# What's a 'reasonable' size for a mortgage



## HardDrive (May 10, 2002)

What do people consider a 'reasonable' amount of money to owe on a mortgage? I don't mind if you want to quote actual figures or multiples of income.

I'm currently mortgage free but want to move to a bigger house.


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## YELLOW_TT (Feb 25, 2004)

I think as long as you can afford to pay your morgage and still have enough left to enjoy your life then that is a reasonable morgage


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## Kell (May 28, 2002)

Surely the actual amount is irrelevant ot some degree.

I'd have thought that the term was more important - ie the shorter the better.


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## HardDrive (May 10, 2002)

Ok, what about in LTV percentage terms then? I'm going for an offset type mortgage so it will be paid off very early.


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## Mrs Wallsendmag (Dec 13, 2005)

Â£15k


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## Kell (May 28, 2002)

Ah well you see...now you've lost me.

The missus does all the financial stuff in our house.


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## bilbos (Jan 16, 2004)

I have always gone with the put down as much deposit as you can option. I have also stuck with the offset mortgages and paid off as much as I can afford every month. The end goal is to "own" your house as quickly as possible. I don't want to be paying a mortgage when I am 60....


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## BAMTT (Feb 22, 2004)

Wasn't the old way of calculating it 3xSingle salary or 2.5x Joint salary ( in the good old days)


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## bilbos (Jan 16, 2004)

BAMTT said:


> Wasn't the old way of calculating it 3xSingle salary or 2.5x Joint salary ( in the good old days)


They used to use these multipliers as guides but now, depending on the financial institution, it varies. Some offer upto 5x single salary, whereas others are happy as long as you can afford the monthly payments.


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## vlastan (May 6, 2002)

I have about 3.8 times my salary (excluding bonus). But this will become 3 times in October as I will pay a large amount. I am also on 15 years mortgage, but I will reduce this down to 10 next year.

I was about to finish my mortgage in October, but then I moved home...so here we go again. But I see it as a long term investment, as my previous house sold for 90% than when I bought it 6 years ago.


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## jampott (Sep 6, 2003)

You need to weigh up:

1) whether you can currently afford the payments
2) whether you could afford the payments if the interest rate moved by 5+%
3) what your opinion of the current housing market is
4) how long you want to be paying the mortgage off for

The latter is quite important. If house prices are dropping, owning a large, expensive house will lose you more in actual Â£ than a smaller one, particularly if they "crash".

Having an LTV under 90% is usually "OK" in terms of leverage. Under 80% is healthier still, and gives you some leeway if house prices make a downturn.

Never buy a roof over your head as an investment, though. If you want to invest in property, buy additional properties instead. Buy the house you actually want to live in.


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## Mrs Wallsendmag (Dec 13, 2005)

Kell said:


> Surely the actual amount is irrelevant ot some degree.
> 
> I'd have thought that the term was more important - ie the shorter the better.


OK then Â£15K 3 1/2 years left to run


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## Lisa. (May 7, 2002)

My mortgage is 50%LTV but I have it over 25 years to keep my repayments down.

I'm hoping the kids will move out before they are 20 and I'll sell up and downsize, the house is far too big for 3 people. Alternatively I'll meet someone with a nice house of his own and I'll move in with him


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## jampott (Sep 6, 2003)

I wish my mortgage was Â£15k.  :?


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## YELLOW_TT (Feb 25, 2004)

Wallsendmag II said:


> Kell said:
> 
> 
> > Surely the actual amount is irrelevant ot some degree.
> ...


Â£10k 21 months left


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## Mrs Wallsendmag (Dec 13, 2005)

jampott said:


> I wish my mortgage was Â£15k.  :?


Serves you right for living in shandy land ,best thing my parents ever did was to leave Hatfield.


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## Lisa. (May 7, 2002)

I was expecting to have some offers.

Miserable sods.

It's only 7 years away, and I'll still be under 49  own teeth ( private dental plan), own business...


