The Retirement Thread

[Mo1959]

I took my first mortgage out in 1974 when i was 18

Glad I did it though, although with nobody to look after me in old age it may well get used to fund care depending on what the future holds for me. Glad we don’t know what’s ahead.

 

[numbnuts]

1974 ? I was aged 10

I was 23

 

[Paulus]

Think I took out my first mortgage in 1986 when I joined the prison service and it was around 15% then.

My first mortgage was taken out in 1981, 16.5%. Fortunately myself and MrsP had good jobs , but it was still a bit of a struggle financially wise. I had to do a bit of extra work labouring for a mate of mine who had a building firm to make a bit of extra.

 

[Dirk]

Glad I did it though, although with nobody to look after me in old age it may well get used to fund care depending on what the future holds for me. Glad we don’t know what’s ahead.

True.
Talking to my solicitor the other day and she reckons that we don't need to concern ourselves with care costs. Everything is basically covered by our future assets.

 

[numbnuts]

True.
Talking to my solicitor the other day and she reckons that we don't need to concern ourselves with care costs. Everything is basically covered by our future assets.

The only asset I have is the one I'm sat on

 

[BoldonLad]

I seem to recall paying 17% on a mortgage in the late 70s.
I remember inflation running around 25% in 1974/5.
Kids today don't know how easy they've got it.
Oh dear........starting to sound like my grandpa.

You are your "grandpa" now ,

 

[BoldonLad]

1974 ? I was aged 10

What is a child doing on the Retire,emt Thread?

 

[Tenkaykev]

And, in the end, the love that you take is equal to the love you make.

 

[BoldonLad]

Think I took out my first mortgage in 1986 when I joined the prison service and it was around 15% then.

Yes, that sounds approximately correct. We took our mortgage in 1987, and, mortgage interest rates increased shortly after that. From memory, I thought it was around 1992, and Norman Lamont and European Exchange Rate Mechanism. But, I could be wrong

 

[Dave7]

I seriously think you are in a good situation.
When you have money or in Dirks case will inherit you worry about how to manage it.
I recall when we had zilch...... that was it. You didn't have it so you didn't worry..... you just did without.
Don't get me wrong, its nice to know that if you want ie a pair of shoes you can go and buy them but there are down sides

 

[Dave7]

Yes, that sounds approximately correct. We took our mortgage in 1987, and, mortgage interest rates increased shortly after that. From memory, I thought it was around 1992, and Norman Lamont and European Exchange Rate Mechanism. But, I could be wrong

Late 70s/early80s as I recall it.
In 1970 we lived in a 2 bed terrace. No bath and bog down the yard.
1978ish we moved to a 3 bed terrace with an extension bathroom.
Shortly after that rates went through the roof.

 

[Sterlo]

First mortgage 1988, but we were savvy, houses around here were still quite cheap, we got ours just before the late 80's boom (it doubled in value within a year). We worked out how much we could afford and found a house based on that, £17250 with a £1000 deposit. You need more than the full value of our first house now just for the deposit. I do feel sorry for the younger generation trying to get onto the property ladder these days.

 

[classic33]

You might be on to something Dave. I like to think of myself as quite sophisticated, after all, I've been to Leeds you know. On occasion I've visited toilet facilities with a receptionist / cleaner. Perhaps they could offer an additional button / unbutton service for those of us who are less dextrous 🤔

Another one!
We'll have to start charging an exit fee.

 

[Dirk]

I seriously think you are in a good situation.
When you have money or in Dirks case will inherit you worry about how to manage it.
I recall when we had zilch...... that was it. You didn't have it so you didn't worry..... you just did without.
Don't get me wrong, its nice to know that if you want ie a pair of shoes you can go and buy them but there are down sides

Very true - it's difficult to get a good nights sleep when your mattress is stuffed with spondulicks. Bloody uncomfortable!

 

[classic33]

Very true - it's difficult to get a good nights sleep when your mattress is stuffed with spondulicks. Bloody uncomfortable!

Keep the coins at the foot of the bed!