View Full Version : joined the property ladder
as of the 20th last month i now own my house, just waiting for the titles to come from the land registry :smt040
andrewsmith
12-04-17, 06:51 AM
Well done mate
When's the extension and workshop being built
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shiftin_gear98
12-04-17, 09:24 AM
Congrats. ( edit - little smiley face was a bit naf on it's own. - ☺)
SV650rules
12-04-17, 09:36 AM
Congrats bet its a good feeling - Imagine your house is a workshop with living accommodation ? or a normal house with plenty space for future expansion LOL
DarrenSV650S
12-04-17, 09:37 AM
Own as in payed off mortgage? If so that must be a great feeling!
thanks peeps.
yes my house is a workshop.. lol
3 bed end terrace. acquired from the council with 59% discount. no mortgage, paid cash (inheritance).
i was in two minds just to blow the cash or buy the house. i wont ever see any gain from buying the house but my kids will. with the way council housing and rules are going i was reluctant to get kicked out of this house and downsized into some shizzy little pensioner/disabled house in later years.
shiftin_gear98
12-04-17, 01:06 PM
Mortgage free.
Nice. Only 23 1/2 years till I can say the same.
timwilky
12-04-17, 01:20 PM
When I made my final payment and the place became mine. It was a wonderful feeling to know nobody can ever take it off you.
In my case the mortgage rates went through the roof in the mid eighties, I never reduced my repayments when the went down and as a result paid off 10 years early.
Congratulations on investing in your kids inheritance. Don't be fooled. It is a place to live. Not an asset to be exploited. That is there job.
WTF..... Someone pass me my shotgun. There is an idiot on the drive waving a compulsory purchase order. Who said they cannot take it off you!
maviczap
12-04-17, 08:50 PM
Cool nice one Bib
Paid our mortgage off when my wife came into some money
When I made my final payment and the place became mine. It was a wonderful feeling to know nobody can ever take it off you.
In my case the mortgage rates went through the roof in the mid eighties, I never reduced my repayments when the went down and as a result paid off 10 years early.
Congratulations on investing in your kids inheritance. Don't be fooled. It is a place to live. Not an asset to be exploited. That is there job.
WTF..... Someone pass me my shotgun. There is an idiot on the drive waving a compulsory purchase order. Who said they cannot take it off you!
Similar to me except that my mortgage was taken when the interest was 9% and then went up. With 2 incomes we were saving for a holiday as well as paying the mortgage when we realised that by using the holiday money to pay a years mortgage in advance we could reduce our 15 year mortgage to 10 years. Then we got divorced and the settlement meant a new mortgage.
carelesschucca
13-04-17, 12:43 PM
Excellent news Lance well chuffed for ya... It seems as if all that carp that's gone on over the last few years is almost worth it...
Big bugs from this Chimpboy!
Nice one buddy. All of a sudden life gets easier when there isn't a wedge going out every month to cover rent/mortgage.
Sent from our wholly owned hacienda in southern Spain.
thanks peeps, tbh it's not fully sank in yet, just the great big hole in my bank account... lol
SV650rules
15-04-17, 10:25 PM
thanks peeps, tbh it's not fully sank in yet, just the great big hole in my bank account... lol
Money in a bank account these days earns nothing, at least property will continues to gain value (sure it has had some setbacks but only been short lived spikes, in medium / long term the direction has always been up).
Red Herring
16-04-17, 07:16 AM
My wife and I bought our first house back in the 80's with a modest mortgage but attracting 15% interest (those were the days!). We made a promise then to base our lifestyle and commitments around just my salary as we were planning kids and her income would therefore be variable and it was the best move we ever made. We saved pretty much all she made and when we moved to our second home we hardly had to top the mortgage up at all, likewise when we moved to the next house, which is where we still are today. It meant lean years at first which was hard when my mates were taking foreign holidays and driving round in new cars but after 15 years we were mortgage free and I'm sure reaping the benefits now.....
Having said all that I can see how hard it would be for kids to repeat that now. The cost of even starter homes here in the south is just plain daft but they also live in a society of must haves with a have it now, pay sometime later attitude.
SV650rules
16-04-17, 09:33 AM
Having said all that I can see how hard it would be for kids to repeat that now. The cost of even starter homes here in the south is just plain daft but they also live in a society of must haves with a have it now, pay sometime later attitude.
It all depends on priorities - 'partnerships' don't seem to last long nowadays and people getting married is rarer than it used to be (and they don't last too long either, and the more the wedding costs the shorter the marriage seems to be, and young couples seem to think it is compulsory to pay £20K + for a wedding). So maybe renting suits the mindset of the millennial generation who don't want commitments (a lot of them even 'rent' cars now with PCP deals because they like to have a new plate car regularly) but basically PCP is wasted money as well because they don't want to or can't pay off 'lump sum' at end to buy car and roll over into another contract................
I was talking to Bro-in-law the other day and he was on about chalets on golf courses which cost about £40K, his daughter (living at home but wants to be married) piped up 'well we would give you £40K for the (5 bedroom) house and you and mom could go and get a chalet (I would like to think she was joking, but unfortunately I think she was being more than half serious).
Red ones
16-04-17, 10:26 AM
Sorry. I don't get the anti PCP thing.
Would people be so keen to buy houses if their value dropped the longer you owned them. If you bought a house and 25 years later you had to pay to get rid of it would you be so willing to buy it, our party less and just rent?
Monthly outgoing on PCP is less than purchase on a loan and that's the big difference from house rental/mortgage.
I bought an Impreza on a PCP deal in 1998 and had the money to pay the lump sum after 3 years. Nineteen years later, I still have it so PCP can work if you buy the right car. I wanted an Impreza from the day I first read about it and a PCP deal was the best way of paying for it.
Red Herring
16-04-17, 12:15 PM
PCP's make sense if you are going to keep replacing the car/bike every three years, you only really take the hit when you decide to get out of the deal, so I can see why they are so attractive. Owning a house isn't cheap either with ongoing maintenance etc but if I did the sums (we have) my house is still worth well over three times what I've ever spent on it so when we decide to get out we'll be laughing. Unfortunately the government have spotted this one and they are already making it harder to realise your assets, but for every problem there is always a solution, and we're working on it!
SV650rules
16-04-17, 04:54 PM
Sorry. I don't get the anti PCP thing.
Would people be so keen to buy houses if their value dropped the longer you owned them. If you bought a house and 25 years later you had to pay to get rid of it would you be so willing to buy it, our party less and just rent?
Monthly outgoing on PCP is less than purchase on a loan and that's the big difference from house rental/mortgage.
PCP is a bit of a scam really and it can get expensive if you exceed the agreed mileage or damage the car, and the people who sell cars are keen to make it as certain as possible that people will end up with no equity in the car when PCP expires and will roll over the final payment into another one of their cars, trapping customers in a loop. It makes more sense for businesses to lease their company cars as they can claim lease cost as a business expense for tax purposes and claim back VAT on car lease payments.
http://www.telegraph.co.uk/motoring/news/10683988/Is-PCP-finance-a-good-deal-in-the-long-term.html
Fordward
16-04-17, 05:55 PM
Nice one Bibs. Still KDY? Where?
Nice one Bibs. Still KDY? Where?
still in the same house, only difference is i own it and not the council.
littleoldman2
18-04-17, 11:37 PM
WoooHooo Great News
kaivalagi
19-04-17, 04:55 AM
Nice one Bibio, I did the same 5 years back, although I didn't get that monster discount, mine was a measley 42%, still a sizeable chunk off and allowed me to buy outright too :)
Next job an extension/conservatory?
Congrats
daveangel
19-04-17, 08:42 AM
Congratulations Bibio, I moved into a 2-bed mid terrace in '96 initially in 50/50 shared ownership, managed to take the whole lot on three years later thanks to a bond my grandparents had paid into when I was young. A combination of second hand Fiesta's and not many big holidays meant I was able to pay the mortgage off in 4-5k chunks every few years so less than 5k left on it now:D
Also still got the yellow peril described below, or an emerging classic as the dealers/classic magazines/VJMC call them now . . .
Littlepeahead
20-04-17, 09:17 AM
Always a good feeling. I left home at 18, rented then bought. Overpay a bit on my mortgage each month too.
I know people who are still living at home with their parents over the age of 30 which I just don't understand. I know buying isn't cheap but why would anyone want to still be living like a teenager at home after the age of 21.
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Teejayexc
20-04-17, 01:52 PM
When I made my final payment and the place became mine. It was a wonderful feeling to know nobody can ever take it off you.
Until you need full time health care, you'd be surprised how quickly the vultures swoop then!
SV650rules
20-04-17, 02:33 PM
If you want to check who owns your house, where the boundaries are, mine shafts, flood risk etc. etc. take a look at the Land registry website, you can get copies of stuff relating to your house for nominal cost.
https://www.gov.uk/government/organisations/land-registry
If you want to check who owns your house, where the boundaries are, mine shafts, flood risk etc. etc. take a look at the Land registry website, you can get copies of stuff relating to your house for nominal cost.
https://www.gov.uk/government/organisations/land-registry
Always been disappointed. It's ok for ownership, but not accurate enough for boundaries etc. And you have to pay before you find this out.
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