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wendigo100
13th February 2007, 08:59
I've got 45K on the mortgage, which isn't much these days.

(However, I'd still prefer to have none. I've just been listening to the radio, where kids of 18 and 19 are starting a lifetime of borrowing (not counting university costs) without a care in the world about it.)

BrilloPad
13th February 2007, 09:14
I reckon its me. BFH to support. Took most of my capital and income. Then asked me to look after the kids while she works. so then I need a house big enough for kids(so I also pay mortgague) and I pay my girlfriend to look after the kids.

foritisme
13th February 2007, 09:18
Don't know were I have one wrong with this contracting game, but my debts now are the biggest they have ever been (contracting 13 yrs). Too embarrassed to tell you all how much in total :(

SallyAnne
13th February 2007, 09:19
I think mine would be hard to beat...

I share a £280k mortgage (just bought last year, we've paid nothing off so far, but "plan" to have it gone in 5 years).

And I've probably got about £40k of personal debt aswell (most of which was from my student days, foolishly topped up over the years).

I can manage it all fine, but I'd rather not have it obviously.

foritisme
13th February 2007, 09:20
Ah Sally Anne, you have made me feel a little better. Welcome to the club :cool:

Sockpuppet
13th February 2007, 09:20
I have around £4k left to pay on a car but around £5k in savings so technically none.

kramer
13th February 2007, 09:20
I think mine would be hard to beat...

I share a £280k mortgage (just bought last year, we've paid nothing off so far, but "plan" to have it gone in 5 years).

And I've probably got about £40k of personal debt aswell (most of which was from my student days, foolishly topped up over the years).

I can manage it all fine, but I'd rather not have it obviously.

280k in sunderland OMG!!

SallyAnne
13th February 2007, 09:21
Ah Sally Anne, you have made me feel a little better. Welcome to the club :cool:


Yeah I thought that would cheer you up :hug:

MarillionFan
13th February 2007, 09:24
I have paid off my mortgage and have money in the bank. So it aint me. :banana:

ChimpMaster
13th February 2007, 09:24
i got so much money i should be lending it out to you guys :cool2:

SallyAnne
13th February 2007, 09:25
280k in sunderland OMG!!


Do you know St Anthony's girls school? Its there :D

Massive 3 storey jobbie! And only a 4 minute stagger from the Borough :D (2.5 mins from the Ivy, and 1.5 mins from Pizzarama).
Although strangely it takes me about 7 minutes to get to our loft room!

MarillionFan
13th February 2007, 09:26
"Massive 3 storey jobbie! And only a 4 minute stagger from the Borough (2.5 mins from the Ivy, and 1.5 mins from Pizzarama)."

You need to get that sorted love. A 3 storey jobbie, how many pizzas from Pizzarama did you have???

foritisme
13th February 2007, 09:26
Well if we are spilling the beans

120K Mortgage (house value 200K)
45K personal debt.............most of it from when my wife went long term sick

SallyAnne
13th February 2007, 09:30
how many pizzas from Pizzarama did you have???


All of them :o

n5gooner
13th February 2007, 09:39
Well sorry guys but I can beat you all....

I have a little over 1.3m in Mortage(s) and about 90k in other debt, I'm also about to purchase another business for about 250k

but its all relative to what you earn and bring in. So yes its high, but so are the incomes.

expat
13th February 2007, 09:39
Mortgage debt is a bit different from any other, in that it is (hopefully) matched to a corresponding asset, so net debt is not positive. Most debt, and especially credit cards, loans, and overdrafts, is not so matched: you just owe the money and that's all there is to it.

(If you have 10k of credit card debt and 10k in the savings account, that's not security, it's miscalculation: pay off the debt! OTOH it can be worth paying into an ISA first, because when you lose the tax relief it's gone for ever.)

Final exception, maybe: a car loan. The car is some sort of security, and anyway many people regard the monthly payments as a running cost.

Debt apart from that? I have a lot, some 10k. I know how I got here, and I'm paying it off in big chunks but even on contractor rates it's hard.

oraclesmith
13th February 2007, 09:40
Well if we are spilling the beans

120K Mortgage (house value 200K)
45K personal debt.............most of it from when my wife went long term sick

Just a thought - what about putting the personal debt on the mortgage. Got to be cheaper.

Mortgage £60k, house worth about £500k
Savings £44k
Credit card £4k

lukemg
13th February 2007, 09:43
Owe 60k on mortgage but when you add up all my assets including house equity 200k other investments except pensions etc I am worth about 290k. Thing is, my dad died a few months ago and seems to have spent most of his life saving for a rainy day and amassing 700k when he should have been spending it or letting my mum do so !
Build up cash to give you options about whether to sack work off/maintain your standard of living if it sacks you off and then bloody spend the stuff. No pockets in a shroud...

