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ingermany

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Everything posted by ingermany

  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. She won her case. Either these lawyers are stupid or there is a move planned by banks to cave in on Interest Only and refund loans with interest. .9 Million people have been led into an interest only mortgage ✓ Lenders and brokers may have mis-sold mortgages to thousands of cutomers ✓ Many of the people affected by this have no idea they could be due compensation ✓ Interest only mortgage holders are being refunded thousands of pounds ✓ Nearly 2 million people have been left repaying a mortgage that was inappropriate TitleMrMrsMissMsDr Was your interest only mortgage taken out after 30th October 2004?YesNot SureNo Was the mortgage buy to let?YesNo Was the value of the mortgage over £25,000?YesNo Was the mortgage taken on your current address? (as you have entered above)Yes - Thanks, no more information needed. Hit START!No - It was a different address I understand that by completing my details on the above form my data will be protected and processed STAR Could .9 Million people have been led into an interest only mortgage ✓ Lenders and brokers may have mis-sold mortgages to thousands of cutomers ✓ Many of the people affected by this have no idea they could be due compensation ✓ Interest only mortgage holders are being refunded thousands of pounds ✓ Nearly 2 million people have been left repaying a mortgage that was inappropriate you be owed thousands in compensation? Taken an interest only mortgage? * Find out today if you can claim!
  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.
  15. If it's a sales ploy it is a very dumb one because RM property seach excludes SSTC by default. It's like a greengrocer keeping all his bananas in the shed at the back of the shop unless a customer specifically asks for one. I think it is down to a combination of factors.... slow legal process, surveyors, banking, searches etc. People like me agree to buy and then drag their feet while they view other properties. Agents are also slow, unless it's getting the initial change from available to SSTC or under offer. Most think the job ends there. In my experience, agents do all they reasonably can to prevent offers coming in after the sale is agreed. I have enquired about houses sstc in the past and been told "sorry it's sold"....end of conversation. Edit...maybe it's just me though. I'm probably on some blacklist of feet dragging potential buyers.
  16. https://www.theguardian.com/money/2018/may/29/im-buying-a-second-home-how-much-stamp-duty-will-i-pay Unbelieveable that this buyer didn't realise he owed an additional £12,000 stamp duty until he opened the completion statement from the solicitor. The article details his byzantine but futile efforts at avoidance of the tax..... a "cunning plan" worthy of Baldrick, that completely failed. Anyway, he bought a second house, whilst reclassifying his existing house as BTL and then designating the new house as his main res. So he's simply changing his main res? No....As the Guardian points out....you still own 2 houses mate, so suck up the 3% surcharge. You need to sell that BTL that was your main res. But it's too late now. Well I guess he has 3 years to sell and reclaim the 12k he just paid in tax...... As Del would say....what a plonker.
  17. The article is screaming about people being successfully or unsuccessfully telephoned, but they've ALL already been contacted in writing. My conclusion from this is that a very large proportion of claimants are not actually living at the address for which they are claiming mortgage interest benefit. My second conclusion is that the new loans are still a taxpayer funded gift to people who are already in the wealthiest quartile of society. An interest rate linked to gilt rates is 1.4%. Compare with student loans of 6% and you can immediately see whose side government is on. Wealthy older homeowners win. Young renters pay for it.
  18. So 84% of people expect generous pay rises all round. Or maybe large windfalls now that ethanasia is legal in Guernsey.
  19. The only way there will be negative equity is if they have MEWed massively. Like examples of mortgage for 100k in 2001, same house in 2018 mortgage of 280k. Plenty of those stories. In those cases it's appropriate for the bank to demand immediate payment using the obvious untaxed cash windfall, with immediate eviction on failure to pay. No forbearance for the greedy or dishonest. Others, with small loans who can meet interest payments....guidance seems to be extend IO terms til death or senility, then repossess the house.
  20. https://www.rjharmer.co.uk/rics-help-buy-surveyor/ Explains that HTB valuation is done to a different set of criteria than remortgage valuations or estate agent valuations. The flat in London valued at 50k recently, to effectively write off a massive HTB loan is the extreme, but it is quite possible to get a low valuation, reduce the HTB loan redemption cost and then finance that with a remortgage based on a much higher valuation for the same property. Of course the whole concept of the scheme is corrupt. CEO of Persimmon pocketed 110 million annual bonus paid for by taxpayers.
  21. Not exactly bad news for borrowers. I tried to find a surveyor last month and they were all too busy to take the job because they were doing so many HTB valuations. They openly boast that the HTB valuation is completely different from a mortgage valuation. They explain how a low HTB valuation may help get the equity loan reduced drastically, and be accompanied by a separate, much higher valuation which is used to secure a bigger, cheaper mortgage. Lots of delighted customer feedback on the HTB loan redemption issue. This might explain why, in a stagnant housing market, surveyors are working 24/7 and are too busy to do ordinary structural surveys.
  22. I bought 3 houses last year. Those letters "sstc" look insignificant, until they aren't. It's not been a year of house buying. It's been a year of solicitor and surveyor sponsoring.
  23. Absolutely. I already have the guilt of not moving to Scotland 15 years ago. A decision that will cost my children dear, as they will be paying higher taxes because of it until they are in their late fifties. Who could have predicted that? And those student loans attract interest way above base rate. Funny that HTB loans are interest free and are frequently written off if a surveyor feels the house wasn't worth what was initially paid. No such mechanism for student loans. Now they want to give free money to another select group....which will directly disadvantage those who don't qualify...as it will bid up house prices and living costs. Forget the free market. We have a system of random rewards and punishments being capriciously meted out based on the whim of those in power. Byantium, meet ancient Rome.
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