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frankwater

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About frankwater

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  1. Strange article ... it says 'It will only apply to mortgage debts on banks' books at the end of 2007 and the swaps cannot be used to finance new lending.' but goes on to say 'The move should free up bank balance sheets and enable them to lend more to consumers and home buyers.'
  2. I'm sorry but this doesn't make much sense to me ... If you are paying rent (£500 p.m) and NOT saving for a deposit you might have half price living costs but if you are renting (£500 p.m) AND saving for a deposit (£500 p.m) then surely you only have the same disposable income as you would have if you bought a house now and were paying a £1000 p.m. mortgage? Anyone?
  3. courage ... convictions ... mouth ... trousers ... mmmmmmmmmmm
  4. Actually, the BoE hasn't offered anything for anything yet. Let's what happens when they release the package which will probably be next week.
  5. But YoungFTP, I can afford the house so I'm not being royally screwed, am I? If I buy a Porsche and my neighbour buys a Lada, am I being royally screwed as they are both cars and both do the same thing? I wanted to buy a house, I saw the house I wanted, I put a bid on, it got accepted, I paid the money. I gave the EA the price I wanted to pay, they went back to the vendor and they accepted. Simple.
  6. From The Times in February - I'm sure someone will have posted this but ... Ten tips to survive a property downturn It’s the news that every homeowner has been fearing – house prices are definitely falling. Halifax says prices fell 2.5 per cent in February and Nationwide has reported that prices have moved lower every one of the last five months. With mortgage lenders withdrawing deals left, right and centre, there could also be plenty more bad news to come. But there is no need to panic. Falling house prices bring opportunities for buyers. There is also plenty that sellers can do to ease the pain. Here are ten tips to help you ride out the property downturn TIPS FOR BUYERS Falling prices are positive As house prices have soared, more and more first-time buyers have been priced out of the market. A slowdown could change all that as more homes fall within the range of would-be homeowners. A downturn is also good news for people who already own a property and would like to move to a bigger home or more expensive area. Trading up gets easier in a downturn because the gap between the cost of smaller and bigger properties narrows. Say your flat is on the market for £250,000 and you are trading up to a £400,000 house. Prices in your area fall 10 per cent meaning you take a £25,000 hit on your flat but the price of the house drops by £40,000 to £360,000. That’s a net gain of £15,000. Don't count on big discounts If you’re holding off buying, hoping that prices will plummet, prepare to be disappointed in London and the south east as property experts believe prices will remain resilient. There is so much demand for housing, especially in the capital, that prices are unlikely to fall far. Analysts also expect prices in Scotland to hold up as well. However, it doesn’t hurt to haggle. There is so much bad news around that sellers are feeling nervous – experts say that you could easily knock 10 per cent or more off the asking price. Rent to lock in profits If you’re convinced the market in your area is going to fall further be prepared to move into rented accommodation and wait for the market to drop before buying back in. House prices need to fall by about 4 per cent to make it financially worthwhile to sell to rent, according to property analyst Knight Frank. Do your homework Find out how much similar properties have sold for by typing the postcode into the website Hometrack.co.uk or Upmystreet.com. But remember that these are backward looking: they tell you what homes sold for in the past not what they are selling for now. Propertyforecasts.co.uk, which estimates future price movements for the next five years, is also worth a look, although it costs £15 for a full report. Get your finances in order As sentiment has soured, fewer vendors are putting their properties on to the market so you must be ready to pounce when your dream home comes along. Talk to a mortgage broker when you start looking to find out how much you can borrow and what the best deals are. You improve your chances of having access to the best deals if you have a deposit of 20 per cent or more, don't need to borrow a high income multiple and have a spotless credit record. Several brokers such as L&C (www.lcplc.co.uk) and Charcol (www.charcol.co.uk) have useful calculators which estimate how much you will be able to borrow. AND FOR SELLERS... Price realistically Putting your home on the market at the right price is key if you want to guarantee a quick sale. Get several valuations from estate agents and also take a look at the websites mentioned above – then set the price somewhere in the middle. As a rule of thumb, estate agents suggest you should ask for about 5 per cent more than you realistically expect to get. However, if you really need to sell fast, set an asking price slightly lower than your ideal from the off – it looks better than desperately slashing the price at a later date. Flexibility pays You’ll make yourself more attractive to potential buyers if you can move out fast – it also gives them less chance to back out of the deal. Consider moving into rented accommodation if you are offered a good price but have nowhere to move to. Don't move, extend If you’re moving because you need extra space, extending your existing home could be cheaper and less hassle. However, you need to make the right improvements at the right price. A loft conversion is the single most valuable alteration you can make to your home, according to a study by Nationwide. By adding 300 square feet of floor space made up of an extra bedroom and bathroom you can add over 20 per cent to the value of your property. Turn a two-bedroom house into a three-bed and you can increase its value by 12 per cent. But can you bear the builders and the mess? Don’t be afraid to pull out Just because you’ve hoisted a “For Sale” sign doesn’t mean that you can’t change your mind if you’re not seeing the interest you hoped. Ignore the hard sell from your estate agent. They’ll probably try to convince you that there are lots of interested buyers waiting in the wings – the chances are it’s the first time you’ve heard their voice in weeks. If you don’t need to sell, stay calm It’s a statement of the obvious but one that, in property obsessed Britain, we often forget: if you’re already on the ladder and not planning to sell in the near future it doesn’t matter if house prices drop. The chances are that by the time you need to sell prices will be back up again. Even if they’re not think of all those juicy gains you’ve made over recent years –house prices are up an average 59 per cent over the past five years, according to Halifax. A house that was worth £120,000 at the end of 2002 was worth nearly £200,000 in December. Think about all that “free” money and stop worrying.
