Published on 12, July, 2020
hi there, I've been avoiding debt like the plague because they whole system is tainted by greed and hate. I've managed to save a 50% deposit in the process but I'm starting to realise that I need a spending plan. I still currently live with my parents and was wondering how many of you have successfully achieved total independence by living on your own with a mortgage and a place of your own? Taking care of myself is hard work and admittedly I wash only once a week, rely heavily on convenience foods and rarely exercise. Would that all change if I had total control of my environment or is there a major flaw in that plan due to how the condition impacts living capacities?
Being coerced into agreeing to a repayment scheme that can never be completed and forced into a situation of spiralling depreciation due to extreme inflation at initial setup. Lease holds have already been tainted by such setups due to erroneous ground rent terms.
NAS15974 said:Being coerced into agreeing to a repayment scheme that can never be completed
I think this only happens when you can't get a "normal" mortgage because your financial situation does not suggest (enough) that you can repay it. If you go to a mortgage advisor (often estate agencies can recommend someone) they will tell you how much you will be able to get. Of course there are risks, they can partly be covered by insurances (you'll get advice on that too), but the assumption certainly is that if nothing goes badly wrong you will be able to repay your mortgage. The thing where people get frequently into trouble is when their financial situation didn't allow them to get a mortgage (large enough) the from "normal" lenders and then they turned to people who gave them one anyway, with awful conditions. So don't go that way, find out how much you can get and consider this as your upper limit.
I had a guy from Countrywide and he was brilliant. I had not the slightest clue about mortgages and felt at no point that anyone took advantage of this. If you know enough about the stuff yourself you can probably save two hundred pounds or so, but if you don't know much about it then I think it is a lot saver to get help and pay a bit for it.
NAS15974 said:forced into a situation of spiralling depreciation due to extreme inflation at initial setup
Not really sure what you mean with that? The last years the general inflation was actually incredibly low, interest rates too, but maybe that's not what you are talking about? House prices have gone down in some areas, up in others, but when you buy a home (rather than a property) then that's less important to you, I'd think (although you may have to pay a little bit more of something at some point because they say you won't be able to sell your house to the price you bought it for so have to cover a larger amount to repay, but this is not about sums that are going to kill you).
I can totally understand why you want to avoid debt but it's not quite as awful as you seem to have got an impression. I'd say the key is to get advice from the start and stick to it.