Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Field Marshal Dr. Opti on 01 July 2013, 20:51:58
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We are currently paying almost £1100, but this figure is deceiving because we borrowed a further £82,000 on the mortgage.
Without these extra payments our mortgage is about £600 each month, of which roughly £400 pays off the capital.
So I suppose you could say that our mortgage (in real terms) is about £200 each month.
Better to rent or buy?
opinions please.
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Isn't that one of those questions that you think about but don't ask - almost like "how much do you earn"?
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Yeah. Mind your own business, yokel.
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I've just helped my son move into a flat with some of his mates. Rent on the whole flat is around £1,700 per month, my son pays just under one third. At the end he gets nothing. No equity, no part owned property, nothing to sell. The cash just goes into a landlords bank account. It upsets me enormously. >:(
Renting voluntarilly is silly. The problem is being able to afford the huge deposits needed now for a mortgate on a property. Minimum 25% maybe even 40%. It is a licence for the landlords to print money.
So, I am in the process of selling my house for a lot of cash. Buying a small flat, and also a very large house in cheap and nice area, and eventually the flat will provide me with a nice little £1k a month income.
So, change of mind. Everyone should rent, to help provide me with retirement income.
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If you are paying two thirds of your payment off the capital, I suppose you are in the second half of repayment. I was told in the days I had a mortgage, that the first half is all interest (virtually) then the second half where capital payments exceed interest.
I still remember the day when the last payment went in and a great weight was lifted from my shoulders :y
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I've just helped my son move into a flat with some of his mates. Rent on the whole flat is around £1,700 per month, my son pays just under one third. At the end he gets nothing. No equity, no part owned property, nothing to sell. The cash just goes into a landlords bank account. It upsets me enormously. >:(
Renting voluntarilly is silly. The problem is being able to afford the huge deposits needed now for a mortgate on a property. Minimum 25% maybe even 40%. It is a licence for the landlords to print money.
So, I am in the process of selling my house for a lot of cash. Buying a small flat, and also a very large house in cheap and nice area, and eventually the flat will provide me with a nice little £1k a month income.
So, change of mind. Everyone should rent, to help provide me with retirement income.
So.....you don't need that raise then.
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:'( Remember paying the mortgage on my first house , it was a huge £95 a month !
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Sweet fa - paid mine off a few years back ;)
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About 660 a month, 10 years to go
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I've just helped my son move into a flat with some of his mates. Rent on the whole flat is around £1,700 per month, my son pays just under one third. At the end he gets nothing. No equity, no part owned property, nothing to sell. The cash just goes into a landlords bank account. It upsets me enormously. >:(
Renting voluntarilly is silly. The problem is being able to afford the huge deposits needed now for a mortgate on a property. Minimum 25% maybe even 40%. It is a licence for the landlords to print money.
So, I am in the process of selling my house for a lot of cash. Buying a small flat, and also a very large house in cheap and nice area, and eventually the flat will provide me with a nice little £1k a month income.
So, change of mind. Everyone should rent, to help provide me with retirement income.
Yep. When we bought our first house in 1990 we were able to obtain a 100% mortgage.
Those days are long gone, and today many young people need to find £30,000 or more for a deposit. Not easy. :'(
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£1200 PCM ;D ;D ;D ;D ;D ;D
(https://dl.dropboxusercontent.com/u/70807181/shack.jpg)
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Daughter has just signed to rent a nice new 1 bed flat in London - £1800 pcm. :o :o ::)
Shes saving to buy a 2 bed flat in London next year,which will probably be around half a million quid !
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Daughter has just signed to rent a nice new 1 bed flat in London - £1800 pcm. :o :o ::)
I'd be prepared to do a very nasty commute to avoid that. :o
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Daughter has just signed to rent a nice new 1 bed flat in London - £1800 pcm. :o :o ::)
Shes saving to buy a 2 bed flat in London next year,which will probably be around half a million quid !
