I1L2T3 Posted March 28, 2012 Share Posted March 28, 2012 Yes you do own your house hence why you have possession of the deeds on completion. You don't own it outright until you pay back every penny. That's why they don't let you have the deeds at the start. Link to comment Share on other sites More sharing options...
poppet2 Posted March 28, 2012 Share Posted March 28, 2012 Understand fully where you are coming from. The revenue absolutely should have been re-invested in new housing. It's easy to forget the 1980s/90s housing shortages that led to whole families rotting in high cost B&B accomodation because of shortages of public housing. The B&Bs even became attractive investments because of the amount of revenue that could be got from the government for housing those poor families. The fact is social housing fulfilled a need and its whole purpose was usurped to get votes. Sad days and on the way back it seems - at least Thatcher had a vast stock of public housing to play with, not so for Cameron. But the worst of it is that due to the shortage of council housing, COUNCILS are renting from private landlords to home council tenants. The council tenants pay normal subsidised council rent to the council, while the private landlord receives the full market rent from the council. So in affect the tax payer ends up paying the rent for BTL landlords at market price. It's time to start planning long term and start building subsidised housing which will work out far cheaper in the long run. In fact it should be a basic human right for someone to have a roof over their head. Housing policy should be taken out of the political forum altogether and should be dealt with by a non partisan body. Link to comment Share on other sites More sharing options...
I1L2T3 Posted March 28, 2012 Share Posted March 28, 2012 But the worst of it is that due to the shortage of council housing, COUNCILS are renting from private landlords to home council tenants. The council tenants pay normal subsidised council rent to the council, while the private landlord receives the full market rent from the council. So in affect the tax payer ends up paying the rent for BTL landlords at market price. It's time to start planning long term and start building subsidised housing which will work out far cheaper in the long run. In fact it should be a basic human right for someone to have a roof over their head. Housing policy should be taken out of the political forum altogether and should be dealt with by a non partisan body. Could not agree more with the statement in bold. Everybody should be guaranteed a home, however modest. Link to comment Share on other sites More sharing options...
Cyclone Posted March 29, 2012 Share Posted March 29, 2012 You don't own it outright until you pay back every penny. That's why they don't let you have the deeds at the start. They do let you have the deeds, you do own it outright. There is a charge against the house, if you didn't own the house there couldn't be such a charge. Link to comment Share on other sites More sharing options...
Cyclone Posted March 29, 2012 Share Posted March 29, 2012 Could not agree more with the statement in bold. Everybody should be guaranteed a home, however modest. I don't disagree in principle, there's no point in making people live on the street. But it should be extremely modest when this applies to someone who refuses to work, in fact I don't think home is the right word, shelter is the correct word. A home should be something that you have to work for. Link to comment Share on other sites More sharing options...
BIGDINNERS Posted March 29, 2012 Share Posted March 29, 2012 I always remember struggling to get a mortgage 10 years ago,my dad always said that the young in this country stood no chance when wanting to get on the property ladder. 10 years ago my mortgage repayments were around £200 pm,then rose to around £260 pm,they are now currently are around £160,quite a difference!!!. This has happened because I chose the right mortgage at the right time,and sooner than later I will own that home outright. Maybe I was lucky, I knew nothing about mortgages but was happy to have and be able to afford my own home. I the meantime I have managed to buy outright 3 other properties but because the original house is so low to repay,I still have a mortgage on it and until the rate rises I may as well keep paying it off with minimal interest,the banks are there to make a living just like everyone else. Call me lucky,hardworking,sensible or whatever you want( no dought some one will say I'm greedy and should give my hard earned houses to some lazy sod on benefits:o) but when I took out the mortgage it was at a price I could afford and I was over the moon that I had my own home. I also knew it was better than renting and I had to repay the loan:thumbsup: Link to comment Share on other sites More sharing options...
miss_boss Posted March 29, 2012 Share Posted March 29, 2012 I always remember struggling to get a mortgage 10 years ago,my dad always said that the young in this country stood no chance when wanting to get on the property ladder. 10 years ago my mortgage repayments were around £200 pm,then rose to around £260 pm,they are now currently are around £160,quite a difference!!!. This has happened because I chose the right mortgage at the right time,and sooner than later I will own that home outright. Maybe I was lucky, I knew nothing about mortgages but was happy to have and be able to afford my own home. I the meantime I have managed to buy outright 3 other properties but because the original house is so low to repay,I still have a mortgage on it and until the rate rises I may as well keep paying it off with minimal interest,the banks are there to make a living just like everyone else. Call me lucky,hardworking,sensible or whatever you want( no dought some one will say I'm greedy and should give my hard earned houses to some lazy sod on benefits:o) but when I took out the mortgage it was at a price I could afford and I was over the moon that I had my own home. I also knew it was better than renting and I had to repay the loan:thumbsup: Fair enough But that was in the days when £35,000 got you a decent house. I know this because I also bought my first home in 1999/2000 time, and in those days a flat cost around 25k, a small terrace/small semi 35k, is you wanted a terrace in a better area, you were looking at 45k. If you wanted to push the boat out and live in one of our better areas, then for 86k you had a detached house (with a garden) in a nice area like Loxley, and if you really wanted to go upmarket, then for 98k you could have a massive detached house at Lodge Moor with massive drive, garden etc..... 97k in todays money would not even get you a terrace, unless you are happy to live in a dodgy part of Sheffield Well done for buying your home at the right time (as I did), but you and I were both very lucky. We just happened to buy before the house prices shot up - there was no skill in that. Link to comment Share on other sites More sharing options...
Cyclone Posted March 29, 2012 Share Posted March 29, 2012 If you increase your payments now whilst they're cheap you'll gain a huge amount in total savings. The banks don't struggle to make a living, you don't owe them anything. Link to comment Share on other sites More sharing options...
poppet2 Posted March 29, 2012 Share Posted March 29, 2012 If you increase your payments now whilst they're cheap you'll gain a huge amount in total savings. The banks don't struggle to make a living, you don't owe them anything. Yes, but won't the bank in effect fine you for paying off your mortgage too early because they will be losing out? Link to comment Share on other sites More sharing options...
Agent Orange Posted March 29, 2012 Share Posted March 29, 2012 Yes, but won't the bank in effect fine you for paying off your mortgage too early because they will be losing out? Not necessarily. I suppose it depends on the bank and the type of mortgage. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.