Good news for some full timers who have had enough (1 Viewer)

[scotjimland]

it helps if facts are the truth.

love it, Alan..

 

[buttons]

wasnt right to buy later than that . about 79 i thought . it helps if facts are the truth.

Sorry @vwalan I have absolutely no idea what you are talking about. Any dates in my posts have been purely hypothetical, I was never fortunate enough to have lived in a council property, how about yourself.

 

[buttons]

love it, Alan..

Love it....I don't even understand it........

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[vwalan]

i was one of the first in cornwall to use the right to buy . i had to keep the house for 5 yrs i think it was . anywayi sold and bought here . i payed the mortgage off here in ten years . havent had one for twenty years . dont like paying interest and have never had anything on hp, since or want to.
as it was i actually worked for the company that built my council house . it was new when i got married and moved in . but buying was definately a good move . paying rent is a mugs game

 

[Charlie]

All points are valid however, if you are lucky enough to be in full time employment and have a reasonable job, getting a mortgage and increasing the repayments each time they become easy to manage and / or trading up to a more expensive house using the equity gained, is about the only way in this country to earn tax free cash when you downsize in later years! It goes without saying that location and a little luck also help!!

Oh yes... How we need a bit o

Yes, Mr B, but my memory must be fading fast, because I don't remember anything about 'right to buy' in 1974. You either saved up, or borrowed the deposit from a family member, as we did, and got charged interest on that, quite rightly.

Both our kids are pulling in excess of 50 k per anum. They don't need my scraggy savings.

I know we remain misty eyed and our kids are always our little uns no matter how old they are but my references above related to young people around the age of 20 or so. For them I think it's tough.

 

[Charlie]

Love it....I don't even understand it........

Your not on your own ...

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[Allanm]

Nothing wrong with buying on a mortgage or renting, but the biggest benefit of renting is that it's easier and much cheaper ( and quicker) if you want to move somewhere else.
I feel sorry for youngsters today trying to buy a house. When I bought my first house, it was about 3 times my annual salary.
Nowadays, an average price house is well over 10 times a reasonable salary.
If you can get onto the housing ladder, fine, but if I was starting again, I would be thinking seriously about renting instead of buying.

 

[WillH]

Why feel sorry for today's youngsters? One of my sons moved into a new-build last year, nearly half a million quid, he's got a low mortgage rate and only 10 years to go on it, he should hit my age for paying it off, 45.

 

[gus-lopez]

Could help you free up some of that cash in your vast property empire g-l.

Don't own anything in the UK & wish I could unload the one here that I live in. A job would be handy for some cash.

With all the incoming potential tenants, I can see some people having a self financing income as landlords.

True, & ok if you don't have a problem with "unearned income" . I do , I don't agree with it.
It is also the problem with the UK housing market, combined with councils paying 'housing benefit ' to renters, which is continually inflating the house prices.

I feel sorry for youngsters today trying to buy a house. When I bought my first house, it was about 3 times my annual salary.
Nowadays, an average price house is well over 10 times a reasonable salary.
.

& there is the problem. If you linked wages to house prices then you would not have had the ridiculous price rises over the years.

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[Gorse Hill]

Why feel sorry for today's youngsters? One of my sons moved into a new-build last year, nearly half a million quid, he's got a low mortgage rate and only 10 years to go on it, he should hit my age for paying it off, 45.

Low mortgage for now, 500k wow what job does he have given its on average 3x your earnings and paid off within 10yrs
I think your son can not be considered the norm rather the exception
Unless off course the bank of mum and dad helped

 

[D&G]

At the end of the day, banks and building societies are businesses and need to make money, many youngsters can't buy because they need a huge deposit and to earn x10 on their salaries, so who else can they sell to ???
And there we have the rub

I personally have been in negative equity before and had to stay in the property for a number of years until the market picked up again, it was ok to start with but as the kids got older and bored the crime increased, it may have been nice at that point in life to be renting to get out of the situation. On the flip side, we have been lucky in that we have now paid our mortgage off, partly through a severance payment and partly through an insurance paying out, so at 53 I am mortgage and rent free and looking forward to giving up work and drawing my pension next year when I am 55.

Bring it on

 

[WillH]

No help from me, never offered and he never asked. He works part-time for a city council, his wife works part -time for a multinational. They had a whacking deposit they've made from investments and overpaid their previous mortgage with nearly every penny they had. Both work very hard and are good at what they do.

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[Charlie]

Don't own anything in the UK & wish I could unload the one here that I live in. A job would be handy for some cash.


True, & ok if you don't have a problem with "unearned income" . I do , I don't agree with it.
It is also the problem with the UK housing market, combined with councils paying 'housing benefit ' to renters, which is continually inflating the house prices.



& there is the problem. If you linked wages to house prices then you would not have had the ridiculous price rises over the years.

How is incoming rent unearned ? If we choose to invest the money we have earned into property and reap the rewards why not ? Could of course just leave it in a banking institution and get virtually no interest on it ? Not exactly sensible surely ?

Many land lords refuse to rent to those in receipt of housing benefit. It is quite simply to risky and managing risk is extremely important. Who ever decided to give the housing benefit to claimant rather than the land lords was nothing short of a short sighted idiot.

You cannot link house prices to wages or inflation it would not be possible.

 

[olley]

House prices are largely controlled by the supply and demand of land, as present planning policies make it difficult to get in many places that's unlikely to change.

Ian

 

[vwalan]

How is incoming rent unearned ? If we choose to invest the money we have earned into property and reap the rewards why not ? Could of course just leave it in a banking institution and get virtually no interest on it ? Not exactly sensible surely ?

Many land lords refuse to rent to those in receipt of housing benefit. It is quite simply to risky and managing risk is extremely important. Who ever decided to give the housing benefit to claimant rather than the land lords was nothing short of a short sighted idiot.

You cannot link house prices to wages or inflation it would not be possible.

if you get rent from property the tax man calls it unearned income . you may have expenses to help out but at one time it was very high tax on unearned income .

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