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whynow

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Everything posted by whynow

  1. Well, this is encouraging me to move. I would have had t pay £16k stamp duty, now I can move that into my deposit to reach the 15% i now have to stump up.
  2. Question - does holiday actually mean ‘never pay it?’ Or it’s due at a later date? (Obviously in a sense it’s due by us all in our pay packet at a later date). question - EA said demand was massive so why do we need this incentive at all? im one of the people who had a low deposit who now has to stump up 15% in LONdon (so £60-£75k) but this will certainly help me get there.
  3. You just don't believe me about what part of it? You don't believe I'm northern, a marketing director, or that I'd ever move to Cheam? What a strange thing to accuse someone of lying about. If the phrase - "just stop whinging and move on" was universal for this website it wouldn't exist! We're all whingers! Whinging about houseprices - where do you think you are?
  4. WOW. Sorry, that's crap and a huge generalisation. There are millions of women out there hopelessly devoted to mechanics and secondly, there's a lot of sisters out there doing it for themselves. Are you from the 1950s or something?! Just WOW.
  5. I have no BOMAD where a lot of my peers do that allow them to get on the ladder easier. Very hard for the bootstrappers amongst us that don't have any inheritance or bomad to help us. I think us northerners really get it stuck in our throats about the high prices, even my father who worked in a factory and my mum at a supermarket - had a better quality of home than I do in London at their age (they lived in Yorkshire). Those from London, or elsewhere who go "yeah but its London, you have to pay a premium" can accept it. For me, with everything deliverable now and streamable, whats the need to be so close to London? I can live in North Yorkshire and get the finest wines from the world delivered to my door if I want! "But what if we want to go to the theatre"?! We never do! And with a baby we never will! I'll take a Scarborough seafront panto instead and a 5 bed detached! Do i seem bitter? I f**king am! lol
  6. Rightly or wrongly - the NHS is equipped to deal with that. It wasn’t equipped for this. Im not personally thrilled we’ve trashed our economy for this! My own job is precarious due to industry and most of my colleagues and friends have been furloughed or made redundant. It’s absolutely s**t. I’ve taken a pay cut. But i still don’t think the country would have accepted inaction and a rampant virus. I wish i had the answers. Time will tell.
  7. Yes I do earn over that figure - I’m a marketing director and feel pretty bummed out that on this salary and working like a **** 7 days a week I can only get a 3 bed terrace for half a million quid! I’m a northerner and would LOVE to go back but there’s few jobs and my partner thinks anything outside of the M25 is akin to hades (not British and London is her world).
  8. Based on the fact 100000s have already died in the US and we are over 40k now, you think if we'd done nothing to control infections we wouldn't be well north of 40k. I think its an UNDERestimate! I didn't say the US was a second wave.
  9. I think the issue was always panic that the NHS would be overrun - I can't imagine the outcry if we had bodies littering hallways here as they did in Italy. At the end, its a rock and a hard place for Boris. When he came out and said - people are going to die - herd immunity, I was really shocked, not least because it was the opposite of the direction of France, Spain and Italy and in effect said - we value money over human life (I appreciate there are human life costs even with this choice) - that went down like a sh*t sandwich. Look at Brazil and to a point, the US, are their economies going to thrive with 50k infected a day (deaths will follow four weeks from now), they need to control the virus or the economy will not recover. None of us know the final outcome yet, which countries will be better placed financially after this ravaging etc, but I do think hard Boris let the NHS become over-run, had he let 100000s die, he would never get re-elected and potentially would have been removed.
  10. This site is a git to use on a mobile phone! I have ads follow me down the threads blocking me from reading anything or posting!
  11. 1) I pulled out of - I did not nothing with ‘ornaments’ 2) my hope IS 3) where the eff is the edit button?
  12. 100% Last year I pulled out ornaments a house at the last second as I just couldn’t deal with paying half a million for a mid terrace at the end of the northern line - 15 minutes from the station in a town I hated (Morden). Then this year, I took that lesson and put in an offer of £530k for a mid terrace but close to the station in the nice town of Cheam (not on the tube) and Covid Hit the week before i was due to pay the deposit - I work in travel and was personally sacking people that week. It felt too risky and again I pulled out. I now have a child and my partner is not enjoying life in our 1 bed flat esp in lockdown. She wants to move but does understand that buying today would be madness. The banks have put paid to our plan anyway as we only had 10%, I’ll spend the next two years continuing to save to get to 15%. I was lucky not to lose my job but we all took a chunky pay cut. My hope isn’t 1) the market goes down at least 15-20% and we can look at semis in our chosen location (well my real hope is a 50% crash and I am get an amazing house!) 2) forced to have a 15/20% deposit our monthly payments will be less and we end up paying off the house before the baby gets to Uni - much easier than on that 10% deposit. sitting right and being patient has not been my strong suit! But I think this will wind to its lowest point over the next 2-3 years.
