Mortgage paid off... now what?

[MarillionFan]

DP, let's have a gentleman's bet on that one

you want to buy me the beer upfront or wait for the event and then buy me the beer ?

Milan.

Don't take the bet DP. It's a trick. I think Milan is planning to let AtW sleep with him.

[milanbenes]

he he

you and Winston, excellent :-)

seriously, DP, Alexey aside, let's have a bet on interest rates - I'll poke my head above the parapet, I bet they're gonna rise, big time, bet you a beer - you can buy me the beer now, or wait for the event

up to you me old fruit

Milan.

[DimPrawn]

he he

you and Winston, excellent :-)

seriously, DP, Alexey aside, let's have a bet on interest rates - I'll poke my head above the parapet, I bet they're gonna rise, big time, bet you a beer - you can buy me the beer now, or wait for the event

up to you me old fruit

Milan.

I'd go further and say there's more chance of the BoE printing another £200bn to pay for bankers bonuses than interest rates rising in the next 4 or 5 years.

[alreadypacked]

When I was younger I used to believe that I would want my mortgage paid off (on a decent house, which I have at the moment), and then have streams of investment income coming in to allow me to chill out a bit more by my early 40s. My mortgage has been paid off for a short while now, but already the wife is getting ideas about taking on a huge new mortgage to move into an even bigger and better house.
Recently we've been to see plots (with old houses on them) where we could potentially build a lovely big house, which we could either live in or sell for a profit. It is a tempting proposition, albeit with the downside in that I'd need to find £700k from somewhere. We could just buy the plot and live in the older house for a while, but that would be like sacrificing several years of my life to save up some money for the re-build. That would also be in addition to taking out something like a £500k mortgage.... I can't even imagine having that much debt on over my head!

So what to do: live in a pretty decent house and plan for an easier entry into the 40+ years of life (though with growing kids!), or take one more massive leap into the financial dance of death?

Tell her to read "Rich dad, poor dad" (you can even download the audio version). Hopefully she will then realise what an asset is, hint it is not your house.

[milanbenes]

I'd go further and say there's more chance of the BoE printing another £200bn to pay for bankers bonuses than interest rates rising in the next 4 or 5 years.

As Cilla Black would say.... gob smacked !

Well, let's wait and see eh

This is gonna be fun

Hope you're not to leveraged and and don't suffer from sea sickness, cos this passage could get rough

Milan.

[milanbenes]

from today....

Soaring interest rate on the way: Families feel the pain as prices rocket | News

'Homeowners were today warned that interest rates could soar as soon as May after a shock jump in inflation.'


go figure

pint of Smiles please

Milan.

[milanbenes]

quiet here

I guess all those who have 'taken advantage' of the unfeasably low interest rates

now have brown underpants

and are taking a moment to compose themselves

Milan.

[ThomasSoerensen]

As long as the interest rate is fixed for the duration of the mortgage there is no reason for skidmarks.

[Jog On]

Tell her to read "Rich dad, poor dad" (you can even download the audio version). Hopefully she will then realise what an asset is, hint it is not your house.

I was going to say that as well

If you're concerned about your earning power in the future and want to chill out a bit why not make it so you become 'work optional'

Or you could buy a bigger house - or a boat so you 'have' to work to pay it off

[Durbs]

If I ever pay my mortgage off it'll be a holiday home somewhere warm and sunny and do-able over a weekend that i'll be looking for.

No real hunger for a bigger house as, at the end of the day, theres only so much house that you can actually live in and i'm happy where i am.