10-02-2015, 02:10 PM
Hi Trent :-)
just make sure you don't overstretch yourself mate. Personally I wouldn't get into any government scheme that meant they had their dirty little mitts on anything I "owned". IIRC they also up the rate you have to pay back the government in some of the scams they run after a set number of years because it assumes you will be earning more at that point whether you are or not.
Here's some food for thought too http://blog.moneysavingexpert.com/2010/1...ince-1694/
The current climate is VERY unusual. Keep in mind that historically the average interest percent rate is about 7%. Over 25 years things can change dramatically. My old man lost our house to LLoyds in 1990. He re-built it for cash and then ended using up it has collateral for his business, clever boy. He was paying 15% interest when he finally threw the towel in. They took the house and sold it for 50K less than the asking price to claw their money back and left us totally destitute.
The shorter the term you pay it off in also has a massive effect on the overall amount you pay back. Find a mortgage calculator online and check the difference between 15 years and 25. You may be surprised?
Not saying don't do it, just do your research. :-)
As for the pikey existence I saw the thread but forgot to comment. I spent 3.5 years living in 2 1970's caravans and it's not for most. We had no water for 2 months at one point because of the bad winter. Things left out overnight frozen solid and the stuff in the fridge still liquid as it was warmer lol. In the summer the polar opposite! Damp's a problem too. We only had electric oil radiators. That was in between the ages of 9 and 12. I thought it was normal but I'd probably have ended up in care now lol
just make sure you don't overstretch yourself mate. Personally I wouldn't get into any government scheme that meant they had their dirty little mitts on anything I "owned". IIRC they also up the rate you have to pay back the government in some of the scams they run after a set number of years because it assumes you will be earning more at that point whether you are or not.
Here's some food for thought too http://blog.moneysavingexpert.com/2010/1...ince-1694/
The current climate is VERY unusual. Keep in mind that historically the average interest percent rate is about 7%. Over 25 years things can change dramatically. My old man lost our house to LLoyds in 1990. He re-built it for cash and then ended using up it has collateral for his business, clever boy. He was paying 15% interest when he finally threw the towel in. They took the house and sold it for 50K less than the asking price to claw their money back and left us totally destitute.
The shorter the term you pay it off in also has a massive effect on the overall amount you pay back. Find a mortgage calculator online and check the difference between 15 years and 25. You may be surprised?
Not saying don't do it, just do your research. :-)
As for the pikey existence I saw the thread but forgot to comment. I spent 3.5 years living in 2 1970's caravans and it's not for most. We had no water for 2 months at one point because of the bad winter. Things left out overnight frozen solid and the stuff in the fridge still liquid as it was warmer lol. In the summer the polar opposite! Damp's a problem too. We only had electric oil radiators. That was in between the ages of 9 and 12. I thought it was normal but I'd probably have ended up in care now lol