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Mr Goodcat

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About Mr Goodcat

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  1. Thanks for all the posts. I think the best thing for me to do is to look for somewhere else to live. It's not great to be moving the family twice within 6 months but it's better than the alternative. To answer a few of the comments: 1. I know I have no legal comeback to the letting agent as I didn't get his assurance in writing, my own fault but at the time I had 1 week to find somewhere to live and didn't actully think of this. 2. There is a differance between a BTL and OO mortgage for the tenant if the house needs to be repossesed. In the case of a BTL mortgage the bank is more likely to aply for a receiver of rent order as oposed to a repossesion as these are cheaer and easier to get. As I don't care who gets my rent I'd be happy with this. On the other hand a receiver of rent isn't allowed on a OO mortgage, even if a tenant is resident. At least thats my understand from what I was told last time. All a little academic this though as I want a house without a mortgage of any kind. 3. I know that Halifax wouldn't be able to give me any details for the DPA, but that doesn;t stop me giving them details, which I probably will do when I leave as I don't like being lied to. Again, thanks for all the advise
  2. I've been renting my place for 3 months now. When I moved in I specifically asked if the landlord had a mortgage as the last place I rented did and it turns out it wasn't Buy to Let, hence having to move out rather sharpish when the house was repossesed for non payment of the mortgage. I was told at the time I moved in to my new place, by the letting agent, that the house had no mortgage and foolishly I took his word for it. Anyway everything was going swimmingly, the letting agent would come by once every two weeks to pick up the landlords and any previous tenants mail to forward on and I got on with enjoying my new home. To cut a long story short the letting agent stopped coming around and, as I knew from the fact that we had already had some collection people at the door that the previous tenant ran up aload of debt and ran off, I thought I should probably open and deal with any mail myself. Whilst doing this I found a letter from Halifax to my Landlord about his mortgage with them for the property, now I'm a little worried as if the landlord was lieing to me could he have also lied to the mortgage company. I really don't want to end up in the same situation I was in last time and was wondering what would happen if I contacted the mortgage company myself to let them know the place is rented out? How would I explain that I found out about the mortgage as I shouldn't really have been reading other peoples mail? Would my telling them about the fact I'm renting the place, presuming that it isn't Buy to Let, be grounds for them to withdraw the mortgage, causing me to move on again? I know this might sound stupid, and the chances are that the Landlord has got a Buy to Let mortgage but having been bitten once I don't want to get bitten again. Any help anyone can give me would be much appreciated
  3. I'd inform your mother about this. I got a loan paid off when the company phoned my dad and told them that I had a loan with them. Even going as far as informing you that your mother has any dealings with the company after they have given you the company name is a breach of the DPA. If they gave you any details its a serious breach. Ofcause that only stands if your mother hasn't said they can give details to you.
  4. Shameless bump, really need advise on this
  5. Looking for someone who has some experiance at this. I've seen a place I'm really interested in, house that is up for auction valued 65% lower than what it went for last year. At £50k I don't see it falling much further even in the crash to come. The problem I have is that I have no idea how arrange a mortgage for an auctioned property. How do you go about this? I wouldn't want to bid for the place unless I knew that the mortgage had been confirmed, wouldn't want to be stuck buying something and then not get the mortgage financing. Does anyone have experiance with this? Any help much appreciated.
  6. I happen to work for the YBS and can say that, with the exception of Nationwide, no Building Society in England actually keep their OWN money. We hold the customers (members) money but every building society itself actually "banks" with a bank.
  7. I happen to work in the mortgage side of the Yorkshire Building Society and can confirm that we are still lending. That said roughly 90% of the people who would have been able to get a mortgage with us a year ago now can't, considering we never did Sub Prime or BTL or Self Cert I think that goes some way to show how low lending to even normal people has become. On of the biggest problem people seem to be having at the moment is the property being downvalued when we get the valuation in. We agree to let them have a 75% LTV loan but the valuer puts the house at 90% LTV. The seller isn't prepared to drop the price so the deal falls through.
  8. This made me laugh this morning, yes I agree that Bradford is a shithole. I'd still rather live here than London. Hell I'd rather live in the sewers under Manchester than in London. Why do all these "think tanks" always have such a high impression on London, the place is a hell hole.
  9. For a start you pay the goverment for their part of the house 3 times. First you pay rent on however much you borrow from them, second you have to pay back everything you've borrowed from them when your mortgage ends. Third you have to pay back any increase in the value of your house (unlikely in the falling market) or the full value of their portion of the house when you bought it. Add to this the fact that, when the fixed rate or tracker rate ends, considering that the goverment will no doubt pull this version of the scheme then like this did with the first OpenMarket HomeBuy then your gonna be stuck on the SVR as no new mortgages of this type will come about. I really feel sorry for anyone who has done this, I looked into it myself a couple of years ago with the original OMHB, I had a moment of madness and felt I HAD to get onto the market, when I read up on it though I cound I would be better off by far just taking a mortgage at 6x my income (which were avaliable at the time). Stay away from these schemes at all cost.
  10. I have to admit I've started doing exactally that, got fed up of being an outcast everytime a new report came out stating what I've been saying all along. These days I just keep quite, if anyone says something like "didn't you want a crash" I just go on about how I wanted a correction but not the crash we're heading into (which gives me a nice excuse to point out that this IS a crash) Interestingly I have noticed that if you simpervise with people they tend to actually admit we are heading into a crash but when I was telling them we were crashing they go on about how britain can't crash, whats that all about?
  11. I presonally recon we'll see prices around the 2002/2001 bracket durin the overshoot, I expect prices to average out at early 2003 though, which puts the average house at around £130,000 Edit: to add the average price
  12. Mr Goodcat

    My Story

    I'd be a little cautious of this option. I work for a building society, not Nationwide, and we have recently started to make a big clamp down on people who are renting and havn't told us. It's really not too hard to find the people who have done this, we know what property that we have lent on and if they have told us that they live somewhere else we write to them to see if they are renting it out. If they say no we then send in the investigators to see what they can find. All this is a recent addition to what we do so, although people have got away with it for 5 years, I don't think they will be getting away with it for much longer.
  13. I personally love the percentage drops that are quoted as bad. 5.6% in 92 and 2.9% in 93. Kinda puts the current fall in context
  14. Well it is Bradford, what do you expect? Actually, just realised that one of the houses I posted was a shared equity.
  15. I happen to live in Bradford (It's not my fault I was born here) and I can assure you that these are not cheap. Prices here are almost as low as that for a 3 bedroom house. Though anyone who wants to live in Bradford is an idiot, the whole town is dieing a slow death. http://www.rightmove.co.uk/viewdetails-174...=1&tr_t=buy http://www.rightmove.co.uk/viewdetails-172...=1&tr_t=buy http://www.rightmove.co.uk/viewdetails-102...=1&tr_t=buy Added links of some idea of what £55k will get you in Bradford, still overpriced but it puts these boxes in perspective
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