SallyAnne
13th February 2007, 09:49
Owe 60k on mortgage but when you add up all my assets including house equity 200k other investments except pensions etc I am worth about 290k. Thing is, my dad died a few months ago and seems to have spent most of his life saving for a rainy day and amassing 700k when he should have been spending it or letting my mum do so !
Build up cash to give you options about whether to sack work off/maintain your standard of living if it sacks you off and then bloody spend the stuff. No pockets in a shroud...


Sorry to hear about your dad Luke :(

My dad's still alive, but doesn't have a penny to his name. Him and my mam have ALWAYS spent every single penny!
They really regret that now though - I guess you never get a happy medium.

oraclesmith
13th February 2007, 09:52
Owe 60k on mortgage but when you add up all my assets including house equity 200k other investments except pensions etc I am worth about 290k. Thing is, my dad died a few months ago and seems to have spent most of his life saving for a rainy day and amassing 700k when he should have been spending it or letting my mum do so !
Build up cash to give you options about whether to sack work off/maintain your standard of living if it sacks you off and then bloody spend the stuff. No pockets in a shroud...

Maybe he was doing what all good parents should do which is to invest in future generations.

BlasterBates
13th February 2007, 10:05
Well if we are spilling the beans

120K Mortgage (house value 200K)
45K personal debt.............most of it from when my wife went long term sick

Congratulations you're not in debt :)

You have net assets worth dan dan dah...

35K

Hip hip hooray for fortisme.

freakydancer
13th February 2007, 10:08
F**k me, you lot do like to talk about money don't you? :rolleyes:

For the record, I have a mortgage and savings.

I'm not a millionaire, nor am I likely to be.

foritisme
13th February 2007, 10:10
Well technically yes..................just wish I could get rid of the 45K. Have thought about adding it to the mortgage but wanted to try the save up and pay in off in a cpl of years route. Everytime I get a bit of money together to pay a chunk off something happens that just seems to eat into it.

DimPrawn
13th February 2007, 10:15
This is the thread for Harry Enfield's "considerably richer than YOW!"

BlasterBates
13th February 2007, 10:16
me ....I used to have bricks and mortar, but now I prefer assets that you liquidate with the click of a button. Maintenance is restricted to the server at the bank, no painting, no decorating, no leaky roof, no tenants complaining about the kitchen no poll tax, council tax, window tax, drain pipe tax etc etc etc.

lilelvis2000
13th February 2007, 10:23
my debt is zero..yay! But me wife has £48,000 on mortgage and £15,000 to me. I'm paying the mortgage, so does that mean I'm in debt? :confused:

Bear
13th February 2007, 10:31
If you're not counting mortgages - then no debt, ~ £60k cash about to be ploughed into a house.

If you count mortgages - Sh*t loads of debt ~ half a mil :eek:

oraclesmith
13th February 2007, 10:35
Well technically yes..................just wish I could get rid of the 45K. Have thought about adding it to the mortgage but wanted to try the save up and pay in off in a cpl of years route. Everytime I get a bit of money together to pay a chunk off something happens that just seems to eat into it.

If you're able to do so (ie. you mortage is such that you don't pay too much in redemption penalties), you could shop around for a new mortgage for the whole amount (£165k) on beneficial introductory rates. If you have personal debts they are bound to be at a higher interest rate than a good mortgage, so you are having to work harder to pay the difference. Most savings (except some cash ISA's and other investments like stocks) are also at much lower interest rates than personal loans (and are taxed) so it doesn't make financial sense to have both loans and savings.

It doesn't matter about paying off 'big chunks' - that's just a psychological sop to make you feel better but it's not financially sound. Think of your debt as a patch of weeds - it's growing fast but if you nip off whatever you can as soon as you can, you undermine it's ability to spread. If you lower the interest you're paying by shifting your debt to the cheapest place, it's not only saving you money, but you will have a bit more money left over each month to pay off the capital and hence it pay less interest and so on. In my opinion.

Bagpuss
13th February 2007, 10:44
Well sorry guys but I can beat you all....

I have a little over 1.3m in Mortage(s) and about 90k in other debt, I'm also about to purchase another business for about 250k

but its all relative to what you earn and bring in. So yes its high, but so are the incomes.

You must be praying to the Lord that interest rate don't double

Lucy
13th February 2007, 10:53
If you're not counting mortgages - then no debt, ~ £60k cash about to be ploughed into a house.

If you count mortgages - Sh*t loads of debt ~ half a mil :eek:


You are him !

You are the person in the UK AtW is looking for. (You have £60k for a deposit)

dotnetter
13th February 2007, 10:56
You are him !