  13. This 40k number is just from the big/brand companies. We’re in travel and let go of 75% of our staff this month. How many people are employed in the travel industry in this country? Whatever that number divide by 4 and times by 3 and stick that onto your 40k! Millions will be done by November.
  14. I think you can use the money only for notice. And our company is doing the same.
  15. I’ll have one. Can’t be more expensive than that 3 bed terrace in Cheam I can no longer buy. Always fancied being a captain. *toot toot*
  16. Can someone explain to the newbie what this means in practise to my money and my deposit and the house buying plan? More cash in the system devalues my money in the bank I assume but the trickle down benefits those already holding the house asset and keeps prices high? It’s another blow for me for that house owning dream of mine unless I can get my sticky hands on some of that cheap cash? You guys have clearly seen this all before. Not me. Or at least I wasn’t paying attention.
  17. You're in London and no one you know has lost a job, had a pay-cut or been furloughed? I take it you're a hermit? Even if I go outside my own group to friends of friends, everyone knows someone who has been impacted. Thought a quarter of the UK was on furlough?
  18. Yes i've got tens of thousands... for the deposit... which now aint enough.
  19. Gosh! In London it will, if you had 5%, then jump to 15%, even for a pretty crappy place on the edges is going to be at minimum another £30-£40k saving. Its going to take a couple of years at best and that's with no one losing their jobs. I along with almost everyone I know either got furloughed, took a pay cut (20%) or got made redundant. Im in my 30s and everyone in my friendship group is a professional, almost all of us have lost out in some way from this.
  20. So far I've been spared the chop - our place is already down 75% of its workforce and unless the company goes under there wont be more redundancies so, GOD WILLING, I can continue to save but I dare not utter that too confidently in this world right now! Likely we will just rent for another 2 years and I'll move to a two bed flat further out for a similar price. This is such a slow car crash - wish I could fast forward this film and see when the bottom will come!
  21. This is an issue for us. Mortgage advisor told us last week 15% was the minimum she had access too. We were about to buy a house in epsom (currently renting in Clapham ). We have a brand new daughter so it’s tight in this 1 bed flat and about to get tighter. However; I have to now stump up from 10-15% (find another 25k) with a pay cut and a mom on maternity! Looks like i’ll Be out of the housing market and saving for another 2 years to get to that 15% -unless they reverse this decision or house prices plummet. But perhaps it’s all just as well!
  22. Doing nothing would have led to a lot of very sick people all at once overrunning the NHS and mass panic as well as angry cries toward the government for inaction. Damned if we do and damned if we don't I fear.
  23. Hi All I should know this, I asked an accountant at work who also didn't know it but I'm sure you guys will. It's a question about negative equity if you don't want to move. What happens if: I buy a house today on a 5 year fix for £500k (25 year mortgage) I pay 15% deposit (£75k) and over those 5 years pay down another £25k lets say for arguments sake. I've paid by the end of the 5 years £100k into this house, the balance on the loan is £400k, BUT the property has reduced in value by 30%. So now I have a house worth by valuation just £350k, my mortgage is now up for renewal, and I owe £400k on the original purchase price. Does the house get revalued at that point and the bank can see that their LTV is now over 100%, what happens? They take the house? They put me on a horrible punative deal? I am making all kinds of assumptions but I'm unsure of the implications once the 5 years is up. I have a new baby in a 1 bed flat, pressure to buy - have a 10% deposit and now 10%s are out. Im also worried about finding the deposit but also value dropping so much I'll be in the situ below. How does it work with negative equity from the banks side?
  24. Just heard from my mortgage broker that all 5/10% have now been removed as of yesterday. Also heard from the agent of the house I didn't buy, reduced price by £30k. Things are moving.
  25. Yes I think it means lenders believe houses are on the way down! But reading the other posts I’m sitting on a cash deposit too that’s about to be eroded! Damned either way I think! But yes, another signal that prices will come down. I just hope they come down quicker than my deposit is eroded!
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