Do you have a mortgage?

kenny · Post by **kenny** » Fri Jan 12, 2007 3:58 pm

Bought my flat about a year after graduating, been here 6 years now.

Was initially on a fixed rate of 4%, now around 5 I think

Have quite a lot of cash invested in it already but I fancy a move soon to house or more important somewhere with a garage for the Exige.

Alan · Post by **Alan** » Fri Jan 12, 2007 5:03 pm

Looking to buy this year. I should probably sell at least one of my cars, but really cant face it. I need to stop thinking I could die tomorrow and look to the future

GregR · Post by **GregR** » Fri Jan 12, 2007 7:45 pm

max1966 wrote:my experience is once you've had aporsche, boring as it may seem, you know what you are getting into

ideally a 964RS would be top of my list but if I have to use it everyday, as I would prefer, a GT3 is as good as you can get IMHO

30k + for an 964 RS thesedays

tut · Post by **tut** » Fri Jan 12, 2007 9:10 pm

Agreed, a GT3 is the easy way out, and most dedicated Elise owners would love one, but if you track your car and get 200hp+ so that you can compete on level terms with them, then that is satisfaction.

When Craig gets going with 300hp in 750kg, then that should be worth watching. Plus, he can drive.

tut

Rag_It · Post by **Rag_It** » Fri Jan 12, 2007 9:37 pm

I should have followed in my old man and the mothers footsteps, now have over 12 BTL properties, one house fully paid off and a rural cottage which they rent for 7 months of the year!

Me thinks they did something right, as they only have another 5 years before they are all paid off and then it is happy days for them, also making sure they splurge the cash before they cop it!

Nice!

Dave

Post by **campbell** » Fri Jan 12, 2007 10:56 pm

Lazydonkey wrote:My old man is an accountant so please bear this in mind

Funnily enough, so is mine, and he too had a lot to do with some basic sound financial advice I was "given" at a tender age. And in fact not so long ago either!!

Post by **campbell** » Fri Jan 12, 2007 10:59 pm

tut wrote:Agreed, a GT3 is the easy way out, and most dedicated Elise owners would love one, but if you track your car and get 200hp+ so that you can compete on level terms with them, then that is satisfaction.

When Craig gets going with 300hp in 750kg, then that should be worth watching. Plus, he can drive.

tut

There is just something about the way the 911 is screwed together, combined with the Lotus-esque principles of the GT3 (reduced weight, normally-aspirated engine, no frills, visceral driver enjoyment, top marks from Evo mag on regular basis!, etc).

It's a long way off for me but by no means impossible. Indeed, nothing is impossible, if it matters enough to you.

Campbell

Stewart · Post by **Stewart** » Fri Jan 12, 2007 11:07 pm

Rag_It wrote:I should have followed in my old man and the mothers footsteps, now have over 12 BTL properties, one house fully paid off and a rural cottage which they rent for 7 months of the year!

Me thinks they did something right, as they only have another 5 years before they are all paid off and then it is happy days for them, also making sure they splurge the cash before they cop it!

Nice!

Dave

Best to get them looking into Inheritance Tax now while they are young and of sound mind. Shame to give 40% of that lot away to the taxman

Depending on how many siblings you have, the man at No 11 could inherit more than you and your bro/sis.

Stewart

P.S.
This information does not constitute any kind of financial advice and is merely the ramblings of a semi pi$$ed individual!

robin · Post by **robin** » Fri Jan 12, 2007 11:14 pm

Stewart wrote: Best to get them looking into Inheritance Tax now while they are young and of sound mind. Shame to give 40% of that lot away to the taxman Depending on how many siblings you have, the man at No 11 could inherit more than you and your bro/sis.

Stewart

P.S.
This information does not constitute any kind of financial advice and is merely the ramblings of a semi pi$$ed individual!

Can anyone on the list, in a general way, describe Inheritance Tax avoidance schemes that are unlikely to be challenged by the revenue and are actually cost effective in the long run?

james · Post by **james** » Fri Jan 12, 2007 11:18 pm

6 years ago I wondered whether it was the right thing to buy a 4 bed detached house for myself to rattle around in. Given the way house prices have gone since it turned out to be a good decision

We have just fixed another 5 year mort deal before Xmas at 5.18% Now with interest rates at 5.25% it looks like me and the Mrs have had some good luck for a change.

