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MrXxx

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Everything posted by MrXxx

  1. Hi Folks, long-time watcher and occasional poster here. WICAO this post has got me thinking about my pensions provision/retirement, FIRE and really giving it some thought. I know that there appears to be a lot of financially savvy people here whose brains I would like to 'tap' , but as always I will DYOR...its only I need pointing in the right direction...so a couple of areas with questions (sorry about length!) I would like feedback on ; please excuse my naivety (these are real questions not trolling)....I plan to retire about 10 years early, buy a house (either in the UK or overseas), live on some savings/maturing endowment before state and company pension 'kicks-in'...Unlike WICAO, my tastes are a little less ambitious BUT I do earn slightly above the national average. 1. STATE PENSION:What do people think about the state pension...is it really safe or is it going to evaporate/decline dramatically in the future?...I ask as I have another 8 years to make it to the magical 35 and 16 years to do it in AND I have received a letter offering me to buy-in to a part year for £700...is this worth it?...and I really saving that much?...should I wait and buy years nearer to retirement if I need them as I do not want to pay anymore than another 8 for obvious reasons (money for nothing, potential of pension being scrapped etc)...is buying in to the state pension an efficient use of the money or is there better ways to invest it?...Am I right in my understanding that you cannot access it early? 2. PRIVATE PENSION: Its similar to a public service pension and was a final earnings/salary pension but they are in the process of converting it into a (defined?) contributions based pension...With this I get a lump sum at the end and a accrued sum for however many years I have attained...If/when I retire early if financially I dont need to access it am I better living off savings and waiting or should I access it and get a reduced monthly payment?...If my understanding is correct once it matures I take the money and buy an annuity, am I better using this money to buy shares and so keeping the capital (after 'educating myself' a little more in this area) and living off the divis etc...Also, from a recent work briefing on the pension changes I have been told that I can let it be managed automatically (as most do, where in the early part it has riskier investments for growth and later safer to ensure final sum) or I can get involved in picking my investments, should I 'have a go?' ...My understanding is that I dont pay any 'running fee' as these are covered by my employer so it may be a way of becoming involved in my future pension provision/share investments without the cost of management fees etc. 3. EDUCATION: Can you folks point me in the right direction so that I can develop a foundation knowledge in this area...at the moment sometimes (with all the acronyms) I am completely lost BUT I want to become responsible for my future (rather than being a 'passenger') and be able to make informed financial decisions. Thanks for your help.
  2. I would like to suggest an alternative to this 'mugs game'. The person concerned should speak to a nice chap who wrote to me recently offering me part of his extensive wealth if I help out with some bank account details...I believe he was form Nigeria?!....well, probably a safe 'game' than BTL property at the moment :-)))
  3. Dear Sir, I would like to suggest:- Option 4 - If your margins are that small/tight get out of BTL and into a business venture that you understand a little bit better! Option 5 - I have just given you an amnesty (until 2020)..an amnesty to get out quick, but you appear to want to tell all of your associates how bad things are rather than taking the 'side exit' quietly...what do you thing they are doing whilst you are in (long winded) correspondence with me? Yours sympathetically (I hope I can rely on your vote?!), Mr Foreman
  4. KB you state Bears argument is crap yet you reinforce his argument about these being high supply?!.....You can now get a cheap NEW car for around £4000...relative to the current 'value' of money now and to that say 20-30 years ago (when a cheap new car was about £5000), then it appears Bears argument might have some weight
  5. I can see it happening this time as its all over the media today AND he can 'afford' to lose his credibility again (well the little he has) following all of his previous 'false starts'....I think if it wasn't inevitable he would have 'kept quiet'...but then perhaps I am just thinking logically, and this explains wy I am not getting paid 'handsomely' for my opinions!
  6. Question...just because the interest rate goes up say 0.5% does this mean that your corresponding mortgage rate will follow like wise i.e. MR before 4.5% MR after 5%? OK, if its a tracker then the answer to my question is yes, obviously but do people think other account by the banks/BS will play it this way or will they just increase by what they think they can get away with i.e. 0.75% extra or 0.6% etc? I ask this as when IR go down interest on savings appears to follow the latter model, to the detriment of the saver.
  7. I have thought about this the last few days with the events happening and wonder if the 'wave' is about to reverse...let me explain my thinking..... BTL got dealt a blow with the increased taxation...and so demand by them for property will drop. Yesterday Carney mentioned the interest rate...and so repayments will become more expensive for BOTH OO and BTL. BTL have been dealt a 'double whammy' as a result of these two meaning that both yield and asset value increases will both suffer...some BTL were making no yield but were happy with the growth...they wont even get this now! MMR means buyers (especially FTB) will find it more difficult to buy unless they have a sizeable deposit. RESULT?...prices will drop as demand (and/or ability to buy has been reduced... SO...those that were 'priced out' of London and had to move to the shires will move back in to a) save or transportation/commuting and to 'be where the action is' The recent gains in the shires will then drop as once again demand will drop... Thoughts/comments anyone?
