Financial Advice (Mortgage)

[Havard]

If you have cash in the bank then "bricks and mortar" is the best way to go. However, if you are going to have properties and become a land lord, it ain't all it is cracked up to be. Bad tennants, chasing money, repairs etc, all take their toll. If you do make any profit, you pay tax on it so overall it wasn't for us.

We have had over £100K in savings whilst waiting for our dream house move. Due to struggling to find the right house for two years, we couldn't commit the money long term as sods law would suggest it would turn up just after we committed. Looking back, we have probably made 1.5% interest, which is poor. It has now gone on the new house as a deposit. Once the house is ready (extension going on) we have a dilemma. Should we just sell and be mortgage free in the new house, or keep our existing property and rent it.

I really don't fancy renting as I couldn't bare the thought of the house being trashed or someone refusing to pay their rent etc.

Also, how am I going to get a 911 if all my money is in property?

H.

 

[jimmybell]

Also, how am I going to get a 911 if all my money is in property?

Glad it's not just me that thinks like this. A house is a nice place to be, but foremost it's an opportunity to get some decent garages and an investment return that might buy nice cars

 

[Havard]

Also, how am I going to get a 911 if all my money is in property?

Glad it's not just me that thinks like this. A house is a nice place to be, but foremost it's an opportunity to get some decent garages and an investment return that might buy nice cars

It's the ever ongoing debate for assets v cash and accessibility when you need it. Also you need to be secure but live a bit too.

I think we have got the balance about right but at 40, there is a lot I want to do before I pop my clogs. You never know what is round the corner..!!

 

[DPG]

Dan - no real advice on the mortgage, but I would consider future cash requirements.
But finances as aide, a massive congrats on the pending addition! :trampoline:

Hope this doesn't mean you now need 4 seats

Congrats on the mini DPG Happy for you mate

Thanks guys, it's been a long expensive road but we are finally there.

I've already got the 4 seats issue sorted.

 

[StevenH72]

Put it all in 1996 and 2004 Dom Perignon....thank me in 15 years :wink:

 

[jaRED]

At the return MarchantsUK is getting, I think I should be asking for financial advice

But if my money was earning more than a crap rate, then I wouldn't find it so easy to invest in metal

 

[mr wilks]

At the return MarchantsUK is getting, I think I should be asking for financial advice


But if my money was earning more than a crap rate, then I wouldn't find it so easy to invest in metal

10% return is more than achieveable in property Ruth especially in overseas properties with lower buy prices & good rental yield
The downside is it always carries a element of risk & inconvenience .
Not everyone is comfortable with this leaving the paltry 1-2% ISA offerings which as you say may as well be in metal

The 10% figure would only be possible imo if using savings as opposed to mortgage funded :wink: