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Tentpeg

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About Tentpeg

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  1. I'd agree that they're mostly parasites. Trouble is, all the aspirational FTBs are renting those homes. So what happens to those FTBs if a large number of BTLs go to the wall? Yet another eviction notice, aarggh! I wonder if the banks will let tenants stay put while they recoup their costs?
  2. Forgive me if this has been discussed before and I don't pretend to know much about economics, so it might seem like a daft question, but why exactly do central banks need to keep fiddling with base rates? Take the sharp rate cuts following the World Trade Centre attacks in 2001 for example. The USA seemed to panic and cut rates very low (don't recall the figure), which then caused other central banks to do the same, leading to this explosion of cheap money. What if they had just left the rates as they were? Would the markets not have sorted themselves out anyway (buy low, sell high and all that stuff)? If the purpose of rate twiddling is too fend off boom/bust cycles, it doesn't seem to work very well. Lets say, for example, the BoE decided to fix base rates at 8% and leave them there long term (10+ yrs) would it be likely to have an adverse effect on growth & inflation, or would everything eventually find a level?
  3. Ok so worst case scenario is, you use up all your capital from your house, and then end up on the street because the government has closed the social welfare system.
  4. I don't think you've gone wrong, just been caught out by the rapid redevelopment of NI. I've been travelling to NI on and off (mainly Belfast) for the better part of a decade, loosely involved with construction, and have witnessed at first hand many of the major construction projects. The first time I visited, the Odessey centre was just a muddy empty space next to the Lagan. The level of development & money poured into the Belfast projects has been astonishing, more so considering the depressed state that Belfast had been in until the "peace process" started. All that development inevitably brings with it the incentive for the major retailers to jump on the bandwagon, brings in cheap labour from Eastern Europe, and speculative investors from everywhere. So basically NI is now just like the rest of the UK (i.e. Tescoland PLC, DSS spongers, Big Brother knows best, HPI gone mad) but it's had further to catch up in a short period of time, exacerbated by probably lower average salaries than the rest of UK. Incidentally, as an Englishman that only ever used to hear about the bad things happening in NI during the Troubles, I'd like to say that I've never once felt threatened during my time there, and have generally found the people of NI to be amongst the most welcoming I've ever met. There are of course areas of Belfast etc that it wouldn't be wise to visit after dark, but no more so than any other UK cities.
  5. There are a couple of longer term scenarios that I don't think anyone has picked up on before. Firstly, What happens when you reach a ripe old age and need residential care? If you own your own home, you'll be assessed as being able to pay for your own care, which will almost certainly mean having to sell your property at some point to fund your care. Secondly, What happens if you don't own any property? Well you have nothing but possibly cash savings to assess, and if you've spent most of it on rent, handbags and frocks etc, then you'll have very little left to assess, so the local authority foots the bill anyway. Of course you may be in the fortunate position of being able to live with your children, if you haven't turned into a cantakerous old git, or are suffering from some nasty illness that requires nursing care, or indeed if you have children. So at the end of the 30 or 40 years it will take some people to pay off their mortgages, the government will come along and say "That house you thought you owned, we want it back thanks".
  6. Well it's obvious isn't it? If ID cards had been in place at the time, the bomb wouldn't have detonated without first swiping his ID card, which would have nullified the detonator on account of the fact he was "up to no good"!
  7. It does make one wonder how some people manage to survive. I really doesn't take a genius to figure out it's not a good idea to take on more than you can afford to pay back. Perhaps it's just a lack of education. Lenders should put up big signs in plain English - "You do realise you will have to pay this back with interest, don't you? " and "No, it won't be alright on the night!". Or make it really simple - "If you fail to pay us back, we'll take your BMW off you, and you won't be able to pull anymore, innit"
  8. I'm assuming this includes mortgage debt? In which case is it that bad? MEWing 100K is a bit mad, but a mortgage for 100K wasn't all that unusual when house prices were sane 10 years ago. I think they need to qualify what they mean by "extreme debt". I would consider 100k on credit cards extreme, but not to buy a house. It would be a big mortgage, but not extreme.
  9. Thanks for the pointers. I hadn't considered the charges, learnt something already
  10. I think it's high time I started to learn more about investing than just ISAs and erm....ISAs Frankly I find the whole thing mind boggling. I've always considered myself risk averse with money, but having spent time on this site, it's apparent there's a whole world of investment out there beyond what the high street banks offer. Oh sure, I've heard of the stock market, I've heard it goes up and down, I've heard that people make and lose money, but until recently, I've never really considered what it all meant. That's not as daft as it first sounds - probably the majority of the population have become accustomed to getting information from the mainstream media (I smell a VI theory coming on), and have possibly become unaccustomed to searching elsewhere - me included. I've decided to allocate a small sum (you'd laugh if I told you) into finding out how much more I can make with it than just leaving it in an ISA. For this foray into the unknown I'm ditching the risk aversion. That doesn't mean I want to put it on the horses, shady deals, property, or personal cheques to forum members I'm not looking for financial advice on specific fund thingies (is that a correct term?), just a pointer toward the type of cosher investments that can give high returns, and any literature the seasoned investor found helpful when they started out. Apologies if this has already been covered elsewhere. Much appreciated. T.P.
  11. 1 hour? That's nothing, I'm usually days behind.
  12. Good question. I've been wondering how much a house near me sold for a few months ago, and it's still not showing on Land Registry. bump
  13. 50% was an off-the-cuff figure (what is it with this forum, does every post have to come with a disclaimer?). Prices have gone up by at least 100% around where I live since 2000 and in the last crash went down plenty as well, 36% springs to mind. I don't believe that salaries for skilled jobs are significantly lower in the North (discounting London salaries, which unless you're some city whizz-kid certainly don't make up for the cost of living there). This all sounds like it's from the wrong side of the Penines Leeds does have a castle, it's a small village in Kent, which was later copied by some rich industrialist who though it would be nice to build his own castle near his mill in Bradford, but didn't get a chance as a horde of Northern types setup camp right where he wanted to build it after they heard he were giving out free mud and a good beating everynight before bed. Eee them were tha days.
  14. I agree. In the event of a crash I believe prices in the south will drop the most (in £'s) due to the fact they're starting from much higher up. If i was going to lose 50% of my property value, i'd rather it was 50% of 150K than 250K for a similar property. Is that Stratford in London or the one in the extreme north of the arctic circle, where William Shshshakespeare came from?
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