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Everything posted by lewissheridan

  1. green shoots of recovery in 2009, stabalise in 2010. No better place for your money then bricks and mortar. Based on what exactly ? - i want to put that crystal ball of his in a sock and wrap it around his head! The only factual comments were, this is a buyers market. First time buyers save up your deposit, 7 x salary lending and 100% mortgages are long gone, however there are new mortgage products coming onto the market everyday - so what does that mean ? Ergh. Back to fundaments I think, traditional 3.5 x salary, 10-15% deposit etc. But I can't help think nothing will be learned from this economic fallout. Lewis
  2. Zero savings, renting @ £700pm, just took 20% pay cut.. urm when am I going to be in a position to buy a house ? probably never. Just when prices are falling, the 20% paycut is a rug from underneath me - alas to say i cannot contribute to savings to to rising costs and such. Work in IT, so general shit volatility cest la vie
  3. Great letter, short and to the point - be interested to know what their response was. Lewis
  4. I get the distinct impression the Tories are backing away thinking they don't want to deal with the economic crisis. Or, they're letting Labour hang themselves. Either way, Lib Dem probably speak the most sense at the moment imo.
  5. My Wife was 8 months pregnant, got made redundant, landlord sold flat I was renting from underneath me, to find out it didn't actually sell they wanted us out! since the inspection highlighted we had clothes stewn across the floor. We were arranging our wedding and stuff. Point is, no matter how bad it seems, you survive and find a way. Fortunately I got a better job, better pay, and look back and thank God that those events happened In fact always worrying about financial security, job security etc, when i had the worry of a new born baby, somehow i changed and didn't care for those previous worries. The most important thing to me is my little boy and my family - all the rest is economic circumstance So the fact that all those events happened at once, you realise you can never be in 100% control of your life, and you just adapt and survive. Keep positive and you'll be fine
  6. Why reward those that have over extended themselves with debt by helping them subsidised their over-priced and over-inflated home ? Why bail-out banks that have over extended themselves on risky lending, they gambled with our lives, with the greed taking the money, and yet they get government protection with tax payers money ? I am the working person of which my taxes subsidise those that have lied to borrow money, banks that have been lapse in their lending criteria. Well it goes to show this party is nearly over - all these promises and things will come to pass and they will realise, it's all hot air, this market will collapse to gargantium proportions, and i will be indifferent when I purchase the home i and my family deserve. What a horrible state of affairs
  7. I heard of this new practice of buy to live, it's similar to buy to have a home, but the thing I don't understand about it is that it has nothing to do with capital appreciation, making profit, or putting upward pressure on hpi and pricing out a generation of first-time-buyers. I know it sounds strange, and weird. But I think Buy-to-live sounds like a good idea if you give a shit about anyone except yourself Parasite
  8. Going from those articles and the Metro - I think it's a full gone conclusion, everything that we have been waiting for is appearing to be unravelling. I am happy in a non-vindictive way, if this means there is opportunity for me to be able to at least contemplate the prospect of buying a home for me and my family. Surely there can't be anything left to inflate this bubble ? I hope, when all is said and done measures are put in place to stop the property market going this way again - the social impact surely is against what a capitalist society and democratic government stand for. Greed and fear have been driving this for far too long. What am I saying, it'll all happen again!!
  9. I was walking past Haart on our local highstreet and often have a look at properties just to see what ridiculous prices they are selling for - and I've noticed of late, that the property cards showing the photos and price now all have a headline caption like "Family Values" - that would be for a £320k 3 bed semi, and then there'd be 'High-Flyer' for a 2 bed new build flat in Stanwell for £210k, or and this one made me laugh "Beginners Luck" - for a £180k 1 bed flat. How ridculous has this all become ? - beginners luck has to top it for me. They do the same on the rented accommodation as well - personally it insults my intelligence and comes over very patronising - but there you have it! It must be a clever marketing and psychological ploy, since i would obviously identify with beginners luck with the feeling i was 'lucky' and therefore getting a bargain. Or it may appeal to my ego and I might think i am the high-flyer and go for that one. Does this actually work ? How naive are buyers ? Thank god they didn't put 'Crash Pad' anywhere on them! That would of really made me flip. I can see it happening soon though. Has anyone else noticed this (new) phenomenon ? Lewis
  10. Don't you just love the 'But while the number of people losing their homes rose, the number of mortgages in arrears is down on the same period last year' So that's okay then ! The recency effect will have the mindless reading that and psychologically going away with there's some positive news there. Would the arrears stat decreasing be because they're being repossed per chance ?
