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House Price Crash Forum


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About BigBobJoylove

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  1. Ok, thanks. What about when I come to remortgage? Do they do another valuation and use that?
  2. Hi, Just wanted to know if anyone knew the answer to the question. When the lender carries out a valuation of your property to be, do they use this valuation as the basis for your LTV ratio? I only have 10% deposit, so mortgage rates are a bit gash (6% fixed best currently), and I am wondering if the LTV ratio can be improved by buying the house at a good price compared to the lenders valuation. The only reason I am even considering buying at the minute is because of this specific property that I think I might be able to get for what I consider is a very good price. I am happy to walk away from it if they don't accept my offer (which would be 26% off initial asking price back in Jan 09). Thanks
  3. Kind of off topic, but out of interest, what are we supposed to "wake up" to?
  4. Made me laugh I hate it when people use the word "sheeple" though. It assumes a complete lack of awareness of non MSM issues and is actually quite insulting. I don't see a problem with going to a "corporate bar" like Bar 38. Not my cup of tea, but it's not like people have been forced to go there. If it was crap they woudn't go to it. And a lot of people shop and buy stuff that they actually want, derive pleasure from and can enrich their lives with. Must we live like hermits to be happy? No.
  5. This is true. Why do politicians or the media not discuss these things? A decade of austerity is sure to follow. (I'm secretly looking forward to it)
  6. I wouldn't be certain that the ratio will definitely dip to 3.5x. Times have changed. Most couples are now working couples. The age of retirement has increased. These two factors will have an effect on the ratio. Still got a way to fall though.
  7. Ok, thanks for the info. No idea what ballpark figure contents insurance should be as the wife does it. Time to look for a new quote :-)
  8. Update: The contents insurance is optional. I can use my own or use the policy provided bt the LA. We already had contents insurace at a premium of £183 per year, so we're going to go with the cheaper LA policy (£119.70). So my LA is actually saving us money
  9. But the policy goes through Homelet, and I'm not sure if it would be in my name. If it is in my name, then good idea. If it's not, then the money is probably lost. I'll ring them and ask them to clarify. Either way I'm not paying it.
  10. Hello, apologies if this in answered elsewhere but the search facility doesnae seem to work. I am moving into a new property in 3 weeks time, and the LA has just sent me a letter outlining all the money which needs to be paid up front before we can move in. This includes the deposit, 1 months rent, plus 1 years contents insurance, at a cost of £119.70. I have never been asked to pay for contents insurance before. When I rang the LA a fortnight ago and asked them to tell me what I would have to pay before moving in, they never mentioned this. Their explanation for the insurance goes like this: It is a condition of your Tenancy Agreement to have accidental cover for Landlords fixtures and fittings . HomeLet who specialise in rented accommodation insurance can provide you with this cover for the period of your tenancy. Your personalised quote for contents, which automatically covers you for accidental cover to the Landlords fixtures and fittings (for a minimum of £5000) is attached for your perusal, with an information leaflet regarding the policy. An Initial Disclosure document is also enclosed for your information*. If you would like more cover, please ring 0161 432 0101 for a quote. Surely it is the deposit that should cover accidental damage?
  11. If I won £1 million on the lottery, I would buy a few properties outright and rent them out (and one for myself) Of course I'd expect the properties to fall in value but it wouldn't bother me as they'd be a permanent income stream investment, at least as much as I currently earn. And I'd never have to work again, except to look after the properties. Easy street! :-)
  12. I have to say that yes, I would buy property. It's guaranteed income stream, for years and years and years.
  13. Who cares what people think of renting. We all know it saves us money, let them think what they want. I think you're reading too much into Kate Silverton's comments about the guy having a roof over his head. I'm pretty sure she hasn't bought property (she said as much on the first evening). She was just trying to counter Merryn's arguments (but got caught up embarrasingly), because she's a tv presenter. I am now thinking that me and my family could happily live the rest of our lives renting, and putting money away each month for our retirement. The idea of paying up to 100% of a property's price in interest over 25 years doesn't really appeal.
  14. This fractional reserve banking business, I don't get it. Surely in a FRB system there's never enough money in circulation to ever pay the money + interest back? It can only work if more and more money is lent out in a FRB style (debt to pay debt). Therefore a FRB system is completely and utterly unsustainable, and will end up with everyone in debt just to service previous debt.
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