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## garyc (May 7, 2002)

After 5 years payng 'a large one' just sold mine so no mortgage at all  - (but moved in with 'her' and she owns hers outright  )

I was on 15 years @ 2.8X earnings. Which felt appropriate.

I'd be more concerned about the payments than the mortgage term, since very few people stay in one property for the duration of the loan term, and one is likely to be affected my rate changes (rises) over the term at some point.


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## Lisa. (May 7, 2002)

Damn it, I meant to say "under 39" and I fancy the French newsreader. :wink:

Blown it.

Oh well


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## garyc (May 7, 2002)

Lisa. said:


> I was expecting to have some offers.
> 
> Miserable sods.
> 
> It's only 7 years away, and I'll still be under 49  own teeth ( private dental plan), own business...


"Tim's not listening. Tim's not listening. Tim's not listening" :lol:


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## Lisa. (May 7, 2002)

garyc said:


> Lisa. said:
> 
> 
> > I was expecting to have some offers.
> ...


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## R6B TT (Feb 25, 2003)

Lisa. said:


> My mortgage is 50%LTV but I have it over 25 years to keep my repayments down.
> 
> I'm hoping the kids will move out before they are 20 and I'll sell up and downsize, the house is far too big for 3 people. Alternatively I'll meet someone with a nice house of his own and I'll move in with him


Maybe Lisa doesn't like Tim's house ..... I understand the neighbours can be a bit funny :roll:


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## shelley (Nov 22, 2004)

If you can afford the repayments you can probably get a mortgage for us much as you want. If you have a good credit rating many lenders take the view that you are responsible enough to know what you are getting in to. Usually this requires a lower LTV ratio to give protection to the lender if things do go pear shaped.

BTW - whoever mentioned factoring in a 5% increase in interest rates (i.e. more than doubling current rates) is, I think, being a little over cautious.


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## jampott (Sep 6, 2003)

shelley said:


> If you can afford the repayments you can probably get a mortgage for us much as you want. If you have a good credit rating many lenders take the view that you are responsible enough to know what you are getting in to. Usually this requires a lower LTV ratio to give protection to the lender if things do go pear shaped.
> 
> BTW - whoever mentioned factoring in a 5% increase in interest rates (i.e. more than doubling current rates) is, I think, being a little over cautious.


Don't you remember the spiraling interest rates of old then? :roll:

Seriously, I don't expect them to go that high, but whilst the BoE can use them to stem house price inflation to keep towards their 2.0% inflationary target, they can still rise...


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## vlastan (May 6, 2002)

jampott said:


> shelley said:
> 
> 
> > If you can afford the repayments you can probably get a mortgage for us much as you want. If you have a good credit rating many lenders take the view that you are responsible enough to know what you are getting in to. Usually this requires a lower LTV ratio to give protection to the lender if things do go pear shaped.
> ...


Extremely unlike to rise that much. Who are you...Dr Doom?


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## BAMTT (Feb 22, 2004)

2.0% :lol: :lol:

Will see how much our over all tax burden increases tomorrow [smiley=furious3.gif]

Asume the position my friends


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## chip (Dec 24, 2002)

HardDrive said:


> I'm currently mortgage free .


Quite envious of you, but I hope to be in this same position in 3 yrs time. Just waiting for my next tranches of my Co. shares & options to expire over the next few years and i'll be debt free too! 8)


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## Ikon66 (Sep 12, 2003)

Wallsendmag II said:


> Â£15k


yeah but that would buy you a 5 bed detached in wallsend :lol:


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## Mrs Wallsendmag (Dec 13, 2005)

Ikon66 said:


> Wallsendmag II said:
> 
> 
> > Â£15k
> ...


I wish , small but perfectly formed


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## barton TT (Nov 13, 2004)

40 years old and now morgage free now. bought in 1993 for 23k paid it back over 13 years, house worth 150k now. [smiley=mexicanwave.gif]


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## che6mw (Nov 13, 2003)

YELLOW_TT said:


> Â£10k 21 months left


zero k. but then i don't spend money on pies each month


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## HardDrive (May 10, 2002)

Thanks for all the replies. I was planning on something around 40% LTV which judging by the replies seems ok and certainly the income multiplier is less than some!