It's just madness , how much are people earning to be able to afford this sort of rent, how can they afford to live? this goes to highlight the complete and utter failure of ALL political parties of having a viable house building programme
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My cousin who we all refer to as the hobbit as he didn't come out for about 3 years, lived at home with his parents and saved 40k
He just purchased a modest 3 bed semi although still has to stump up 900 quid every month for his mortgage
I am not convinced the sacrifices he made and will continue to make are worth it given IMHO the house he purchased is at its peak value if not overpriced :)
Guess we will see how the housing market goes :)
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Id walk to work on my elbows with my thumbs stuck up my arris to avoid it,but apparently its worth every penny to live in Shoreditch.*
*Formerly a sh1tehouse,but now the trendiest of trendy places where only cool people are allowed to live.The only newspaper allowed to be on view in public is the Grauniad,and heterosexuality is frowned upon ::) ;D
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Much better to rent!! ::)
You've no maintenance to worry about, the boiler gets serviced and safety checked annually, anything goes wrong you call the landlord, you don't have buy buildings insurance, gardening? don't be silly!!!, if you get a bit short then don't pay the rent because it's not like the landlord can actually kick you out or anything, and when the place gets a bit shabby rather than decorate the place you just move on!!! ::)
That's my perspective as a landlord... :-\
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Id walk to work on my elbows with my thumbs stuck up my arris to avoid it,but apparently its worth every penny to live in Shoreditch.*
*Formerly a sh1tehouse,but now the trendiest of trendy places where only cool people are allowed to live.The only newspaper allowed to be on view in public is the Grauniad,and heterosexuality is frowned upon ::) ;D
In that case, I stand by my comment about the commute. I'd crawl to work down the sewer, I think. ;D
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Daughter has just signed to rent a nice new 1 bed flat in London - £1800 pcm. :o :o ::)
Shes saving to buy a 2 bed flat in London next year,which will probably be around half a million quid !
It's just madness , how much are people earning to be able to afford this sort of rent, how can they afford to live? this goes to highlight the complete and utter failure of ALL political parties of having a viable house building programme
Much more in a week than Ive ever earned in a month and that's just the basic salary. Someone in the family had to have brains I suppose. ;D
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Id walk to work on my elbows with my thumbs stuck up my arris to avoid it,but apparently its worth every penny to live in Shoreditch.*
*Formerly a sh1tehouse,but now the trendiest of trendy places where only cool people are allowed to live.The only newspaper allowed to be on view in public is the Grauniad,and heterosexuality is frowned upon ::) ;D
In that case, I stand by my comment about the commute. I'd crawl to work down the sewer, I think. ;D
Me too. :y ;D
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Ask me again in a couple of months. It's very nearly at its end. What a long 25 years that's been, but I'm glad I listened as an apprentice & took out a straight repayment mortgage out. :y :y
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£1.2k :(
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Shoreditch!! 8) When I lived in London in the early '90s there were some great strip joints down that way and it was a regular pilgrimage at the end of a Friday night after work drinking session!!! ::) ;)
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£1.2k :(
Yeah, but you are minted and live in Westminster or Chelsea....I can't remember which. :y
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Shoreditch!! 8) When I lived in London in the early '90s there were some great strip joints down that way and it was a regular pilgrimage at the end of a Friday night after work drinking session!!! ::) ;)
Not anymore.Madonna hangs out there. Kiera Knightley lives round the corner.Full of super cool hip young trendy things,who mostly don't have the brains they were born with. ;D
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Daughter has just signed to rent a nice new 1 bed flat in London - £1800 pcm. :o :o ::)
Shes saving to buy a 2 bed flat in London next year,which will probably be around half a million quid !
It's just madness , how much are people earning to be able to afford this sort of rent, how can they afford to live? this goes to highlight the complete and utter failure of ALL political parties of having a viable house building programme
Sorry, nothing to do with housebuilding and availability
-> Bankers screw up by being greedy and stupid
-> everything goes titsup
-> Governments own much of banks
-> Governments tell bankers to get their houses in order
-> Bankers get ultra-cautious requiring up to 40 % deposits
-> nobody can Afford to buy, so everyone rents
-> Landlords cash in
Easy
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£447 , it's not a great area but we were lucky to get it before it became impossible to get one :(
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Ask me again in a couple of months. It's very nearly at its end. What a long 25 years that's been, but I'm glad I listened as an apprentice & took out a straight repayment mortgage out. :y :y
... and got seduced met a damn fine Valleys wench who boarded my late-night bus in an inebriated state with a friggin' £10 pound note for a 60p fare with a damn well-paid job and a hefty £130 per month mortgage.
