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Everything posted by Papitogrande

  1. I'd have to disagree their Bloo, if tuggy's lender tried to make a margin call and he took them to the ombudsman I'm pretty sure he'd win, especially with recorded evidence. He was explicitly told they won't happen by a person who should either know the answer or should check up on it. On a wider point I think that margin calls would face the same difficulty that 'floors' on trackers have, the FSA brought in the Key facts document which should contain all the Key Facts that apply to that mortgage, says nothing about margin calls. I have also read the full terms and conditions for a number of lenders, BMS, BoS, Abbey, Halifax, C&G et al. None of them mention margin calls. PS - Gilf, in 2007 Birmingham Midshires hoovered up most of the BTL business at the time by offering 2+3 year deals at BBR minus 0.76%, rent only had to cover the interest only repayment. I don't know the figures but they would easily have lent over £2bn at this rate. So yes there are many BTLers who are paying 0.74% on their mortgages until the end of the year at least (the reversion rate is a not unpalatable 1.99% above BBR)
  2. B&W started selling BTL mortgages through the post office some time, they gave them better rates than brokers, higher LTVs and less stringent criteria.IMO they always wanted to do more business through this channel as they have various cross-selling arrangements which made it more profitable. Someone mentioned that all the 'liar loans' came through brokers, and this puts a stop to that. I'm afraid you are wrong sir, I know for a fact that the post office does next to no checking of it's applications, it simply asks the punter what he earns and asks for no proof, Bristol & West in turn tend to fast track the applications with minimal underwriting.
  3. I doubt they will be 'hammered' by the closure of one ISA account. How much have you got in there?
  4. I've never started a poll so on thursday I will be posting the February interest rate decision poll
  5. IMO we are heading for 1%, so maybe .5 this month .5 next.
  6. Personally I had always thought 25% drop from peak (Before the crash began) and I didn't want to see any more because of the wider economic effects. I was still holding to that belief (slightly tenuously) until 3 months ago when someone from Savills said on TV that they thought it would drop 25% from the top. That got me worried, it has to be 50% at least.
  7. So you make a handsome profit, sell at the top of the market, pocket loads of cash and you are sniffy because the economic circumstances are not perfect for you to continually benefit from the interest on your capital. Count yer blessings son, and pay the fecking rent.
  8. As your capital no doubt exceeds the £16k level you will have to use that to pay your rent. How the heck can you be in danger of eviction with so much money in the bank?
  9. So previously the advice was not to think before buying a house? I haven't read the article btw
  10. If you are thinking about how someone would qualify for a first-time buyer mortgage, then most banks use a definition of 'not owned any UK property in the last 12 months'. The fact that the whole idea that there should be particular products available for FTBs has largely disappeared over the last 3-5 years makes it a bit of a moot point.
  11. +1 IMO The overall trend will still be down but I think we're overdue a few months of small rises here and there. I actually think that the media won't jump on this as a turnaround, they wouldn't be able to keep a straight face
  12. On this subject, and a little anecdotal, my sister took out income protection with a personal loan and they added the entire 5 year premium to her loan, only quoting the monthly payment difference. She was put in touch by a friend with this outfit www.premiumreclaim.com who sued for the premium+interest+damages, she ended up with about £12k and took out proper monthly payment insurance.
  13. I'm off to watch survivor in a minute so I'll be quick. Course the road sweeper would lose his job, it's bloody obvious but for the purposes of debate I'll concede this point - he doesn't lose it. So how many roadsweeping jobs will be advertised after you bring in the work for benefits deal. None. How many entry level admin positions, how many groundworkers, gardeners, refuse collecters, parking wardens, school dinner ladies, crossing attendants, park wardens and so on. On the other hand these people will all need to be managed (because they are very likely to be p*ssed off at being enslaved and will be trying to nick anything not nailed down and will be sat around smoking dope and getting drunk when they should be cleaning graffiti) so there will be plenty of jobs for gangmasters (we'll need a new name for them) It will cost a fortune. Put em on a big treadmill for 8 hours if you must satisfy your bitterness - it's much more practical
  14. Train toilets get cleaned at the end of each day, the whole train does. What makes them cess-pits is people's mis-use of them during the day. Would you suggest that a person is made to ride the train all day and clean it every 30 mins or something? How do you see this working? This is just make-work and you are, I venture, a little naive if you think this will not result in benefits claimants removing opportunities for people who wanted to work even if it was low-paid. Cabbage picking!!! So the fat farmer gets his cabbages picked for free because the market system does not give him enough money per cabbage to cover the cost of processing them, because Tesco won't pay him more than 8p a cabbage, because we won't pay more than 75p, because we've been forced to pick cabbages for £60 a week etc. etc.
  15. It's been said before on this thread but this is the only response IMO. If we 'force' people to sweep the roads for £60 a week, what is going to happen to the current roadsweeper who is struggling along trying to support his family by going out there and doing his job for £250 a week. Surely you don't think he deserves to lose that job and be made to go out and do it for much less (or perhaps in return for food tokens as others have suggested). I've used the example of a roadsweeper but it goes much further. Allow a govt to do something like this and all manner of low skilled jobs, even private sector ones, would go this way and we have a slave class. Address this point if you would.
  16. Bankers being forced to sweep the streets, I can see that idea being very popular on here
  17. http://www.rightmove.co.uk/viewdetails-112...=2&tr_t=buy Ideal for the first time buyer Posted by russell elsewhere on forum, not sure how to link it. If someone offered me this for £k I would be in 3 minds over whether to buy
  18. Looks like a troll to me, most BTLers have just received a massive get out of jail free card with the rate cuts. SVR of 8.79% - nah
  19. For the record you are largely right in that assumption, although I don't know all the lenders figures I've seen more than a few contracts that 'cap' it at 3.5%
  20. Thanks for the replies guys, we are moving in today so we'll see how it goes. I think if the worst comes up in a few months I'll ask for compensation, might be a nice little earner.
  21. Hi there, I am about to sign a 12 month tenancy on a really nice place that I would one day like to buy - it's humorously overpriced right now but one day it may be worth it. It's simultaneously up for sale and rent and although the agent 'believes' that it will be off the market after I move in I can't be certain. My question is simple, what happens if 3 months into the 12 month tenancy the landlord agrees a sale?
  22. At least it's not all doom and gloom, did you see the side story_ http://www.thisismoney.co.uk/mortgages/art...mp;in_page_id=8
  23. No, it can't. I suspect Mr Evans may have been misleading you with a joke of sorts.
  24. You are absolutely right Bloo, my choice of language was poor there, or I should have pointed out that it was borrowed. Most BMVers see this 20k as the 'profit' of each deal, the reason there is no tax is because it's borrowed money. It is a bloody good plan if the rent can cover the total mortgage, success and wealth are guaranteed, provided two conditions are met: i. Mortgage finance remains cheap and plentiful ii Property prices do not fall
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