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## valem (Feb 9, 2006)

HardDrive said:


> Thanks for all the replies. I was planning on something around 40% LTV which judging by the replies seems ok and certainly the income multiplier is less than some!


I have my own mortgage brokerage so you can ask any of your questions(or anyone else on here as well) regarding mortgages if you want.
Send a PM and I will get back to you.  
As a rule most lenders now work on affordability and the fact the ltv is so low will always swing in your favour.
Offset only any good if you are actually offsetting..otherwise go for a cheaper rate with no ERC's and pay lump sums as and when...hope this helps


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## shelley (Nov 22, 2004)

jampott said:


> shelley said:
> 
> 
> > If you can afford the repayments you can probably get a mortgage for us much as you want. If you have a good credit rating many lenders take the view that you are responsible enough to know what you are getting in to. Usually this requires a lower LTV ratio to give protection to the lender if things do go pear shaped.
> ...


I was lucky enough to have a mortgage when interest rates touched 15%(?) for a few hours during the ERM debacle - that was interesting!

Obviously rates can rise (and maybe more likely to with today's inflation news) so you need to factor this in to what you can afford. Since the BoE took over the setting of rates (a commendable achievment by this labour government I'm sure you'll agree!) rates have been far more stable and the wild swings of the early 90s and before seem a remote possibility. Though you never know!


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## ratty (May 18, 2004)

Mortgage paid off  taken early retirement (had enough of the corporate IT world). The next challenge is to try to help my 3 kids with first step on the ladder which is becoming more and more difficult.


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## scottk (Nov 7, 2004)

so depressing seeing so many people with mortgages paid off or about to pay off...we're looking at moving and Â£300k is what we'll need to spend to get what we want...thats Â£1300 a month repayment or thereabouts with our deposit...depressing but we need to get on and do it...


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## W7 PMC (May 6, 2002)

scottk said:


> so depressing seeing so many people with mortgages paid off or about to pay off...we're looking at moving and Â£300k is what we'll need to spend to get what we want...thats Â£1300 a month repayment or thereabouts with our deposit...depressing but we need to get on and do it...


Not at all. If you're still moving up the property ladder & are not rolling in cash, then bigger mortgages are required. Most property has risen plenty in the last 3-5yrs, however that means your next home has probably risen by the same percentage as the home you're selling, but as it's more expensive the Â£Â£'s difference is greater.

We're probably at our maximum size now & are possibly considering something a little smaller right out in the country & reducing our overall debt burden. We're only at about 60% LTV & the repayments are affordable, but as you'll perhaps have spotted in a thread i started a couple of weeks ago, our initial discount rate stops this month & that's increased our mortgage payments by close to Â£300 per month which we were not expecting. Now re-mortgaging with our same lender onto a better rate mortgage  , taking a few extra Â£Â£'s out to consolidate some bits & pieces & will still have a shorter term & about the same payment level as before. If we stay here for a few years, the intention is to pay an extra 10% per annum over & above our regular payments to reduce our burden further. Let's hope that works out


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## jonah (Aug 17, 2002)

shelley said:


> jampott said:
> 
> 
> > shelley said:
> ...


But when mortgage rates hit 15% mortgages were reasonably low :? now however house prices have increased over 400% since then so although intrestrates are low the mortgages most firstime buyers are having to get put them in the same situation. 
If intrest rates increase by 1% it's the equivilan to an increase of 25% on the payments and with most people having to over stretch themselves will would see the same effect as when they hit 15%.


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## shelley (Nov 22, 2004)

jonah said:


> shelley said:
> 
> 
> > jampott said:
> ...


Some good fixed/ capped rates around at the moment.


