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About Bozzbozz

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  1. I moved to Norfolk nealry a year and half ago and it all seems 'great vlaue' to me compared to london! I rent a 3 story Townhouse 3 bed 2 bath for £650. I wouldnt get a studion flat in a crack den in peckham for that!
  2. No I Agree. I forgot to mention the 60k of personal debt I left my marridge with ;-) Now down to 9,000. Yes pre crunch I was doing well for myself but I was like most other 20+ people. DFs sofa, Flat screen TV and beleived that as long as I paid my way it was my god given right to have credit as I wished. Need a new kitchen, great do a Remortgage. Im also lucky in my new partner is not Interested in Money and keeping up with the Jones's. Funny thing the only thing I miss from the past is the financial security of being able to take the kids to the Zoo or to go out for a meal without worrying about if I can afford it. The beauty is that is achievable if you keep your outgoings down and life within your means. The end of the day people on here are fighting for the right to be able to afford a home but to also to able to afford to live! Something that has been forgotton for the last 10 years. times will improve again and in some way the world will continue its crazy cycles. But I will not Live with the same goals or drives. Yes I will own a house again, but I will strive to pay it off as quickly as possible and try to withstand the temptation to upsize if I dont need to. Its not right to wish time away but the thought of getting to 45ish with no mortgage and good health and a close knit family is what I want and intend to get.
  3. I think you need to, the credit crunch and all the fall out has totally changed my outlook on life. Ive had to endue divocee, My mother being a manic depressant and spending a year trying to kill herslef whilst I lived and attempted to work under her roof. Now finnally happiness, in humble little Norfolk. I dont care anymore for big houses and flash cars, and never intend to live in London again. Im sure one day better times will come but Ill be far happier in a 2 up 2 down with large disposable income than a big house and big mortgage. Whilst im still not convinced there will be a crash in prices I think people of my genaration (31) have had the shock they needed and hopefully will cause a change for the better in this country. I think the site should be renamed Egocrash.co.uk and would be more closer to home.Only time will tell on that front....
  4. She is (115 miles away) but I cant be to harsh cause shes the mother of my children! Shes happy enough in the flat I gave to her! Im back to square one but couldnt be happier! Just grateful for my health and spirit. With the fess Im paying 3k to agent (mates rate) and stamp was £9600. With getting married divorcee, and buying that house Im approx £85,000 poorer. But its only money, and only a house. I live to fight another day!
  5. Its my ex marital home so in lots of ways happy to see the back of it! When I got it times where good to be very quickly replaced with hard times! So yes Ive lost a fortune in reality in stamp and deposit, not to mention the 40k wedding the week after moving in! but thats life, im happy im finally able to move on and plan for the future without a huge mortgage around my neck (400k +). The property has been rented out for a year and half and in that regards made me a tidy profit. For 8 months the mortgage was nil being a .86 below base rate tracker so I was recieving £1550 rent. Now im in a much nicer part of the world where it costs half the amount to live. I could get that property for £220k up here.
  6. Well my sale completes on Monday. Brought at peak £480,000. sold for £475,000. Thank the lord thats off my mind! Happy in rented for a couple of years then looking to buy now ive relocated to Norfolk and prices are far more sensible!
  7. That being said most of the FSA ideas have already been taken on by the banks. Abbey for example is like dealing with the 1970's Version. Working out mortgage affordability at 6% on a full repayment basis regardless of rate. Looking at dependants and current debt. There is virtually no lender that will lend about 75% at Interest only. I can assure you today is a million miles away from 18 months ago and most of the FSA's wishlist is already in play.
