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Papitogrande

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Everything posted by Papitogrande

  1. Am I missing something? Have B&B gone or are you speculating (not unreasonably) that they are about to go pop?
  2. Looks like I can change the status. I'm sure it is very bad form to reply to one's own post but I'm dying to see how my leotard looks. (This will make no sense if the picture did not upload) EDIT: Ok so no none of that worked at all EDIT 2: EE-ZI EE-ZI EE-ZI I really need to go to the pub, maybe it's the heat.
  3. You are quite right and I considered conceding the point about it being a technical definition, I just kind of couldn't be bothered. The central point is that it does seem quite redundant to have this tag - as you say yourself, how could any sane person not be a bear? If 99.9% of posters adopt this title it may as well just be accepted as a given. PS - I like your avatar (unless it's a real pic of you) You've inspired me - watch this space!
  4. In all honesty if it were possible I would change my status to Bull. That is because I predicted that nominal prices will fall by approx 25% from their peak - over about 2 years. In the context of this site that is pretty darn bullish, what defines a bull, bear or neither is changing. Because property prices are actually falling, to think that property prices will fall is not in itself bearish, it's the reality of the situation, IMO the whole bull/bear tag is an anachronism from the days when this site used to hold genuine debates about prices rising or falling.
  5. http://db.riskwaters.com/public/showPage.html?page=802181 An insurance company is attempting to cash in on peoples fears of escalating mortgage rates with a 'revolutionary' product. Excesses are between 1 and 2.5% and the premiums are massive. For the 1% excess rates would have to rise 1.75% before you even started making your premiums back on a 100k mortgage int only. I suppose if you subscribe to RB's view of 9% interest rates it's worth it.
  6. This one has been dealt with before and it's entirely misleading. The Kelso heights development was a massive FRAUD The valuer who put them at £238k is still wanted by west yorkshire police, the most anyone paid was £178k and the bloody place is falling apart. I'm not saying that new builds won't drop massively, of course they will, but examples like this are misleading.
  7. 20- 30 per cent of poles leaving? Are you suggesting this is fact? And your source, why it's Chris Tadel who runs a bookshop. Hardly conclusive is it?
  8. QUOTE: Martyn Morgan, from Talbots, later told the News consumer confidence was a big worry - but he stressed all professionals involved in the house-moving market must work together to reassure and re-educate house hunters and sellers. WTF? He's basically saying they need to get together in order to flog the dead horse!
  9. I think the point is that they were getting business through these channels and have cut them to slow down their lending. BMS + RBS will up their rates this week - nailed on
  10. Add to that list of lenders increasing BTL rates today: Bank of Ireland Nottingham BS Woolwich Expect RBS, BM solutions and Mortgage express by the end of the week
  11. I heard, what I consider to be, a very reliable rumour than the former owner is considering a bid for the company. It would not surprise me in the least he's a canny bloke.
  12. I thought we had a truce! You are basically saying that anyone should be allowed to MEW whatever income multiple the like as long as it's invested in buy-to-let. I find that surprising to say the least
  13. In a similar vein I noticed a local EA had a label on almost every property saying 'part ex considered'. I really should have asked how this little innovation worked
  14. In the spirit of bygones being bygones I would like to thank Eric for introducing me to this word. I shall attempt to use it at least annually.
  15. OMG - they pay BELOW market value, swine - what sort of person wants to take advantage of buying houses for less than what they could otherwise pay and take advantage where some poor sap may be about to lose their home. Oh, most of the people on here.
  16. I'm not comparing anything, it is a mortgage not a business loan. It is secured against an individuals main residence and was based on their ability to repay. If the loan were secured against the investment property and was based on the rental projection then you'd have a case. We are kind of going round in circles here so I call a truce, we'll agree to differ if it's ok with you. You can be wrong but I won't keep picking you up on it. I'll be right and not keep badgering you to admit that the sky doesn't necessarily fall in when someone borrows above 3.5x
  17. Mainly because the £238k valuation was obtained by bribing a surveyor who has since left the country. You are right that similar discounting went on but this is at the extreme end and was a blatant fraud, not unique but this was not common practice.
  18. I think you're being a little simplistic here. Consider the position of the seller who could be faced with the following choice; Option 1. Get reposessed by the bank, go onto the CMLs blacklist. Your original debt will increase substantially because the bank will charge you all their costs along with a host of legal bills. You may end up getting 70% max as the property will be auctioned in what is a terrible market. Option 2. Sell it to a company for 70%LTV, clear your debts, don't have a reposession against your name, rent the property and you and your family don't have the hassle/distress of moving. The bottom line is that this is a market solution to a problem, of course the buyer is looking to make a profit but they are taking a risk and making an investment to try and secure that return.
  19. Yes but some people choose to go to a dealership. I think people should be perfectly entitled to buy and sell property without using an EA - in fact I think some do. New technology makes this easier all the time and I for one would not try to stop it in any way. The reason EAs came into existence is that there was a market demand for them, just like any intermediary. This doesn't make them parasites. Is an ice-cream van salesman a parasite because he parks his van near a playground? Is a mechanic a parasite because he benefits from cars breaking down? Some people are too busy or they may feel awkward in direct negotiation, or feel that they lack the right skills. There are some cracking EAs out there as well as very bad ones.
  20. I know Kelso heights because almost a year ago I looked at buying 3 flats there at £67k each. It is worth pointing out that this building was the center of a pretty dramatic fraud, in that the 'values' of £238k were always pie in the sky. The original purchaser would have got a 25% discount from this price, 15% going into the mortgage deposit and £20k+ coming in the way of cash-backs. The building itself has developed a massive crack in the exterior wall and is basically a complete dump. I've probably got some photos if anyone was interested. Interestingly at the time hometrack still had a desk-top valuation of £200k each, meaning that if one were so inclined they could have been legally bought for cash and remortgaged with GMAC for £150k, pocketing £75k in cash for each one - I must admit I was tempted. Whilst the article is great bear food and I'm not trying to spoil your brunch, this is a very extreme example that serves the newspapres purposes, but does not translate to 60% drops on all new-build flats, let alone house prices.
  21. The whole parasitic industry? What's your alternative? Would you just do away with the whole lot of 'em and make everyone market their own house?
  22. I refute the suggestion that I am twisting anything, I have given the plain facts and it is you who is twisting them. If you are simply unable to distinguish between a BTL and a residential mortgage in the same manner that Eric can not distinguish between liar loans and subprime then we're not going to get anywhere. Eric, you've pointedly ignored my repeated question to you, I am left with the conclusion that you agree that there was nothing wrong with this client borrowing 5.7x income, but do not want to acknowledge the fact. As for having 'dun my bit' you are spinning this to look like all I would do is arrange finance and not give a hoot that property prices may drop. As if in some way I should be advising on future values. Let me be really clear on this - I CAN'T DO THAT. We are regulated to provide advice on a factual basis, property prices are a matter of opinion. I would never talk them up or down - if asked I make this clear to people that they should do their own research.
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