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27th February 2014, 14:25 | #11 |
Posted a thing or two
Rover 75 Saloon Join Date: Apr 2012
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I did this nearly 50 years ago and despite what people say today, it has always been a struggle for the average working couple. We had to sacrifice all the niceties of life for several years, started with everything second hand, but gradually improved the property, one room at a time and on a DIY basis to save money.
The only advice I can offer is to choose an area that gives you better value, as indicated above, providing you can still earn OK. Secondly, always bear in mind that interest rates will not stay at these record lows. When the rates increase, you may find it disproportionately more expensive; the first few years of payments are only paying interest, not capital. If you do earn more, or have a windfall of cash, pay down the capital of your mortgage, don't just make extra payments (you may need to check that you are allowed to do this on the mortgage you choose). Don't be tempted to blow any windfall, or remortgage, on frivolities. It will be tough, but you both have to be committed long term. Good luck. Roverite. |
2nd March 2014, 07:59 | #12 |
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mg zt-t Join Date: Mar 2012
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Ours goes on the market tomorrow hopefully.
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2nd March 2014, 14:09 | #13 | |
Posted a thing or two
Rover 75 Saloon Join Date: Apr 2012
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Quote:
So you can see that a 2.5% increase results in a much higher payment than 2.5% of your current monthly payment. Historically, 2007 rates were not high, so just be careful. I'm not saying you shouldn't go for it, you should, but just remember, things can go up as well as down. Roverite. |
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2nd March 2014, 14:13 | #14 | |
This is my second home
Rover 75 1.8 Connoisseur SE and a Ford S-Max Titanium Join Date: Jan 2012
Location: Huntingdon
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Quote:
__________________
Mods so far: Plenums, bonnet release mod, handbrake compensator (arctic), rear parking sensors, coolant level sensor (Vindaloo), DRL's, Fan resistor upgrade ( Jules), Marmite lighting, Auto dimming rear view mirror, twin horns, fog lights, real walnut dash, walnut gear knob, Sean DD unit with DVB-T, message centre ipk, electric sun blind, auto opening boot lid, walnut steering wheel, electric seats Link to my Auto Boot Lift Mod http://www.the75andztclub.co.uk/foru...d.php?t=114273 |
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2nd March 2014, 14:14 | #15 |
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mg zt-t Join Date: Mar 2012
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indeed. Our interest rate is stupidly high at the moment (6.9% iirc) due to fixing for 5 years. This however has come bck to bite us when changing to a new mortgage borrowing more at 3% is great but we also have a huge fee to pay to release us from our fixed period.
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2nd March 2014, 15:02 | #16 | |
This is my second home
Jaguar XF 3.0D Join Date: Nov 2010
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Quote:
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Chips |
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3rd March 2014, 14:33 | #17 | |
Posted a thing or two
Rover 75 Saloon Join Date: Apr 2012
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Equally idiotic, was a family man on Top Gear, many years ago, who remortgaged his house to the tune of £30,000 for a stereo system for his car. I said to my wife, if he defaults, it will be his home (& family) he loses, not the stereo! Funny old world. Roverite. |
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3rd March 2014, 14:39 | #18 |
Gets stuck in
mg zt-t Join Date: Mar 2012
Location: nottingham
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Well we're on the market....1st viewing tonight.
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3rd March 2014, 18:30 | #19 |
This is my second home
Rover 75 1.8 Connoisseur SE and a Ford S-Max Titanium Join Date: Jan 2012
Location: Huntingdon
Posts: 3,756
Thanks: 70
Thanked 31 Times in 27 Posts
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__________________
Mods so far: Plenums, bonnet release mod, handbrake compensator (arctic), rear parking sensors, coolant level sensor (Vindaloo), DRL's, Fan resistor upgrade ( Jules), Marmite lighting, Auto dimming rear view mirror, twin horns, fog lights, real walnut dash, walnut gear knob, Sean DD unit with DVB-T, message centre ipk, electric sun blind, auto opening boot lid, walnut steering wheel, electric seats Link to my Auto Boot Lift Mod http://www.the75andztclub.co.uk/foru...d.php?t=114273 |
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