Jump to content
House Price Crash Forum


  • Posts

  • Joined

  • Last visited

Everything posted by spyguy

  1. PoTUS doesn't drive around in any car. Even thought this wasn't 'the beast's The PoTUS SUV will be very heavily protected. https://www.forbes.com/sites/jimgorzelany/2020/10/05/a-look-at-trumps-armored-suv-and-why-that-photo-op-was-a-bad-idea/?sh=7008f38940a9 It's more likely than not to have a protective shield between the driver and the back seat. A morbidly obese 6.4 Potus isn't going to be able to lean forward and grab the steering wheel. The story has all the features of some daft young girl. https://www.theguardian.com/us-news/video/2022/jun/28/trump-tried-to-grab-cars-steering-wheel-to-go-to-capitol-hill-former-aide-testifies-video A former aide told the Jan 6 committee that President Donald Trump 'lunged' at his security when an agent told him he could not head to Capitol Hill. According to Cassidy Hutchinson's testimony the president was 'irate' and told the secret service agent driving him, 'I’m the effing president, take me up to the Capitol now'. When the agent refused, Trump attempted to grab a hold of the steering wheel of the limousine driving him, before placing his hand on the agent's clavicle, said Hutchinson. Was she in the car? This story is being reported like Ms Hutchinson was present in the car. https://www.businessinsider.com/donald-trump-girth-suv-secret-service-cassidy-hutchinson-january-6-2022-6?r=US&IR=T Hutchinson's recounting of the SUV incident was one of the most explosive allegations during an extraordinary day of testimony on Tuesday to the House committee investigating the January 6, 2021, attack on the Capitol. Hutchinson said she was told the incident occurred when Bobby Engel — the special agent in charge of Trump's security — prevented Trump from joining his supporters at the Capitol. She recounted a description of the incident, which she said was relayed to her shortly afterward by Tony Ornato, the White House deputy chief of staff for operations at the time, and that Engel was in the room. Told the incident... She's testify on heresay ffs. She might have made it up https://www.nytimes.com/2022/07/01/us/politics/anthony-ornato-jan-6-trump.html Secret Service officials have said Mr. Ornato, Mr. Engel and the driver of the vehicle are prepared to testify that such an incident did not happen. (The committee already had interviewed Mr. Ornato and Mr. Engel, before Ms. Hutchinson’s appearance this week.) The officials do not dispute that Mr. Trump angrily demanded to be taken to the Capitol. On the day of the riot, Trump administration officials told The New York Times that the president was in a fury while he was at the rally. One Secret Service official, asking that his name not be used to describe the potential testimony, acknowledged a conversation took place with Ms. Hutchinson but said it played out differently than she described. Officials with the Jan. 6 committee have sought to bolster Ms. Hutchinson’s credibility, saying they found inconsistencies in Mr. Ornato’s testimony, although they did not release the transcripts in question. A former colleague, Alyssa Farah Griffin, accused him on Twitter of lying about an encounter they had during the 2020 protests in Lafayette Square outside the White House. Representative Adam Kinzinger, Republican of Illinois and a member of the committee, wrote on the social media site, “There seems to be a major thread here… Tony Ornato likes to lie.” But Keith Kellogg, the former national security adviser to Vice President Mike Pence, vouched for Mr. Ornato publicly, as did other former officials. “I think the guy’s a straight shooter,” said John F. Kelly, the former White House chief of staff who has publicly broken with Mr. Trump, and who worked with Mr. Ornato when he was the special agent in charge of Mr. Trump’s detail. “There was never a second thought in my mind that, wherever we went, the work the Secret Service needed to do was done and done really well.” A former senior official in the Trump administration recalled Mr. Trump demanding to be allowed to attend a major public event with a day’s notice, and Mr. Ornato bluntly informing him that such a move was not possible.