  8. Maybe its designed to put the frightners on the FSA with the MMR report looming in a months time......
  9. AMI responds to the interest-only section of FSA MMR consultation paper on responsible lendingFSA MMR consultation paper on responsible lending contained a separate, shorter consultation period, on interest-only mortgages. We welcome FSA's continued engagement and open approach to the MMR consultations. However, the fragmented approach taken, by breaking the various consultation papers into separate subject issues, has made it difficult to fully respond to these issues and to consider, in full, the cumulative effects of the MMR proposals on the mortgage market. Interest-only mortgages - consumer benefits An interest-only mortgage is a key product with great relevance to a significant minority of consumers in the current and future mortgage market. Interest-only mortgages allow consumers the flexibility to choose how they repay the capital element of their mortgage. However, consumers need to be aware of the risks associated with taking out such a mortgage. Appropriate advice is the key to ensuring that those consumers considering an interest-only mortgage make the right choice and have a suitable repayment method in place. Lender responsibility Whilst there are obvious risks to consumers if they are unable to repay the capital element of the interest-only mortgage at the end of the term, lenders will also be exposed to these risks. Lenders will want to protect themselves from incurring a loss if the consumer does not have sufficient funds to repay the capital at the end of the mortgage term. As such, lenders already apply risk controls to limit any potential loss to them. Many lenders have already changed their positions on interest-only mortgage lending in light of changing market conditions and current perceptions of risk. Lenders have altered their criteria on interest-only lending by reducing maximum loan-to-value levels, placing restrictions on certain consumer groups and limiting the sums they are prepared to lend. This has resulted in interest-only sales reducing, compared to capital and repayment mortgages, from around 25% in 2007 to 14% in 2009. As such, there is strong evidence that lenders have already reacted to changing market conditions without the need for regulatory intervention. The likely outcome of FSA's proposals, if implemented, would be lenders withdrawing the majority of their interest-only products from the mortgage market. The remaining limited number of niche products would be insufficient to meet consumers' needs and to support a recovery in the housing market. Lenders checking the validity and adequacy of the repayment methods Under the proposals lenders would be required to consider the validity and adequacy of the repayment method selected at the inception of the interest-only mortgage and also throughout the duration of the mortgage. There is obvious merit in lenders checking the validity of the repayment method at the outset of the interest-only mortgage. However, whether the validity and adequacy should be monitored throughout the term of the mortgage needs to be balanced against the cost of doing so and the outcomes it produces. We do not believe that lenders should be responsible for assessing the anticipated performance of investment backed repayment vehicles. Lenders are not in a position to make assumptions about performance or about any subsequent changes that could be required. If the consumer approaches the lender pro-actively about such issues then they should be encouraged to seek appropriate financial advice. Expecting lenders to make a judgement on the adequacy of the repayment method will substantially increase the regulatory risk profile of lenders. This could lead to further measures been taken over the types of repayment methods they will accept. Some lenders could view the risks as greater than the benefit, so withdrawing this option for consumers altogether. In addition, if the repayment methods are no longer consider to be valid and/or adequate would this lead to lenders being forced to place consumers onto capital repayment mortgages, regardless of whether this was right for the consumers' circumstances, in order to comply with the regulators rules. Lack of justification for further product regulation We have not seen sufficient justification for limits to be placed on loan-to-value, loan-to-income or equity levels at a regulatory level. An outright ban on using the sale of a property would exclude too many consumers for whom this repayment method is valid. Firms should be allowed to continue to apply controls in line with their own risk- based commercial judgements. However, consumers should have some level of responsibility for ensuring they can repay their interest-only mortgage at the end of the term, in the same why in which they have responsibility for ensuring that they can repay the mortgage on a capital and repayment basis. Social impacts of restricting interest-only mortgages The social impacts of restricting interest-only mortgages need to be considered further. Consumers who do not become owner-occupiers are left with only one real alternative, to rent privately or through social housing. However, in many areas of the UK renting is more expensive than purchasing a property on an interest-only basis. Consumers who purchase a property on an interest-only basis may benefit from some level of capital appreciation and an erosion of their debt, in real terms, due to the long-term effects of inflation. They may not necessarily be relying on being left with a given sum of equity at the end of the mortgage term. What is essential is that consumers are aware that there is no guarantee that the sale price of the property will be sufficient to repay the mortgage at the end of the term. In addition, consumers may have certain locational requirements that renting options cannot satisfy and they wish to benefit from the greater level of security offered through being an owner-occupier, compared to a rental tenant. We are concerned about those consumers who are currently on interest-only mortgages, with a current valid repayment method in place, who may become mortgage prisoners if the requirements around their chosen method of repayment change. If FSA is to implement any of the proposals made in this CP, it will need to ensure that appropriate transitional arrangement are in place for those consumers who will fall outside of the criteria for holding a valid repayment method. Association of Mortgage Intermediaries response to FSA’s consultation paper 10/16 MMR Responsible Lending – interest-only AMI continues to meet and engage with FSA on the MMR. We will be responding in full to the remainder of the FSA MMR consultation paper on responsible lending by 16 November. The way I read into that is that the FSA will make the lender liable to check the performance of the investment. So with the 80;s in mind I think thats goodbye to Interest only. Certainly at the higher end of things. I think sub 75% would be silly and is up to the customer. In my view. The way I read into that is the
  10. I know, Im sure in time it will be looked at. But Lloyds for example maximum age is 65 (70 if you can justify with the type of job you do). Some do 75 (santander etc) Halifax until very recently had no maximum age of their mortgages. So once over 70 if you have a pension to support the mortgage you could have one for as long as you liked. I took a case from the HSBC on that basis. she was a retired school teacher on a 30k a year pension. She had been on interest only with the hsbc but wanted to change to Repayment mortgage. However due to her age they would only give her a 6 year term. Which was totally not affordable. Halifax done a 25 year Repayment, That was less than 6 months ago. Yet if she came to me now I wouldnt be able to help. Thats the problem with these blanket changes. Some people will lose out where they want something but cant have it despite it making perfect sense.
