Jump to content
House Price Crash Forum
Sign in to follow this  
Shamus

Still Spinning ...

Recommended Posts

<<<It may be unusual to take on the responsibility of owning a home at such a young age, but Jonathan is motivated by the long-term returns that his investment will bring.

“A house down the road recently sold for £133,000, so I have probably already made some gains, but there is no point in selling yet because the value will continue to increase.” It is also his first step on the path to setting up as a property developer, a goal that he plans to achieve by the age of 30.

However, before he can realise his ambition to become a property mogul, Jonathan needs to pay off his debts and build some savings. “The only thing stopping me from going ahead with the business is that my finances are not in order.” He is determined to clear his student loans first, which he has already reduced from £13,000 to £12,000. >>>

http://business.timesonline.co.uk/article/...1804432,00.html

Apologies if posted before but surely this type of reporting is irresponsible at this stage of the economic cycle!!

Share this post


Link to post
Share on other sites
Guest pioneer31

Another lamb to the slaughter.

Take 1 young clueless graduate

Add a couple of money 'experts'

Leave to simmer for a few months

Then scrape up off the floor.

Share this post


Link to post
Share on other sites
he seems to have an intelligent attitude to money (relative to a lot of students)

Aye, but that's not saying a lot is it? ;)

Share this post


Link to post
Share on other sites
<<<It may be unusual to take on the responsibility of owning a home at such a young age, but Jonathan is motivated by the long-term returns that his investment will bring.

“A house down the road recently sold for £133,000, so I have probably already made some gains, but there is no point in selling yet because the value will continue to increase.” It is also his first step on the path to setting up as a property developer, a goal that he plans to achieve by the age of 30.

However, before he can realise his ambition to become a property mogul, Jonathan needs to pay off his debts and build some savings. “The only thing stopping me from going ahead with the business is that my finances are not in order.” He is determined to clear his student loans first, which he has already reduced from £13,000 to £12,000. >>>

http://business.timesonline.co.uk/article/...1804432,00.html

Apologies if posted before but surely this type of reporting is irresponsible at this stage of the economic cycle!!

Student loans charge interest at around 2-3% - why is this muppet paying off the cheap debt first rather than his expensive mortgage?

Share this post


Link to post
Share on other sites

Student loans are "interest free" in real terms (as measured by the Retail Price Index).

'The Student Loans Company Ltd. -- FAQs':

http://www.slc.co.uk/noframe/faqs/msrepay.html

How will the interest be worked out?

As the rate of interest is always based on inflation (Retail Prices Index as at March each year) the APR from 1st September 2004 is 2.6%. This will be revised to 3.2% from 1st September 2005.

Share this post


Link to post
Share on other sites
Student loans charge interest at around 2-3% - why is this muppet paying off the cheap debt first rather than his expensive mortgage?

yeh thats pretty dumb. Although i currently pay off my student loan at less than the rate of its interest. I pay £20 a month and the interest is around £35+ a month i think...i hope to leave the country some time soon.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.