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House Price Crash Forum


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About walker127

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  1. I am a boomer; 52 own my own property and no mortgage. I am piling money into my daughters trust fund and a couple of other investments and at seven years old she currently has enough to buy a small house for cash. She is Thai though and we live in an area where a nice 2 bedroom bungalow costs around £20K. Unless she goes off the rails she shouldn't end up in too much debt.
  2. I have an interest only offset mortgage with the Natwest with £910 left to pay; I try to keep my current account above £911 and just use it as an overdraft. At 4% it works out about 1p per day to borrow £100. They do make me pay a minimum of £4 per month of the capital so it is reducing. Natwest have never complained yet but I am expecting them to.
  3. In 2005 I asked my boss for a flexible working pattern and they offered me a contract where I get 8/12 of my salary paid monthly over the entire 12 months. in return I get 4 months holiday effectively unpaid and 1 months paid holiday. I am still on this contract and it works for me, 7 months working then 5 months off to spend with my wife and daughter in Thailand. Can't fault it and I am sure there are many other industries and employees that can benefit from this type of contract.
  4. How can people be so desperate? if I don't receive my salary this month I can live for about 3 years before I have a problem.
  5. First up it is not "punishing 10 children for the mistakes of 2 adult parents", if two people want lots of kids they have to make sure they have enough money to support those kids..its simple. People don't seem to realise that child benefit is unique to Europe, people who have kids in Africa, Asia and the rest of the world don't get a free handout for having kids and just have to get on with it.
  6. I have bought loads of stuff from Amazon and never had to send anything back. The convenience of sitting at my office desk, choosing stuff off the internet with a few clicks of the mouse and having it delivered to my office desk the next day is in my opinion remarkable. I remember the days of traipsing round the shops to buy stuff and I really don't want to go back there.
  7. I have lived most of the last 7 years in Thailand in a small village outside Chiang Mai. Quite often one of the neighbors will knock on our door with a bowl of food and when we have cooked too much my wife takes it round to a neighbors house. I believe it is a throw back to the days when Thailand was a poor country and people just lived from one day to the next, food was never wasted and any surplus given to those who where short. These days the area I live in Thailand is far more developed than where I grew up in the UK... Has anyone been to Birkenhead recently? it is grim, boarded up shops with the only flourishing businesses being pound land, cash converters and payday loan shops. The increased demand for food banks only serves as a reminder that the UK is going backwards.
  8. Their savings rates are the worst you can get..did you shop around first? Almost every building society has instant access and term saving accounts which beat Nat West.
  9. If you don't do anything, go anywhere or buy anything, then you are correct, a credit card is not necessary...bit of boring life though.
  10. I ditched my credit cards back in 2005 as I didn't use it. The following year I traveled to Asia and had problems checking into half decent hotels (4* up) without a credit card as they need to swipe it in case I did a runner. They didn't like me paying cash and insisted on a largish (£100+) deposit on top of the room cost on checkin. Also try hiring a car in the UK without a credit card. Most refuse as they want the security in case you smash it so they can just help themselves to the repair cost from your credit card. Life without a credit card just became too difficult and I now have three.
  11. They can't borrow from banks because either they have a poor credit rating or their income is insufficient to repay the proposed loan. Why should a bank lend money to someone who has proved themselves so incompetent managing money that they have already defaulted on a loan or have an income which is so low that they will almost certainly be unable to repay the loan? Would you lend someone money if you knew they would be unlikely to pay it back? I wouldn't and neither should a bank...Northern Rock when down this path and we all know what happened there.
  12. I have 3 accounts with them:- Current account earning 5% interest on £2500 Monthly saver earning 2.5% interest (max increase £1000 per month) instant access 2% interest. These are the best rates I have found anywhere; please let me know if there are better rates anywhere else and I will shift my cash. PS. I already have £13k split between ZOPA & RateSetter and I am reluctant to put any more in to P2P.
  13. I prefer to work part time, I work 7 months of the year and then spend 5 months at home in Thailand with my wife and daughter. My house in Thailand cost £38K and the cost of living is about 1/3 of the UK. Tax credits not required. Who wants to work 50 hours per week 48 weeks of the year to live in the UK with its crap weather, overpriced housing and ridiculous cost of living?
  14. Rather than spend the next 12 years investing cash for my daughter so she has an easier start to her adult life there are alternatives. I could put my underused flat on the market for a ridiculous high price and just wait...it doesn't matter to me if it sells or not, but if it is on the market it may attract a young desperate couple who can only see house prices going up to scrape together every penny they can and pay my asking price. I simply then buy another property for cash and do the same thing...maybe adding a new kitchen and a bit of paint to 'develop' the property. Hang on...isn't that what caused this mess in the first place. From the way things are going the only way my daughter will have a non-debt slave life is to provide her with a down payment. Here are my estimated figures in todays prices. At 21 years old she will have about £120k. £40K will pay her through university, leaving £80K to put towards a house. Lets presume she gets a job paying £25K per year so 3x salary is about £75K mortgage. Add in the £80K from her investments and she will be looking for a house for about £150K Nothing special there she will be in roughly the same position I was in 25 years ago, left university with no debt and bought a small semi with 3x salary mortgage. She won't be rich. but she won't be poor either.
  15. Unfortunately we have to live in the real world. I could just pretend my daughter will be able to go to university, leave with no debts, walk into a high paying job and buy a house with a 3x salary mortgage like I did 25 years ago, but the reality is those days are gone. They are not going to return in the foreseeable future. I am using the wealth I have built up over the past 15 years to salt away a flat, gold bullion and a trust fund to simply provide her with the opportunities and financial backing provided to me 25 years ago by the government (in the form of free university fees and a grant) and the possibility of buying a normal house without taking out a loan which will see her paying out up to 50% of her salary for the next 25 to 30 years. I agree with you the system is wrong but it is not going to change so we have to adapt to it. Money does not buy happiness but since 1998 I have been living debt free and with a decent salary it certainly makes life a easier.
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