Sunday, Nov 11, 2007
"This is going to be the largest repayment shock on record"
ThisWasMoney: Millions braced for mortgage rate leap
"Monthly payments agreed last month on two-year, £150,000 loans were nearly £200 higher than in 2005"... but rates only go down and prices up, and migrants migrate here to breed and then divorce... UAAAAAAAA AHAHHHH... sorry I forgot the students... AHHHHHHA HHAHHAHHA. Here we go the "security" of brick and mortar pensions... EAT YOUR BRICKS when you retire, but in the meanwhile pay more to your true landlord: the bank! UAHHHAHHA HAHAHHAHH AHHHHA
Posted by confused76 @ 06:06 PM (971 views) Add Comment
17 Comments
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1. Nigel said...
I read this website to stay informed and I get a little perturbed when I see individuals taking malicious glee at the potential misfortunes of others. I would like to suggest that If this website wants to be taken seriously then individual contributors should consider acting less like children and stick to putting their point forward without the moronic typed laughter. For the record I am not BTL.
2. confused76 said...
Dear Nigel,
I cannot see why a nation of commentators could rejoyce at the runaway house prices for 3 years while a rampant inflation was basically eating into the income of current pensioners and denying young people the chance to start building their egg nests (bar the occasional ma & pa bank account) and I cannot laugh now.
I was disgusted to watch the irresponsibe cheer leading. The cheap economists (a la David Smith and Fionnananaoalalaloa of Nationwide) fabricating arguments to prop up the house price. Now it is my turn to laugh. It is free speach in this country, and free laugh.
"taking malicious glee at the potential misfortunes of others"
Yes indeed, I will be too happy to watch BTLers returning keys to the bank. I am planning to rent a motorhome to sleep in front of the local branch to see them walking into the office at 8am to try to refinance their pile of bricks and mortar.
And you know why, because I had to explain to my new landlord that I do not give a toss that he cannot cover his mortgage interests with my rent and I am sick and tired to fend off attempts to crank up my rental by 20% this year because a bunch of BTLm@rons are bidding themselves out of the water here in London.
Ahhhhhhhhhhhhhhhhhhhhh..... uaaahahhahhahhahh..... BTLs you will lose your pensions and see how tough it is to work when you are in your 70s!
3. uncle chris said...
Nigel - that's just confused's way - you have to have been here for a while to understand. That said, you do have a point in that misery is coming to many tens of thousands of families and perhaps we should not gloat too much about their plight. I believe that most of our malicious glee is directed at the greedy "property developers" and BTL's - not the hard-working families who are going through a bad patch due to unforeseen circumstances. I suspect that the latter will be in the minority, because it is the former that have driven the prices upwards in the last couple of years - normal FTBs bailed out long ago. Now the property-porn addicts realise that there are no "greater fools" in their property pyramid scheme, and they are now stuck with the product of their greed until they are all repossessed. My hope is that sanity returns to the financial industry, stronger regulation is put in place and criminal investigations take place into some of the murkier mortgage dealings.
4. planning4acrash said...
Actually, FTB are still going to suffer, there are many highly inteligent people who have studied hard and contribute most to our economy who, at the tender age of 35 or so got fed up and bought regardless because they don't want to rent till 40. Those are the people who will suffer most from a crash, those who bought studio's for 250k in the last two yrs. But I will be jumping for joy "when" prices come down to a price I can afford.
Confused 76 could come accross as a bit offensive, but at least he has a sense of humour. Young people (25-35) have been priced out for almost a decade now and that's what's not funny, so you laugh or you cry I'm afraid, its not malicious, its just comical relief. For one, confused76 has been posting a bit depressed until the really bearish articles of the past month, its good to see him on the mend and I feel exactly the same, its just a shame that successive governments let bankers cause the instabilities that they profit from to the detriment of society as a whole.
5. jimmytennor said...
Yep, I agree with confused, he always brightens up my day - Ahhhhhhhhhhhhhhhhhhhhhahahahahahahahahaaahahahahaahhhaahhaahaahhaahhahahaaaaaaaahahahahahahahahaah
6. Quiet Guy said...
@Nigel
I thought that was an interesting contribution from you, as well as the responses to your post. I understand that you may find confused76's contribution a bit tasteless but consider the plight of people who have been taunted for years about the property have and have nots. I offer you a couple of personal examples:
1) Out of the blue, for no apparent reason, somebody at work feels the need to inform me how much their property has 'made' in the year.
