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craiggo View Drop Down
Really should get out more
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    Posted: 23 Jun 10 at 12:16pm
Originally posted by Guest#260

With interest rates so low just put £10k on the mortgage ... you'd hardly notice it ...


Its that sort of mentality thats seen this countries governement and most of its inhabitants end up in financial trouble!

Its simple if you want to buy something, start saving for it and buy it outright.
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Posts: 0 		Post Options Post Options   Quote Guest Quote  Post ReplyReply Direct Link To This Post Posted: 23 Jun 10 at 7:15pm
Originally posted by Merlinboy

Originally posted by Guest#260

With interest rates so low just put £10k on the mortgage ... you'd hardly notice it ...

Thats the worse possible way to fund £10k, sure the rates are low, but work out how much you will pay over 25 years!! 

Not if you use an offset product & pay it down at the same rate (or faster) as a personal loan; far cheaper ...
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Rupert View Drop Down
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Posts: 8956 		Post Options Post Options   Quote Rupert Quote  Post ReplyReply Direct Link To This Post Posted: 23 Jun 10 at 7:21pm
Originally posted by Guest#260

Originally posted by Merlinboy

Originally posted by Guest#260

With interest rates so low just put £10k on the mortgage ... you'd hardly notice it ...

Thats the worse possible way to fund £10k, sure the rates are low, but work out how much you will pay over 25 years!! 

Not if you use an offset product & pay it down at the same rate (or faster) as a personal loan; far cheaper ...

I think the point was that buying things with money you haven't got (whether loan or adding to the mortagage) on products that depreciate is a bad idea. It is basically what the government does, and we can see where we are with that.
Firefly 2324, Puffin 229, Minisail 3446 Mirror 70686
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Posts: 0 		Post Options Post Options   Quote Guest Quote  Post ReplyReply Direct Link To This Post Posted: 23 Jun 10 at 7:42pm
Originally posted by Rupert

Originally posted by Rick
Perkins

Originally posted by Merlinboy


Originally posted by Guest#260

With interest rates
so low just put £10k on the mortgage ... you'd
hardly notice it ...


Thats the worse possible way to fund
£10k, sure the rates are low, but work out
how much you will pay over 25 years!! 



Not if you use an offset product & pay it
down at the same rate (or faster) as a
personal loan; far cheaper ...



I think the point was that buying things
with money you haven't got (whether loan or
adding to the mortagage) on products that
depreciate is a bad idea. It is basically what
the government does, and we can see where
we are with that.



I think you guys are a bit confused about our
problems. There is nothing wrought with
sensible short term borrow as long as you are
able to easily service the debt and are
operating within your means
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Posts: 0 		Post Options Post Options   Quote Guest Quote  Post ReplyReply Direct Link To This Post Posted: 23 Jun 10 at 7:44pm
Edit to correct typos not possible on iPhone
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mongrel View Drop Down
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Posts: 304 		Post Options Post Options   Quote mongrel Quote  Post ReplyReply Direct Link To This Post Posted: 23 Jun 10 at 9:49pm

Originally posted by Guest#260

I think you guys are a bit confused about our
problems. There is nothing wrought with
sensible short term borrow as long as you are
able to easily service the debt and are
operating within your means

If you know that you can service the debt, then you can buy it out right.  If you can't buy it ourtright, then you don't know you can service the debt!
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Guest View Drop Down
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Posts: 0 		Post Options Post Options   Quote Guest Quote  Post ReplyReply Direct Link To This Post Posted: 23 Jun 10 at 9:52pm
Originally posted by mongrel

Originally posted by Rick
Perkins

I think you guys are a bit confused
about our problems. There is nothing wrought
with sensible short term borrow as long as
you are able to easily service the debt and
are operating within your means


If you know that you can service the debt,
then you can buy it out right.  If you can't buy
it ourtright, then you don't know you can
service the debt!



It is a matter of timing ...

Edited by Guest#260
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ASok View Drop Down
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Posts: 739 		Post Options Post Options   Quote ASok Quote  Post ReplyReply Direct Link To This Post Posted: 24 Jun 10 at 12:30pm
Originally posted by mongrel

Originally posted by Guest#260

I think you guys are a bit confused about our
problems. There is nothing wrought with
sensible short term borrow as long as you are
able to easily service the debt and are
operating within your means

If you know that you can service the debt, then you can buy it out right.  If you can't buy it ourtright, then you don't know you can service the debt!

Borrowing on the mortgage is probably the cheapest thing to do at the minute (depending on your deal).  Your also likely to get approved for that unlike a personal unsecured loan.  Savers aren't getting any assistance at the minute with interest rates so low.

No-one complains if you buy a car on credit or HP - why not a boat?  A new one is no insignificant purchase.

The current finanical crisis was brought about by lenders throwing money at people that could never afford to pay it back.

..........just to confirm - I am not FSA approved!
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Guests View Drop Down
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Post Options Post Options   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: 24 Jun 10 at 1:18pm
My wife took out a student loan to put towards our first boat.  12 years later she hasn't payed a penny back...
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The Moo View Drop Down
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Posts: 809 		Post Options Post Options   Quote The Moo Quote  Post ReplyReply Direct Link To This Post Posted: 24 Jun 10 at 1:45pm
Originally posted by Peaky

My wife took out a student loan to put towards our first boat.  12 years later she hasn't payed a penny back...


So the taxpayer (including me) has effectively serviced that debt...Nice
Really think D1 thread is getting hijacked and this should be a topic in its own right.
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