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## che6mw (Nov 13, 2003)

scottk said:


> so depressing seeing so many people with mortgages paid off or about to pay off...we're looking at moving and Â£300k is what we'll need to spend to get what we want...thats Â£1300 a month repayment or thereabouts with our deposit...depressing but we need to get on and do it...


Don't get depressed - think of all those people not even on the property ladder! Most of our friends don't own yet and the ability to get on to the ladder now is much more remote than even a few years ago. Anyway, we're only mortgage free because we've only got a 3 bed house. The next step up is going to be horrendous - we need to look at Â£500-650k and that won't be nice (hence the reason the TT has gone and we're running on diesel and saving our pennies).


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## alexasTT (Jan 19, 2005)

34 years old 160k mortgage,23years left only gone down 7 grand in 2 years paying 900 quid a month depressing :?


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## shelley (Nov 22, 2004)

scottk said:


> so depressing seeing so many people with mortgages paid off or about to pay off...we're looking at moving and Â£300k is what we'll need to spend to get what we want...thats Â£1300 a month repayment or thereabouts with our deposit...depressing but we need to get on and do it...


It can often simply be a choice between paying a smaller mortgage of early or taking longer to pay of a bigger one so it can just come down to personal preference - bigger house or fewer payments


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## head_ed (Dec 10, 2002)

I have a friend who has the complete opposite situation to most people I know.

He got left a 3 story terrace house in Chiswick by a family friend some years ago (I know, _how_ lucky????) and it has recently been valued at over Â£1m.

He is an actor and struggles to make ends meet most of the time, and I can't understand why he doesn't sell up, move to the countryside into a nice farmhouse type place mortgage free and have 500-600K cash in the bank.

Jealous? Moi? Bloody right I am!

Oh, and I know someone else who moved into a 5 bedroom 300K+ house because they wanted the image of opulence and is now paying a 220K 'interest only' mortgage as that is the only way they can afford to keep it. They have no other means of paying off the lump sum at the end so will have to end up downsizing. As people say, buy what you can afford.

My next big plan is to by a shell and do it up from scratch. As a single guy with a decent amount of disposable income it doesn't matter that it will be uninhabitable for a while. I am going to get it done room by room, but go to town on having everything exactly how I want it. Having just had new offices built for us & being able to plan where power points etc go I think it is the only way forward


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## jiggyjaggy (May 27, 2004)

RE: the post above. He may enjoy the whole "living in the city" lifestyle of Chiswick compared to the country.

I have a Â£175k mortgage on my place with 24 1/2 years left. Only just started on it. But I agree it very difficult to get on the ladder, those that are on prob only reailse now how difficult it is.

I am paying Â£720 per month interest only...so much for beer money!


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## jampott (Sep 6, 2003)

When I was "forced" to move (closer to work) in Oct 2004, I had to give up the relative cheap housing of South Wales and pay North London / Hertfordshire prices.

I stretched myself to what I could afford, and got a good deal on a repayment mortgage, and if everyone else is talking "figures", my repayment is a smidge over Â£1700 a month...   but its appealing to be in the positiion where my house costs more than my car (hasn't always been the case!) and I see it as a relatively sound judgement in the current housing climate to find a house that almost entirely suits my needs, will appreciate a bit in value, and since I moved in, I've cleared about Â£10k of the capital from the mortgage...

I'm also trying to improve the house (it was a newbuild), and have relaid nice flooring, and planning to spend a few Â£k in the garden this year, both of which will add value. Also going to decorate tastefully, and do a few more things, and assess the situation when the development is complete.

The addition of an infant school being built in the plot directly opposite me should also have a positive effect on prices, providing it becomes a "good" school 

I still know a lot of people who aren't on the housing ladder, or are just starting out, and its very very difficult.


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## mighTy Tee (Jul 10, 2002)

jampott said:


> The addition of an infant school being built in the plot directly opposite me should also have a positive effect on prices, providing it becomes a "good" school


Are we expecting an imminnet announcement from you and Lisa :roll:

Seriously though we are about to put our house on the market and it's close proximity to good schools is seen as a major selling point.