  2. Lets get the piccies, which post OK - Not sure whats gone wrong wit the top of chart ...
  3. Curious isn't. I may be repeating myself but here goes. Since 2008 the sales market in my local largest area- Scarbs - collapsed. Prices didn't, bobbing along at the same nominal value since 2008. Number of sales are down 30%-50% What I think has happened is that the media report reports of housing going up has made people hang on to housing. Low IR has contributed to that. After 15ish years of low number of houses being listed - most of which don't sell - the last 12 months has seen the number of listing shoot up - 3x increase. Floods of stock is being listed. There could be multiple things at play. One, you can see io btl exit - 2/3 br terraces, no chain, crap decor, no love. But then theres bigger, nicer houses coming on too. I'd guess theres a lot of probate that's been hung onto over the years. Maybe the kids had ideas of a TV like refurb n flip. Maybe the sniff of higher rates have scared the horses. Theres lots of local oaps, who were hit hard by covid, so could explain that. I also suspect theres a lot of io mortgages coming to term. I've only got the odd anecdotal chitchat. But I do remember a lot of people buying bigger houses than they could afford by going io only. What I do know is that theres a 20 year gap of housing wealth. Huge numbers of under 50s are basically on benefits and in rentals. . There isn't enough mortgable locals to absorb the number and prices of housing being listed. I wonder if a relatively honest EA shows how many houses were bought and what they sold for - LR data is pretty easy to access. Or maybe listed houses are getting zilch interest.
  4. spyguy

    Oh dear Labour

    Gen X turned out to be pretty hard workers. Most people I know in early 50s probably have paid off or nearly paid off mortgage many have small amount of buy to let 1 maybe 2 properties. This is South East. Given wages in North aren't that much lower than periferal SE but prices are much lower I would expect those guys to be doing even better. Listening to advice on hear for years should carry a wealth warning.
  5. Some have serious health issues. Paramedic Jon Jarrett, 52, took a mortgage on a Cambridge house in 2006 with sub-prime lender GMAC. The mortgage was later taken over by Mortgage Agency Services Number 5 (MAS5) which is now part of the Co-op Bank. A series of four disputed mortgage rate rises between 2009 and 2012 saw Jarrett paying interest of up to 6.5 per cent, or nearly £500 a month extra, for the next decade while most households paid historically low rates. He managed to pay the increased costs until 2019 when he was hospitalised for several months. He says he ended up selling items on eBay to meet his repayments. During the pandemic, he was put on the 'clinically extremely vulnerable list' because he has primary immunodeficiency. 'But the Co-op Bank told me that they would offer no assistance and that I should sell my home,' said Jarrett. 'The stress of this situation, of being fleeced by a bank that laughably claims to be ethical, is immense.' He has set up a website mas5.co.uk to put pressure on Co-op Bank and encourage others to complain to the Financial Ombudsman Service. Jarrett added: 'The problem I and other Co-op mortgage prisoners have is that the bank offers no assistance in times of illness, no mortgage payment holidays. The option is either to sell up or be repossessed. 'Many customers have contacted me who have already lost their homes because of these interest rate increases that the FOS has now found to be unjustified.' The bank has argued that the ombudsman should be time-barred under dispute resolution rules. That's 16 years. Up to 6.5... that's only 2% over standard SVR With a 25y mortgage he should be 3/4 paying the loan off, so would have no problems remortgaging.., providing its not an IO mortgage.... In terms assistance and mortgage holiday ... he misundestands the deal between them n the bank. I think the problem with these people is they assume the vulture fund wants their ongoing business. They don't. They want you to f-off and remortgage with someone else so thet get the capital back
  6. We are barely on the the sunny,. grassy lowland of IR rises and the wheels are already blowing off their gormless business model. Whats going to happen when IO BTL hit 6%, 7% 8%? Whats goign to happen when bank start calling in their IO BTL loans.
