Oh yeah everything is on credit.
In many ways it's crazy not to in the past.
But cars, kitchens, credit cards, store cards... When you add it up together I expect many are living beyond their means.
Mortgage Rate Rises
- Thread starter glenimp617
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Oh yeah everything is on credit.
In many ways it's crazy not to in the past.
But cars, kitchens, credit cards, store cards... When you add it up together I expect many are living beyond their means.
buying on credit is fine, as long as it is within your means
debt is not a bad thing/word
nowadays i buy everything on credit...not because i cannot afford it, but because it's 0% debt, whilst the money i would've spent up front, is sitting in my savings/stocks account earning interest...money making money lol
#stoozing ftw
debt is not a bad thing/word
nowadays i buy everything on credit...not because i cannot afford it, but because it's 0% debt, whilst the money i would've spent up front, is sitting in my savings/stocks account earning interest...money making money lol
#stoozing ftw
this^
Same.
I always have the cash availabile to clear the debt should I lose my job. And it's all. 0pc
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We're holding off as long as we can
Soldato
Its another reason I went for a new build at the time.... No big expenses (or hassle) like new roofs, kitchens, bathrooms etc to worry about. In fact, all being well, I dont see the need to ever change those things while I remain alive and kicking.
It might sound a bit daft but there was certainly a cutover from the "make do and mend" approach to kitchens/bathrooms and what you get in a modern new build. I've had to rip this place out because it was distinctly in that "make do and mend" category. Now I have replaced it with clean lines, fitting units, a sturdy worktop - I trust it'll never officially need replacing. It is all entirely serviceable with no weirdness/funnies going on. The last two houses I have been in have clearly been poorly fitted from the get-go and corners have had to be cut to make it "work" resulting in sagging worktops, dodgy doors etc etc.
i think it also depends on the area though. most new builds tend to be in brownfield sites in less than desirable areas and bordering factories/industrial sites, with limited access to amenities such as public transport links, shops and schools
yet they still charge a premium...because...new
Soldato
Hey, no judgement on what you are doing as its impressive - I just couldn't be bothered with the hassle but I can fully understand the fact you are doing it to your own standard, rather than hoping a contractor will be as high a quality. There must also be a huge level of satisfaction when learning the new skills and seeing them pay off
I wouldn't be so worried about "overpaying". You just need to ensure you can meet the minimum payments. People get so fixated on the duration of their mortgage term. Is it genuinely the end of the world if you're mortgage free by 60 instead of 55?
I've no idea how old you are, but if mortgage free at 55 comes at the cost of not doing any significant upgrades to your home in 20+ years then it's going to look very dated and very depressing to live there by the time you get to 55.
Soldato
Absolutely... Thankfully I am about 5 mins walk from a major supermarket and then a further 2 mins into a town centre.
Some houses were built about 20 mins walk from me around the 1980'/90's and they have at least a 20-30 min walk to get to anywhere - shops, pubs, schools so it's not just new builds in the last 20 years that have that location problem (and this was a greenbelt site)
As someone who's just fitted their own kitchen (first time), you definitely learn stuff, and without a doubt there's stuff you'd do differently if you had to do it again. As much as it has taken me significantly longer than I wanted (as always seems to be the case with DIY) and the missus moaned a lot about the mess and stress - especially being 30+ weeks pregnant at the point I started. I do like to point out that had we paid a professional company to fit it for us, it would have probably cost in the region of 6-8 grand. They might well have finished it significantly quicker than I was capable of, but that 6-8 grand basically pays for our big holiday next year.
That's insane.
I'm not sure I have the patience to do something like that. But wow. That is expensive!
Let's be realistic, this is not most people who buy new kitchens or other large keeping up with the Joneses purchases on credit, and if it is zero percent then the price will be a lot higher to begin with.
true. although i bought my kitchen last year on 0%, and my solar pv system this year also on 0%. both stuck on credit cards and only paying minimums until the last month before the 0% expires
it depends on how you're getting the credit. yes if you go through the manufacturer/dealer "0%" the interest is already pre-loaded on the price.
however, there's 0% credit cards, so no reason to pay inflated pricing
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True, but again a different profile IMO to many people making keeping up with the Joneses style purchases. You have to have good credit and be able to pay it all off during the interest free CC period. Also, can't do it for purchases like cars, building work, etc.
ah fair enough. yes, envy and keeping up with the joneses keeping lots of people in debt
You can bounce it to another CC in many cases. Sometimes with 0pc BT fee. Although I don't see any of those at the moment.
Soldato
To elaborate some, in general highest interest rate wins, so if my mortgage is only charging me 1% and I can earn 5.2% (or more) myself then I should not pay more than I have to against the 1% debt, and instead use it to go into savings/investments.
I can overpay it all back in later and should be up some £'s.
The mortgage interest rate is generally fixed against the term it's in, so yes long term this plan sucks, I am going to reverse gears the minute my cheap fix ends and will wind up overpaying instead again most likely.
Awwww yiss, wanna go check out some planes? You'll have to LARP as an idiot that would buy my services (y)