Do you have a mortgage?

tenkfeet · Post by **tenkfeet** » Fri Jan 12, 2007 3:13 am

Had a mortgage now for 6 years , got a fixed rate in 2001 then the rates dropped so I paid the fee to get out of it . Had a good 3 year deal and now on a 5 year fixed deal. I should of bought a house about 5 years earlier . I was only paying £180 quid a month for rent and spent the rest of my wages on cars , motorbikes but mostly beer and spirits. I pay quite a high mortgage but hope to pay it off early.

Gareth · Post by **Gareth** » Fri Jan 12, 2007 8:57 am

No mortgage.

Hey Campbell, no chance of you making a loss in Aberdeen now.
Things are going crazy and have been for a number of years. Torry is rumoured to become the next best thing. Prices there going up.

GregR · Post by **GregR** » Fri Jan 12, 2007 9:25 am

Rag_It wrote: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!

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

We've got 2 flats now, one in Hyndland & one in Comely bank. Latter flat is where we live and is about half the size of the Glasgow flat, and is twice as expensive!!

Bought the Liz before I bought a flat. Only young once

ryallm · Post by **ryallm** » Fri Jan 12, 2007 9:43 am

Got 3 mortgages

All fixed though

Small one on my own house relative to value, plus 2 buy to let properties in Edinburgh, both 1 bedroom flats. Bought the first flat 3 years ago for 86k, reckon it is worth circa 125 now and the rent has more than covered the mortgage in that time. BTL looking far less attractive to get into now though as rental income has not gone up in line with property prices in Edinburgh. With hindsight I really wish I had been brave enough to buy at least 2 more BTL flats in Edinburgh 3 or 4 years ago - I just couldn't get my head round borrowing even more money, and there was also the small matter of having to pay for my first Lotus back then

Mark

Sanjøy · Post by **Sanjøy** » Fri Jan 12, 2007 10:20 am

Have the flat in London and looking to buy up here but to be honest feel I am better off buying another place in London and continue renting up here due to the sheer appreciation of London property.

Flat I am renting is ~250k and only paying £700 rent. Flat in London is rented out and more than covering the mortgage.

tut · Post by **tut** » Fri Jan 12, 2007 10:51 am

Campbell

We moved here in '95 after I was medically retired, so because I had no fixed income, the mortgage was not straightforward. We only needed £40K, but the offer that Halifax made was a take it or leave it £100K interest only.

Daft thing was it was at 1% below savings rate, so we used the £50K and put the other £50K back into Halifax and made from it. We also had an Endowment policy to go with it that should have paid out £50K, but thanks to the market, matured last year at only £25K.

tut

Sanjøy · Post by **Sanjøy** » Fri Jan 12, 2007 10:51 am

shooomer wrote:Looking for new house just but getting new mortgage when you ain't earning is hard

Just keep buying cars, what was the line from BCCS .. You can live in your car but you cant track your house.

Sanjøy · Post by **Sanjøy** » Fri Jan 12, 2007 10:55 am

tut wrote:Campbell

We moved here in '95 after I was medically retired, so because I had no fixed income, the mortgage was not straightforward. We only needed £40K, but the offer that Halifax made was a take it or leave it £100K interest only.

Daft thing was it was at 1% below savings rate, so we used the £50K and put the other £50K back into Halifax and made from it. We also had an Endowment policy to go with it that should have paid out £50K, but thanks to the market, matured last year at only £25K.

tut

Mate just took 50k out of his £270k london place to buy another flat in his birds name. Over 20% deposit and they do not ask for pay slips!

Titanium S1 111S (gla) · Post by **Titanium S1 111S (gla)** » Fri Jan 12, 2007 11:06 am

Reserved first flat 6 months before qualified and bought it a month before I qualified 4 and a half years ago, St Georges Cross / Kelvin Bridge in Glasgow. Was a bit of a boom time so it went up £30K ish in the first year. So I re-mortgaged it and bought a slightly bigger one up stairs in the same building. I probably overpaid for that and should have moved to a tenement property which would have done better in the market. Bought a second letting property a bit over a year ago just outside Shawlwnds, that probably was a good deal.

Plan for 2007 is to buy something a bit fancier with the bird but keep the one I live in. I have a fair amount of confidence in the property market and the general plan is to buy more investments as opportunities arise.

On mortgages I started with 100% at 6% and have never done particularly well but never done badly either.

Got The Liz 2 years ago which probably wasnâ€™t a good move from a financial point of view but WTF.

skellyjohn · Post by **skellyjohn** » Fri Jan 12, 2007 11:12 am

I spent a lot of money on booze, birds and fast cars. The rest I just squandered!*

I'm terrible with money. If I've got it, I'll spend it. But I bought a shabby repossesed house in '98 for £34k. Now added around £100k to its value. Staying with g/f who is very sensible and has paid off her mortgage so we'll maybe sell both and get a bigger place soon.

* G. Best

Post by **campbell** » Fri Jan 12, 2007 12:11 pm

Gareth wrote:No mortgage.

Hey Campbell, no chance of you making a loss in Aberdeen now.
Things are going crazy and have been for a number of years. Torry is rumoured to become the next best thing. Prices there going up.

Thanks Gareth, that is really what I needed to hear right now!

We are in fact flirting with buy to let ideas as a future business venture in case Lisa doesn't want to go back to 9-5 humdrum after next spell of Maternity leave. We need to find some way to amass the cash for my GT3, y'know

It's only money after all, and you are only here once...allegedly...

Campbell

max1966 · Post by **max1966** » Fri Jan 12, 2007 12:30 pm

Bought my first flat in '90 1% discount at something like 13%.

Was taking home £450 a month and paying out 330 interest and 60 endowment, thankfully the g/f (now wife) helped out, but she earned a sight less at the time, being a student in a previous life helped with eating for free.

Moved to our house in '95 with a now tiny mortgage so to move again and take on a huge new debt for little more that we need seems stupid, and I like where we live.

Hopefully the worry of how to pay a mortgage is behind us and I can think of so many better things to buy, GT3 anyone?

GregR · Post by **GregR** » Fri Jan 12, 2007 1:02 pm

where's all this Porsche GT3 nonsense coming from, are none of you men, would none of you prefer a fezza??

max1966 · Post by **max1966** » Fri Jan 12, 2007 1:05 pm

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

Lazydonkey · Post by **Lazydonkey** » Fri Jan 12, 2007 1:06 pm

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

I didn't get a grant at uni so in 3rd year my folks bullied (the short-sightness of youth

) me into getting a HUGE 3 bed flat in Gt Western Road, converting it into 4 beds and lviing rent free for the next 3 years.

Sold it at a profit, gave most of the money back to my folks and kept the rest for a deposit on a flat in Shawlands. Sold that 4 years later basically doubling my money.

Paid of debts, put a deposit down on a 1910 house in Hamilton with GF, did it up, furnished it and bought a MX5. That car was bought in full and it took all of about a year before i thoguht "sod it" and bought the VX 2 months before i turned 30.

This means i didnt get a "good" car (the mx5) til i was 29 but hey ho - i've got a comfrotable income, managable outgoings and a cracking car. Can't be bad.

EDIT : Without the influence of my folks i'd def be in the "p*ssing it away" camp..........even tho i left home at 17.