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abharrisson

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Everything posted by abharrisson

  1. I treat all these figures with a degree of circumspection.. 1.6m unemployed.... but how many millions on "incapacity" benefit.... add the two together and you get closer to the real unemployment figure... the govt made a decision early on to move people from job seekers allowance to other "benefit" groups to massage the headline unemployment figure years ago... the unemployment figure is one big con in my view.
  2. Find a property that is BMV in an auction or from an investor... priced at say £100K... whereas a surveyor would price it at £125K, take 100% funding (no proof of income) from a bridging company ... there are loads who will do it, then the day after (having put the remortgage off in place BEFORE purchase) take it to a btl lender who will allow next day transactions and remortgage for 85% of £125K.... they would pay out £106k which should be enough (£6k) to cover all fees and give you cash of say £2k. remortgage would be in this market say a three year fix with the rental covering the mortgage. The deals are out there, they are being done, nothing illegal in it. Personally I wouldn't do it or want to but are plenty who are . Its a similar technique (although I think you have to have more knowledge and know how currently) as those who built up very large protfolios 10 years ago used..... some people who did this at the right time portfolios of 700/800 properties. I know of one who sepcialised in ex-council property who built a portfolio with £30m net equity over 4 years.... as long as they did it long enough ago, many of these guys will weather any downturn and will continue to buy as there will be some opportunities out there......eventually
  3. £5,000 is nothing for borrowers borrowing more money and wanting a cheap rate (over total cost) some of the fees for a 2 year deal are 2.5%... on a £400,000 that would be £10,000.... people are going for these deals apparently.
  4. No need to be "sorry", you've asked for some help so I'll give it to you. I said to you that making money through appreciation of the house price (ie buy it sit on it, rent it and wait) was not the only way BTL guys make their money. Let me give you two examples. 1/ Many buy tired property, refurbish it remortage it and take their money out and keep it in their portfolio or sell it. These guys are still buying. 2/ Many BTL who started 10 years ago, may be getting out, thats only natural but as they are others take on their portfolios, buying them in bulk below market value, remortgaging instantly to take their money out and then keeping some or keeping all. 3/ On the amateur side there are still people who when they move from one house to the next, keep the first and let it out. That still goes on. As you were rude to me, please allow me to returm the favour... if you don't belive those things are happening then you clearly have no understanding of the market. No feel for it, no knowledge. If my memory serves me right you said cutting the London economy in half would be a good thing. I think uyou must be stark staring mad, london and its associated business equates for what 20% or more of GDP... you think a 10% fall in GDP would be good for the country... truly bonkers. And as for your simpleton view that house prices have reduced industrial competitveness..... lets have a look at it... wheres the massive leap in manufacturing output from say 1992 when prices last fell....you talked about it if my memory serves me right in terms of Industrial compatitiveness..... I think your previous post was trying to lay the balme for the decline in british industry at the door of UK house prices. I pointed out this was wrong and it is.... chinese wages for instance have a far greater effect on things like that than house prices. So in short yes I was right and you were wrong, woefully wrong.
  5. They know all about it already.... in the US you had loans you didn't need to have a job for, didn't need a deposit, didn't need to porve income and could get at 100%... its never been quite that bad in the UK, BUT... even today if you borrow say less than 75% I wouldn't think the high street banks will ask many questions (I am not saying people ARE lying but there is an opportunity to do so)... equally on buy to let there are companies who will advance without you having a job equally the canny buyers buy repossessed property or portfolios below market value, on 85% funding and then immediately (next day) remortgage and take the money they put in out. They are happy with it becasue they have done their homework, it suits them and most are in it for the long term. So in short there are plenty of opportunites out there to lie, if thats what people want to do, there are plenty of opportunites to buy property with no earnings, and there are plenty of opportunities to buy properties with no real income..... it is true however that its made very clear that it would be fraud to use these things the wrong way. What you also need to grasp is that where there have been issues in the UK with lies on funding applications its nothing like the scale in the US (becasue effectively the Govt in the US provoked this).... the real issue for me in the UK has been the new build fiasco... without that the BTL area would not have got out of hand and becasue of how new build has worked unless you really knew what you were doing the opportunity to get ripped off was massive.... think about this... all those property finding companies out there running seminars... they DID secure 20% off what the price (what I call the laughing price) but secured more than that as they needed to make a profit..... so the pricing was weak, but many FTB's bought with the incentive of FREE carpets for instance at full "price" becasue they knew no better. Ignoring the overbuild issues. We'd be ina much better place if new build had priced correctly, or people had realised just how the "asking" price was over the odds.
  6. Oh yes help me how... by abusing me, by telling me I don't think about things before I post them. There is a need to fire back at abusers.
  7. Course not but they happen and are still hapening... in fact I suspect if the loopholes continue then the number may even increase as desperation sinks in.
  8. I did think about it ... look at his post count... owns a bank and has the time to make all those comments. I suggest you think about it... and oh yes we're in abuse I see from your post
  9. Me thinks NO.. but I'm willing to proved wrong... or has he just "told" you he owns a bank. There's barely a bank in private ownership anyway unless his name is Hoare.
  10. Gosh thanks , send a courier round with the cash would you. I think I'll stick it several building societies and then splurge it all on a huge buy to let property estate when the prices have dropped a bit in a couple of years time... now theres a thought.