  11. As a Mortgage Broker id become used to people (In the south) relying on Interest only, and being scared off from a repayment mortgage (The real cost).Would rather spend it down the pub I guess, or on a new plasma. As we know though this has and was common and despite with any change of policy a small proportion will suffer. But the move by the FSA/Banks is long overdue. I have found however more people ask for Repayment over Interest only in the last 12 months. I think most first time buyers having watched the drops know the realities of negative equity and even if they pay over 35 years want to opt for this route. The ones that are f%cked are the ones already in the system. Also people who are over 45 are faced with a short mortgage term on a Repayement basis. suddenly making the purchase unviable. A small price to pay....
  12. I hate BT with a passion, Just over a year ago I shut my office down and decided to work from home. Due to the fact I lived in a different area code I was given the two options: Pay £600in charges to cancel three lines despite the fact id been with them for 5 years with an average bill of £500 a month. The reason for this was they used to call from india at least twice a month for a 'service review' and verbally accepted a contract renewal fro a member of my staff. £600 to cancel Internet even though I was happy to continue paying the £25 a month Internet until I needed the internet again (Already had it at home). But because I was canceling my fax number (the office was retenated) they claimed that was not possbile. Again the same as above aperently I had agreed to extend my contract verbally depite knowing I was closing my office. Or to transfer the line £70 a month line transfer, £15 line rental on existing number. £15 on newline to be used for transfer. Plus pay for all incoming calls. What did I do I went with Vonage who contacted BT and took over the number. Now cost £5.99 a month, Can take my line anywhere I have Internet. Free to call Landlines in UK 24/7 and can pick up my ansaphone messages via hotmail. Don pay for incoming calls. Average bil is now £40-50 a month I had to battle for year to get my cancalletion fees refunded and BT is appalling to get to the right person. Your call and end up getting put though 5 times. In the past ive had Personal and Business BT and I will never take any business out with then again. For a telecomunications company they take the biscuit andim afraid 'Its not good ot talk'!
  13. No Again Barry I agree but countries are still in a mess, yes we are in more of one but in a way its safety in numbers, This week is all about the euro zone again but it effects everyone, so its like one big family, one giving a few quid to the son to help in a tough month. Just in this game its billions being lent in public and behind closed doors, so the biggest thing in this countries favour is if we fail so does half a dozen more and for that reason the robbing peter to pay paul will continue for many years ahead. If your point earlier was 'Yes we are all in ships but the lots of other countries such as germany, have industry and havent sold out on themselves many years ago is a fair point, thus making it easier for them to get back on thier feet. But in reality in them doing that its helping us more, much like mortgage borrowers being bailed out by the prudent savers. I didnt think comparing my job to Nail technician or drug dealer was right or called for. You can look for good and bad in any line of Job and Im proud of the fact I run my own business and I pay my way in life. Wheter you agree or not with anything I say I's saying to give my view of where we are. Being directly involved with obtaining first time buyers finance I would have thought that would have some relavance to 'HOUSE PRICE CRASH' than the value of gold.
  14. I pay tax, They dont. I have monthly file checks to ensure the advice I give is suitable. Regulation is 10 times tighter than it was pre 2007. Doesnt make it right but thats how it was in Brown's light touch FSA Dream. times have changed I turn more away than I can deal with. You still havent said what you do Barry.Let me guess a over charging Dentist?
  15. Ladies and gents, can we please stop the scapgoating of peoples jobs. As a broker I deal with estate agents and banks on a daily basis, and I loth them genrally, however they are there for a reason. On this forum people see to target certain fields as the bad guys thats caused all your problems. Yes there was laot of bad Brokers/estate agents but you can say that about any thing. Why isnt this forum slagging off dodgy builders that rip of old ladies or over priced retialers, Because you assume that your perseption is the reality. The blame lies and soley with the Goverment and Banks. Noone else. You cant blame the player only the Game. Only today Ive recieved a letter of thanks from a client who despite the banks attempts to f*ck up her move and through weeks of phone calls the client is in her new home with her young daughter. I genrally enjoy my job meeting and helping people get what they want and need and making sure they are protected as possbile along the way. No its not rocket science, No I dont have a Majors's honour degree, but last week I was sipping champers at ascot with Santanders top people. Not bad for a boy who was brought upin care in the poorest postcode in London and has never had anything from anyone..... rant over
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