We Work To Pay Mortgage Only
I just read an article titled Bank of England’s interest rates decision described as “shame” at the Money Magic’s news. I am not sure what the risk is if the Bank of England does not frozen interest rates at 5.25 percent. From a view of a consumer, I am surely wishes to get the lowest interest rates for my mortgage. Who does not want to save money on the interest rates? One-year interest amount is equal with my 1-month meal expenses.
Being a house owner, I have so many expenses to pay. Besides the high repayment of Mortgages, I still have to pay the annual insurance, quit rent and assessment fees. It is not include my apartment management fees, annual sinking fund and others miscellaneous fees. All kind of expenses related with a house have occupied 60% the combined income of husband and me.
Finally, I understand that why people use to say we actually are working for the bank for lifetime. What we earn is mostly to pay the home mortgage and car loan. It is not because of the principle but is the interests. We need 10 years to pay the principle amount and another 10 years for the interest rate. What a pity house owner I am.
Stumble it!
