Jump to content
House Price Crash Forum

Time to raise petrol prices

New Members
  • Content Count

  • Joined

  • Last visited

Posts posted by Time to raise petrol prices

  1. Every now and then I see an advert that just makes me want to puke. This week it is one from Standard Life (who incidentally through their ‘sheer professionalism and financial expertise’ have managed to fritter away most of one of my pension funds ).

    Advertisement is for BTL mortgages, features a smug, self satisfied looking bloke in his late 20’ or early 30’s with the caption

    ‘I’d like several properties not several mortgage providers’

    The product they are pushing is called ‘Freestyle’ which allows you to buy upto 10 properties in any twelve months and only pay £500 in arrangement fees.

    WTF .. is this what we have come to ?! They are trying to portray buying 10 properties a year as a perfectly normal thing for a 20/30 something bloke to do. I mean how many 20/30 year olds have that sort of cash … even for the deposit ?From what I read most are still paying off student loans and are sinking under the weight of debt they already have. They are trying to portray it as the sort of thing you might do on a Saturday shopping outing on the way back from B&Q. “I got the paint, darling, and the tiles, oh and on the way back I just popped into the estate agents and bought a couple more apartments” ………. “ Oh, O.K . Did you get the right shade of Magnolia ?”

    I understand how this appeals to the lazy, stupid, greedy, hard of thinking but I just don’t understand the banks. I know the sheeple don’t understand that the market is cyclical and that we are probably at the peak of the biggest boom ever but surely the banks do ? And yet they keep on lending more and more, instead of credit tightening, they just allow credit to get looser and looser.

    Maybe they feel that the 10% deposit that the buyer puts down will cushion them against price falls …… trouble is, I suspect, in most cases that 10% deposit has been paid from MEWing other properties so all the money for the purchase is borrowed money. And is 10% really going to be enough to protect against price falls….. I don’t think so.

    I know people have very short memories but I would have thought the banks would be different ?! They only need look across the pond to see what is coming our way.

    Oh and the caption at the bottom is 'For the financial realities of life' ... they are having a laugh surely.

    Relax....stop foaming at the mouth. Freestyle is the generic brand name for Standard Life Bank's mortgage range, not some new product. Are you certain about the 10% deposit? I always thought it was 15% for SLB, and that's completely in line with the industry.

  2. Lets face it, Tony is now being seen as tottally screwing up in the Middle East, what better way for him to take our minds off what is going on in Iraq and Israel by focusing our minds on a property slump. I am sorry to have to admit to this, but i would put money on the fact that most people in the UK care much more about property prices than they do the Middle East, FAR MUCH MORE.

    Yes, because as sh1t as this is, they are more affected personally by the former than the latter.

  3. Finspreads? Aaaagh, they really are sperm of the devil, those guys. The number of rejected trades and requotes is insane, to say nothing of the very suspicious downtime on the system around significant announcements (interest rates, etc).

    Opened an account with Capital Spreads and never looked back!

  4. This will not go down well on here, but my advice to my teenage son is to invest in property as soon as he is able, although I have also told him all about timing the market (I wouldn't advise him to buy now in this country - apart from anything else, he'd have to rob a bank first). How many billion people are there in the world at the moment? Still increasing at a frightening rate and everyone has to live somewhere. Maybe the increase in population is not so much in this country but that's another thing I'm teaching my son - look beyond the UK.

    But where will he buy? I once heard it said that if the Earth's resources were truly distributed fairly (ie perfect Marxist state), it could support a population of 144 billion! There is no shortage of resources to build houses (though there may be a water shortage and transport glut in some places), just greed and fear holding the market up. Your son may have to wait a long time, perhaps a decade, if he really wants to time this monstrous market right.

  5. As a result I wouldn't expect the effect of any interest rate rise to be instant, but take up to two years + to play out, restricting the number of forced sellers untill the cheapest fixes run out.

    And as a result, the sheeple will sh!t themselves when their fixed rate ends and their repayments double! This is going to be the biggest economic bust in history. To look at it another way, the great depression began with a stock market crash, but there was far less cash swilling about then, and much less direct speculation. Could a property crash have the same effect, in conjunction with equally global credit-fueeled booms? They also had a decent manufacturing sector to fall back on back then, which we don't even have now. This crash will be legendary - your grandkids will get bored of hearing of it when you retell it 40 years from now! :D

  6. Guys.

    Frankly I think a HPC is not going to happen. At best, the prices will remain what they are now currently for several years. All the talk about HPC is just wishful thinking from people who missed out on the RE boom. I think if you buy a house that you intend to live in for another 8-10 years, you should be fine - HPC or otherwise. If you buying just for investment's sake, then you should not buy now.

    The thing is, this is a global boom and is too strong to just go down under. Many govts will do whatever they can to prevent this boom from busting since their economies depend upon it.