  11. And the graph begins from it's highest point ever.. LOL that's given us a clear insight into the history of interest rates! not. vested interests are going to look evermore pathetic, and i'm sure this site is going to have it's heyday as this dry-spell kicks in. No doubt they'll be some spin on how flooding has undermined house prices blah blah blah.. and it's climate change we have to blame for falling house prices!!! imo
  12. Crazy isn't it, i got turned down for a mobile phone the other day, despite paying £30 a month to 02, - it seems my change of address wasn't popular on my credit scoring ? hmm... oh and i don't use a credit card, so indeed, not worthy of credit... edit (i feel compelled to add, i own a credit card, but choose not to use it) what crazyness world is this, oh but the bank will give me a £150k noose to put round my neck!!! and this phone was only £15 a month!! they asked me to pay a deposit!! i'm not some chavved up 17 y/o i'm a 27 year old profession - a f*king deposit for a phone!!! i told them to **** off ;0) sorry for the swearing but it just seems to flow so naturally on this forum with the vent up frustration with house prices, credit and the economy, it's f*king hilarious (there i go again). good job i only post irratically and on monthly intervals now! what a joke...!! bet if i lived in a housing association flat for 10 years on benefits i'd get one 'steady income, there you go sir'!!! i mean what gives!! prudent, good income.. nah you can't have a poxy phone!!! incredible - my wife gets one - no job, house wife i hasten to add.. oh the distinguishing factor she regularly uses her credit card!!! she probably has a better credit rating than me!!! ironic or what.
  13. Firstly, I feel sorry for your and empathise completely with your situation - you are right your back is in the corner and the landlord simply has the upper hand, there is diddly squat you can do about anything other than to move. You can't buy because affordability of houses is through the roof, so you are stuck with renting and forever at the mercy of the landlord. You are the renting underclass of this generation - same as me. Sensible thing is to move, find a competively priced place. Withhold your deposit (****** him) - simple as that, there is no legal recourse, and given the lack of maintenance on the property definately make sure he doesn't subsidise it's repair on your money and you didn't enjoy the benefit of the repairs. How quickly this post turns into motorhomes, gypsy, land rights and all that ******. You just have to rent and sit it out and let the market take it's natural turn and collapse on itself - no doubt this won't be any time soon since the government will pull out all the stops to prop up this house of cards. If anything, we can just learn from the mass greed frenzy that has gripped the UK, and general capitalism in general - i'm all for people being rich and profitable - but to the detriment of peoples lifes - i have higher moral values then the spineless buy-to-let brigage and all of you on this forum who own additional properties and profit from that venture. I pay £700pcm.. for a shoe-box sized 2 bed flat in shepperton - distgusting isn't it! but what can you do ? 5 years earlier i could comfortably have paid a repayment mortgage on the same property!! good luck with which ever decision you take, but the smart money would be on leaving the property - and wishing he gets killed by a freak car accident.
  14. 2010 - if things haven't changed I am leaving the country - as simple as that.
