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House Price Crash Forum


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Everything posted by jplevene

  1. Yes, I did the original local hosted website (on my computer only, not the web) as I needed to calculate mortgage breakdowns and the rest were not giving me enough info. A friend then wanted a mortgage and we used the tool I wrote, he said it was good and that I should put it online. When I had some spare time I beefed up the look and posted it free online as http://mortgage-calculator-free.co.uk/ for anybody to use. I don't make any money from it, except for the £1.60 from the Google adds for the past month, these are on all my websites by default. Had a few people thank me, concept is mainly for friends to use when they want to re-mortgage. Surprisingly the site gets loads of hits, so I might spend some time on it and make it look better if I get the chance. When I do have the time, I will ask all here for any suggestions and invite bloggers.
  2. Did a spell check with Word, no spelling mistakes. Checked against other news sources, 100% accurate See - Guardian BBC Sky Notice in the Sky article "The second stage of the Help to Buy scheme aims to boost mortgage availability by reducing the risk for lenders because the Government takes on the risk of default when it guarantees a proportion of a loan." This is the second phase of the Help to Buy and the government UNDERWRITES the rest of the deposit, not gives it. Think a few people here need to go back to school and learn to read !!!
  3. Found an explanation for the proposed first time buyer 5% deposit. http://mortgage-calculator-free.co.uk/blog/2013/09/30/government-backing-5-deposit-first-time-buyers/ Will you still be considered a first time buyer if you owned a property, sold it, moved into rental and after that bought a new property?
  4. I was using a website to breakdown my mortgage costs and made a mistake on the mortgage amount, I accidentally entered £0.00, site seems to have an Easter egg when you do this. Couldn't think of anybody apart from this forum who might appreciate it. Enjoy My result : http://mortgage-calculator-free.co.uk/results.php?at=0&rt=2.75&tp=1&tm=20
  5. He hasn't and it would be too expensive. There is a possible loophole I have been looking into for a UK mortgage for him, and sorry I will not disclose it.
  6. Ask an IFA, basically it must be based on UK taxable income that is either proved via a P60 or SA302 etc. This is FSA regulation.
  7. There is "law" (regulation) set out by the FSA based on UK taxable income, Google it or confirm with an IFA. Speaking to an IFA they will tell you loads of stupidity stories. The best is credit rating is STILL based on how much credit you have (love it when people learn from their mistakes) !!!!
  8. I hate the fact as well, but in the UK we have to live with it. Imagine this: Low house prices = Low mortgage payments, more money for you to spend on quality of life instead of working like mad so that you can pay all your money to profit the bank. This is the country we all chose to live in, and this is the society. At the moment the rules of the society are getting changed to favour the banks (not intentionally). As FSA bring more affordability regulation, less and less people will be able to change their mortgages for cheaper ones and be stuck paying high rates to the banks for life.
  9. I agree, when I first got a mortgage, it was for life, then soon after that people started chopping and changing. Problem is that if the banks offered good rates to stay, then we would, however this is a free market and if others offer us a better rate, we should have the right to go there.
  10. Yes the bank excuse, all of us feel pity for them and believe their feeble excuse to the press. Any IFA will tell you it is to get rid of the mortgages on their books. Why do you stick up for the banks overcharging customers, are you so concerned about their underlying profit margins? Have you got any experience with the FOS, obviously not. Ask any solicitor his/her opinion of them and the "impartiality" they have. £270m is pittance compared the billions they were earning and took. Hey I would love £270m, but divide it out and calculate how much they made from each customer and you will be a bit disappointed. If your best defence is just attacking my integrity and not my argument, then you have no argument. Regarding the £250k, he does file here (never said he didn't), he is taxed on his savings at source in the bank just like you and me, and gets a tax rebate believe it or not due to the minimum earnings threshold. He does not earn enough interest to pay higher rate tax, you need to read up on your tax law before making wild accusations in future.
  11. Why are you a fool when all the regulation at that time said you could? Are they foolish because they couldn't see into the future and predict that regulation would change so drastically, and for those who at the time had higher incomes, is it their fault that they never predicted the crash and their wage reduction?
