Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Rangie on 01 February 2021, 12:01:18
-
Read several articles recently about celebrities who are crying poverty because of Covid, the latest being Cheryl Baker who at 66 years of age says she is broke still has a mortgage and has to survive on her pensions of £950 a month , do none of them save or use a good financial adviser , one of her fans is apparently setting up a fund so folk can contribute to help her out anyone on here want to chip in ?😂😂😂
-
Who has a mortgage at 66? How long before people get totally sick of go fund me and the like, esp when it's abused, as I consider this appeal is.
-
Who has a mortgage at 66? How long before people get totally sick of go fund me and the like, esp when it's abused, as I consider this appeal is.
Some people do.
25 year mortgages were common. Now there are mortgages available for longer periods of time. Forty years, I hear.
Also....in 2021 the average first time buyer is now 83. :)
-
Most will allow mortgages upto 80 :o I believe that this is a side effect of the whole interest only and savings plan clusterfick.
Ownership is still cheaper than renting, and until that changes, long term mortgages will remain a thing.
-
Most will allow mortgages upto 80 :o I believe that this is a side effect of the whole interest only and savings plan clusterfick.
Ownership is still cheaper than renting, and until that changes, long term mortgages will remain a thing.
Much cheaper.
Let's assume you first pay rent or take out a 25 year mortgage at age 25. Lets also assume you live to eighty.
By age 50 you will be mortgage free and have the value of the property to play with. By comparison you will pay rent for 55 years and own sweet f*uck all. :)
-
At 66 with dwindling employment opportunities , even sans Covid , if she has any equity in her 1 million pounds property she should sell up , down size and wise up.
" £250/month private pension ...." , I got a cheque for twice that this morning for a one I was in for four years .
Celebrity is a heavy and expensive burden to carry ....
-
The problem is how do you save the 10% deposit (which could be £25-50K for a one bedroom squat in the smoke) whilst still being able to afford Sky TV, the latest iPhone 12 and 2 holidays abroad per year?
-
The problem is how do you save the 10% deposit (which could be £25-50K for a one bedroom squat in the smoke) whilst still being able to afford Sky TV, the latest iPhone 12 and 2 holidays abroad per year?
You've answered your own question.
-
Much cheaper.
Let's assume you first pay rent or take out a 25 year mortgage at age 25. Lets also assume you live to eighty.
By age 50 you will be mortgage free and have the value of the property to play with. By comparison you will pay rent for 55 years and own sweet f*uck all. :)
That was my mother's father: for various reasons, he wouldn't borrow money. So he rented their house in Crawley from the moment it was finished, and they were both buried from there. Even with his share of his parent's estate he wouldn't borrow the extra 1/3 to buy the house. Instead he bought the only car he owned, and shared the rest around the four children, who all told him they preferred he buy the house.
My dad's father was the exact opposite(in lots of ways); as soon as the wartime damage was repaired in 1948 he arranged a mortgage through his union(fixed 3% rate over fifteen years :o ) and bought the place. It was paid off well before he retired. My aunt still lives there.
-
The problem is how do you save the 10% deposit (which could be £25-50K for a one bedroom squat in the smoke) whilst still being able to afford Sky TV, the latest iPhone 12 and 2 holidays abroad rent of £25,000 per year?
Fixed that for ya. ::) :y
-
The problem is how do you save the 10% deposit (which could be £25-50K for a one bedroom squat in the smoke) whilst still being able to afford Sky TV, the latest iPhone 12 and 2 holidays abroad per year?
You've answered your own question.
I was fortunate that 100% mortgages were freely available.
-
Got our first mortgage in 1974 £9,450 for a brand new flat costing £10,850 moved five years later to a brand new house costing £19,995 sold that in 1987 for £89,995, by which time my grandmother had died and left me a substantial amount of cash moved to Norfolk and bought two properties for cash and invested in several more over the years ( buy to let all sold now) so I was completely mortgage free by 33 years of age. It isn't rocket science to handle cash successfully it's plain old common sense & a little bit of luck.
-
Got our first mortgage in 1974 £9,450 for a brand new flat costing £10,850 moved five years later to a brand new house costing £19,995 sold that in 1987 for £89,995, by which time by grandmother had died and left me a substantial amount of cash moved to Norfolk and bought two properties for cash and invested in several more over the years ( buy to let all sold now) so I was completely mortgage free by 33 years of age. It isn't rocket science to handle cash successfully it's plain old common sense & a little bit of luck.
That is impressive.
-
Who has a mortgage at 66? How long before people get totally sick of go fund me and the like, esp when it's abused, as I consider this appeal is.
