Mortgage/Loan - Part 2
Folks, thank you for your very healthy comments on the previous Mortgage vs Loan blogpost. I love to have a balanced conversation about difficult topics!
This topic, for me, is not so much a difficult topic as a sad topic: and here is why.
Briefly..my compact history:
Married and mortgage aged 21
Divorced aged 30
Married, new mortgage aged 33
Assault, Head injury, unable to work aged 45
House sold, mortgage paid off, small amount of money to start savings.
Lived in two-berth touring caravan. Saved frantically.
Moved into rental house: why?
Man Wonderful over 65, me FT disability. No income to get a mortgage.
I just wanted to add this to the conversation. It's not always a choice.
FMxx
Thankyou for sharing where you are coming from.Start from where you are and use what you have very sensible.got to say with all your ideas and resourcefulness maybe you should start saving up and buy we are supposedly heading for a crash xx
ReplyDeleteThat is a very good point. Regardless of the economic situation/housing market, what your circumstances are or how well you plan ahead, life has a nasty habit of turning everything upside down in an instant. X
ReplyDeleteIt does. I'm a realist, but one that is on the chirpier side! X
DeleteThere are two sides to every story. I have had a mortgage and now I live in a rented house. As you say, not everyone is able to get a mortgage and even if you can get one, things can go wrong like illness or redundancy.
ReplyDeleteI live in a lovely house that I could never afford to buy and my children do not expect to be left anything when I die, they are more concerned with me being happy while I am alive.
We pushed ourselves with the mortgage on our first house, but stayed in that house for thirty four years until we moved to the bungalow we're in now. We watched our friends and colleagues moving on to bigger and posher houses, and taking on ever larger mortgages, but we stayed where we were, knowing that we could still have paid our mortgage on one of our salaries.
ReplyDeleteWe had very ordinary holidays and lived economically so as not to take what we considered to be 'silly risks' with money.
An ex colleague of mine had the most amazing foreign holidays, they travelled the world, 5* all the way, putting all the costs on credit cards. When one card was maxed out, they got another from a different bank, and only ever repaid the minimum amount per month.
Eventually their debts reached £56000, just for holidays! Utter madness!
As soon as our mortgage was fully paid off, we put as much as possible in the bank every month, until we had an amount we were comfortable with.
Now, we both get our occupational pensions, husband is on his state pension too, I'll get my state pension this autumn, and we're very content with what we have. It grates on my nerves that we both pay tax on our occupational pensions though, and of course, when state pension starts, our tax goes up considerably!
We know we're lucky though, although maybe luck has nothing to do with it, we worked damned hard to get where we are now!
We're by no means what I'd call 'wealthy', but I suppose we could be described as 'comfortably off', which is why we have direct debits every month for donations to various charities, and support our local food bank.
I was brought being told that money's 'made round to go round', and have always stuck to that rule! X
Hi col please be assured I’m not asking for a number but husband and I are trying to decide what we could do with saving in an emergency fund…could I ask what you think maybe I multiplies of salary thankyou
DeleteJust to say my Husband is a mortgage broker and these days benefits and pensions can be used as income for a mortgage and the term can take you up to 80years old so never too late to buy a house.
ReplyDelete