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## jampott (Sep 6, 2003)

mighTy Tee said:


> jampott said:
> 
> 
> > The addition of an infant school being built in the plot directly opposite me should also have a positive effect on prices, providing it becomes a "good" school
> ...


Yeah, I know some other folk who are in the process of moving house (from London to St Albans) primarily to avoid the lottery of schools in London, and to virtually guarantee acceptance to a "good" school.

No announcement, as far as I'm aware


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## che6mw (Nov 13, 2003)

jampott said:


> Yeah, I know some other folk who are in the process of moving house (from London to St Albans) primarily to avoid the lottery of schools in London, and to virtually guarantee acceptance to a "good" school.


It has to be my single biggest concern for Jacob- at least a fair chance in life with a decent education. Thankfully we've two excellent grammar schools on our doorstep. We can only hope that if he turns out to be academic (and frankly I don't mind if he isn't - so long as he has a chance to be the best he can in whatever he wants to do) he'll achieve a place in one of these.


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## che6mw (Nov 13, 2003)

jampott said:


> I had to give up the relative cheap housing of South Wales and pay North London / Hertfordshire prices.


Ouch!!!


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## jampott (Sep 6, 2003)

che6mw said:


> jampott said:
> 
> 
> > I had to give up the relative cheap housing of South Wales and pay North London / Hertfordshire prices.
> ...


Yeah, tell me about it. Twice the price for the same number of bedrooms... :roll:

And would have cost even more if it wasn't in Hatfield... :wink:


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## che6mw (Nov 13, 2003)

jampott said:


> And would have cost even more if it wasn't in Hatfield... :wink:


I know. We've been looking for 4-5 bed places at the minute and frankly am amazed by the difference being the other side of the M25 makes. At the end of the day though we've family and friends on our doorstep (and 30min train to Liv St) that we just don't feel are worth losing so it looks like we'll be saving a few more years before we can afford to make the next step up in property.

A friend of mine just landed a job with Rolls Royce in Derby. I had a look at what our budget would buy us up there    ... might have been better off not doing that!!!


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## Lisa. (May 7, 2002)

head_ed said:


> Oh, and I know someone else who moved into a 5 bedroom 300K+ house because they wanted the image of opulence and is now paying a 220K 'interest only' mortgage as that is the only way they can afford to keep it. They have no other means of paying off the lump sum at the end so will have to end up downsizing. As people say, buy what you can afford


Are you talking about me? :wink:

It's only since my last post that I've realised that the term of an interest only mortgage wouldn't affect the repayments , d'oh. So I really shouldn't worry that it's over 25 years.

My situation was that I decided to buy out my ex and keep the kids in their home to save further upheaval to them. It also meant I kept the house I love and have worked so hard on to get to the standard it is now ( though it is an ongoing project)

The only way I can sleep at night is in the knowledge that I can sell my house and buy a 3 bed for cash and have no mortgage.

I wouldn't like to be trying to get on the property ladder these days, I can't see the situation is going to improve either.


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## jampott (Sep 6, 2003)

Lisa. said:


> head_ed said:
> 
> 
> > Oh, and I know someone else who moved into a 5 bedroom 300K+ house because they wanted the image of opulence and is now paying a 220K 'interest only' mortgage as that is the only way they can afford to keep it. They have no other means of paying off the lump sum at the end so will have to end up downsizing. As people say, buy what you can afford
> ...


He *might* be talking about PJ... :roll:


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## head_ed (Dec 10, 2002)

Wash your mouth out with soap young man


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## head_ed (Dec 10, 2002)

... but no Lis, I wasn't talking about you :-*


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## Lisa. (May 7, 2002)

head_ed said:


> ... but no Lis, I wasn't talking about you :-*


No, I knew really, hence the wink :wink:

Sounds like PJ is in a similar situation though, both houses are worth about the same (mine's about 320k), my mortgage is Â£155K interest only. Her/your house was brand spanking new, mine's Victorian and an ongoing expense.


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## Lisa. (May 7, 2002)

oh and your house had very nice curtains.

