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Methinkshe

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Everything posted by Methinkshe

  1. It wasn't only mortgage brokers who were encouraging the impecunious to take on more debt than they could pssibly handle. My daughter worked in a Hight Street bank about 3 yrs ago as a Loan Adviser. She was on a low basic salary with commission paid for meeting sales targets for arranging loans and insurance etc. The way the bonus scheme worked was that if targets were not met during that quarter, even by the smallest amount, NO commission was paid at all and there was no roll-over to the next quarter, so all sales efforts for that quarter were lost. So, come the end of each quarter, all Loan Advisers would cold-call customers and try to flog them loans, mortgages, remortgages, or any other finacnial instrument, just to get their sales figures to hit the quarterly target so they could earn their commission - and most of them relied on this commission to pay their own mortgages! My daughter knew that she was arranging loans for people who should never have been allowed them - but if she didn't, she couldn't meet her own obligations. She didn't last long in the job, though - the immorality of what she was required to do - with a blind eye turned by the managers since they, too, were on target driven reward schemes - coupled to the Bank's dishonest dealing with their employees which sometimes meant that they failed to process her sales in time to meet the quarterly deadline, so that she lost her commission even though she had achieved the target, lead her to resign within a year. Next job was with an independent mortgage broker where the fraud was even worse. It was so blatant - falsified documents etc - that she only lasted 3 months there. After that she decided a career change was in order.
  2. Sure! Had I been able at the time to buy, I would have done so. In fact, at the time (1996) I had an even better deal offered - converting a £500pcm tenancy of a 5-bed house in 5 acres into a purchase for £130,00. The same property sold a couple of months ago for £850,000. I know I missed out on the buying opportunities but circumstances prevented. So. forgetting the missed buying opportunity, I was trying to look at the rental deal from a BTL POV. My landlord hasn't done very welll as far as I can tell, but as a tenant, I haven't done too badly. At least, I think that is the case.
  3. Don't be too sure - who knows what yet may crawl out from the woodwork? A couple of years ago my daughter briefly worked for a small independent mortgage broker. Self-certified mortgages were limited only by the imagination of the broker. No-one who wanted a motgage was turned down whatever their financial staus or impecunity. In short, fraudulent accounts were the order of the day.
  4. I rented a 5 bed property in Cornwall 10 years ago for £500 pcm. The rent has now risen to £650.00 pcm. (One single rent rise of £150 pcm 2 years ago) The current value of the property is probably in the region of £350K. The value 10 years ago when we started renting was circa £100K. Anyone care to comment on what the figures say - I'm too damn stupid to work it out. All I know is that it seems like I've got a good deal.
  5. Hi, I've been hopping in and out of this site for about a year and have decided to join in the hope that I can get some good advice. I've been bearish about property since before the last housing crash when I managed to sell at the top of the market for £140,00 (with OPP for conversion to a nursing home) and watched as the poor buyer had to put it back on the market for £90,000 just a year later. I'm hoping to get some good advice re how to invest a C 100K lump sum that my son is due as compensation for a work-related injury. BTL is no longer an option, but he's going to need an additional income from somewhere because his employment prospects are pretty bleak due to the degenerative nature of the injury he sustained. I was wondering whether there might still be a future in purchasing a largish house and letting rooms to lodgers while at the same time getting a roof over his head. I'm thinking that in 6 months to a year there may be some bargains to be picked up at auction for those with cash in hand. But in all honesty, I'm no expert - just a mother and housewife with an interest in economics, particularly property. I wish I knew more about other investments such as how to buy gold, though, because I have a feeling that that might be the way to go. I'm pretty ignorant, in other words. I'm still waiting for the apocalypse that was predicted by Rees Mogg and Davison in their books Blood in the Streets and The Great Reckoning. Perhaps they had the idea right but the timing wrong - like, now is the time, not the 1990's as they predicted. Looking foward to learning from some much better informed people than I - if you don't mind bearing with the financially unwashed! I'll try not to be too much of a pain.
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