Archive for December, 2007

A post at moneysavingexpert.com poses a question which may have occured to your entrepreneurial mind.

Which is better? Lots of Property for rent or no mortgage?

My plan for some time has been to own property worth £1 Million pounds by the time I am 40 years old (18 months away).
I don’t care how much the mortgages are, so long as the rental income covers the mortgages, with the exception of my home, which I pay for from my earnings.I reckon that in any 8 to 10 year period, the property prices will have at least doubled (sometimes tripled), which will give me my one million equity for retirement at 50.However, there are risks, ie rental.

I am planning better now, and actively seeking to clear debts, budget, market my first holiday rental property etc, but it us a very steep learning curve, and also a dream. I am close to my target, my home and rental property combined are worth around £750 to £800 thousand pounds. I will hopefully buy another cheaper property to spread my risk a little in a year to 18 months when I have a proven rental income. Worst case senario, I can always sell.But is this madness?

Should I sell up and buy a smaller home and be mortgage free soonish? Enjoy my income and forget trying to have more? is wanting more addictive? Do we ever really feel happy with our achievements? If I invested my income in shares instead of mortgages, would I still make as much

Which is better? Lots of Property for rent or no mortgage? - MoneySavingExpert.com Forums

Tags: mportgage, money, property

How to beat the mortgage maze | moneysupermarket UK

Tags: mortgage, deal

Moenysavingexpert.com has an interesting thread on whether or not to use a broker.

As its often debated here ‘to broker or not to broker’ I thought I would briefly lay out my thoughts.”The right broker is a big benefit. Far better to go to a broker than direct to one lender who will simply try and flog you their own mortgage.

They will look after the market and possibly bring you better negotiating power Overall I’m a broker fan!”Of course there are ifs and buts. The two key questions to ask a broker are”are you whole of market?”and”do you charge a fee?”.If the answers are yes and no then… whey hey hey… we’re off to a good start. If the answer is anything else I would seek another broker.

Please do read those before getting involved in discussions which will often get very technical.The two most relevant for this are “Get top mortgage advice for free article” or even better, its included in the free 28 page MoneySavingExpert guide to remortgaging available as printed guide or download a PDF (or read more)What about the brokers answering questions on here?

First of all say thank you. Many of them do a great job without renumeration for it. It’s a great place to ask. Of course its always worth remembering just because someone says they are a broker doesn’t mean they are, however, the vast majority on here are genuine and want to help.

Martins View On Using Mortgage Brokers… - MoneySavingExpert.com Forums

Tags: broker, mortgage,