Mine has wooden venetians.


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## head_ed (Dec 10, 2002)

The house was valued at 395K 2 years ago - however, it didn't sell for that, 375K, 360K or whatever she has tried to sell it for recently..

It was a big house, but it goes to prove that the people won't spend that kind of money to live in the area it is in. I must have been mad to buy it - oh, wait a second, I was 

Sooooo glad to be out of that trainwreck. 8)

Damn, broke my 2000 post barrier talking about a mad Northern bint


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## Lisa. (May 7, 2002)

head_ed said:


> The house was valued at 395K 2 years ago - however, it didn't sell for that, 375K, 360K or whatever she has tried to sell it for recently..
> 
> It was a big house, but it goes to prove that the people won't spend that kind of money to live in the area it is in. I must have been mad to buy it - oh, wait a second, I was
> 
> Sooooo glad to be out of that trainwreck. 8)


Well we all make mistakes You just liked her big tits.

Men huh :wink:


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## head_ed (Dec 10, 2002)

See recent post about Posh Spice.... :roll:

Why do we have to think with our trousers?


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## jiggyjaggy (May 27, 2004)

Cos thats where our head is? :lol:

Are there many people on here that have taken the step of buying a seperate flat/appartment/house for rental seperate to their own residential address as a means to help pay off their mortgage later?


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## jampott (Sep 6, 2003)

jiggyjaggy said:


> Cos thats where our head is? :lol:
> 
> Are there many people on here that have taken the step of buying a seperate flat/appartment/house for rental seperate to their own residential address as a means to help pay off their mortgage later?


When I've cleared some short-term debt, that's my current plan. Moving house, buying an S4, refurnishing said house have all cost money...


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## jiggyjaggy (May 27, 2004)

I would have though new builds were goot Buy to Let investments as they tend to offer a lower deposit required meaning easier to get on that propety ladder rung.


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## jampott (Sep 6, 2003)

jiggyjaggy said:


> I would have though new builds were goot Buy to Let investments as they tend to offer a lower deposit required meaning easier to get on that propety ladder rung.


That would be logical, only its hard to determine the true market price to buy a newbuild, particularly as an "investment" as there is no market history to go on.

Basically, the developer can (in a busy area) set their own price and sell accordingly, and not be that bothered if the market adjusts the price downwards 6-12 months after they've moved on.

Of course it can work the other way too, but lets face it, the developer is more likely to be selling too expensive than too cheap, as its their business to maximise profit, and they (should) know more about the market than the individual does...


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## jiggyjaggy (May 27, 2004)

You can get a good deal with new builds particularly when they are looking to sell their final few properties and get some profit on their bottom line.

But agreed they tend to "value in" the price relevant for when it is finally built.


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## scoTTy (May 6, 2002)

Since it seems the government is jumping in to help new home buyers I'd have thought a couple of small starter homes would be a good purchase at the moment rather than one larger one.


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## che6mw (Nov 13, 2003)

jiggyjaggy said:


> Cos thats where our head is? :lol:
> 
> Are there many people on here that have taken the step of buying a seperate flat/appartment/house for rental seperate to their own residential address as a means to help pay off their mortgage later?


Have been a landlord before and plan on doing it again, possibly this year. With no mortgage but not much chance of affording a Â£650k place at the moment it seems a good place to put some money - it's a sure fire success, always assuming you can let it. And assuming you can handle the pressures of being a landlord - which took a little getting used to.

Property should be considered an important part of anyones portfolio. At the end of the day someone else is paying your mortgage for you. Make sure you look in to tax implications though when you come to sell. The old CGT rears its ugly head.


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## che6mw (Nov 13, 2003)

scoTTy said:


> Since it seems the government is jumping in to help new home buyers I'd have thought a couple of small starter homes would be a good purchase at the moment rather than one larger one.


Agreed. Plus, as with all other forms of investment, it makes sense to spread your assets so you buy property in different areas.