  7. Longleggedgiraffe I'm a landlord. I own one property to let out. I care for my tenants and make sure repairs are done promptly. Your words which cast virtually every landlord in a bad light upsets me deeply. One lot of repairs wiped out a whole month's rent and left me out of pocket. The rent for me is the difference between just managing and being able to afford a few little luxuries. We know tenants are having a hard time but it shouldn't be expected that Landlords should automatically pick up the increase in cost of living for their tenants. We provide a service. Services have to be paid for by the users. We're people too and I 'm fed up of people trying to treat us as Cash Cows. There has to be a middle road somewhere. Really should not be a LL. They are totally potless.
  8. Well ..... think about the legal work. I the kid going to put on the mortgage before they are 18? If the kid takes over the mortgage and house, then surely thats a change of ownership??? What about handling all the ownerships and rights - parents, kids, kids spouses etc etc. What happens when someone gets divorced? The UK legal framework is basically built around individuals or married couples. They could use some form of trust. but that would be expensive and bargepole as far as a bank is concerned.
  9. It wont be offered to anyone. Its gormless finco, who are unable to get off the ground/banking license, trying to run with a off the cuff remark from Bozza at a NATO conference. Gormless weekend person finance pages page filla. Life cos will *NOT* be funding 50y mortgages. Life companies *will* build a number of Barbicans in towns n cities up and down the country, for rent.
  10. Googling '50 year home loans uk' Gives, in order - https://www.theguardian.com/money/2022/jul/01/no-10-considers-50-year-mortgages-that-could-pass-down-generations https://www.theguardian.com/money/2022/jul/01/fifty-year-home-loans-would-get-more-on-ladder-but-come-with-risks https://www.mirror.co.uk/news/politics/tories-draw-up-plans-50-27377781 And - https://www.spectator.co.uk/article/longer-mortgages-won-t-fix-britain-s-broken-housing-market https://www.express.co.uk/comment/expresscomment/1634278/family-mortgages-homeowners-boris-johnson-travel-chaos
  11. After hearing the article feature on the BBC, I googled. The issue is only mentioned/gone into detail, if you can it that, in Guardian.The BBC mentioned the FT. Its not in the FT. Again, its lazy, lefty, properdee obsessed journo malign a fuss about nothing.
  12. Mortgages with terms longer than 25y only make sense when IR are 0. Higher than ~2% and you want to reduce the term ASAP. This is gormless poof pieces from https://www.theguardian.com/money/2022/jul/01/fifty-year-home-loans-would-get-more-on-ladder-but-come-with-risks Perenna, a new firm awaiting its licence, plans to offer the long-term loans. Its co-founder, Colin Bell, said: “Long-term fixed-rate loans really appeal to first-time buyers. One of the reasons they can’t get on the ladder is they don’t meet affordability tests that rightly have to take into account interest rate rises. They can get a mortgage, but it’s a small one.” A 2bit finco who still do not have bank license after ~10y. Google them. By spreading the repayments over longer – the average for mortgages taken out this year is 29 years – buyers should be able to borrow up to eight times their income, rather than the current average of 3.2 times, say potential providers. The loans would be backed by borrowing from pension funds and insurance companies rather than against less stable consumer deposits, to satisfy the Bank of England’s prudential requirement. That bit alone shows how gormless and fwitted the jounro is.
  13. This is murky. Housing assets make up a large part of UK wealth. Mortgage market ... less so. UK mortgages are shrinking, becoming a smaller n smaller pool of people.
  14. Extending mortgage terms beyond ~25y does not make the repayment materially cheaper. If only theres was something like an online mortgage calculator where you could enter numbers in ....
  15. Why? Its a combination of lazy lefty properdee jounro being fed BS by a finco thats trying to raise finance for 10 years. Fake news doesnt do it justice.
