mspL4 Posted April 20, 2011 Share Posted April 20, 2011 Hey HPC-ers! Just thought I'd let you all know that after being a keen spectator and sometimes contributor to this site for the past 6 years I've finally bitten the bullet and bought a place. I'd like to Thank You all for keeping me sane and preventing me from buying into an overpriced bubble whilst saddling myself with crippling debt for a large part of my life and paying off a Bank that's happy to lend me someone elses money so long as they can charge 100% interest for themselves for doing nothing. After a long wait and several viewings myself and my other half have purchased a 3 bedroom victorian terrace a couple of miles from where we've been living for the past 11 years, (1 bedroom council flat). I'd managed to save up 50% of the value over the past 4 years and my folks were in the position to lend me the other 50% which we intend to pay back over 5 years. I've never been interested in owning a house as an investment, but just somewhere to live and to call home, thanks to the vigiliance on here I'm closer to achieving that and all the while not owing a penny to the Banksters! HPC I Salute You! mspL4 Quote Link to comment Share on other sites More sharing options...
oktup Posted April 20, 2011 Share Posted April 20, 2011 Good work dude, congrats! Enjoy your new home. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted April 20, 2011 Share Posted April 20, 2011 Hey HPC-ers! Just thought I'd let you all know that after being a keen spectator and sometimes contributor to this site for the past 6 years I've finally bitten the bullet and bought a place. I'd like to Thank You all for keeping me sane and preventing me from buying into an overpriced bubble whilst saddling myself with crippling debt for a large part of my life and paying off a Bank that's happy to lend me someone elses money so long as they can charge 100% interest for themselves for doing nothing. After a long wait and several viewings myself and my other half have purchased a 3 bedroom victorian terrace a couple of miles from where we've been living for the past 11 years, (1 bedroom council flat). I'd managed to save up 50% of the value over the past 4 years and my folks were in the position to lend me the other 50% which we intend to pay back over 5 years. I've never been interested in owning a house as an investment, but just somewhere to live and to call home, thanks to the vigiliance on here I'm closer to achieving that and all the while not owing a penny to the Banksters! HPC I Salute You! mspL4 Shouldn`t you just hold your money and wait? In London you will still just be subsidizing someones probably massive debt? Quote Link to comment Share on other sites More sharing options...
SarahBell Posted April 20, 2011 Share Posted April 20, 2011 Fab. Enjoy. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted April 20, 2011 Share Posted April 20, 2011 sounds good, especially as you will have paid for it all within eight years. Thats how it should be! Quote Link to comment Share on other sites More sharing options...
mspL4 Posted April 20, 2011 Author Share Posted April 20, 2011 Shouldn`t you just hold your money and wait? In London you will still just be subsidizing someones probably massive debt? I aint based in London... mspL4 Quote Link to comment Share on other sites More sharing options...
mspL4 Posted April 20, 2011 Author Share Posted April 20, 2011 sounds good, especially as you will have paid for it all within eight years. Thats how it should be! It should all be paid for in 5 years, depending on whether or not either of us still has a job then... mspL4 Quote Link to comment Share on other sites More sharing options...
council dweller Posted April 20, 2011 Share Posted April 20, 2011 ...... and all the while not owing a penny to the Banksters! HPC I Salute You! mspL4 I (we?) salute YOU!! Quote Link to comment Share on other sites More sharing options...
JaneTracy Posted April 20, 2011 Share Posted April 20, 2011 Good luck with it as it sounds like you have a decent margin and have let prices fall. Do you know by how much they have fallen in your area since the peak? Quote Link to comment Share on other sites More sharing options...
General Congreve Posted April 20, 2011 Share Posted April 20, 2011 Shouldn`t you just hold your money and wait? In London you will still just be subsidizing someones probably massive debt? I wouldn't have bought now, but if he's not going to protect/invest) the cash in precious metals, then he was probably better off sinking it into a property, especially as he is borrowing the balance from relatives and not the bank, so can't be repossessed. Better than waiting it out, only to see Merv destroy the value of your savings while propping up house prices with his printing and ZIRP. Quote Link to comment Share on other sites More sharing options...
wherebee Posted April 20, 2011 Share Posted April 20, 2011 Excellent play, well done. Having no, or minimal mortgage, makes so much sense... Quote Link to comment Share on other sites More sharing options...
NotMyHouse Posted April 20, 2011 Share Posted April 20, 2011 Congratulations. I hope you enjoy your new house. Quote Link to comment Share on other sites More sharing options...
silver surfer Posted April 20, 2011 Share Posted April 20, 2011 Congratulations! Enjoy your new home...and your vists to B&Q. Quote Link to comment Share on other sites More sharing options...
mspL4 Posted April 20, 2011 Author Share Posted April 20, 2011 Good luck with it as it sounds like you have a decent margin and have let prices fall. Do you know by how much they have fallen in your area since the peak? The property sold in 2007 for 33% more than I just paid for it. It actually changed hands twice in 2007, 4 months apart. Obviously someone flipped it as there was a 25k increase in the price from the initial purchase to when it sold again 4 months later. Incidentally, the price I paid for it is still considerably less than the initial sale price in 2007 pre-flip. mspL4 Quote Link to comment Share on other sites More sharing options...
Frank Hovis Posted April 20, 2011 Share Posted April 20, 2011 Relax and enjoy. Quote Link to comment Share on other sites More sharing options...
RichB Posted April 20, 2011 Share Posted April 20, 2011 good job Quote Link to comment Share on other sites More sharing options...
MattW Posted April 20, 2011 Share Posted April 20, 2011 Congratulations. Quote Link to comment Share on other sites More sharing options...
juvenal Posted April 20, 2011 Share Posted April 20, 2011 Well done. Congratulations. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.