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House Price Crash Forum


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Everything posted by MrFlibble

  1. Unfortunately so, but you need to check your agreement to be sure. Mine goes down to stating that I'm not even allowed to knock a nail in the wall to hang a painting. They are all thieving scum, happy while you are paying their mortgage but when you want out they try to roast your balls on an open fire.
  2. The report, 'Opportunities in an Age of Austerity’, said that the only way to avoid “swingeing cuts in public services” was for taxes to rise - and this would inevitably hit middle income families hard. I vote for swingeing cuts in public services myself, they all had a good run doing nowt jobs while the rest of us were out doing real productive things, now it is time to say goodbye to the deadwood. Brown has successfully managed to burn the currency to keep the housing market propped up, now the possibility of burning the private sector to support the public sector is being discussed. I can see this country being hollowed in the near future as anyone with brains and/or money heads out, never to return.
  3. No strong evidence to suggest that the BoE's quantitative easing efforts were having an undesired effect on prices though, Dale, you come right out of a comic book. We had one of the biggest bubbles the world has ever seen followed by one of the smallest dips and this Joker believes QE is having no undesired effect. I'm fast coming to the conclusion now is the time to buy an house, just not on this island of dreamers...
  4. What is it with people and the need to buy right now? Given the shape of the economy you would think buying would be the last thing on anyone's mind right now
  5. I'm not sure about the BM Bond but the terms of the M&S one come with the following get out clause. I would suspect they are all similar but I'm not be 100% sure on this. 34.1. Under the regulations made by the Financial Services Authority (FSA) under powers granted to them by the Financial Services and Markets Act 2000 you have the right to cancel a deposit into our Fixed Rate Bonds. 34.2. You will have 14 days to cancel from the Start Date of each Fixed Rate Bond account if you have made an application by post or internet. If you have made an application over the telephone the 14 day cancellation period commences on the day you receive this Terms following the telephone call. 34.3. If you cancel, you are entitled to have repaid any money deposited with interest earned. If you wish to cancel, you should write to us at Savings & Investments Department, Marks & Spencer Money, Kings Meadow, Chester, CH99 9UT and you must post this within the 14 day period. 34.4. There are no charges for cancelling a Fixed Rate Bond within the 14 day period.
  6. Alternatively there is the M&S 3-year 4% fixed rate bond. You have instant access to the cash via a penalty of £100. Depends how much you want to invest whether or not the £100 penalty is significant. Ideally I'm looking for 5% with less than a 90-day penalty but until that comes along parking the cash with M&S at 4% seems logical.
  7. I didn't see this over at BM and cannot find any T&C's either but I did notice in the FAQ they say "If the Fixed Rate Bond is below 2 years no withdrawals are allowed. For Fixed Rate Bonds that are 2 years and over, you can make withdrawals subject to 90 days loss of interest on the amount withdrawn." but on the main page they say "Your money is tied up for the full term, however withdrawals are allowed subject to a loss of interest depending on the remaining term of the product." I'm guessing the FAQ is out of date and they are pushing the same new terms as the AA. Worth checking though as a 90-day penalty isn't the end of the world if you think you'll keep the bond for at least a year. Less than a year and it gets a little brutal.
  8. TheAA have relaunched their 5-year fixed rate bond but have changed the withdrawal/closure terms. The old one used to be a straight 90-day penalty for withdrawal at any time but the new one is not. From the T&C's... 4. The account can be accessed or closed prior to maturity, subject to the following early access/closure charges. There are no charges if an investor dies. Length of remaining term at the time of closure/access: * 1 year or less: 90 days loss of gross interest * Up to 2 years: 180 days loss of gross interest * Up to 3 years: 270 days loss of gross interest * Up to 4 years: 320 days loss of gross interest * Up to 5 years: 365 days loss of gross interest Looks like Halifax are still desperate for our money as they keep floating these bonds out via TheAA and Birmingham Midshires. Personally I wouldn't touch this one with a 100 foot electrified cattle prod given the harsh penalties involved...
  9. This is the best flexible winner I have seen since the Newcastle Building Society 5-year 5% Savings & ISA bonds (fee free withdrawal with 90-days notice). The Birmingham Midshires 5 year 5.15% bond wasn't bad but the 90-day penalty was too hefty for my liking. Keeping it for a year would have been a must to keep it competitive, then it more or less broke even with everything else around for the same lock-in period. I've been desperately scouring the comparisons sites since July when I sold my house and missed out on the Newcastle Bond. I completed one week after the bond closed :-( It is very hard knowing what to do at the minute, but trying to secure the best rate around while preserving access to the cash seems essential to me...
  10. No need to shop if you are a mortgage holder, old Gordo is sending all the indebted a Christmas hamper containing Xbox's, DVD's, Plasma TV's and a pair of woolly socks to keep the tootsies warm. If you are not a mortgage holder then tough luck, your Christmas box will be your savings account hollowed out... Seriously, wherever I go there are people out shopping, especially in the supermarkets. Are we secretly eating our way out of this recession?
  11. I think they will be slightly up as Merv's funny money continues to work its voodoo on the prices. Whoever wins the next election will have to rein in spending but we have 6 months of hilarity until then and anything is possible on Treasure Island. Prices could well be 10% higher in six months time, but then drop 5% again - this is my feeling, annoying as it is...
  12. You can tell it's a new build designed by an idiot from the room sizes on the floor plan. One extra bedroom had to be crammed in at all costs. Three hundred and eighty five thousand pounds or £385,000, no sorry, which ever way I write it this place doesn't fit that wedge of money. Best advise is to offer fifty grand for the land, bulldoze the house and build something decent with a razor wire electrified fence around it to keep the riff raff away from your 60" plasma, alternatively find something not so ridiculous. As someone else said, it's pig ugly.
  13. Sleep waking into the next disaster

  14. Bankruptcy should be replaced by a new government run game show - The Running Man. Fools like this can then pay back their debt to society by entertaining us all. BTL is gambling with leverage and in a sane world the bank would have done a margin call on this guy when his investment got near the break even point, leaving him the option of adding in more funds or having the investment shut down before it turned into a loss. The trouble now is this fool declares bankruptcy and someone else is left picking up the loss, namely the taxpayer, as we now own most of these tinpot banks.
  15. Marks & Spencer have a 3 year 4% fixed rate bond on the go at the minute, closure is possible via a fixed fee of £100 (negligible on large deposits). Deposits can only be done in one hit though if you want all the funds to go into the same bond, either via cheque or debit card. The debit card route seems to be limited to £50k and anything above that they attempt to do in multiple chunks, which may or may not work. Having gone through the debit card route on a large amount I'd recommend avoiding it and using a cheque. Although my funds were apparently available and could be withdrawn nothing above the first £50k was authorised despite me calling up my bank umpteen times. In the end I had to abandon the application and ask for the £50k to be returned to my card as I did not want multiple bonds with multiple penalties applicable on closure. Odds are you'll use this as a quick and dirty fix until something better comes along and the £100 penalty is liveable, unlike a 90-days loss of interest.
  16. Merv always manages to do harm to our currency. For a minute there I thought we were safe after the MPC, but alas not...
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