  16. 0, ZIlch, Square root of f-all. Commented on this elsewhere. Daft lefties in the media. R4 man goes - 'Mirror, Guardian ... FT' Its not in the FT. My cutnpaste - Again. random from the idiots in the personal finance pages. What happened to the 40y fix mortgage??? R4 ... breathless reporting .. 50y generation mortgage ... Then went thru the papers --- Mirror .... Guardian .. FT. There is no article on the FT. Ive looked. Theres this in the FT personal finance bit - UK mortgage rates rise at fastest pace in a decade House price growth expected to slow as buyers’ incomes are hit by higher interest and jump in cost of living https://www.ft.com/content/c41094b4-050d-4522-88ad-fc9a9829bd80 , heres the lefty papers - Tories draw up plans for 50-YEAR mortgages that your kids would keep paying when you die Boris Johnson has confirmed he is looking at controversial cross-generational mortgages - house loans that last so long, they are handed on to your heirs to keep paying back https://www.mirror.co.uk/news/politics/tories-draw-up-plans-50-27377781 Children could be landed with their parents’ debt after they die under latest Tory plans to tackle the chronic housing crisis. Families will be offered ultra-long mortgages that can be passed between generations under plans being drawn up by the Government. Banks and building societies will be encouraged to let buyers borrow over terms of up to half a century or even longer so they can move into bigger homes. They would not be expected to finish paying off their mortgages during their lifetimes, under the controversial proposal. Instead, they would be able to hand over their properties to their children, including the outstanding debt. Ministers believe the plan will give people the chance of moving into their dream home as they will be able to take out larger loans. It comes after the Prime Minister last month vowed to turn “Generation Rent” into “Generation Buy” by launching an independent review of Britain's mortgage market with the aim of increasing the availability of 95% loans. Offering deals with such low deposits was widely blamed for fuelling the 2007-08 financial crisis. Mr Johnson said on Friday: “I do think there's a lot more scope to help people with 95% mortgages, there are quite a few products available now, which we've tried to encourage. “But also, we want to find all sorts of creative ways to help people into ownership. “Last year, actually, we had 400,000 first time buyers, that's a great number, we're starting to turn the tide, but it is crucial for this government and for our overall economic story if those numbers continue to be strong. Boris Johnson vowed to “find all sorts of creative ways to help people into ownership” ( Image: PA) “We need young people to have the confidence, to have the deposits, the mortgage packages to be able to get into ownership.’ Asked if he was considering cross-generation mortgages that could be passed between parents and children, the PM replied: “Yes, certainly.” That? They are basing the article on that???? And my f always popping up favourite - Perenna, a new lender, has said it intends to roll out 50-year mortgages in the future. https://www.mortgagesolutions.co.uk/better-business/2022/03/18/busting-long-term-fixed-rate-mortgage-myths-perenna/ If anyone has the number of mortgages Perenna has issued then I love to know. Theyve been talking ******** about these mortgages. Its a crappy fintech that seems to spend its time getting daft article in the personal finance pages rather than making money More lefty papers on the same thing - https://www.theguardian.com/money/2022/jul/01/no-10-considers-50-year-mortgages-that-could-pass-down-generations https://www.theguardian.com/money/2022/jul/01/fifty-year-home-loans-would-get-more-on-ladder-but-come-with-risks By spreading the repayments over longer – the average for mortgages taken out this year is 29 years – buyers should be able to borrow up to eight times their income, rather than the current average of 3.2 times, say potential providers. The loans would be backed by borrowing from pension funds and insurance companies rather than against less stable consumer deposits, to satisfy the Bank of England’s prudential requirement. Mortgage funding dont come from consumer deposits FFS. BoE is moving to get more n more mortgage debt off its books. How does increasing term allow someone to borrow 8x more???? A long-term fixed-rate mortgage could allow a household with a £50,000 annual income to borrow £400,000 instead of about £150,000, and thereby unlock the bind many renters find themselves in where they cannot get a mortgage on the property they live in despite repayments being lower than the rent. 