    I myself missed out on the boom several years ago. I was all set to buy a house but all the talk about the housing boom etc got into my head and I decided to not buy it. Now the house is may beyond my income. I'll have to settle for far less.

    So what you're saying is that property prices will never dip again, ever?

    Forget for a moment the emotional infuriating consequences of this ridiculous bubble. Why on earth should the last hundred years of economic data be turned on its ear, and suddenly the housing market (and the wider economy) stop moving the way it always has done? Even the mass head-burying-in-the-sand of an entire nation can't stop the market crashing if it really wants to - that's the beauty of markets - pure herd mentality.

    Edited for spelling.

  7. IMO get at least a 'Homebuyers Report', (preferably a FSS).

    The bloke who did the valuation on my house did little more than enter each room...

    Might cost you a few quid now, £450+ but its buttons in comparison with being tucked up with a load of grief :o

    Not sure. A Homebuyer's report is pretty comprehensive, and will cost you £500 at least. You and the lender will both get a copy of the report. You could get a full structural survey done, but all it'll do is identify problems that the HBR probably would've turned up anyway, it won't do anything about them, and you'll have spent a packet on it :(

  8. I mean, forget the house prices. When the governments of the future, whatever political persuation, finally let the public know that the country cannot afford the pensions, it will hit the fan huge time!

    Already the public sector unions are getting hot under the collar - we aint seen nothing yet. Just wait until they have to tell, teachers, nurses, firefighters, Police etc that they cannot have what they were promised because the private sector cannot fund it - It will be very very interesting.

    You underline the point nicely. With so little being sure about company schemes, all the more reason to get an inexpensive stakeholder.

    Katrina will generate more than 2million claims. If that's not enough for insurance companies to go bust, then it will certainly create problems with their ability to pay back claims. The private companies' ability to repay pensions in 2050 (nevermind if they will still be there) to an aging population just frightens me!

    Respectfully, you are talking nonsense. A private pension pot goes to buy an annuity for YOU only, and has no relationship to how many other people are claiming, like in big public sector schemes. The fund buys fixed interest securities when you retire. Your income is very very safe. That's it. There's no question of a private pension co being unable to fund its pension liabilities (Equitable Life aside), because the only person who will be claiming on your pension fund is YOU! (from money you saved personally, for your personal benefit only - simple, see?)

  9. If I was in my 20s again I would work to buy a property and get a mortgage out of the way ASAP. I turn 40 next year and back in 2001 I stopped paying into a pension as, as far as I can make out, you get screwed by the pension firms, you get screwed by the Government and then you get screwed for simply having a pension at all.

    And then (presumably), you screw yourself as you have no personal provision for your old age. Forget property for a pension - it won't happen. Unit trusts are fine, but without ISA's you're going to foot an insane CGT bill when you liquidate, so be careful. And again, pensions may be inflexible, but what other investment can give you up to an instant 40% profit?

    1. It's related to stockmarket... in a 40 years timescale until I retire it only takes one crash to f.. it all up. At least if I invest/save my money I can take them away when I need them, even if this means loosing the company's contribution.

    What were you planning on doing, investing in cash? If you want to get any kind of real return on capital over time, you have to invest in some real assets, which mostly means stocks, period. Unit trusts, ISAs, pensions, investment bonds, the lot, all have some equity component. If you refuse to invest in shares to some extent, a retirement full of cold baked beans and daytime TV beckons.....

  10. Who cares about Brown's stupid means-testing policy if you're going to retire in twenty or even thirty years? This daft bit of policy will be ancient history by then, as will the government that made it. Get saving and look after your own interests!

    As for putting money into commodities, I was looking at JPMF's Natural resources fund recently - it's done more than 250% in the last 5 years!

  11. What could cause this to happen? A decision by OPEC to openly sell oil for euros could be a trigger. Some oil is already quietly being sold for euros, and several countries including Iran and Saudi Arabia have floated the possibility of valuing oil against a basket of currencies (meaning, effectively, dollars and euros).

    Keep your eye on that Iranian Oil Bourse plan. Come March next year, if it opens and genuinely trades in euros, the dollar is fvcked.

  12. I know many on here have made this before, but I am amused at the fact that so many people on here appear to be FSA-authorised to give financial advice!

    Like the recommendation about buying bonds - what if he did buy a sh!tload of bonds and then interest rates changed dramatically? Where would his comeback be? Nowhere, and whoever told him to do it would be legally culpable of misselling a regulated investment. 5 years in clink plus unlimited fine, hmmmmmm.........

  13. Four years!

    Even if Branson could put up the money to build a refinery (and they are NOT cheap - £2bn a piece according to the BBC article, which even he would have trouble paying), he's already screwed by that point. If price inflation carries on unchecked, oil will be at $250 a barrel plus in four years, and Virgin (along with virtually every other carrier) will be bankrupt.

    The days of shipbuilding and coal-fired liners crossing the Atlantic might one day return if this charade goes unchecked.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.