A family member, currently 61, was looking to get a mortgage, as now all the kids have flown the nest, they felt it was time to upsize :-\
-
Got our first mortgage in 1974 £9,450 for a brand new flat costing £10,850 moved five years later to a brand new house costing £19,995 sold that in 1987 for £89,995, by which time my grandmother had died and left me a substantial amount of cash moved to Norfolk and bought two properties for cash and invested in several more over the years ( buy to let all sold now) so I was completely mortgage free by 33 years of age. It isn't rocket science to handle cash successfully it's plain old common sense & a little bit of luck.
Ah, but having family help financially made that possible.
I feel pretty proud to go from essentially homeless in my late teens to a completely debt free homeowner before I reached 50, without any help.
But then I've driven an Omega for the past 20 yrs, and make do with an iPhone 6.
-
of the whole interest only and savings plan clusterfick.
What Fustercluck? The only issue was the stupidity of those who had one happily reduce the monthly interest payments when the interest rates dropped, but spent the extra cash rather than redirect into the investment plan to pay it off at the end of the term.
But, then, we know the majority of the british public are brain dead.
-
of the whole interest only and savings plan clusterfick.
What Fustercluck? The only issue was the stupidity of those who had one happily reduce the monthly interest payments when the interest rates dropped, but spent the extra cash rather than redirect into the investment plan to pay it off at the end of the term.
But, then, we know the majority of the british public are brain dead.
Endowments ;) but I couldn't remember the word :-[
-
of the whole interest only and savings plan clusterfick.
What Fustercluck? The only issue was the stupidity of those who had one happily reduce the monthly interest payments when the interest rates dropped, but spent the extra cash rather than redirect into the investment plan to pay it off at the end of the term.
But, then, we know the majority of the british public are brain dead.
Despite the interest rates never going back to the double digit rate when I took mine out, and needing 12% annual growth to cover the loan, I was quids in with mine, but some margin. Because my interest only mortgage allowed for no penalties overpayment, so I kept mine at the 15% payment from when I took it out...
...after 9 years, I'd repaid a quarter, so had I kept the interest only going, it would have been entirely paid off before the 25yr term, and the associated investment plan just cash in my back pocket.
-
of the whole interest only and savings plan clusterfick.
What Fustercluck? The only issue was the stupidity of those who had one happily reduce the monthly interest payments when the interest rates dropped, but spent the extra cash rather than redirect into the investment plan to pay it off at the end of the term.
But, then, we know the majority of the british public are brain dead.
Endowments ;) but I couldn't remember the word :-[
Thats the one. Great idea before our gene pool went up the shitter.
-
Got our first mortgage in 1974 £9,450 for a brand new flat costing £10,850 moved five years later to a brand new house costing £19,995 sold that in 1987 for £89,995, by which time my grandmother had died and left me a substantial amount of cash moved to Norfolk and bought two properties for cash and invested in several more over the years ( buy to let all sold now) so I was completely mortgage free by 33 years of age. It isn't rocket science to handle cash successfully it's plain old common sense & a little bit of luck.
Ah, but having family help financially made that possible.
I feel pretty proud to go from essentially homeless in my late teens to a completely debt free homeowner before I reached 50, without any help.
But then I've driven an Omega for the past 20 yrs, and make do with an iPhone 6.
.
Yes the cash paid for one house in Norfolk, but on the other hand I could have pissed it up the wall..😁
-
Rishi Sunak has started a go fund me page, he is trying to raise £400,000,000,000. I'm thinking of throwing a fiver in.
-
Rishi Sunak has started a go fund me page, he is trying to raise £400,000,000,000. I'm thinking of throwing a fiver in.
.
Put me down for £20 Steve always willing to help.😁
-
Rishi Sunak has started a go fund me page, he is trying to raise £400,000,000,000. I'm thinking of throwing a fiver in.
We'll all be throwing a lot more than a fiver into Rishi Sunak's fund! :(
-
Rishi Sunak has started a go fund me page, he is trying to raise £400,000,000,000. I'm thinking of throwing a fiver in.
It doesn't cost that much to get re-elected in Britain? And you don't get to keep what you don't spend ;D
-
Rishi Sunak has started a go fund me page, he is trying to raise £400,000,000,000. I'm thinking of throwing a fiver in.
We'll all be throwing a lot more than a fiver into Rishi Sunak's fund! :(
That large chicken will have to last you two weeks. Probably be a bit rank after the first week, though. ;D
-
Rishi Sunak has started a go fund me page, he is trying to raise £400,000,000,000. I'm thinking of throwing a fiver in.
We'll all be throwing a lot more than a fiver into Rishi Sunak's fund! :(
That large chicken will have to last you two weeks. Probably be a bit rank after the first week, though. ;D
That's what chilli and curry powder is for! ;D
-
Rishi Sunak has started a go fund me page, he is trying to raise £400,000,000,000. I'm thinking of throwing a fiver in.
We'll all be throwing a lot more than a fiver into Rishi Sunak's fund! :(
That large chicken will have to last you two weeks. Probably be a bit rank after the first week, though. ;D
That's what chilli and curry powder is for! ;D
.
