s)
Never even considered building my own place - would be something of a dream and thought you had to be 'epically rich' to do it! Definitely worth looking into. biggrin

I understand the get on and live your life. However, I'm settled down with a long term partner and will want to have a child once I'm about 30. I grew up in an unstable home due to epic financial irresponsibility on parents part so don't want that.

davepoth

22,593 posts

79 months

[news] 
Thursday 12th July 2012 quote quote all
Get a credit card, buy something small (like a packet of crisps) on it each month, and pay it off in full each month. You'll pay nothing in interest, but it'll get you some good credit history fairly rapidly.

mattnunn

5,411 posts

41 months

[news] 
Thursday 12th July 2012 quote quote all
Are there any real disadvantages to doing this?

Yeah chicks don't cig guys who live like hobos and appear tight fisted, for whatever reasons

Isaac Hunt

7,127 posts

91 months

[news] 
Thursday 12th July 2012 quote quote all
Rugbyman said:
Shirley at your age life is for living .....go out and do some

Buy a silly V8 ........ go explore some wild place ...... spend some on hookers and coke

Dont , dont , dont waste your youth...you will never get it back

IMHO of course biggrin

ETA - I didnt do any of the above you understand getmecoat ( Phil 46 )
Similar generation to you - now 53.

I got my first mortgage when I was 21. I had a second job in a bar which gave me a social life and I got paid. As of last year I am mortgage free with a four bed detached house.

Wouldn't have changed a thing. Now I am older, I realise what a huge waste of money alcohol and clubbing is.

Mx5guy

4,096 posts

81 months

[news] 
Thursday 12th July 2012 quote quote all
mattnunn said:
Are there any real disadvantages to doing this?

Yeah chicks don't cig guys who live like hobos and appear tight fisted, for whatever reasons
Good job she's not a guy then! wink

AndrewW-G

11,968 posts

97 months

[news] 
Thursday 12th July 2012 quote quote all
Rugbyman said:
V8Triumph said:
Rugbyman said:
Shirley at your age life is for living .....go out and do some

Buy a silly V8 ........ go explore some wild place ...... spend some on hookers and coke

Dont , dont , dont waste your youth...you will never get it back

IMHO of course biggrin

ETA - I didnt do any of the above you understand getmecoat ( Phil 46 )

Edited by Rugbyman on Thursday 12th July 12:41


Edited by Rugbyman on Thursday 12th July 12:42
I've got a 'silly V8' wink Travelled lots a few years ago and being a girl I'm not interested in hookers! Never opposed to 'investing' wink in lots of silly old cars biggrin
Male hookers ..... Im sure there are some on here come to think of it ...
wink
Standards are slipping on here . . . the obvious gag is finding a couple of male hookers in every scrum!

mattnunn

5,411 posts

41 months

[news] 
Thursday 12th July 2012 quote quote all
Mx5guy said:
mattnunn said:
Are there any real disadvantages to doing this?

Yeah chicks don't cig guys who live like hobos and appear tight fisted, for whatever reasons
Good job she's not a guy then! wink
Oh yeah, sorry...

It makes sense now.

DJRC

21,346 posts

116 months

[news] 
Thursday 12th July 2012 quote quote all
The build your own gaff route is where I would recommend.

PeanutHead

7,814 posts

50 months

[news] 
Thursday 12th July 2012 quote quote all
DJRC said:
The build your own gaff route is where I would recommend.
As long as you got a year or two, would be my choice also.

Isaac Hunt

7,127 posts

91 months

[news] 
Thursday 12th July 2012 quote quote all
mattnunn said:
Are there any real disadvantages to doing this?

Yeah SHALLOW chicks don't cig guys who live like hobos and appear tight fisted, for whatever reasons
ETA

hapless

3,371 posts

97 months

[news] 
Thursday 12th July 2012 quote quote all
Isaac Hunt said:
Now I am older, I realise what a huge waste of money alcohol and clubbing is.
It doesn't seem so at the time though, does it? And I suspect the same is true for anything you used to do but now don't - it's hard to quantify the value you got by spending money on experiencing things.

Isaac Hunt

7,127 posts

91 months

[news] 
Thursday 12th July 2012 quote quote all
hapless said:
Isaac Hunt said:
Now I am older, I realise what a huge waste of money alcohol and clubbing is.
It doesn't seem so at the time though, does it? And I suspect the same is true for anything you used to do but now don't - it's hard to quantify the value you got by spending money on experiencing things.
Indeed - but now I am mortgage free, I can spend my mortgage payments on holidays. Last year was a three week driving tour of the US.

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