Do you have a mortgage?

Sanjøy · Post by **Sanjøy** » Thu Jan 11, 2007 11:25 pm

Bit of a dull one but always fun to see where peoples pride and joy comes in their life!

I know I had the car first.

SP

~ ~ Cal ~ ~ · Post by **~ ~ Cal ~ ~** » Thu Jan 11, 2007 11:32 pm

I'm on my 5th house despite being 30 yrs old and had a mortgage since the split second I left uni.........

Had a variable mortage in '98 and rates just went down and down and down. Been on a discounted rate since rates crept up again though and will need to swtich providers at the end of 2007. Been pretty jammy on the rates front.

Had pretty lame cars before making decent money but houses came first.
Never understand these guys who live with their parents yet drive a 30k car......

How long before interest rates hit 6%

Cheers
Cal

jj · Post by jj » Thu Jan 11, 2007 11:39 pm

Bought a flat with parental assistance obviously whilst at Uni, sold it last year, but will be back in the mortgage game in May when my new flat is finished being built.

Out of all my mates and schoolmates, I will be one of about 3 who own- either is not a priority or its too expensive.

I do appreciate though that I am lucky to be able to do both, but then a few mates are doing ski seasons again so they cant complain I guess, they dont put in the hours I do. Who knows, next year if I have a bad one i`ll be back at home with the folks

Post by **simon** » Thu Jan 11, 2007 11:42 pm

Had a mortgage for the last 4 years, started with a 2 bedroom flat then on to a 4 bed house. Don't think it would have been as easy to buy the house had I not bought the flat when I did. Had the Elise 3 years now, wouldn't have done it any other way, never rented and would never want to as I think it's a waste.

jj · Post by jj » Thu Jan 11, 2007 11:45 pm

would never want to as I think it's a waste

A few mates rent because they cant get together decent deposit cash - its a vicious circle or trying to buy but wasting cash on rent.

Makes having a bird make much more sense if they`re going halfers

r055 · Post by **r055** » Thu Jan 11, 2007 11:48 pm

me and the g/f bought a cottage flat 4 years ago and made some good money on it when we sold it in august to move into our new house with garage - i then felt obliged to fill the garage with a Lotus a month later!

Post by **simon** » Thu Jan 11, 2007 11:49 pm

I stayed at home until I could afford to buy but yeah it's much easier when there's someone else to pay half of it

Post by **campbell** » Fri Jan 12, 2007 12:01 am

I bought a flat in 1994 and took a hooj £27k discounted mortgage to pay for 95% of it, and even that was a struggle!! I lost £2k on it when I sold it (Torry, Aberdeen, boo-hoo).

I bought a 3 bed detached house for a bl**dy sight more with Lisa in 1998 on a 5.99%, 5 year fixed rate deal using an ISA investment vehicle rather than repayment. Worked great for us (and in fact we now have amassed the equivalent of 60% of the loan whilst only 40% into the term).

6 months later I bought the Elise. I had a party when its loan was paid off in 2002!

Nearly two years ago we extended our mortgage by about 70% to pay for a major extension. Had just switched our main mortgage to a BoE tracker and this worked really well as rates were falling. Took the extension mortgage on a 2 year fixed rate std repayment style so whilst helpful / predictable, that expires shortly and quality fixed deals may now be hard to come by. Time to do some analysis soon.

Really pleased with how things have worked out as we probably have approaching 40% equity in the house, and a further 25% sitting in the ISA investment fund, which with Sprog 2 on the way gives me a bit of peace of mind I can tell you...

Campbell

Rag_It · Post by **Rag_It** » Fri Jan 12, 2007 12:06 am

Bought my first flat at 18, sold it a year later to move throught to Edinburgh, it was an old converted mill on the Tay so the rental was not covering the huge factoring fees, so felt it best to let it go - bad bad move in the end!

Anyway, In August after years of renting and lining Mr Paine's pocket for a year, now have a mortgage for a place which would simply only be affordable due to going halfers with the wife!

When i sold my flat initially i p*ssed a lot of money against the wall, and for that i kick myself very hard, as that was my passport to a good life! Not that things are too shabby now, just missing one ot two things - all of which can be remedied this year!

Dave

P.S If anyone is looking for a 'friendly' mortgage advisor who knows his stuff you will find none better than resident lurker and poster on here BigD (Donald) who is an IFA and has helped us and provided some very sound advice. He travels so give him a shout by PM!

PhilA · Post by **PhilA** » Fri Jan 12, 2007 12:30 am

hindsight - made mistake of buying elise before house.
thing is, i should have bought the house about 7 years ago at least - but i wasnt sure i wanted to stay where i was so kept myself from being tied down...
then the prices went through the roof!
eek
bu88ger!

now no elise and i still cant afford a house that i should be in at age 33 (in feb).

ach well- the impreza prodrive and the elise were fun

and i got mum's home cooking for longer than i should

tut · Post by **tut** » Fri Jan 12, 2007 12:39 am

My first house, 3 bedroom semi in Plymouth cost £2,500, but then you had to save for years with a Building Society before they would consider a mortgage.

tuttowers was £110,000, but that was on an interest only mortgage, so the kids can pay it off when we have floated off to the big Elise garage in the sky.

tut

Post by **campbell** » Fri Jan 12, 2007 12:41 am

That's a shame you are paying all that interest indefinitely. But at least the asset is working for you...ie funding Elise ownership and the throwing of occasional but awesome parties

renmure · Post by **renmure** » Fri Jan 12, 2007 1:04 am

Got one of these Current Account type mortgages so things like cars are a bit intermingled at times... sometimes in a biggly good way, sometimes in a buggly bad way. Started off buying a flat in Edinburgh as a scummy stoodent and driving a suzuki sj410 jeep. Graduated to a victorian thingy in Arbroath and a Landrover Discovery. Decided that property was the way to go so bought a couple of 4 bed houses in Dundee and rent them out to even more scummy stoodents. Inherited Wendy inc a house in Cumbernauld and a house in MacDuff which get irregular visits. Currently cutting 5 acres of grass in the countryside but in need of a bigger garage. Also just bought a townhouse off Union St in Aberdeen for Wendys worky midweek base. Regret selling the flat in Edinburgh tho, and should really speak to a recomended mortgage type bod as I am sure things could be better organised.

Jim

Post by **campbell** » Fri Jan 12, 2007 1:08 am

Jim,

Now THAT'S a portfolio

Respek.

Campbell

mutley · Post by **mutley** » Fri Jan 12, 2007 1:15 am

got my first house 1980's at 18 best thing i did now rent flats out to help the income