  7. You guys have been quiet about the Bank of England bonds package. Too busy checking out Property News I'll wager!!! Lol.
  8. "Renting is paying (for part of) someone elses mortgage" - If the house was bought in say, the year 2000, then I'd say the £550 rental income that's pretty average in Belfast right now comfortably covers the mortgage. As far paying for your own mortgage being stupid, well I disagree. For anyone who ended up getting a 110% mortgage when houses peaked last year, in hindsight that might not have been the best move, but paying any mortgage for any house at any time is hardly stupid. Just my opinion. Edit: No I didn't get a 110% mortgage last year. But I feel bad for anyone who did!!!
  9. "If you bought your house last year and can afford the repayment then what are you doing posting here?" Way to back up my sentiment that only people who agree with the people on here are welcome to post here. I thought this was a discussion forum? Get a dictionary, look up discussion. "If you really think that there is no problem with the housing market and that you are going to be fine then you don't really have any reason to be here." I know I will be fine. but seeing as this is a public forum I'm here and will continue to offer my opinion, in much the sake way as you are free to offer yours. "Go and enjoy your life and be happy" - Thanks. I am. "Sticking around here isn't going to make you happier is it?" - And it increases your well being how exactly? "We weren't the ones getting suckered into buying an overpriced house." It's only over-priced if you can't afford it. I could. I can. I will. " There is a big difference between joining in and throwing shit from the sidelines - throw shit and you'll find it thrown straight back." While Labrador's posts maybe were just throwing shit from the sidelines he's not the first person to have a different opinion to the posters on here and be ridiculed. I refer back to my post late last week when I pointed out to a contributor that his forecast of 'No Further Interest Rates Cuts' was made 24 hours before an interest rate cut. And I got accused of being an EA or an IV (I've still no idea what an IV is though!. I was hoping it was 'Intellectual Virgin' but the wife assures me otherwise).
  10. What a dumb thing to say ... that's people's livelihood you are talking about. Husbands, wives, kids, homes ... and you are looking forward to them closing down? Get a grip people. Jeez!!!
  11. Give Labrador a break guys, Seems to me that anyone who doesn't agree with the main jist of this, erm, "discussion" forum here gets flamed ... worry not. A fiver says that all the main posters here are checking Property News everyday looking for cheap houses and as soon as they appear ... whammo ... and by cheap I don't mean when they fall much more. When I was at school, way back when, there was a gang of us that thought we were too cool for school. Everyday during GCSE's we all came in and said "Oh I didn't study for this one at all. Who cares about school." Come August, everyone of them, except me, got pretty much straight A's. Well, that taught me ... The moral of the story, don't get sucked into the gang mentality because as sure as sh1t the people telling people not to think about buying on here are waiting for a property themselves and sure as sh1t they will buy them before the prices reach 50% of what they were last year. And don't let anyone tell you otherwise. I bought last year, my house is worth less than it was, but it's my house and I can afford the mortgage so f8ck it ... at least I'm not paying someone else's mortgage or living at home and moaning about it ... I worked hard, saved a deposit, paid it bought my house ... and if someone else buys the house two doors down from me for less so what? I'm not going anywhere ...
  12. My wife is from Oregon. Her family home was bought for $200k 5 years ago. It's now worth $550k and rising. Here's the situation in Oregon - and Washington equally. Old couple retire in SoCal, sell up and make a huge profit, move to Oregon or Washington and buy houses at a much inflated rate therefore creating a bubble. If my argument is akin to saying that Germany's house prices are going up, so everything will be ok in Northern Ireland your argument is akin to saying that 'America's' house prices are going down, so everything will be crap in Northern Ireland but today's news says £150m to £200m from pension funds in the United States is to be invested in N Ireland. Belfast's house prices were always under valued as the Troubles scared away foreign investors. The news today? That's all good for jobs, property and general good feeling in this town. Things aren't all doom and gloom.
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