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House Price Crash Forum

UNSHURE

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About UNSHURE

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    E Lancs
  1. 10 year mortgage - because I am nearly 51. I also have a SIPP with quite a lot of funds in which I can draw 25% of (tax free) when I am 55. I figured that if I continue to save a bit more and/or overpay a bit, by the time I get to the end of the five year fixed interest period, I may be in a position to pay off the rest - or at least pay off the bulk of the mortgage. Wage rises at my firm are not guaranteed. They have been around the 1.5% level over the last two years. This followed a pay freeze year in 2008. Why worry about a £1.5k tax - because it's £1.5k. The deposit will be hard enough
  2. If the government re-introduce stamp duty for first time buyers of houses under £250K, will this put them off buying? I am a first time buyer and seriously thinking of buying next year. I have a big deposit, steady job etc. I nearly bought an house earlier this year. I viewed it three times. When I went to the bank to ask about a mortgage, the mortgage advisor said that I just the type of customer that they were loking for and gave me a 'loan in principle' no problem. However, in the end I came to my senses, The house was not cheap and needed a lot of work doing on it. I came to the conclus
  3. It's a question that is on my mind too. I had to queue at the petrol station for about ten minutes this morning. There seems to be more cars than ever - many of them SUV's. I think that 0% credit deals on credit cards has a lot to do with it. The punter just moves at the end of the 0% term. I can't see why banks would take on a customer who wants to transfer from another 0% deal. What are the banks making out of it? Nearly everyone in front me in the supermarket queue pays with a credit card. I wonder how many of them settle the balance at the end of the month?
  4. Thanks. I thought that there might be some sort of difficulty in purchasing a property that is unfit to move into. This doesn't look like the place for me then. I don't want the hassle. I don't think that there is anything untoward. The property is an estate. The elderley man who lived in it went into a home over a year ago. I think that the property had just got run down. The relatives have taken all the carpets up, and the two bedrooms and main room are now just empty rooms. They would be easy to decorate. The problem is that it needs re-wiring. There is no cooker circuit and few sockets. A
  5. I have had three viewings on a small two bed bungalow. It looks to be structurally sound; has well maintained gardens; is in a rural location and has a terrific view, The price looks to be well below the price of similar properties that are on sale in the location. I also have a big deposit and an offer of a 'mortgage in principle' from the bank. The snag is that inside, the property is not currently fit to move into. It needs a lot of work doing to it. It needs re-wiring; a new kitchen, a new bathroom; every room needs re-carpeting and re-decorating; a new fire in the living room; a TV arie
  6. I was interested in a house that I saw for sale on an Estate Agents Website. I went and had a look around the area and the house seems to be a decent buy. A few days later, the 'For Sale' sign came down. However, the house remained For Sale on the agents website. Still for sale a few weeks later, I rang the Estate Agents who informed me that it had been sold (no sold sign ourside though). They then asked if I had a house to sell to which I replied no. They then asked for my contact details. Two weeks later, the house is still for sale on the agents website. Does this seem like some sort of
  7. I would like to have a go at answering that. Sadly, sooner or later the public sector will have to be cut back dramatically. We need a strong 'wealth creating' 'tax paying' private sector in order to sustain the public sector. Public sector debt is unsustainable in the long run unless we create the wealth to fund it.. Increasingly printing money and borrowing will eventually impoverish almost everyone. Things that I would cut back on now: 1. Bring troops back from Afgahnistan and Iraq. 2. Stop the bank bailouts (but continue to guarantee depositors). 3. Stop quantitative easing. 4. Stop
  8. What concerns me is Public Sector Final Salary schemes. As far as I know, there is no big pension pot to fund these, just the tax payer and government borrowing. In addition, the number of public sector employees reaching pension age will rise substantially over the next few years. To renage on these pensions would probably be political suicide. However, if we have significantly high inflation over the next decade, perhaps the value of these pensions will be inflated away. Especially if the index linking does not reflect the true inflation rate.
  9. "What we want is irrelevant. The price will be determined by long term issues of supply and demand. The UN forecasts a population increase for the UK of 12 million people by 2050. There is no way we will build the additional houses required in time to avert massive HPI. No way at all. " 1. The year 2050 is 41 years off. The housing crash will occur over the next five years or so. 2. The forecast of the UN is not a fact. The UK has a rapidly ageing population with the huge 'Baby boomer generation' on the verge of retirement. The effects on the UK economy of this, over the next ten year,
  10. When interst rates do rise the Banks will be more likely to lend. Also there will be more homeowners wanting (or having) to sell. At the same time, higher interest rates will discourage buyers. It is likely that this will be the time that there will be 'For Sale signs' up all over the place with hardly any buyers.
  11. There are too many props at the moment for people to bother about the 'state of their finances'. Credit cards is one of those props. People can just put their weekly food bill etc on the credit card. As long as they can pay off the monthly payments, no problem. They don't have to worry about money. Another prop is state benefit. Many families figure out that living on state benefits will give them a better standard of living than their capabilities could achieve in the world of work. Whole companies and corporations (and their employees) are also benefiting from state finance. No need to be e
  12. Could be. The point that I was making is that the belief in 'house prices always go up' is still well intact in a lot of sheeple mindsets. I still hear phrases such as 'my house is my pension'; 'there is a shortage of supply'; 'there is pent up demand'; i'me saving for a deposit and intend to buy next year etc. They tend to give examples of how much there house is worth now compared with a few years ago. They also give examples of people who have become very rich through btl. If somehow, a way could be found to put money into these peoples hands, at the present time, it is most likely that th
  13. There is probably a few reasons why prices aren't coming down rapidly. 1. Prices have fallen around 15% in the last 18 months. Thats not bad going since house prices do tend to rise and fall slower than other markets. So the crash is on course and will probably last for a another three years or more (in real terms). 2. There doesn't appear to be a lot of housing for sale on the market yet (at least where I live in Halifax). As I drive around, there are not many 'For Sale signs' on display and I have seen a number of 'sold signs'. At some point, the number of houses for sale is likely to incr
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