I'm on interest only at the moment
parlty because my mortgage is large, but also because we thought we'd be better off ploughing the money into the house for a couple of years, on things like double glazing and a new bathroom.

this would have worked fine if the fucking market hadn't gone tits up....
( Vipros. clever got me this far, then tricky got me in, Wed 8 Apr 2009, 9:45, 2 replies)

Fuck it
The market will get better, eventually - If your not planning on moving or releasing anymore captial from your property at the moment it doesn't really make much difference. Ride out the recession and then reap in the cash when the economy picks up; doesn't look like the recession is gonna be as long and hard (ooo-eerr) as some so-called economists have suggested. The RPI is not as fucked as first thought, for a start.

As an economist myself I'd just like to say: "Cunty-Fuck-Wads!" Well, this is QOTW...
( SpankyHanky, Wed 8 Apr 2009, 9:48, closed)

I have friends who bought a normous
pile of a house on interest only, fully expecting to improve and flog at a profit.(which I realise on re-reading sounds like they intended to open an S&M brothel).
Now if conversation goes anywhere near money they both turn white. Their income is from City jobs, they cleverly mortgaged to the max.
Any day their playhouse could come tumbling down. BUT - life is risks. A year ago I envied their acumen and wished I had had the balls to do the same.
( Larry Vest One day at a time, sweet Jesus, FFS., Wed 8 Apr 2009, 10:04, closed)

we've got a biggish house
but not absurd. both paid pretty well too, so it's not beyond our means.

we've been saving hard since the recession started to pay off a lump of mortgage, which should help matters, but the uncertainty is in the current value of our house. Exeter prices haven't dropped much, so hopefully we will be quids in.

if not, the worst that happens is we stay in the house a bit longer. it's big and nice enough that we can stay there indefinitely, and we ain't planning on having kids, so we'll be laughing in the long run!
( Vipros. clever got me this far, then tricky got me in, Wed 8 Apr 2009, 10:27, closed)