Paid it off around five years ago ... 'cos it had risen to £170-odd per month ... and was cripplin' us at the time! (https://dl.dropboxusercontent.com/u/43954633/rofl.gif)
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Ask me again in a couple of months. It's very nearly at its end. What a long 25 years that's been, but I'm glad I listened as an apprentice & took out a straight repayment mortgage out. :y :y
... and got seduced met a damn fine Valleys wench who boarded my late-night bus in an inebriated state with a friggin' £10 pound note for a 60p fare with a damn well-paid job and a hefty £130 per month mortgage.
Paid it off around five years ago ... 'cos it had risen to £170-odd per month ... and was cripplin' us at the time! (https://dl.dropboxusercontent.com/u/43954633/rofl.gif)
that's around half of mine :y
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Rent or Buy
You are either renting money
or
Renting bricks and mortar.
Simple
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Ask me again in a couple of months. It's very nearly at its end. What a long 25 years that's been, but I'm glad I listened as an apprentice & took out a straight repayment mortgage out. :y :y
... and got seduced met a damn fine Valleys wench who boarded my late-night bus in an inebriated state with a friggin' £10 pound note for a 60p fare with a damn well-paid job and a hefty £130 per month mortgage.
Paid it off around five years ago ... 'cos it had risen to £170-odd per month ... and was cripplin' us at the time! (https://dl.dropboxusercontent.com/u/43954633/rofl.gif)
You must have bought your house with a credit card in The Valleys Seth? 8) ;) ;D
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You must have bought your house with a credit card in The Valleys Seth? 8) ;) ;D
Ain't got one ... and never have had one! ::)
Paid it with a carrier bag full of used £20 notes mate ... :o
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Ask me again in a couple of months. It's very nearly at its end. What a long 25 years that's been, but I'm glad I listened as an apprentice & took out a straight repayment mortgage out. :y :y
... and got seduced met a damn fine Valleys wench who boarded my late-night bus in an inebriated state with a friggin' £10 pound note for a 60p fare with a damn well-paid job and a hefty £130 per month mortgage.
Paid it off around five years ago ... 'cos it had risen to £170-odd per month ... and was cripplin' us at the time! (https://dl.dropboxusercontent.com/u/43954633/rofl.gif)
that's around half of mine :y
But you're a flash git ... Mr Beanz ... (https://dl.dropboxusercontent.com/u/43954633/rofl.gif)
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You must have bought your house with a credit card in The Valleys Seth? 8) ;) ;D
Ain't got one ... and never have had one! ::)
Paid it with a carrier bag full of used £20 notes mate ... :o
;) ;) :y :y :y
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You must have bought your house with a credit card in The Valleys Seth? 8) ;) ;D
Ain't got one ... and never have had one! ::)
Paid it with a carrier bag full of used £20 notes mate ... :o
;) ;) :y :y :y
"Cash is King" dear boy! :y :y :y
(Can't say how I 'earned' got said cash though ... for ... err ... 'obvious' reasons) ;) ;) ;)
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You must have bought your house with a credit card in The Valleys Seth? 8) ;) ;D
Ain't got one ... and never have had one! ::)
Paid it with a carrier bag full of used £20 notes mate ... :o
;) ;) :y :y :y
"Cash is King" dear boy! :y :y :y
(Can't say how I 'earned' got said cash though ... for ... err ... 'obvious' reasons) ;) ;) ;)
You already told us, your wife had a good job........ :D :D :D
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Buy, and never sell a house if you move. Especially in the absence of viable pension fund these days.
Renting is throwing money away from an investment point of view.
Buying is borrowing in order to own the capital at the end of the term. :)
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Ask me again in a couple of months. It's very nearly at its end. What a long 25 years that's been, but I'm glad I listened as an apprentice & took out a straight repayment mortgage out. :y :y
... and got seduced met a damn fine Valleys wench who boarded my late-night bus in an inebriated state with a friggin' £10 pound note for a 60p fare with a damn well-paid job and a hefty £130 per month mortgage.
