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17th Sep 2018| Posted by: Phil Haley
This week I am focusing on various aspects of the home financing. As always, I have to get something off my chest. While I was borrower the best rate I ever paid was 11.5% and on occasion the rate went to 18%. How then is it possible that we are told people entering the market cannot afford to do this. We are able to arrange P/I loans at about 3.65% subject of course to the usual enquiries lenders should make.
The first home Sylv and I bought was a very modest semi on about 160m2. We had one piece of furniture that we ate, sat and slept on and after a few months could afford a bed and T.V.
Perhaps if people starting out went without 2 cars, multiple phones, more clothes than they will ever wear out and the need to eat out 3 times a week then may be things might be easier.
Occasionally I meet youngsters that do not have or want a phone, will drive a modest car that is paid for and stay at home until the oldies throw them out just before they go into a retirement home plan better. We are happy to provide guidelines.
More on finance next week.
Take it easy but not when the boss is watching.
Phil
