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Mortgages

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aviologist

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I don't want to sound like your parents, which probably means I am going to, but just a wee bit of advice from someone who didn't always take too kindly to advice. :PDT_Xtremez_21: Get on the mortgage/housing market as soon as you can. I left it to my last few years and just managed to get in before the credit crunch etc., phew! Thing is the mortgage payments, which were ok whilst HMG was paying me was not a problem but now, after almost a year unemployed and taking a job that pays less than half I was earning before I banged out :PDT_Xtremez_34:means that there aint a great deal of money left to do some of the normal things in life. :S Got too watch the pennies v closely now. I know it's the same for lots of people out here in the world of the civvy, but help yourself while you still can.:PDT_Xtremez_25:
 
aviologist said:
I don't want to sound like your parents, which probably means I am going to, but just a wee bit of advice from someone who didn't always take too kindly to advice. :PDT_Xtremez_21: Get on the mortgage/housing market as soon as you can. I left it to my last few years and just managed to get in before the credit crunch etc., phew! Thing is the mortgage payments, which were ok whilst HMG was paying me was not a problem but now, after almost a year unemployed and taking a job that pays less than half I was earning before I banged out :PDT_Xtremez_34:means that there aint a great deal of money left to do some of the normal things in life. :S Got too watch the pennies v closely now. I know it's the same for lots of people out here in the world of the civvy, but help yourself while you still can.:PDT_Xtremez_25:
Click to expand...

Well I for one (along with a few guys I know) found it the opposite.....get into civvy street, get a good job, earn probably double what we were on....money is not a problem, along with nice holidays etc. I did have a problem getting a mortgage initially but since then it's been plain sailing....it even went down by over £200 last september.....l

Have to ask what trade were you because to be honest if you are a techie you must be a ****e one....

Crack on...............:PDT_Xtremez_09:
 
I know it's not related to mortgages, but I always tell people who are leaving, don't forget you have SC clearance which WILL help you get a job and a job that will pay more than it's non sc cleared equivalent.

My job is about 4-5 K more than the same non SC job.
 
aviologist said:
I don't want to sound like your parents, which probably means I am going to, but just a wee bit of advice from someone who didn't always take too kindly to advice. :PDT_Xtremez_21: Get on the mortgage/housing market as soon as you can. I left it to my last few years and just managed to get in before the credit crunch etc., phew! Thing is the mortgage payments, which were ok whilst HMG was paying me was not a problem but now, after almost a year unemployed and taking a job that pays less than half I was earning before I banged out :PDT_Xtremez_34:means that there aint a great deal of money left to do some of the normal things in life. :S Got too watch the pennies v closely now. I know it's the same for lots of people out here in the world of the civvy, but help yourself while you still can.:PDT_Xtremez_25:
Click to expand...

I worry about this all the time, need to get off my arse and get something sorted. You just need such a massive deposit nowadays.
 
Realist78 said:
The upside to that maybe that the lack of 1st time buyers will force the market down for sometime to come.
Click to expand...

I would echo this; the market is only going one way and it is not up!

Banks are beginning to lend a week bit more but to get the best rates you need a decent percentage as a deposit. Those who leave with a gratuity could be ok here, as long as they have a job to go to of course!

Not all doom and gloom but be as certain as you can be that there are jobs in your area of expertise before you hit the button!
 
House Buying One Of Those Things

House Buying One Of Those Things

There are many different perspectives on property, some beleive it will go up some think it will go down, prices are now at 2004 levels in most parts of the country so how much further can they fall, all the way I guess.

At the end of the day we all need somewhere to live, it's a crowded place, planning laws limit building, immigration and birth rate are increasing the population of this country and we aren't too keen on living in flats, all these factors put pressure an house price inflation, once this financial bubble has settled they will rise again, then again may be they won't.

What is certain is that you don't fancy living on the streets, therefore you need a home, rent a place and you will be paying forever, a bit less than a mortgage, but forever, and you won't have any equity to give to the tax man either.

Mortgage and the payments stay the same (ish) over the life of a mortgage and if you're not daft your payments stop after 25 years or you gradually get a nicer house.

Of course there are cons to home ownership, flexibility over where you live, it can be a pretty illiquid asset at time and buy at the top and sell at the bottom and you'd be shafted. Home ownership for Forces Personnel is not the best idea, however, house ownership can be a good idea. Buy a rental place and rent it out, rent pays the mortgage and whilst there may be a cost at first with a high LTV mortgage as your rent will not cover mortgage plus costs, but over time it will. Then when you leave the Services sell up or release equity and use this with your lump sum to put a deposit down on your home for the future.

Or you can just **** it up, have a flash car and live for today, after all it all goes to the govt in the end.
 
aviologist said:
I don't want to sound like your parents, which probably means I am going to, but just a wee bit of advice from someone who didn't always take too kindly to advice. :PDT_Xtremez_21: Get on the mortgage/housing market as soon as you can. I left it to my last few years and just managed to get in before the credit crunch etc., phew! Thing is the mortgage payments, which were ok whilst HMG was paying me was not a problem but now, after almost a year unemployed and taking a job that pays less than half I was earning before I banged out :PDT_Xtremez_34:means that there aint a great deal of money left to do some of the normal things in life. :S Got too watch the pennies v closely now. I know it's the same for lots of people out here in the world of the civvy, but help yourself while you still can.:PDT_Xtremez_25:
Click to expand...

The above post is exactly why I want our mortgage paid off before my 22, the wife doesn't understand. That if I get out then I could be out of work for a while and possibly end up on a wage that isn't comparable ot what i'm on now. If that happens she will have to go back to teaching full time instead of part time.

Also a little bit extra on the above, if you can afford to over pay your mortgage, and it allows you to. Now is the time to do it instead of sticking it in savings. By time we pay ours off we will have saved around £20k over the time we will of had the mortgage
 
I agree, overpay or move to an Offset mortgage, ok your savings don't accrue interest but that's no great shakes anyway at the moment. You may as well use it (and your monthly wage(s)) to offset your interest on your mortgage...and therefore pay it off more quickly.

Just my tuppence worth and some people don't like them but worth a look in any case.
 
do some research

do some research

Check before you overpay though.

You can get some decent rates on ISA's and fixed savings too, when compared to some mortgage interest rates.

much better to have £20k earning interest at 4% than pay off a mortgage charging 1%. Situations are different obviously. But if you have a low rate now you will never get a low rate again if you ever need a wedge of cash in the future. I also like to have it there as a safety net too.
 
Overpaying isn't as simple as it was

Overpaying isn't as simple as it was

Before overpaying your cheapest debt make sure you run down all other debts first. You can then use the money you save from not paying these to over pay your mortgage, or bang into a high interest earning account until mortgage rates pick up.

Don't forget to take into account tax on saving interest, avoid this by paying into your kids bank accounts or using your families isa allowances.
 
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