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Old 13-04-17, 12:43 PM   #11
carelesschucca
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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...

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Old 14-04-17, 06:57 AM   #12
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Nice one buddy. All of a sudden life gets easier when there isn't a wedge going out every month to cover rent/mortgage.


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Old 15-04-17, 06:57 PM   #13
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thanks peeps, tbh it's not fully sank in yet, just the great big hole in my bank account... lol
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Old 15-04-17, 10:25 PM   #14
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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).
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Old 16-04-17, 07:16 AM   #15
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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.
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Old 16-04-17, 09:33 AM   #16
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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).
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Old 16-04-17, 10:26 AM   #17
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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.
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Old 16-04-17, 12:09 PM   #18
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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.
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Old 16-04-17, 12:15 PM   #19
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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!
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Old 16-04-17, 04:54 PM   #20
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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/...long-term.html
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