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About ingermany

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  1. Of course the biggest elephant in the room mis-selling scandal is Help To Buy...Lending someone taxpayers money to create a "faux deposit" to take out a mortgage loan otherwise deemed too risky for even the most reckless commercial money lender. Deliberately circumventing the FCA's own risk management. And using said loan to finance property at an outrageously inflated price above market valuation, with the proceeds of the fraud going to a few chosen chums of Tory politicians. And just calling it "Help to Buy" is the ultimate smoking gun that proves mis-selling.
  2. They hope to inherit from boomers. Problem with that aspiration is care and health costs.
  3. No Deal Brexit+ Corbyn =HPC There is a reckless determination to "see this through" like a man with a serious allergy, who is determined to eat his peanut cake because he's already paid for it. But prospects for house price falls, currency rout, high interest rates, high inflation, unemployment and social disintegration must be good. Wish I lived in Germany again.
  4. Absolutely spot on. The realistic price achievable for a £1m property is dropping faster than the Debenhams share price. No coincidence that raffles and lotteries have replaced sales. On the positive side, I hope that the inevitable collapse in house prices restores the incentive to earn through work and to invest in productivity and innovation. 3 decades of "smart money" going into a real estate ponzi....enough already.
  5. In 10 years of ownership my 60k mortgage cost 300 to 600 per month in interest. After 10 years I owed 10k more than the purchase price. In today's context that means paying £1500 to £3000 a month in INTEREST...to live in a small 3BR house...for 10 years after which you discover your house is worth £50,000 less than you paid for it and there are points during the 10 years of ownership when you could have bought it for £100,000 less than you actually paid. Will that scenario be repeated for today's FTBs? Maybe not, but never dismis the possibility.
  6. Maybe wait another five years? Seriously, house prices are just starting to fall. The 1990 crash took around 8 years to bottom out. It is better to watch prices fall while renting than it is to watch them fall while paying a 95% LTV mortgage.
  7. Duplicate Could you be owed thousands in compensation? Taken an interest only mortgage? * Find out today if you can claim!
  8. https://www.mortgage-claim.co.uk/landingpage/platform1/?utm_source=Platform1MC&utm_medium=DM The Daily Mail website (that I once visited by accident) , keeps sending me a link to this "claims site" . Says that 2 million IO customers are owed thousands of pounds. I keep hearing about this on no win/no fee legal sites. These lawyers seem confident enough to work for a % of the winnings. Suggests to me that there must be some winnings. I haven't seen many case reports....just one retired woman who IFA persuaded to take out a loan for Bulgarian holiday flats that were never built. Sh
  9. Using government funds to provide preferential interest free unsecured loans to property investors who channelled the cash straight into the personal bank accounts of Persimmon's directors definitely sounds fraudy. Given the basic fundamentals of the scheme, everything associated with it is going to be somewhere bordering on criminal or unethical. There will be massive mis-selling claims.
  10. This https://www.rjharmer.co.uk site contains instructions on how to get concurrent HTB and remortgage valuations in order to redeem the government loan through a mortgage by using the difference between the two valuations to achieve an acceptable LTV for the lender.
  11. I've posted on this before. Surveyors do "special" HTB redemption valuations.These can determine a low value in order to reduce the HTB equity loan repayment. Then another valuation is done for the purpose of remortgaging in order to finance the other 60% of the loan. Not surprisingly, that valuation is much higher than the HTB one. If the value really had fallen from 500k to 50k the borrower couldn't refinance the remaining 300k. It is a scam, albeit an officially sanctioned one.
  12. Yes. People could sell it at the last Land Registry recorded transaction price adjusted by CPIH. That would create a potent signal to those who purchase property as a financial instrument. Increasing social housing stock is essential. It won't happen while government is spending billions subsidizing builders who supply overpriced houses to property investors.
  13. Yep. There's a new type of specialist surveyor, that specialises in down valuing properties bought with HTB, in order to reduce the HTB loan redemption value. Quite different to the specialist surveyors who exaggerate the value of same property to secure remortgage with a lender. Corruption everywhere you look.
  14. I Agree totally. Either someone can afford a something or they can't. If they need to wait for granny to have a fatal accident, or for some idiot to buy their ludicrously overpriced hovel before they can afford the house of their dreams, they really can't afford it. What worries me is that somewhere in Westminster a committee of government ministers will be discussing how public finances can be diverted to solve this problem.
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