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## jiggyjaggy (May 27, 2004)

Someone at work has 3 buy to lets. Scary to tink if he re-mortgageed now he would pull out Â£500K minus CGT in just 5 years! Some people earn that in 10-20 years! Crazy!

I think half the part about being a landlord is being organised and virutally "project managing" the tenancy. Its def not a sit back and relax job. When things go wrong they obviously have to be fixed fairly instantly.


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## che6mw (Nov 13, 2003)

jiggyjaggy said:


> Someone at work has 3 buy to lets. Scary to tink if he re-mortgageed now he would pull out Â£500K minus CGT in just 5 years! Some people earn that in 10-20 years! Crazy!


Its all about making your money work for you. Stick it in a bank and earn 5%, or else stick it in property, earn whatever rate the property prices are going up by, but om top you get someone else to pay off the mortgage. You can get somewhere with 10% deposit and in 25 years you've a house someone else bought for you. Trouble is you need money to make money.


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## vlastan (May 6, 2002)

Lisa. said:


> head_ed said:
> 
> 
> > The house was valued at 395K 2 years ago - however, it didn't sell for that, 375K, 360K or whatever she has tried to sell it for recently..
> ...


Really? What cup size where they? :wink:

Anyway, she was/is a babe from what I have seen in pictures.


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## jiggyjaggy (May 27, 2004)

che6mw said:


> jiggyjaggy said:
> 
> 
> > Someone at work has 3 buy to lets. Scary to tink if he re-mortgageed now he would pull out Â£500K minus CGT in just 5 years! Some people earn that in 10-20 years! Crazy!
> ...


Reminds me of Stelios and how he borrowed Â£1M from his father to build his empire....very true you need money to make money.

Its extremely diff for someone young to earn enough to save up Â£20-30K for a good deposit. I see cnotractors at work earning Â£500-1500 per day and buying a new house/flat every other year.


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## garyc (May 7, 2002)

Lisa. said:


> head_ed said:
> 
> 
> > The house was valued at 395K 2 years ago - however, it didn't sell for that, 375K, 360K or whatever she has tried to sell it for recently..
> ...


I personally prefer smaller breasts but can confirm that _lesser titted_ variants of the female genus, are equally capable of 'doing one over' in a similar vein.

Best shot of them cos one never knows what is around the corner. :wink:

Back on topic - a change of Government could probably see an abolition of the Labour school catchment area crap that has so skewed property value growth in the middle-class, middle income, middling house price areas. That could change the whole of that market segment for family homes which has been fuelled by this strange Blair policy since 1997.

I am glad to be off the ladder and to sit back and observe til next year.


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## valem (Feb 9, 2006)

jiggyjaggy said:


> Someone at work has 3 buy to lets. Scary to tink if he re-mortgageed now he would pull out Â£500K minus CGT in just 5 years! Some people earn that in 10-20 years! Crazy!
> 
> I think half the part about being a landlord is being organised and virutally "project managing" the tenancy. Its def not a sit back and relax job. When things go wrong they obviously have to be fixed fairly instantly.


Have got 7 properites(all mortgaged)and must agree you need to be a certain breed to be landlord and really keep on top on things.
I keep thinking it will all be worth it when I sell up.
Without doubt a good way to make money with better returns.


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## Chip_iTT (Nov 14, 2003)

Well I don't think you can ever lose out on property if you choose the location right. My place has doubled in value in last 5y fortunately but when i bought it was pushed to the hilt (however was double value of last property and that had quintupled in 14 years). Then couple of years back had to remortgage to cover some business losses so currently on 60% ltv but only 15y mortgage which is a bit painful (good fixed rate deal but still Â£2600/mo) but just about manageable... but doesn't let me indulge in a new car every couple of years tho or a holiday twice a year... but then you makes your choices, etc. Come November gonna be looking for a new mortgage deal... and I do remember 15.3% interest rates and wasn't just for a few days either.... now that WAS very painful at the time...

Now just waiting for a long-lost maiden aunt to pop her clogs.... :lol:


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