Paid it off around five years ago ... 'cos it had risen to £170-odd per month ... and was cripplin' us at the time! (https://dl.dropboxusercontent.com/u/43954633/rofl.gif)
that's around half of mine :y
But you're a flash git ... Mr Beanz ... (https://dl.dropboxusercontent.com/u/43954633/rofl.gif)
You've seen pictures/links to my house .............. flash it aint ;) ;) ;)
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You already told us, your wife had a good job........ :D :D :D
We've been very lucky Vamps. Very lucky indeed.
That said, we both worked full-time since we left school (apart from her maternity leave), and started-out with nowt - 'twas a case of "work, work and more friggin' work"
She works part-time now (and loves her job), and hopefully we'll both be able to retire in a few years time ... well, that's the plan anyway. ;)
Really feel sorry for those who're starting-out/trying to get onto the property ladder. Really do. :'(
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You've seen pictures/links to my house .............. flash it aint ;) ;) ;)
It is ... compared with ours ... (https://dl.dropboxusercontent.com/u/43954633/rofl.gif)
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For those of you who whinge about your mortgage repayments. Think about this.
Base rate today is 0.05%
Base rate in 1980 was over 15%. :o
The Mrs and I bought our first property in 1980, soaked up the entire income of two moderately well paid people and this was just a small very modest flat. BUT, only 5% deposits were required.
(http://i77.photobucket.com/albums/j74/Old_Mosher/UKInterestRates1980_2013_zpsba8d1826.jpg) (http://s77.photobucket.com/user/Old_Mosher/media/UKInterestRates1980_2013_zpsba8d1826.jpg.html)
Save up the deposit and buy. DO NOT shovel cash into a landlords bank account (unless it's mine ;)).
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.. and, having a Mortgage that tracks base rate, I'm now feeling a bit of a plonker for paying the lion's share of it off early in the term. ::)
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Now that Mark Carney is in charge at The Bank of England, it will be interesting to see where interest rates go in the coming months and years... :-\
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Now that Mark Carney is in charge at The Bank of England, it will be interesting to see where interest rates go in the coming months and years... :-\
Indeed ???
Personally, and this is not likely to be a popular comment, I hope he puts the base rate up a bit. My business imports from Eurozone, so a higher interest rate will (or should) improve the exchange rate.
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I've only recently bought my first house... I'm paying £348 a month mortgage - that was with a 20k deposit though
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Now that Mark Carney is in charge at The Bank of England, it will be interesting to see where interest rates go in the coming months and years... :-\
Up up up, I bet..
Currently paying ~£1350 a month on a fixed rate that runs out of fixedness in a couple of years; hopefully by then I either have a) some cash to pay off the capital and get on another favourable fixed rate or b) interest rates are still low..
Not that my current rate is very favourable at 6.19%, but not having a hundred grand lying around like some folks I work with made my deposit 'small' by bank standards, apparently!
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Now that Mark Carney is in charge at The Bank of England, it will be interesting to see where interest rates go in the coming months and years... :-\
Up up up, I bet..
Currently paying ~£1350 a month on a fixed rate that runs out of fixedness in a couple of years; hopefully by then I either have a) some cash to pay off the capital and get on another favourable fixed rate or b) interest rates are still low..
Not that my current rate is very favourable at 6.19%, but not having a hundred grand lying around like some folks I work with made my deposit 'small' by bank standards, apparently!
I don't understand why we are all paying 5...6....or even 7% on our mortgages when the base rate is just 0.5%.
I suspect that the banks are screwing us. :-\
For many years the mortgage rate was within 1% of the base rate.......but those days seem long gone. :(
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I don't understand why we are all paying 5...6....or even 7% on our mortgages when the base rate is just 0.5%.
I suspect that the banks are screwing us. :-\
For many years the mortgage rate was within 1% of the base rate.......but those days seem long gone. :(
"Suspect" ? Oh come on Opti. Lets put the 'ol grey cells into motion here, of course they are
What about the wongcash payday sharks and their 3,000% and much higher rates. "They are out to screw you, all of them" regardless of their "nice" TV adverts. Even the credit card companies, 15% APR is cheap, 20%-30% is not unusual.
I could go on . . . . . for a very long time . . . .