  11. You're right I have no option but to let the nutter cheer.... I must say though its been instructive today... there's loads of good comment but I just really think that as demonstrated there ar quite a few who are unbalanced... who cheer on the bad news with no understanding of what will happen to real people when what they cheer for comes... unclefudgly is clearly a lost cause, axe to grind somewhere there I think.
  12. Me I say Injin don't know what he talking about. I can almost smell the jealousy seeping out of your every word
  13. You just don't get it do you... its not the jobs going , its the fact that people are cheering that they are going. Unclefudgly actually said he's really really happy that they are going, he hates them and thinks £320m in lost tax take is a fair price to pay for people to lose their jobs... of course the banks aren't going to subsidise jobs to maintian a tax take (now that really is ludicrous)... the point, and its the only point is that if the jobs are gone they are gone.... but for gods sake don't cheer their going as the ramifications are massive and clearly not understood by many on here.
  14. This is madness... just think for a minute about what you are saying..... 40,000 doing jobs that no one wants doing is economically negative... I assume you are one of these people who hate bankers, hate the city, just view financial matters and jobs as not needed etc etc... I am just finding it totally incredible that you appear to be putting forward a premise that we would all be better off with all the city jobs gone. Its madness, utter madness. They've used resources that could otherwise have been directed at the productive side of the economy..... I really hope you don't expect anyone to take this seriously. Its a shame people have been employed doing the wrong things.... now I know you must be having a laugh... either that or... oh dear I can't say what I wanted to or I might be accused of abuse again.
  15. Anyone who has such a large amount of bile and hatred within them that they genuinely want them all to lose their jobs must surely need some help. I really do feel very sorry for you, it must be simply dreadfull hating a group of people so intently. As for calling £320m a price worth paying, I am sure shivering grannies around the country won't mind dying their death of cold comforted by the knowledge that your incredible feeling of hatred towards the banking community has been sated. can't you guys see how out of proportion some of you have got... the mind truly boggles
  16. Illogical again... what I said is that the lost tax take would equate roughly to the winter fuel allowance, and that cheering the loss of that was no good thing in my view..... your response was to say thats the same as if I had said we'd be worse if we stopped paying for the Army or the NHS (not economically negative by the by)..... where did I mention us all being worse off ?, and where does stopping paying for the army or the nhs come into this anyway. Its a simple point... you cheer the loss of 40,000 city jobs... you cheer the result of that... in the same way that many here feel (quite rightly) that the bust has been coming for ages and no ones listened, equally, you'll find there are many on this site apparently who are content to cheer economic bad news without a care for the real result of it on a personal or national level... or indeed much understanding of what that outcome might look and feel like. hooray the country's going bust, we'll all lose our jobs, families will break up, futures will be destroyed etc etc... but theres good news... property prices are down again. Its not abuse to point out the personal failings of others.
  17. Hope you haven't bought one, Hulls going to be a disaster zone
  18. But their salaries will be by the economy and their tax by the government. I'm afraid will very much be missed.. 40,000 people on an average of say 40,000 thats about £320m in lost tax, thats about the same as the cost of the winter fuel allowance isn't it... oh well we'll just have to hope the old ladies have an extra set of woolies.... I'm sure they won't mind especially becasue so many find their impending misery so amusing....... this is getting a bit like pot calling kettle black.... are you one of these guys who has been saying its all property owners fault, they should have seen the signs etc etc etc..... you risk by cheering news of impairment to the economy falling into the same trap.... wheres the c.£320m in direct taxes you have just cheered losing going to come from... or are you just happy for services to be cut, or the country to dig itself into a bigger hole with more debt.
  19. A warehouse conversion typically is when an old industrial building, that in this country pretty much were mostly empty by the 1970's, gets turned into housing. Its the timing of when the warehouse became empty that I think is particularly relevant... have a look at some industrial history if you need help.
  20. I don't think "logic" is the word I'd actually use to describe your last few posts.
  21. Well off in 1998, broke in 1992, friends deserted you, banks withdrew help etc etc ( actually banks never are there to help, they are there to make money)... and now it looks like the same will happen to others you are happy and freely admit you are gloating... well I am sorry if you feel I shouldn't crtiticse that stance... but it makes me sick. Its selfish and inhumane... what happens will happen theres no problem with commentating on it but as I said I do have a dislike for people who gloat about other peoples impending misery like you, especially when you have already experienced a similar pain and know what it will feel like for those in the future. Oh and by the by I'm not out to be popular with the inhumane especially.
  22. Doctor , doctor whats that swelling in his chest... it looks like a library of economic text books... do you think he read them before he ate them... NO. Honestly what next ... house prices have damaged indstrial competitiveness, what was the next one .. oh yes systemic failure caused by the cancer of rent chasing and finally we have the piece about high economic rents correlating with market failure for producers..... Adam Smith would have been proud of you.
  23. Sorry I was wrong.. your original concept wasn't from Pluto... you are... first you try and link causality between house prices and industrial competitiveness and then you try and answer a post that challenges that by talking about "the systemic failure ultimately caused by the cancer of rent seeking activity"..... doctor, doctor.. come quick the patients gettting worse ! Oh and by the way don't take Boo loo's $5, she's been saving that for the last 25 years for a deposit on a house when the prices drop... if you take it she'll have to get a 100% mortgage.... oops
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