  15. Would that not be a simple solution to HPI ? I mean house prices have risen to astronomical levels because there is a high demand and not enough houses. If that is the premise we all accept, then why doesn't the government seek to find answers to why there are fewer houses now, as opposed to yesteryear. Has the general UK population increased ? Is it the fact that immigration has gone unchecked for so long thus exhausting the housing stock ? Is it a trend of more indepent living and single person home occupancy ? Is it the fact that the housing market has become a speculative bubble based on greed and the Buy-to-let Mortgage ? Lax lending criteria/sub-prime mortgage lending to further prop up the housing market. Shared-ownership to only prolong the misery of a priced-out generation ... etc. etc. Why can't the government put in place legislation regarding multiple home ownership - in a country where there isn't enough houses, why should people own more than they need ? or simply just ban buy-to-let mortgages ? I don't think immigration is wholly to blame, it's merely a smokescreen to the true guilty parties: 1. The government - for letting HPI run away as a free market commodity to be traded in asset value and speculation 2. The banks - for encouraging OR lending vast quantities of money to enable people to buy beyond their means - and blanket their conscience with 'affordability'! 3. Vested-interests - Estate agents, BTL brigade etc.
  16. you just have to constantly read inbetween the lines with the beeb and most national press.. inflation is definately kicking in - should shake things up through the 2nd half of this year, be interesting to see what happens... and when will this HPI charade unfold - and what are the government doing about it ? " yes there is a shortage of 'affordable' housing" ... what toss
  17. ah this post exists - admins please remove mine - agree, those figures are utter crap!!
  18. There exists UK businesses that profit on the housing of immigrants for the government. Does anyone else think there is something fundamentally wrong with that ? Profiting from providing immigrants with social housing ? It does not make sense, i'm not anti-immigration - but i'm a bit pro let's make sure we can first dibs!!! afterall is our country we work for to keep a strong economy is it not ? what a load of ******
  19. Beeb says: "First-time buyers' record burden First-time buyers face a record financial burden The finances of first-time home buyers are being stretched to record levels by rising house prices. Figures from the Council of Mortgage Lenders (CML) show that first timers are now borrowing an average of 3.33 times their incomes to buy a home. With interest rates having risen four times in the past year, interest payments now take up 18.7% of the average first-time buyer's income. The CML says that is the " Average first-time borrowing 3.33 times their income (quite exact). What a load of bloody ******, AND interest payments taking up a 1/5th of income ? so what about capital repayment, are they saying it's less than 50% in total ? what ******!!! i can't believe i read this shit day in day out - unless their average salary is £50k i think this is a whole load of ******.
  20. sounds like a great plan , gives me warm and tingly feeling inside, i can explain to my son that we rent due to greedy landlords playing monopoly with houses!! ARSEHOLE
  21. Colleague buying a property on a new barret homes development. Property is a two bed flat, and he has qualified for the property on a shared-ownership basis. Flat is £260k. Of which, his dad is providing a healthy £50k deposit. He is taking a mortgage out for £75k approximately - dad is covering stamp and legal. Now, he has opted for a 3 year fixed on an interest only mortgage. After 3 years he has to repay 1% of the £120k of the shared equity. The mortgage IO only repayment is circa £400pcm, with I would imagine another £150pcm as rental on the shared-equity part. Now, for me the things i'm uncomfortable with are 1) Shared-equity, 2) Interest only mortgage. He seems quite happy that he has got himself on the housing market, and i wish him all the best. However, it just does not add up to me as a sound way to go. I guess time will tell in that respect. The flat doesn't have a garden, as he was quite conscious of the resale value. But the issue or point i'm trying to make in this post is that, YES people, 25 something first-time buyers are taking this route to get on the ladder. In addition, shared-equity/ownership schemes are what's making this available to him - i just think it's storing up trouble later on and artificially keeping the market high. How many young adults are going to the bank of mum and dad who make a healthy MEW withdrawal from their new found fortune (asset/house). I don't know how representative he is of the first-time buyers out there. Another obvservation is that the mortgage vetting seems a bit more serious, they are really scrutinising his ability to repay the mortgage, current account, savings account etc. I wish him all the best with the purchase, but just would not feel easy making that sort of commitment myself. I wonder what other views are on this. I'm not convinced he has calculated the true cost of ownership, where the goal to get a property has blurred the sense of 'real' cost. Best, Lewis
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