You are the person in the UK AtW is looking for. (You have £60k for a deposit)

Owe about £160k on the mortgage, and have about £30-35k personal debt which I've only started to pay off due to extra cash though contracting, :freaky:

lukemg
13th February 2007, 11:03
Maybe he was doing what all good parents should do which is to invest in future generations.
Brought up during/after the war years when times were tough (rationing in place till 1950 or so !). My dad never wanted to be trapped without the buffer of money. They were were comfortable but never had anything much until they were late 50's, kids moved away, job jumped a few grades. Investments started to kick in and pension savings exceeded the outgoings easily. Also, it gave my dad a pleasure to do the investing and do well out of it. They did go on about 7-8 cheapish holidays a year but they could and should have spent more. We are doing what we can but Gordo is probably looking at a chunk of cash eventually (we know all the posibilities for avoiding this). Spend it, give it to your kids, use it, enjoy it, don't just stash it.

ChimpMaster
13th February 2007, 11:11
Luke

Very similar story to mine. I am trying to keep my father's legacy going, albeit with a few more luxuries :D

This has helped me (along with my earned income) set myself up so that I don't need to work any more, i.e. financial freedom. My basic costs are covered by residual income since this year.

Of course, like many here, I'm not happy with just "basic" living and would be devastated not earning to my full potential!

Churchill
13th February 2007, 11:19
my debt is zero..yay! But me wife has £48,000 on mortgage and £15,000 to me. I'm paying the mortgage, so does that mean I'm in debt? :confused:


You're not in debt, you're fooked!

Bear
13th February 2007, 11:25
You are him !

You are the person in the UK AtW is looking for. (You have £60k for a deposit)

Yes - but I'm not on £50k! Thank *****!

DimPrawn
13th February 2007, 11:30
I doubt if it's me.

I have £600K in property and no mortgage on any of it and £100K is liquid assets (mostly cash, ISA's over the years, premium bonds, etc).

HTH

scooterscot
13th February 2007, 12:01
What happens when just one day maybe someday one of us turns round and says ‘the home ownership malarkey is a waste of time, I want out”?

Yes I have my first home and it is let looks after itself yaddy yaddy, but I also rent wherever I’m contracted to. That’s the joy of contracting for me moving to somewhere new meeting new people experience what the town has to offer, then I move on for the next thing – I love change!!!

The more and more time passes I release how I could never stay put, well at least in my prime.

People of youth avoid the property ladder it’s all propaganda to keep people like me rich! Get out there and explore, adventure, it is the way forward not worrying about where the next mortgage payment is going to come from.

One day the realisation will come and then we’ll all be doomed, doomed I tell yah.

scooterscot
13th February 2007, 12:03
I doubt if it's me.

I have £600K in property and no mortgage on any of it and £100K is liquid assets (mostly cash, ISA's over the years, premium bonds, etc).

HTH

See this is what I’m talking about, sods law the last words heard by saving folks like DP or permies on the first day of retirement is ‘bob, mind that bus’ ‘what bus’ – splat.

Get out there!!

DimPrawn
13th February 2007, 12:10
I'm saving to escape the UK. Every little helps!

ChimpMaster
13th February 2007, 12:58
I'm saving to escape the UK. Every little helps!

Hear Hear, likewise.

AlfredJPruffock
13th February 2007, 13:03
I have my own house paid for 10 years ago and a few fivers tucked away here and there.

I have no debts - only savings and a few shares.


Oddly enough I cannot get credit because I have no debts - odd ?

Not that I want any - besides I am a member of a Credit Union - which I could borrow from ...

Never a borrower nor a lender be

wendigo100
13th February 2007, 13:07
I envy the Scots. They are very careful with their money.

Notoriously careful.

rootsnall
13th February 2007, 13:12
See this is what I’m talking about, sods law the last words heard by saving folks like DP or permies on the first day of retirement is ‘bob, mind that bus’ ‘what bus’ – splat.

Get out there!!

Not quite at DimPrawn levels of wealth but if you've owned a house or 2 and contracted for the past 10 years you'll be in the money unless you've bought a lotta lotta useless cr*p !

Which overseas retirement destinations are we looking at ?

Addanc
13th February 2007, 13:48
I envy the Scots. They are very careful with their money.

Notoriously careful.

Translates to "Tighter than cramp!"

expat
13th February 2007, 13:49
Not quite at DimPrawn levels of wealth but if you've owned a house or 2 and contracted for the past 10 years you'll be in the money unless you've bought a lotta lotta useless cr*p !Or your ex-wife is in the money?

Have any of the women here worked hard, earned a lot, invested well, and seen it all go to a partner?

DimPrawn
13th February 2007, 13:52
Not quite at DimPrawn levels of wealth but if you've owned a house or 2 and contracted for the past 10 years you'll be in the money unless you've bought a lotta lotta useless cr*p !

