ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 17, 2020 16:30:56 GMT
Whenever a client had a Lump Sum I often advised to pay off the Mortgage, because that way if you lose your job/get seriously ill/etc at least you (should) keep the roof over your head and sleep at night. Not to mention keeping hold of the (usually) biggest investment of your life. Many of my colleagues would argue "No, invest the lump sum" but my advice to clients was " No, pay off all/part of your mortgage, and redirect the Monthly Mortgage Payments (Pound Cost Averaging) into one or more investment vehicles appropriate to your circumstances."
I STILL stand by that advice today, there is nothing like the peace of mind in OWNING your home. JMHO, I thank you.  I've never asked for advice, but figured out myself that this is the way to go. It was a great feeling when I paid my mortgage off in 8 years instead of 25. At least I know if worse come to the worst I have a roof over my head. You advice is much more sound than the one of your colleagues! OzBoy knows best. PS /EDIT: " Well, he would say that, wouldn't he." M Rice-Davies (RIP)  PPS / EDIT: Yes, yes, I know I've used it before, it's just my favourite quote. 
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michaelc
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Post by michaelc on Mar 17, 2020 23:42:54 GMT
I've never asked for advice, but figured out myself that this is the way to go. It was a great feeling when I paid my mortgage off in 8 years instead of 25. At least I know if worse come to the worst I have a roof over my head. You advice is much more sound than the one of your colleagues! Ditto here BUT it turns out that isn't the end of the matter. Council tax for example needs paying pretty much regardless of who lives in the now unmortgaged house. That's the lion's share of costs but there are others such as insurance and maybe fees to pay to the church or other third parties if you're unlucky or purchased leasehold.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Mar 18, 2020 0:35:16 GMT
I've never asked for advice, but figured out myself that this is the way to go. It was a great feeling when I paid my mortgage off in 8 years instead of 25. At least I know if worse come to the worst I have a roof over my head. You advice is much more sound than the one of your colleagues! Ditto here BUT it turns out that isn't the end of the matter. Council tax for example needs paying pretty much regardless of who lives in the now unmortgaged house. That's the lion's share of costs but there are others such as insurance and maybe fees to pay to the church or other third parties if you're unlucky or purchased leasehold. I still have £108K loan interest only I have had 16 years rate will drop to 1% . So were I to pay it back I would be <£90 a month better off. The £100K no matter where will make considerably more than £90 a month. When this ends I will take a RIO lifetime no repayment till death mortgage. As long as I live I will enjoy as much as I can I don’t care what is left after my £25K plus funeral ( Bronze casket and Crypt) is Paid I won’t be around to see it.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Mar 18, 2020 13:13:18 GMT
I've never asked for advice, but figured out myself that this is the way to go. It was a great feeling when I paid my mortgage off in 8 years instead of 25. At least I know if worse come to the worst I have a roof over my head. You advice is much more sound than the one of your colleagues! Ditto here BUT it turns out that isn't the end of the matter. Council tax for example needs paying pretty much regardless of who lives in the now unmortgaged house. That's the lion's share of costs but there are others such as insurance and maybe fees to pay to the church or other third parties if you're unlucky or purchased leasehold. , you are an informed & erudite fellow, but I don't get your post. You mention overheads that exist anyway, with or without a mortgage. And with all these overheads you have to still pay your mortgage on top. Bit thick me and I'm obviously missing something, please explain?
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michaelc
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Post by michaelc on Mar 18, 2020 14:28:46 GMT
Ditto here BUT it turns out that isn't the end of the matter. Council tax for example needs paying pretty much regardless of who lives in the now unmortgaged house. That's the lion's share of costs but there are others such as insurance and maybe fees to pay to the church or other third parties if you're unlucky or purchased leasehold. , you are an informed & erudite fellow, but I don't get your post. You mention overheads that exist anyway, with or without a mortgage. And with all these overheads you have to still pay your mortgage on top. Bit thick me and I'm obviously missing something, please explain? Very kind of you to say assuming you're not being sarcastic haha. Yes you're of course right that you need to pay those things anyway. Maybe I'm confused due to my "mild fever" but I was making a kind of side point which is unlike other possessions that one owns, you can't just own a house and not worry about additional ongoing fees associated with it. Even a car which has lots of fees to run, costs nothing if you leave it in the garage off-road doing nothing. Of course a property managed sensibly should actually bring in income (or the value of a home if its your only property) but unlike a watch, a computer or even a car, you can't just not think about it and expect it not to cost you money. I'm probably stating the obvious so maybe not even a point worth making.
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r00lish67
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Post by r00lish67 on Jul 2, 2021 8:51:54 GMT
FS Br**ch Road, Londonderry 30/04/2021
The receivers have advised that the property sale at £220,000 is due to complete in the next 2-3 weeks. The usual update and breakdown will be provided accordingly following receipt of completion monies.I've lost track these days of what the form is, are CG providing semi-regular updates? Would be interested to know what's happened with this one. fundingsecure2 |
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pfffill
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Post by pfffill on Jul 2, 2021 14:33:04 GMT
According to the revised schedule announced by CG at the end of January, we receive comprehensive updates on all our outstanding loans quarterly, so the first was end January, the second one was end April and the next one is due at the end of this month. Of course, due to this ongoing Quiswhatsit case, we will not actually be able to withdraw any funds from resolved loans until the case is settled; perhaps sometime around mid-century?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 2, 2021 14:40:20 GMT
According to the revised schedule announced by CG at the end of January, we receive comprehensive updates on all our outstanding loans quarterly, so the first was end January, the second one was end April and the next one is due at the end of this month. Of course, due to this ongoing Quiswhatsit case, we will not actually be able to withdraw any funds from resolved loans until the case is settled; perhaps sometime around mid-century? Indeed, all updates should finish with a clip from Blackadder 2. 'Here's a bag of money. Which I'm not going give you. Now sod off!"
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adrian77
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Post by adrian77 on Jul 2, 2021 18:00:48 GMT
I think this one is for £360K and over 4.5 years late? so guess about a 50% capital loss - another mega result....
I have been thinking about this Quiswhatsit case - I wonder if it is Raj complaining his money has not been invested properly - not sure how strong a case he has for this - true investment was a complete joke but he was a director so no idea where this one will end-up...
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iRobot
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Post by iRobot on Jul 10, 2021 10:49:21 GMT
£205k sale price. Less, say, c.15% in fees = £175k which would be c. 65% capital return.
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Post by beepbeepimajeep on May 26, 2023 14:19:38 GMT
Londonderry you say  Just repaid something on the funding not secured. 7 years after we invested - 49% of capital returned, no interest of course.
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kermie
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Post by kermie on May 26, 2023 20:02:23 GMT
Londonderry you say Just repaid something on the funding not secured. 7 years after we invested - 49% of capital returned, no interest of course. St**nd Road, Londonderry - slightly better at 54%. SEVEN YEARS.  And not even an update on their respective loan pages.
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And not even an update on their respective loan pages.