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House Price Crash Forum


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Everything posted by Letsdance

  1. What about the HIPS bit, basically if you do not get a building certificate on any development that requires building regs you will not get a HIP. This could cover a two storey extension or even something as simple as a new window. People have always been a bit cavalier over building regs thinking that planning consent authorises the building work. NOT AT ALL!! I would advise people to look into this as I think quite a few are being caught out and at a time when they need to sell.
  2. As we are all aware vast swaths of households during the last 4 years have Mewed and mewed and further mewed. Maybe the first for a home improvement, second because they never got enought first time around. The third mew is the key mew possibly a new car, holiday and a few white appliances. However; leaving enought in the bank to make sure the mortgage repayments are covered until the house goes up further in value. Obviously now and too the dismay of our family above the mortgage well has dried up. Households will be sitting on the remains of this last Mew maybe £10,000 making the repayments for mortgage, CC's and household bills. In the back of their mind only now realising that the tide of credit has turned and coming in at an alarming rate. What do they do 1. Aware they can no longer Mew. 2. They can sell up however the last Mew the house was valued at say £200k and they went 95% LTV. They can not afford the neg equity as they have only 10k left. 3. Where do they live, probably never contemplated letting. Further to this another problem HIPS. Look at the first MEW, home improvement. To get a HIP a local search has to include all building certificates for home improvements requiring building regs. Lets say our family never bothered with building regs, simple they don't get a HIP. Now our family have a mortgage well drying up, £10k left in the bank, neg equity on the house, can not get a HIP so no EA can legally advertise the property, can not afford to get the extension approved by the local authority as say the foundations are not deep enought. Now the can not even advertise the damn thing! What do they do, sit tight in the hope they can ride the storm and the mortgage market improves. I think July/August will be repo time.
  3. Fair point, I think your info no/few are the tell tale signs of progression into the developed world. This time in say 5 years *30 or *50 more mortgages etc. Is the developed world a better place? I was in Romania not long after the fall of Chowchesque. I was exporting farm machinery. I met alot of the locals in small settlements. Land was simply handed back from the state to the locals who had no idea what to do (land management wise), to the stage that they offered the land to ourselves in exchange for machinery. Your average Joe would own 10 acres of arable land and vintage clapped out machinery. The land was farmed by people clubbing togther to afford one decent tractor etc. etc. Planning laws were none existent. The currency Lai was carried around in a wheelbarrow. Look at Romania now 18 years on, the developments in business, housing boom?, holiday resorts, joining NATO, entry into the EU. Try buying land in Romainia now for the price of a Laptop.
  4. BL, I think the developers would sharp lose interest building properties for the cost of a garden shed. Outright impossible.
  5. Also include key quotes from the CGNAO files
  6. Ahh!! got ya, you are a scum landlord. However, that phrase could also apply to me. Sit back and have a coffee, its only terminology.
  7. 4 BTL 3 mortgaged with repayment mortgages 60% LTV 1 House I live in with 50% repayment mortgage Have a shop and also work in local government
  8. I came clean on this site last Nov, check my posts (I am not trolling!!). Last night I was doing my VAT and I came across a file which conatins the details on my first property, I bought in 02. I took out a 60% LTV 2 year fix on a ten year mortgage at 5.95%. To be honest I have just made the repayments and forgot about the loan. Adding insult to injury I bought a further 2 properties on a similar rate/deal during 02 and 03. I obviously went on to the SVR (7.9%) sometime during 04/05 and foolishly never bothered checking nor looking for another deal. Last night was when I discovered I was on the SVR so I called the bank. The bank advised they will only look to deals over £15k. My properties I owe less than 15k each so they advised just taking out a personal loan at (money supermarket 6.9% apr) and paying off the mortgages. Hence I could save e.g. property one £6500.00 4 years remaining a loan over two years could save me £1k. Incidently the banks apr on personal loans is 18%, to which the advisor explained that they were not quite competative!! Times when a personal loan is cheaper than a mortgage.
  9. I'm into BTL and have 3 properties. Last night I checked the mortgage details on them and found I am now paying the SVR. I phoned the bank this morning and they advised they would not let me fix and would have to remain on the SVR.
  10. Sounds like a good holiday, more like an episode of newsnight. What was your mrs doing whilst you were doing the financial pages
  11. Crash I was thinking more along the lines of 2-Year Tracker For loans of between £50,000 and £999,999 and up to 90% of your home's value Initial rate, currently Followed by the Standard Variable Mortgage Rate, currently The overall cost for comparison is Product fee (to reserve your deal) Early Repayment Charges 4.79% (variable) Tracks at 0.46% below the base rate until 31 July 2010 7.25% for the remainder of the term 7.4% APR 2.5% of loan amount Yes. Until 31/07/10 | | 5.69% (variable) Tracks at 0.44% above the base rate until 31 July 2010 7.25% for the remainder of the term 7.5% APR £995 Yes. Until 31/07/10 | | 5.84% (variable) Tracks at 0.59% above the base rate until 31 July 2010 7.25% for the remainder of the term 7.6% APR £995 None | |
  12. Helps people on tracker mortgages, they will be laughing!!
  13. It has been suggested to me that good properties will be very hard to come by during the crash because the mortgage holders will not be selling. I've yet to see any correlation between the quality of the mortgage holder and the quality of the property. I've never seen any correlation. Face it you have had idiots self certing, io mortgages for 100k's, watch a series of property ladder and knock ten bells out of a property with out building regs on the back of HPI. Now can not afford to stay nor sell as they can not get a HIP on the property.
  14. "Its chief executive, Andy Hornby, has fiercely dismissed stories that the group is facing a Northern Rock-style liquidity crisis. In a memo to the group's 65,000 staff, he said he was doing all he could to "rebut these unfounded and malicious rumours". We did not go to the Boe for emergency funding, its all lies, we are going tomorrow instead all with the other banks. Crash on!!
  15. Yorkshire bank part of Clydesdale and in essence NAB. Apparently little exposue to American markets. When took out mortagages all i's dotted and t's crossed
  16. Hang on did'nt HBOS release a statement yesterday that they had deep reserves they could call on when needed before going into the money markets, I think our nice people at the Boe should let them stand by their word. Use your reserves (if you have any?) why do you need to come to us. All is well in HBOS land.
  17. Even if I don't MEW my current mortgage deal runs out early next year. Do I get a deal now on a higher rate while I can or do I stay on the lower rate for another year and wait until I have to get a new deal and only hope and pray I can!!
  18. I work with Letsdance and he has kindly let me post. Current rate 1 year left at 5.5% LTV 100% on house valued NOW at 95k. I want to release 5 to 6k by MEW. Do I MEW now and tie into 5 years at 5.83% given the massive problems we are facing and I might not be able to MEW next year OR Do I wait and MEW next year and hope I still have equity in my house and the interest rates have dropped. I am in a dilemma Thanks Stu.
  19. Why not build a house with gold bullion, and simply render the outside. HP crash gold goes up Store your gold and live in your house at the same time Best of both worlds, I bet GF lives in a house like this
  20. Goldfinger, have you actually seen bin laden in Pakistan. A SIGHTING, or is he your side kick??
  21. i've always classed you as one of the more learnered posters (right or wrong??). You once classed me as Troll, rightly so as I did a wind up and got found out. Cgnao, seems to draw attention to his threads because of extreme claims/subjects etc. etc. The whole Cgnao excapade could be a complete wind up, withdraw yourself from the HPC environment and look at the subjects and content!! Any other poster would be TROLLED from the www..
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