Which overseas retirement destinations are we looking at ?


I'll give you a clue. http://news.bbc.co.uk/1/hi/business/6357551.stm

rootsnall
13th February 2007, 13:53
Or your ex-wife is in the money?

Have any of the women here worked hard, earned a lot, invested well, and seen it all go to a partner?

Forgot about that proviso ! So far my Mrs is still around and came gift wrapped with a house bought in the depths of the mid 90s when I was still p*ssing it up against the wall.

sunnysan
13th February 2007, 13:59
I have about £300 left on my credit card.

I have a 135k mortgage (Was 128k but the wife had app 7.5k debt which I bombed on the mortgage). Flat is worth about 175k.

Wife (For richer or for poorer so they say) has about 1k debt outstanding.

On the downside, I got married last year so I have no savings (About 2.5k) and about (1.5k) invested in shares which are seriously underperforming.

So theoretically I am in the black but FFS it would be nice to have some more chedder in the bank.

Onwards and upwards

rootsnall
13th February 2007, 14:00
I'll give you a clue. http://news.bbc.co.uk/1/hi/business/6357551.stm

Currently in Blighty is best mode. With all this global warming Costa Del Lancashire will be the place to be come my retirement !

PRC1964
13th February 2007, 14:10
House bought for 345,000 in early 2000 (120k mortgage) spent about 50k on it since and now valued at £800k :)


Cleared all other debts, but still got the 120k mortgage. That'll be the next challenge.

basshead
13th February 2007, 14:13
350k mortgage plus 17k credit card debt plus 10k personal loan. The house is worth around 500k. The wife and I make about 110k p.a. between us :)

Sockpuppet
13th February 2007, 14:18
I'm asset rich, cash poor! I have two small properties worth £350,000 each both mortgaged to thier maximum. I'm about to plunge money into my huisbands resturant but its ok I have £700,000 in assets to fall back on. My IFA is great!

Sayara Beg

andy
13th February 2007, 14:32
No mortgage, still renting
£50k cash in the bank
waiting for the next houseprice crash just like atw

boredsenseless
13th February 2007, 14:33
I'm asset rich, cash poor! I have two small properties worth £350,000 each both mortgaged to thier maximum. I'm about to plunge money into my huisbands resturant but its ok I have £700,000 in assets to fall back on. My IFA is great!

Sayara Beg

I was about to take the p155 out of you sockpuppet but then i noticed the sarcasm in the last line and it made sense then.

expat
13th February 2007, 15:39
lots of savings which I plan to invest in fairly aggressive high risk shares which will yield big divis, provided all goes well.Ah, so no big debts yet?

Zippy
13th February 2007, 18:38
Well technically yes..................just wish I could get rid of the 45K. Have thought about adding it to the mortgage but wanted to try the save up and pay in off in a cpl of years route. Everytime I get a bit of money together to pay a chunk off something happens that just seems to eat into it.

I don't agree with OracleSmith (a rare occasion!) that you should add the debt to your mortgage. At the moment - I'm assuming! - this debt is unsecured so please don't secure it against your house unless you really, really have to. You also say that you are trying to save up and pay it off so you don't really want to commit for 15/20 years payments??

What I'd recommend you do (and I've done this - allbeit with a smaller sum) is transfer as much as possible onto low interest credit cards e.g. the M&S More 3.6% life-of-balance deal, Virgin 0% for 12 months deal, 0% GE Money card. I transferred off other cards then closed them but have kept one empty for life-or-death situations or groceries or future cheap balance transfer deals :) .

There are a few money saving/value websites out there so have a look around for some deals before you bet the farm.

If you want any help with the specifics please PM me. Good luck mate :wave:

stackpole
13th February 2007, 20:00
Go IVA / bankrupt. Easy these days.

Lockhouse
14th February 2007, 09:07
I would have retired by now but women have kept me poor....

scooterscot
14th February 2007, 12:43
No mortgage, still renting
£50k cash in the bank
waiting for the next houseprice crash just like atw


Buy a house in Scotty land we've not seen a house crash in the last 90 years, onwards and upwards softly and gently, crash & boom can only bring doom...

Jawz
16th February 2007, 14:37
One house paid off and owe £50'000 on my second house. But they are in Oz, so I guess thats cheating..

foritisme
16th February 2007, 17:19
If you want any help with the specifics please PM me. Good luck mate :wave:


Thanks Zippy. A fair chunk is one a low interest until balance paid off credit card. I did have 0% virgin, until I missed a payment over xmas. So transferred off and waiting for their next offer til I transfer back.

ZeroDegrees1234
16th February 2007, 21:37
88K mortgage

12 months into IVA