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we're on about £750 a month, but I do get no neighbours for a mile in any direction, wonderful views, 250+ acres in which to walk the dogs and enough undercover parking space for about 30 cars
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I've only recently bought my first house... I'm paying £348 a month mortgage - that was with a 20k deposit though
Those figures don't stack up for a house in Hampshire surly?...... :-\ :-\ :-\
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I've only recently bought my first house... I'm paying £348 a month mortgage - that was with a 20k deposit though
Those figures don't stack up for a house in Hampshire surly?...... :-\ :-\ :-\
I managed to find a house for 95k that needed a lot of work :)
I took me about 8 months and about 8k but it's all good now - just need to build a garage now
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I've only recently bought my first house... I'm paying £348 a month mortgage - that was with a 20k deposit though
Those figures don't stack up for a house in Hampshire surly?...... :-\ :-\ :-\
I managed to find a house for 95k that needed a lot of work :)
I took me about 8 months and about 8k but it's all good now - just need to build a garage now
Result!!!!........... :y :y :y
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I've only recently bought my first house... I'm paying £348 a month mortgage - that was with a 20k deposit though
Those figures don't stack up for a house in Hampshire surly?...... :-\ :-\ :-\
I managed to find a house for 95k that needed a lot of work :)
I took me about 8 months and about 8k but it's all good now - just need to build a garage now
Result!!!!........... :y :y :y
It's not a massive house - 2 good size double bedrooms, but seeing at it's just for me it'll do nicely - hopefully be starting a garage soon - It won't be on same scale as the previous build thread on here, only 4x5.5m but big enough for a car and a bike.
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Now that Mark Carney is in charge at The Bank of England, it will be interesting to see where interest rates go in the coming months and years... :-\
Up up up, I bet..
Currently paying ~£1350 a month on a fixed rate that runs out of fixedness in a couple of years; hopefully by then I either have a) some cash to pay off the capital and get on another favourable fixed rate or b) interest rates are still low..
Not that my current rate is very favourable at 6.19%, but not having a hundred grand lying around like some folks I work with made my deposit 'small' by bank standards, apparently!
I don't understand why we are all paying 5...6....or even 7% on our mortgages when the base rate is just 0.5%.
I suspect that the banks are screwing us. :-\
For many years the mortgage rate was within 1% of the base rate.......but those days seem long gone. :(
Its all down to risk of the lender, when I took mine out in late 2009 none of the banks were lending. I had a 10% deposit, the best rate at the time was 6.3% :o :'(
However that comes to an end in August, it almost half's :o :D - So looking forward to that.
Looking at selling up and getting a house too, I've seen my flat price increase by 25% in 3 years. Taking that profit to the new place, I'm looking at rates of 2.3% 8)
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Looking at selling up and getting a house too, I've seen my flat price increase by 25% in 3 years. Taking that profit to the new place, I'm looking at rates of 2.3% 8)
That's got to be London. Nowhere else in the uK has had anything like that.
I've lived in my London suburbs house for around 18 years. Value increased by over 300%. Its on market right now hoping to sell and get a decent flat in London AND a big house in the provinces with an eye on retirement. :y . . . maybe :-\
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Mine is £0 as I finished paying for our house over six years ago. :y
Question is, why do I appear to be no better off? :-\
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Mine is £0 as I finished paying for our house over six years ago. :y
Question is, why do I appear to be no better off? :-\
....because you're spending it all on birds and booze...... ;D ;D ;D :y
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Mine is £0 as I finished paying for our house over six years ago. :y
Question is, why do I appear to be no better off? :-\
....because you're spending it all on birds and booze...... ;D ;D ;D :y
Sounds good :y
"Birds !" That really is very '60s
Are you more ancient than me ? Possibly
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Mine is £0 as I finished paying for our house over six years ago. :y
Question is, why do I appear to be no better off? :-\
....because you're spending it all on birds and booze...... ;D ;D ;D :y
If only ;D :y
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Looking at selling up and getting a house too, I've seen my flat price increase by 25% in 3 years. Taking that profit to the new place, I'm looking at rates of 2.3% 8)
That's got to be London. Nowhere else in the uK has had anything like that.
I've lived in my London suburbs house for around 18 years. Value increased by over 300%. Its on market right now hoping to sell and get a decent flat in London AND a big house in the provinces with an eye on retirement. :y . . . maybe :-\
Yup. W3. Wanna buy my flat ::)