400k @ 5% for 50y is 1800/m Fails MMR. 400k @ 5 % for 25y = 2300/m Messing around the mortgage terms does not make the mortgage cheaper. Ditto you would not get a bank signing up a a kid under 18 to support their parents mortgage. By the time the kid is old enough to have some earnings to lend against, the parents will be too old to get mortgage. This is daft lefty bbc mirror guardian, innumeracy, bad Tories, for properdee. It is an attempt to solve a serious problem. Last year full-time employees in England could typically expect to spend about 9.1 times their workplace-based annual earnings on buying a home; an increase from 7.9 times earnings in 2020, according to the Office for National Statistics. Eh? Perenna, a new firm awaiting its licence, plans to offer the long-term loans. Its co-founder, Colin Bell, said: “Long-term fixed-rate loans really appeal to first-time buyers. One of the reasons they can’t get on the ladder is they don’t meet affordability tests that rightly have to take into account interest rate rises. They can get a mortgage, but it’s a small one.” Still???? Theyve been waitign for their license for years. https://www.finextra.com/newsarticle/37292/perenna-raises-10m-to-bring-fixed-for-life-mortgages-to-the-uk 18 January 2021 London-based fintech Perenna has raised $10 million to back its plans to obtain a banking licence and bring "fixed for life mortgages" to the UK housing market this summer. Created 2013. https://find-and-update.company-information.service.gov.uk/company/08479556 Still no license in 2022. https://www.perenna.co.uk/about https://www.perenna.co.uk/join-waitlist Join the Waitlist Be first to get a mortgage from us
  17. The BoE has a fair bit of IR raising to do yet.
  18. Theres this and the Sell now, sell everything thread, that explained *exactly* how this would pan out over the 5 years since s24 started.
  19. https://www.property118.com/do-landlords-deserve-to-lose-their-buy-to-lets-mr-gove/ The moment we’ve been anticipating has arrived; two weeks since Gove released his White Paper for a “faired private rented sector,” Landlords are taking stock of how best to deal with the upcoming changes they now need to make to their buy-to-let portfolios in a bid to meet the criteria of a “levelled up” housing standard for tenants. It’s come at a difficult time: many of us are mid-incorporation, many of us are facing huge tax bills, many of us knew we’d have to refurb our portfolios but simply can’t take the financial hit of doing it all at once with such little time. Then there’s the very real threat of recession just around the corner. It’s understandable to see why so many landlords have been left frustrated, angry or worried by the mammoth task ahead and, for a huge proportion of us, it seems the clock has well and truly ended on our portfolios being profitable enough to weather the storm. But what’s the solution? Have landlords been riding off a gravy train of profits for too long at the expense of tenants? Do we deserve to lose our portfolios as we struggle to meet the mounting costs of clinging on? The answer is surely no, but the obvious solution for a vast majority is that it’s time to get out of the landlord business, and if we’re going to get out, we want to pick a moment where we can cash in for the highest possible prices. That time is now. It’s time to “box clever” and sell up before the recession and cost of living hits our prices and sales.
  20. Canada and Oz have very high hurdles on migration skillsets. Basically you better very high skilled and have a lot of money. Its less common 2nd language, and more the contribution, non time limited benefits. Whatsapping with by Italian BIL who lives in Barca. The economy there is contracting, several things happening, none good or short lived. Anyhow, he was going - Well, Ive 2 years benefits before it stops ... and we we got talking about mrs spys least favourite Euro couple (and theres a fair few!) - her German, him Portuguese, both ffing useless. Been in UK for 5 yeras, he managed a couple of short term low paid contracts, lost them a year before covid, no worked FT since. I they were Brits - or other EUers in Spain- theyd have gone years ago.
  21. What producivity? The rarely come across many EU migrants in my tooing n froing - just Western Europeans. Yet theres also crowds of EE and subcontinental outside of MaccyD with Deliveroo. UK needs a minimum wage to be allowed to remain in the UK. And they need to charge for public services esp schooling. No access to nay form of benefit other than JSA. I doubt 20% of the icnrease on the population are actually cash positive fro the UK.
  • 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.