  12. Why should he sell his house?? He can afford the payments its just he is stuck at a bank. If one day that bank changes its mind and does not want to do mortgages and doubles rates like the Irish banks did, he and many other people I know are screwed. Why should he have to overpay one bank? The regulation is like a monopoly from the bank, if another is officering a better rate, he cant take it, isn't that what free market is? Big deal to the bank, a small percentage refund for those who could afford legal representation. It is not misselling if the person has shown that they could afford and did pay higher or equal payments to another banks and they never defaulted. Why do you all stick up for the banks profit margins and abuse of customers?
  13. Read the post, the other banks would love to take on these mortgages, great repayment history, great collateral, etc. THEY CANT MOVE BECAUSE REGULATION STOPS THEM, SO THEY ARE STUCK !!!! BANKS DON'T SET THEIR OWN LENDING CRITERIA, FSA SET THE MAJORITY !!!! THESE PEOPLE HAVE FINSIHED THE TERM OF THEIR MORTGAGE CONTRACT AND CANT LEAVE THE BANK !!! THE BANKS INCREASING THEIR RATES ARE BEING A MONOPOLY ON THOSE STUCK WITH THEM !!!! If there was only one food shop in your small remote village and one day they just double their prices because you can't go elsewhere, and because they can, this you are saying is fair
  14. I hate to say this, but any reduction in house prices lowers the wealth and value of UK. High house prices = good for country and its economy but not so good for many people Not a good scenario I know, but got to look out for the needs of the many, not the few.
  15. Forgot the last 75% LTV point that I originally omitted If a customer has shown no defaults, paying higher repayments, Banks would queue for a customer like that !!!
  16. I was really surprised to find out from a mortgage broker friend how many people and his customers were stuck with a bank and he was unable to help (he complained about how much business he was losing). He said that the old junk mortgages were insignificant compared to the people who are stuck at banks, and the people stuck at banks generally have bigger mortgages. People are trapped in banks paying too much and they can't move. This is like a monopoly for the bank, you could be stuck there overpaying for life, instead of being able to go to a competing bank and pay a cheaper rate. You feel this is ok and fair??? And when the bank doesn't want to do mortgages any more like the Irish Banks, they raise their rates and the people stuck are screwed, again do you think that is fair ??? Do you think that is not going to cause inherent problems to the rest of the UK property market?
  17. Why sell when you can currently afford a mortgage, you are just having to pay your bank more because you are trapped with them. Surely they are allowed to limit their expenses and not let the banks profit further. Good way to stick up for the banks and their profit margins.
  18. Ok tax on his earnings is paid at source then brought into the UK, he is not liable for any UK tax, currency fluctuations have nothing to do with it. Even with a currency fluctuations, it will never fluctuate that much that it will result in zero income, if it did with the money coming from a western major economy, there would be a global crash (look what happened with tinpot Zimbabawe and the world reaction). Your point is still pointless, the point is that earnings such as capital gains and overseas income (rental or other means), directors loan remunification, etc. are all not considered even though they are income. And he is a UK citizen who has lived here all of his life. You assume that everyone has negative equity or near 100% mortgage. I forgot to put in the point 75% LTV, however not every one has 100% mortgage, a friend of mine has 60% LTV and cant move his mortgage to another bank. I have many more friends like that. The banks are not afraid of being sued for misselling and getting a mortgage written off, no court would ever rule that you keep your house and don't have to pay off your mortgage as you were missold, you would be entitled to very limited damages under UK law. If they mis-sell a mortage, the FSA fine is far higher than any court action.