2) I am mocked for not owning a property hence I must 'like being poor'.
Your are correct to criticize malicious glee but at the same time I have to say that I fully understand confused76's attitude. It's called payback. Perhaps we should cut confused76 a bit of slack because society made him that way?
7. planning4acrash said...
I'll add a bit of personal reason why people like 76 and I are enjoying gloating at the moment. My parents offered 10% deposit on a house, desperate to get me on the ladder, worried I'll never get married, and there's no incentive to settle down. They only ever owned one house so haven't been behind the rise and really don't understand why there's a bubble. I almost took the money, blowing their savings and my future.
But up until the credit crunch, its been a calculated risk, am I missing the last train to Lhassa, as the media and vested interests would have me believe? Or will I collect bounty from a tradgic train crash that was not of my doing? I hedged my bets and borrowed cash for uni to do an MSc instead, again a big risk. Many others never had the option of a deposit from kind parents and have spent the past 8ish years looking in disbelief as every promotion they get, every payrise, every bit of effort takes them further behind their dream of a home, and young people are in shared houses till 35+ whilst Buy To Letters leave flats empty for capital gain.
You breathe a sigh of relief when you win in a game like this even when there are loosers, partly because it seems that the loosers have been winners at your expense for so long. Its like playing chicken and by God you celebrate.
8. Wacko911 said...
Confused76 your evil..... I love it!
9. Rimmer said...
As someone with children i want to see house prices stabilize to a realistic level as without affordable housing sooner or later you cant have an economy because "people leave", sadly though for all those jumping for joy if house prices in the UK were to 1/2 we would be in such trouble your chances of getting or wanting a mortgage would be zero, i had friends earning good money in the early eighties that left the Uk as they were not worthy of a mortgage.
It is greed that has caused it all but the pain will hurt many innocent people in the correction
10. Rimmer said...
Planning4acrash
You can blame Tony Blain and Gordon Brown for 99% of the problems.
Want to make houses affordable for FTBs >>> Easy.........................Tax second and third homes rather than give incentives, why dont they do it? could be something to do with their mates haveing vested intrests etc, the answer has always been easy there just needs the will to carry it through, 40% tax on all rental income with no allowances or incentives and 50% of BTL would sell ASAP
11. Orwell said...
Property Snake is up to 126,200 (ish)!!!
12. Ihopeitgoeswithabang said...
"taking malicious glee at the potential misfortunes of others"
Absolutely. Because thats exactly what the BTL brigade have done. Profit regardless of the cost to anyone else. Pure greed.
As for anyone else caught up in this. Including members of my own family. They can use a calculator and they are capable of rational thought.
They just choose not use it. There are large members of society that need a to learn a lesson.
That would be how to run their finances and secondly not to vote for Gordon Brown in any way or form.
13. inbreda said...
FTBs have been such a low proportion of the market for so long that I do not beleive they will make a significant number of people feeling pain in the crash. The people who will feel the pain are:
1) BTLers
2) Idiots that MEWed all their equity away.
I have no sympathy for either. Confused76 ... keep laughing!!!
14. Cristiano Barbaro said...
My own 2 cents...
Part of the reason I come here, is to read Confused76 's comments and postings. He is superb!
Yesterday I was passing the afternoon by the fireplace reading his comments and laughing my head off! And my wife called me "evil" in Japanese from the kitchen! ;-)
To all the whiners... Haaahaaaahaaaaahhhhaahahahahahahaahaaaa!
15. Safe As A Crash said...
...hey, stuff happenz...
haha ha!
16. Still-waiting said...
"Profit regardless of the cost to anyone else. Pure greed".
Just to be awkward, let me say something in defence of BTLers... obviously I have no sympathy for any BTL investor who complains that they’re no longer making money – they should have known that property, like anything else, can go up and down in value.
But BTL investors are the same as any investors, they’re just trying to get the best return on their investment. And for the past 10 years, property has given the best return.
Put it this way, if you had some money to invest would you only invest it in shares/companies that you had made sure were 100% ethical, or would you just go for what you considered would give you the highest return (which might be a bank with links to the arms trade or a clothing company that uses sweatshops)?
17. planning4acrash said...
Its not the BTL'rs really, they were miss sold. Its the bankers who created CDO's and learned how to play hot potato with risk, effectively passing all responsibility onto investors and pension holders (Listen to the Bird and Fortune video on the homepage!)