If you where Mortgage free

  • Thread starter Deleted member 294929
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"When was the last credit crunch?​

The last major credit crunch was the 2007-2008 financial crisis. This crisis was caused by a number of factors, including the easy availability of credit, lax lending standards, an increase in sub-prime mortgages, and risky investor speculation in the housing market".
 
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Mottie said:
Not always. When we sold our old house in 1990, we sold it for £71,000. Three years later it was repossessed and sold at auction for just over £40,000.

Our house cost £105,000 in 1990, down from £130,000 6 months earlier. Two years later, next door but one, exact same house as ours, sold for £72,000. I think they went even lower. I remember saying to Mrs Mottie that we shouldn’t start worrying until it is worth less than our mortgage which was £50,000 at the time.

When we moved our parents back from Hastings, we found them a repossessed bungalow that they bought for over £100,000 less than it was advertised for previously. Only trouble was, for a year or so they had letters and bailiffs calling on them looking for the previous owners. The bills and demands that came through the door were unbelievable.
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I agree but long term property comes good. Add in a good yeild and happy days
 
nwgs said:
I agree but long term property comes good. Add in a good yeild and happy days
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Of course. By chance, as I said, we retained the workshop and yard from our first house. I obtained PP for a 3 bed house (now expired as I did nothing) and the highest value on the plot with PP in 2019 was £250k. I used it to work from, rent free of course, from 1984 to 1995 and then rented it out until 2014 when I moved back in to run my training business. Very happy days. Looking to rent out again or maybe time to get shot of it. Not bothered if I don’t do either.
 
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With the population increasing more than home building, I doubt there will be a huge price drop anytime soon.


Around this part of Surrey, prices have dropped slightly / leveled off for HOUSES.

There are a huge number of extra flats being completed and this is keeping the starter home prices in check too - I suspect this is also affected by the number of landlords exiting the rental market and therefore not outbidding first time buyers.
 
I haven't started this thread so that you can play Trumpet tennis.

I'm asking what would you do now today this month, year.

I'm not interested in how much house priced we're in 1972.
 
Bod ... said:
I haven't started this thread so that you can play Trumpet tennis.

I'm asking what would you do now today this month, year.

I'm not interested in how much house priced we're in 1972.
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It’s still got to be property for me.

Buy something safe and rent it out.
 
Bod ... said:
I haven't started this thread so that you can play Trumpet tennis.

I'm asking what would you do now today this month, year.

I'm not interested in how much house priced we're in 1972.
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What I’ve been doing since paying our mortgage off - working part time
 
nwgs said:
It’s still got to be property for me.

Buy something safe and rent it out.
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I had two flats years back I rented out. I can't go back on that now.

I'd more be thinking buying a dooer upper and either knock it on or sell the current one. However not sure how much is to be made in this now.
 
Murdochcat said:
Wednesdays I do volunteering. Fridays I play golf

And having more holidays - 6 last year and 5 the year before
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yep thats it no point working entire life to build a nest egg then either being too decrepit or dead to enjoy it
 
Murdochcat said:
Wednesdays I do volunteering. Fridays I play golf

And having more holidays - 6 last year and 5 the year before
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I'm not in your situation. I'm asking for a bit of advice.


I haven't started this thread to learn how to play the Trombone.
 
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