Mortgage Payments - WHat Do Feel Comfortable Paying

[MaryPoppins]

Mary!

Yeah?

[Doggy Styles]

Yeah?

You sounded a bit like a fishwife there.

I had you down as a classy sort.

[MaryPoppins]

You sounded a bit like a fishwife there.

I had you down as a classy sort.

Did I? Apologies.

But I dunno why you thought that...!

[Mich the Tester]

We earn between 150k and 200k euros per year between the two of us through my freelancing and giving a couple of courses a year, a couple of chems trading portals I invested in as startups, plus Lady Tester's job. We have a mortgage of 250k euros (interest fixed for 25 years) of which about 150k euros is outstanding now. That's fairly comfortable, but a mortgage of 0 euros is what I'm aiming for and I´ll hopefully reach that within 10 years. Personally I wouldn't even consider borrowing >500k. Just not worth the worries when you can get a decent enough place to live for a lot less. 'Comfortable' means not worrying about losing a gig and not worrying about interest rates and other financial markets shenanigans. 'Comfortable' certainly doesn't mean sitting on a huge designer sofa in a great big house worrying about how you're going to pay for it all.

No point buying a mansion for two reasons;
- you have to take on a tulipload of debt to do it
- as the baby boomers start dying or entering care homes their great big luxurious houses will come on the market and there'll be a glut of cheap mansions for sale

Demograpics suggest that house prices will fall and in about 10 years there'll be bargains to be had. Excepting perhaps the most expensive multi-million palaces, but that's not what most of us will be buying.

[ChimpMaster]

<snip>Demograpics suggest that house prices will fall and in about 10 years there'll be bargains to be had. Excepting perhaps the most expensive multi-million palaces, but that's not what most of us will be buying.

I agree with all of your post except the part above. I still think that England will retain relatively high house values and some level of growth going forward. The next 3 or 4 years will be tough for the housing market and will likely see fall in values, but after that I expect prices to go up - or at least that's what I'm planning for anyhow.

[Mich the Tester]

I agree with all of your post except the part above. I still think that England will retain relatively high house values and some level of growth going forward. The next 3 or 4 years will be tough for the housing market and will likely see fall in values, but after that I expect prices to go up - or at least that's what I'm planning for anyhow.

hoping

[alreadypacked]

I agree with all of your post except the part above. I still think that England will retain relatively high house values and some level of growth going forward. The next 3 or 4 years will be tough for the housing market and will likely see fall in values, but after that I expect prices to go up - or at least that's what I'm planning for anyhow.

I think that prices in the UK are staying high because planning permission is restricted keeping volume of new property low.
Immigration to the UK is high keeping the demand for property high.

Law of supply and demand in action, nothing more to see here, move along.

[ChimpMaster]

I think that prices in the UK are staying high because planning permission is restricted keeping volume of new property low.
Immigration to the UK is high keeping the demand for property high.

Law of supply and demand in action, nothing more to see here, move along.

Except that there's also a very limited amount of land anyway, and even less land that is actually amenable to building! Certainly depends on location, but the SE is the place where property values will always be strong IMO.

[Mich the Tester]

Except that there's also a very limited amount of land anyway, and even less land that is actually amenable to building! Certainly depends on location, but the SE is the place where property values will always be strong IMO.

Ah, but the SE is also the busiest, stressiest part of the UK; fine for working, but someday you'll want to leave and live somewhere more easy going, and that's where I think you'll find some real bargains in about 10 years as the boomers leave their houses for homes or the grave.

[Doggy Styles]

Did I? Apologies.

But I dunno why you thought that...!

Actually nor do I now.

Please forget I ever said anything.