Reply to post: Re: If only

Australia's Dick finally drops off

Anonymous Coward
Anonymous Coward

Re: If only

" [...] I'll never have anything near £1 million to retire with."

You probably will - except that it won't buy you very much.

I bought my house in 1977 for GBP15K on a mortgage. I saved hard towards buying a retirement bungalow. Now that moment has arrived the house is free of its mortgage and apparently has a selling price circa GBP300K. Unfortunately my apparently large nest egg doesn't fill the gap for a bungalow now costing near enough £600K.

What was once a 2.5 x salary gearing for a mortgage is now nearer 5 x salary.

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