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MonkeyNuts

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Everything posted by MonkeyNuts

  1. Eaten up by a car park! http://maps.google.co.uk/maps?f=q&source=s_q&hl=en&geocode=&q=Friern+Barnet+Lane,+Whetstone&aq=&sll=53.800651,-4.064941&sspn=13.962144,43.286133&ie=UTF8&hq=&hnear=Friern+Barnet+Ln,+London+N20,+United+Kingdom&t=h&ll=51.626603,-0.174487&spn=0.000447,0.001321&z=20
  2. The College Bubble: Total student loan debt in the US is $830Billion dollars and now exceeds credit card debt. http://www.youtube.com/watch?v=VpZtX32sKVE
  3. Perhaps the price offered was closer to 110K than 100K, so the original price was more apt. Wont know until the LR figures. But i once did what you are suggesting when selling an old banger on auto trader, sold for £400 and instead of deleting the advert i changed the price to £800 and then changed the body text to sold. Then i told my brother i had sold it on autotrader, he looked on the website and was most impressed by the price he thought i had achieved for the old rust bucket
  4. Such a ridiculous comparison.. the PM's pension effectively bumps the salary to over 600K, and the PM and other senior politicians are also going to make millions on the speech circuit, book deals and advising corporations, i think blair gets paid circa $5 million a year by JP Morgan..
  5. You are going to go from a position of having a well paying job and lots of cash to a postion of having no job, very little cash and large mortgage to service. That doesn't like a good idea at all. House prices are not going to up in a big way anytime in the next five years.. i would suggest dropping the idea of the house and keeping a hold of that cash and buying something when you are settled back in your career, two or three years after your return.
  6. Repayment mortgage for 4 times joint is £1500 a month. child care £500 a month. utilities £400 a month. Groceries for a family of 4, £300 a month. 2 cars £150 a month each. Clothes £100 a month. One foreign holiday a year £100 a month pro rated. That lot is £3200 and i might be being conservative with my estimates. That leaves £500 'spare', a lot of which will be eaten by one off costs, like periodic household maintenance and appliances wearing out. You’ll be lucky to have a couple of hundred quid spare. Now if you didn’t have that mortgage you would have almost 2000 a month spare!
  7. 15 years ago a family would have felt well off earning 70K (4K a month take home), but not in 2011. Nowadays 4K joint take home is a very good working class income but no where near wealthy. 2.5K to 3K a month household income (including top up benefits) for a family is around average. 2K a month is borderline poverty, if your household income is in that region you are poor and probably better off on benefits.
  8. Most banks dont mind porting your existing loan amount and interest rate to a new property as long the new place is worth more. The vendors must be wanting a bigger loan to move up the ladder, and if they do manage to qualify for a bigger loan it wont be at the favorable rate they are getting now. So a 50% bigger loan may have a 100% larger monthly repayment of the current one + all the costs of moving you already mention.
  9. Slaves to the Landlord and tax man via Buisness rates and VAT. The few shop keepers i know who have done well from shops were those who bought the freehold early on.. they effectively get the rent/interest back when they sell.. those who only ever rent never see that money again..
  10. But it has doubled ever ten years, (especially if you manage to buy them near the bottom of the price cycle), mainly because our fiat money devalues in half. If you get a 10 year period where house prices dont double, they just play catch up the next decade after and quadruple in value.
  11. IT contractor pay is good but not as good as it used to be.. rates have been stagnant for the last 12 years, and inflation has been 50% in that time. Earning £500+ a day was not uncommon back in the late 90s. But the work is definitely shit (nearly everyone dreams of getting out) and it is definitely an industry past it's heyday in the UK. Yeah, if you are single you can afford a new Porsche every year, but not if you have a mortgage (commensurate with your contractor high pay) and a family to support.. then you might only save a few K a month of your take home and you will need to save that for a rainy day, (a Drought might be a better term for being out of work).
  12. I know a couple, main earner takes home 1600 a month, mortgage is about 1300 a month, his partner earns 900 a month. He works 4am to 2pm as a delivery man, she works 10pm to 7pm as a shop assistant. So she drops the kids to school and he picks them up.. They get child benefit and maybe some child tax credits to bump up income by another few hundred a month. So they have about 1400 a month to live on after the mortgage. So it can be done, requires hard work, but a low paid couple can repay a 200K mortgage if both are working hard.
  13. Did they take out a long term fixed. Standard 2 year deal would have meant they moved to variable in 2009, when base rate would have been 0.5%. Interest only at 3.5% should be about £670 a month? But they probably cant switch to a IOM, not enough equity. Why doesnt his partner get a job or is he single?
  14. Rate rises or not, they ain't going to go up by much when they do. With so many up to their eyeballs in debt, a 0.25% increase in this era will be like a 1% increase of old. Base rates going back to 4%, will have the same effect that 16% had in the old days, especially as nearly all the other costs of living are sky high already.
  15. A lot of it is sex related. Even for those for in relationships, the female promises lots of sex if her man takes her away somewhere exotic.
  16. Close relative is a teacher, mid 20's, has been living at home with parents with zero overheads. She recently bought a nice car for cash and was saying her next one was going to be a SUV at double the price. And she enjoys 2 foreign holidays a year. She took my kids to the cinema a few months ago and i handed the kids enough cash for tickets +popcorn. She gave me back the money and said 'I can afford it.. im a teacher you know' Now her parents want her, actually forcing her, to move out of the quite large family home. So she started to look around and was shocked to find that all she can realistically afford on her salary is to rent a studio flat/slave box. Poor girl has just woken up to the harsh realities of life in the real world.
  17. Coincidently the new ipad has come out here and sold out already , clearly folks have been making cutbacks on non essentials over the last few weeks to be able to buy one
  18. Its not really theft. The previous owner is the guy who gets the money. The bank can still get back the house to repay the loan. If it has fallen in value then its the banks fault for not demanding a big enough deposit up front, especially as this was a self cert loan. At worst the bank should suffer legal costs and few months missed interest payments. Its fraud against the lenders for sure, but i dont see how it can be called theft.
  19. http://www.nytimes.com/2011/03/26/business/26nocera.html :angry:
  20. May be if you are part of the X% of the population who are 'status conscious'. The rest of us are thinking: what a twit/fool for throwing away all that money just to act flash.. Doesnt apply as much to company car owners, but that is what i think when i see people on my street spending 45K+ on a land rover disco for the school run.
  21. An expensive new car will have 2 week or maybe if im lucky a 2 month novelty enjoyment value for me. However it will have 2 year envy effect on my shallow relatives who aspire to owning the same but cant afford it
  22. According to that web page house prices have underperformed bread between 1999 and 2009
  23. I only do 2K miles a year in my car, so i keep an old car, every time i think about buying a brand new one (never owned a brand new car,i i always bought almost new) i think my usage does not justify it. Perhaps im thinking wrong?, perhaps i can afford a brand new car because i dont have a high petrol expense
  24. 10K a year petrol + depreciation + interest + maintenance + insurance + road tax (£430!), at least 16K in total. That car will be costing around 33% of his take home basic salary (50K after tax) i would guess. The only way he can really afford this expense is if he is getting a good banking bonus on top of his base salary.
  25. It does help, it is better than having to take out an unsecured loan at over 10% interest for your deposit, or even worse 30% on your credit cards.
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