Ive always had this hard and fast rule to NOT extend the mortgage end date when moving onto a new house meaning mortgage free living will still co-incide with my planned early retirement at 50

only 14 years of hard work to go

Rag_It · Post by **Rag_It** » Fri Jan 12, 2007 11:27 pm

robin wrote:
Stewart wrote: Best to get them looking into Inheritance Tax now while they are young and of sound mind. Shame to give 40% of that lot away to the taxman Depending on how many siblings you have, the man at No 11 could inherit more than you and your bro/sis.

Stewart

P.S.
This information does not constitute any kind of financial advice and is merely the ramblings of a semi pi$$ed individual!
Can anyone on the list, in a general way, describe Inheritance Tax avoidance schemes that are unlikely to be challenged by the revenue and are actually cost effective in the long run?

My old man is Chairman of a certain Top5 Accountancy firm in Scotland and is most definately stereotypes the boring accountant, trust me I am sure with his many pensions, property portfolio, shares etc he has the inheritance thing sorted, if that is even in his thoughts right now, the mother is a Tax law specialist so they work feckin well as a team and speak shop i think about 80% of their lives.

Robin, ask the questions and the answers will commeth! I spend my life badgering the old folks about how best to get ahead, I think they wished i had done that sooner though!!!!

Dave

Post by **campbell** » Sat Jan 13, 2007 12:12 am

james wrote:Ive always had this hard and fast rule to NOT extend the mortgage end date when moving onto a new house meaning mortgage free living will still co-incide with my planned early retirement at 50 only 14 years of hard work to go

I think that is a fabulous strategy and one we are also trying to abide by - obviously, therefore!

Only fly in the ointment of my 50 year old retirement plan (also 14 years away, coincidentally) is the likely need to fund Eilidh and Ford Junior #2 through education until I'm nearer 55!

Post by **simon** » Sat Jan 13, 2007 12:20 am

GregR wrote:ooft!! Alix doubled her money on her Gowrie Street flat in 3 years! Dundee was the place to buy about 4/5 years ago but I hear the ar$e has been tanned out of that particular market

Exactly what I did, £60k profit in under 3 years for doing nothing is nice

Wouldn't say the arse has been tanned out of it, prices are still going up just not quite as fast as they did about 2 years ago.
I remember laughing at my mate paying about £90k for a flat off Blackness Avenue about 4/5 years ago but he made about £60k off it too and now the old tenement flats on Scott Street are beyond that at about £100k and they're tiny!

dezzy · Post by **dezzy** » Sat Jan 13, 2007 1:18 am

~ ~ Cal ~ ~ wrote: Never understand these guys who live with their parents yet drive a 30k car......

I'm one of them (kinda . . . it's more like £25k) and ain't at all bothered by it.

Left uni into a not very well paid grad job, but managed to pay off most of my uni debt (overdraft, etc) in a couple of years. Now have a much better paid job for 2 and a half years and been saving up for a mortage deposit during that time. I've dipped into the savings a couple of times for various reasons, one of which was the Elise . . .

I had been dreaming about owning an Elise since my teens and I figured this was probably the only time in my life I was going to be able to afford one and still be able to get into it!

Seriously though, I just thought, why not put the mortage off just one more year and have a bit of fun for a while before all this mortage business begins. I'm only 27 after all.

For me, life ain't about mortages and investment and all that nonsense. It's about having fun and living a life I enjoy. I'd rather be at home with the folks for a bit longer and be having fun than have this lovely house and a big mortage and have to stay in every night (and also be driving to work in a "normal" car every day!).

I probably will have to give up the Elise later this year in order to afford the mortgage, but I don't mind, as I'll at least have had some fun and will maybe be able to afford one again in a couple of years.

The thing that pisses me off about the housing market and mortgages is that it just seems so damn hard to get on the property ladder on your own. I'm looking to buy on my own and even though I earn what I think is a good salary for my age, I'm seriously struggling to afford a mortage in the areas I'd like to live (and that's not including Elise payments). I don't want to get into a joint mortage. It just really depresses me everytime I look at the property pages . . . it seems I'm either going to have to settle for a place in an area I don't really like or just end up getting a joint mortgage. It sucks!

bertieduff · Post by **bertieduff** » Sat Jan 13, 2007 5:16 am

Spent all my money on firewater and fornication. 35, no pension, no mortgage, no particularly bothered. Life's too short.

Anyway, the way I've been driving since I got the elise, I figure it's all academic