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House Price Crash Forum


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About Pingu

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    HPC Poster

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    South East/East Sussex/Kent
  1. I knew Nick Candy when he was 16 and a school boy at Epsom College (in fact I think he was head boy). He came from a VERY wealthy family - far from a rags to riches story, believe me! However, to give him his dues he has always been very business minded and driven. Back then he was organising nights out on Thames river boats with nightclub and drinks etc. and selling tickets at a huge profit. Even after the Marchoness tragedy his boat trips were a sell out. One other tip bit... he always wore a baseball cap - because he was thinning on top!
  2. Does anyone have an opinion on whether the longer term fixed rates are likely to get any lower? 5+ years?
  3. We STR in April 08. Moved to an area with a lack of housing (small village, great schools, hour from London). There is an above average supply of 6 bed houses with acres of land, but really not many 4 bed detached homes. We would rather not be buying now but one of these rare 4 bed detached homes has come on to the market and we just don't know when another one will come on. We managed to get it at 25% off peak price but the market is not bottomed out and it will fall another 20% from here, but when it is at bottom we don't know that the house we want will come on to the market. At the end of the day this is our family home, it just came up at the wrong time. Average houses where I live are a lot more expensive than the 'average' the papers talk about, as the 'average' salary here is over £50k.
  4. Security is very important to me. We have 3 children under 5 and 1 income. However, those 10 year fixed rate deals at 5%ish are still A LOT more each month than our 0.58 over base. Those hundreds I am saving each month over the next 18 months will build us a nice safety net! However, I am very interested in knowing your views as to whether those 10 year fixed rate deals are likely to get any better than 5%?
  5. They have dropped 10%. Even where I live, which is as 'sticky' as they come, those houses that have actually sold, which are beautiful 4 bed detached houses an hour from London with fantastic schools and in an area of outstanding natural beauty etc.... They have dropped 20% since the peak. And yes they are still set to fall, by another 15% this year. This future drop is in our specific market. Flats in cr*p inner city areas, they have dropped 40% and are set to drop further this year.
  6. Hello. We are now in the process of buying a property - yes I know, I know, but it is 25-30% off peak prices and we really like the house and they rarely come up for sale as we are in a tiny village. We have a great deal for most of our mortgage, which is a life time tracker at 0.58 over base rate. Needless to say we are very keen to keep with this. However, Mr Pingu and I are more than a little concerned with inflation, which some believe may be with us in, say, 2 years time. Family members tell us to fix our rate for 10 years, but the best rates out there are just under 5%, which will cost us hundreds more each month than our current deal. If we thought we could fix our mortgage for 5+ years (pref 10 years) at 3.5% or less than I would pay more each month just for the peace of mind that we know our outgoings and losses over the next 2 years will be made up with the savings as the interest rates rise. There is no point in fixing for 2 or 3 years at 3% as the base rate is unlikely, in our view, to go much above that during the time we are fixed. Do any of you have a view as to where the rates are likely to go for long term fixed rate deals? Do you think those 5+ year or 10 year fixed rate deals are likely to go lower than the 5%? We could jump from our life time tracker at any time with no penalties, so if a low rate 10 year fixed rate deal comes up in 10 months or something we can grab it. Thanks.
  7. I agree. I have for a while thought that the economy would bottom out and be bouncing along the 'bottom'. Then the rates will rise (which whether inflation or not, interest rates will have to rise) and there will be another drop until the real bottom is reached.
  8. We aren't buying a new build, but a 1970s property that the current owners are swapping / part exchanging for the new build. It is the builders who have the property and are trying to get rid of it quickly. Figures are: £410k house, £120k deposit and £290k mortgage. You are right about only 1 income though.
  9. 3 addresses in 3 years 3 dependent children I am a housewife and my husband is an insurance broker do you think these go against me?
  10. I will thank you for your advices. I think it is worth pushing this one.
  11. When Mr Pingu comes home from the office, this thread will make interesting reading. With regards the other posts: I applied for my credit rating/report on-line and didn't get an instant report, they said it would take a few days. I have gone to a mortgage broker who said he will check with C&G and he says he will try to look into it but they are being really picky I have phoned the council and yes we are definately registered and have been since July, of course that doesn't mean that the Experian report will have the correct information The thing is, if we can't get half the mortgage loan on the excellent C&G tracker rate deal then the overall mortgage will be a lot more each month, possibly as much as £350/month. However, the house is still the house and location we want.
  12. You are right. I am just embarrassed and ashamed to say I was the one with the nasty surprise. But that said I would rather be the prudent person who can't get a mortgage but has a load of money in the bank, than the non prudent person who can't get a mortgage and has no money!
  13. I have ordered our credit report from Experian but they couldn't give it to me straight away and said it would take a few days. It will be interesting reading. I am really worried that I have forgotten about something and that has affected our credit rating but I can't think what it could be.
  14. We are on the electoral role, have been since July time.
  15. If my husband and I can't get a mortgage with a 25% deposit and on 3.5x salary, no wonder the housing market is bu**ered. Honestly, I really thought that all the news about not being able to get a mortgage only applied to FTB, tiny deposits and/or huge multiples of salary. I never thought it meant us. Nieve to the last!
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