The next morning should be eventful..😂
-
Rishi Sunak has started a go fund me page, he is trying to raise £400,000,000,000. I'm thinking of throwing a fiver in.
We'll all be throwing a lot more than a fiver into Rishi Sunak's fund! :(
That large chicken will have to last you two weeks. Probably be a bit rank after the first week, though. ;D
That's what chilli and curry powder is for! ;D
.
The next morning should be eventful..😂
Im my case blood. A lot of blood.
Tim clearly didn't appreciate a bit of spice.
-
If I'd have not invested in Greene King stock and Scottish n Newcastle stock in my 20/30's I would be mortgage free by now. They seemed good investment at the time :D
-
If I'd have not invested in Greene King stock and Scottish n Newcastle stock in my 20/30's I would be mortgage free by now. They seemed good investment at the time :D
.
Hindsight is a wonderful thing..😂😂😂
-
https://youtu.be/qYS_UJJudXQ (https://youtu.be/qYS_UJJudXQ)
Here you go, BM. It does sound good. Tell yourself it will help to save the planet. :y :y
OOPS...wrong thread. ;D ;D ;D
-
https://youtu.be/qYS_UJJudXQ (https://youtu.be/qYS_UJJudXQ)
Here you go, BM. It does sound good. Tell yourself it will help to save the planet. :y :y
OOPS...wrong thread. ;D ;D ;D
Over to you STMO. ;D
-
https://youtu.be/qYS_UJJudXQ (https://youtu.be/qYS_UJJudXQ)
Here you go, BM. It does sound good. Tell yourself it will help to save the planet. :y :y
OOPS...wrong thread. ;D ;D ;D
Over to you STMO. ;D
I've given up on the silly old fool, Ronny. ;D
-
https://youtu.be/qYS_UJJudXQ (https://youtu.be/qYS_UJJudXQ)
Here you go, BM. It does sound good. Tell yourself it will help to save the planet. :y :y
OOPS...wrong thread. ;D ;D ;D
Over to you STMO. ;D
I've given up on the silly old fool, Ronny. ;D
Senior moment ::).......but then you and old Ronny will know all about such things.
-
https://youtu.be/qYS_UJJudXQ (https://youtu.be/qYS_UJJudXQ)
Here you go, BM. It does sound good. Tell yourself it will help to save the planet. :y :y
OOPS...wrong thread. ;D ;D ;D
Over to you STMO. ;D
I've given up on the silly old fool, Ronny. ;D
Senior moment ::).......but then you and old Ronny will know all about such things.
Sadly yes. ;D
-
Who has a mortgage at 66? How long before people get totally sick of go fund me and the like, esp when it's abused, as I consider this appeal is.
I own 3 houses. One outright. The one we bought in.
1998 with a 17 year mortgage, knowing that we'd started paying a 25 year mortgage 8 years earlier, and not wanting to pay for longer. But now wished we'd gone for longer, because we could have bought a better house.
Another one we bought 6 years ago on an interest only buy to.let, but have been overpaying by the amount of rent we get, so that it should pay off by the time we are 64. Effectively the cost of it will have been the deposit, maintenance and the income tax.....Not sure if I want to.keeo.it into.my retirement, but that was the plan...£700 A month once the mortgage is paid. Or £150k if sold (assuming no inflation)
The third, was an ill thought out purchase. There was significant man maths in the purchasing decision, but if I take a permie job that's kind of being dangled by my current client, it's 100 miles closer, so we might both live There in the week.until it's paid off at oh 66..
Why 66? Because the lender would have wanted to see evidence of pensions and shit like thst, and I just couldn't be arsed getting all.the paperwork out.
Either way, if pur parents die and leave us any money, maybe both mortgages will.be paid off sooner....I fully expect that care home fees, or wills being rewritten on a whim to jump a generation, will make that unlikely..
I know someone who bought an expensive house on an interest only mortgage, and remortgaged it through the early 90s as the value went.up, which supported his family's lifestyle..He's a financial.advisor. in 2008, he was paying £3k a month, in interest and had no income due to the financial.crash for 5 months.....Rather than a repayment mortgage, he has used the money for i"nvestments" ..
Good luck to.him.if you have the balls.....
-
I know someone who bought an expensive house on an interest only mortgage, and remortgaged it through the early 90s as the value went.up, which supported his family's lifestyle..He's a financial.advisor. in 2008, he was paying £3k a month, in interest and had no income due to the financial.crash for 5 months.....Rather than a repayment mortgage, he has used the money for i"nvestments" ..
Good luck to.him.if you have the balls.....
This is called "leverage", or "gearing". You borrow money at a low interest rate (mortgage at 1/2/3%) and invest it in something that you expect to return more. Of course it can go wrong, but it's not uncommon for good IFA's to target 10% returns per year for their own investments. Paying £3K p/m in interest isn't much of a worry if you're getting £10k p/m in investment returns.