  19. We are going to have another crash in house prices and again it will all be caused by the banks. The wheels of this catastrophe have already started rolling in the guise of the Irish Banks, with some of the British banks starting to follow. Let me start from the beginning: When self cert mortgages where allowed and lending restriction criteria was relaxed, many people got their mortgages this way and were able to afford it. The ones that couldn't afford it caused the crash we remember so well. Of the ones that could afford the payments, many of these applicants had income from Directors loan repayments and other means not shown on an SA302 tax form. Today you can only get a mortgage if your SA302 says that you earn enough, if not hard luck. I know someone who earns £250k a year from overseas investments where tax is paid at source and the UK has a tax agreement with that country, thus according to an SA302, he earns nothing and can't get a mortgage (go figure). Also, many people have had wage cuts and their earnings now do not show enough to qualify for the mortgage they have under current regulations, but they have kept up their mortgage payments, and are not in arrears, so they can obviously afford their mortgages. The current system is not perfect, it has its major drawbacks, but does have its advantages as well. Where the huge underlying problem lies is that all these people stuck with a bank due to new mortgage affordability criteria means that they can't change and they are stuck with their bank. Now the problem. The Irish banks have doubled their rates because they don't want to do mortgages any more, as like other banks and building societies, and they want to get out early, before any crash. By upping their rates, customers move their mortgages to other banks, except that is the ones that are not showing enough income, they are stuck paying huge rates that they now can't afford (get the picture). Too many people are currently trapped in with a bank, and that bank can charge whatever rate they want, and as more and more banks turn away mortgages and try to stop doing them, mortgage defaults are going to rise and eventually cause the same effect on their remaining trapped customers as the ones who couldn't afford their mortgages last time. THE SOLUTION The solution is to remove affordability tests for people already with mortgages, but with limitations. For people who already have a mortgage, they should be allowed to switch bank without any or very little affordability testing with the following limitations: They can't increase or borrow more against their mortgage. They can only borrow their mortgage balance or less and NOT any arrears. Banks obviously can turn down due to bad credit etc. They can only switch if the new product has the same or cheaper monthly repayments, based on interest payable. They can't switch to a more expensive mortgage (higher interest rate) No cash back mortgages (any cash back to be retained by the bank to lower balance) Only available to existing mortgage holders. 75% Loan to value minimum. I know this seems like self cert being allowed all over again, but this is better than the alternative, and with these limitations, the consumer can obviously afford it and it will be to their benefit as well. Banks should not have to do affordability tests if the applicant already has a mortgage on a home they are living in, otherwise regulation is lining the pockets of the banks at the expense of the consumer, with nasty consequences to follow.....
  20. It makes me sick when I hear people say that we should not be doing austerity and instead we should borrow more and invest to promote growth, just like the new loony French President has promised. The reason why austerity or streamlining or frugal or whatever you want to call it is the only solution is: 1) When things were booming, the country was still in the red, we were still borrowing, even though tax receipts were at an all time high. 2) Debt interest is the country's second biggest expense after benefits and is still growing as we are still spending more than we earn. If we are not carefull it could become our biggest expense. 3) Now I agree, if we have no debt and are in the black, borrowing to boost the economy is a good idea, however, the amount of money we would need to borrow and spend just to get the economy back to mid labour levels would be in the hundreds of billions or maybe trillions. 4) Thing is that these levels aren't enough, as they were still in the red, thus we would need to borrow and spend trillions more than this so that the economy is better than when it was good so that we are out of the red. 5) Problem now is that when things were good we didn't have the huge interest bill to pay so now we have to be better than the boom,and better than "better than it was", and it is unfathomable how much we would need to borrow to get to this level and if anybody would lend us. 6) Even if we could get the economy to boom better than ever, our interest bill would grow to such huge levels, we would be constantly in the red and just be chasing our tails trying to overtake spiralling interest costs with tax receipts. Austerity I think is a bad word, a better word is streamlining as we need to do an efficiency drive in this country, get rid of the waste and cut back on what we could do without as if this debt isn't paid we will be in the same boat as Greece or as England in the 70's when we were bailed out by the IMF.
  21. It will, there will be a fire sale in Tottenham, but then again who the hell wants to live in Tottenham !!! On another note, the riots where a total disgrace and every rioter should be arrested. They rioted because a gun wealding criminal shot a policeman and was then shot in return by a police marksman. Boy do we need the death penalty to clear out the rubbish, sign here: http://epetitions.direct.gov.uk/petitions/138
  22. I think I have p***ed off a lot of Labour supporters. The truth hurts and at least I am honest and man enough to admit that I was wrong about the Conservatives. Making pathetic remarks and derogatory comments, just makes you sound stupid. When you are wrong the best and only form of defence is attack, look at all of the attacking !!!! Don't treat politics like football and just support one team. If you do then your political opinion is pathetic and biased due to a solidarity towards a team and not a cause or ideals.
  23. Europe is failing, USA has been downgraded and the Conservatives inherited the worst deficit in History. However we have not been downgraded and albeit the economy is pretty gloomy we are still quite solid. I doubted the Conservatives when they came it, but I am humble enough to say that they have proved me wrong. We are on a knife's edge, but we are still balancing.
  24. You have and you haven't, that is another reason why we shouldn't have AV, hardly anybody understands it.
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