  8. I'll give EA a tip...stop being such greedy [email protected]!...I have just looked at some property rentals and not only do they want their 15% off the landlord but they want me to give them £250 admin fees, £50 inventory/check-out fee and £100 every 6 months when I renew the contract....I decided they can stuff their property and I will go for lodging in a private house...greedy vermin! Anybody know a way of getting a flat rental without going via these vile creatures?
  9. Hi Everyone, I will soon be moving to this area and could do with a 'heads-up' from a local i.e. what has happened price wise and how you forsee it in the future, where are the best places to buy, do prices drop much if you get away from the 'Guildford effect' by moving out to other towns/villages (Godalming, Haslemere and any others N,W,E of Guildford). etc. My intention in the future (if I can afford it!) is to buy a 1/2 bed house. Thanks in advance.
  10. OK, so it looks as though the Greek public have been shafted by Tspiras!.... ....Now, I am no financial expert so can any of you out there who are explain (in an unbias way) whether (and why) the Greeks would have been better off just defaulting and walking away from this massive debt....the way I see it (very simplistic) is that the only to suffer from a default would have been the banks....please enlighten me :-)
  11. Count...perhaps its a case of Rose-Tinted spectacles?!
  12. This demonstrates that govt thinking/policy is either very confused (High earners to pays higher rent VS selling off of social/housing association housing) OR they are manipulating the market...I think it is the latter:- One, 'Force out' high earners into private rental sector and use their spare capacity for those who are on HB. Two, bring in law that relates 'right-to-buy' discount to earnings....basically those who are on HB wont get a mortgage and so wont be able to buy, those who can afford to buy will not get a decent discount and so would prefer not to buy on a council estate. Three, hope that after HA forced sell-off they (HA) will rebuild with the money and then take a similar line. Result...increase social housing without need to rebuilt AND reduced costs of HB as more on HB will have access to social housing....a two-tier rental system AND an increase demand for house buying created by those current high earners currently 'sitting' in social housing.
  13. Hi Fairyland, I wouldn't bother with that approach (reasoning etc) as I tried it (and it didn't work)...they (the seller/agent) really don't care about reasoning, they just want as much as they think it is worth plus what they can get away with. As others have pointed out, I think if you send the letter/email you seem to keen (like when a guy 'pesters' a girl just after a date with constant emails etc). The facts are :- 1. The agent put you offer forward when he said he wouldn't (he showed weakness/desperation...your advantage). 2. He got back to you AND said he will get back to you again...if they had other interest they wouldn't have bothered (once again his weakness, your advantage). 3. Knowing how keen he is in 2. above, the lack of other punters and he thinks you are still looking at other properties (i.e. you haven't 'fallen in love' with his property at all costs), by just going quiet and letting them 'stew' they may start to worry that they will lose you offer/chance, especially if the property has been on the market for a while. Play it 'cool' and you should hopefully get what you want at the price you want it....'choke' and you will pay over the odds unnecessarily!
  14. Interesting point you made Count about West Mids prices being at 2004......Looking UK wide I get the impression that apart from London/SE and funny 'pockets' (i.e. York/Harrogate/Ripon triangle) everywhere seems to be at 2004 values (or just enough above to be bargained down and bought for 2004 prices)...what do others think?.....and as a result do you think there will be substantial HPC in these areas in the future as over a 10 year period even if wages have increased a little due to inflation their values have dropped...other thoughts?
  15. So BoE.. ......'We will raise interest rates when unemployment falls to 7%'...oh, no we wont..... ......'We will raise interest rate when wage growth takes off against inflation [inflation 0.15, wages increase 2.7%][email protected], what excuse can we use now?'
  16. RR I agree...I believe that when most of us get to pension age it just wont exist OR be at such a token level that it may as well not exist AND the govt over the last few years know that, hence the compulsory pensions laws that now exist (or will do for the smallest company by 2018) on your employer... ....that's the difference, if you pay a premium to a private financial institution you can get some form of protection from the FSA, the govt could make a ruling overnight and 'steal' all of your contributions....anybody who pays additional contributions now is a mug!
  17. Goldbug, you are partially correct... ...on paper the seller is the EA customer but what happens if the EA 'customer skills' are so poor that any prospective buyer walks away and only deals with other EA...the seller makes no progress with his sale/EA and moves onto another...the original EA picks up his UB40.
  18. Ahh, the message got through eventually then?!.... ...so back to MMR...although these are the current 'goal posts' I assume that there is no reason that they cannot be moved if 'the powers that be' decide to move them...we will then be back to 'square one'
  19. I think Venger has 'hit the nail on the head'.....those people who let the EA think they are doing them a favour deserve everything they get...If you were buying any other product for £100s of £1000s would you let the shop assistant treat you like a second class citizen?....Some EA will only realise who the customer is when they are unemployed!....In fact some EA deserve to be unemployed as their ability (especially customers service skills) is severely lacking!
  20. Is there anything that you can do?...well, if you have made an offer on a property make it a condition of your offer that the property is withdrawn from the market. If they continue to readvertise it withdraw you offer and put a note through the sellers letterbox.....the customer will soon get piss'@d off with THEIR agent when they lose a sale.
  21. rxe...maybe just maybe the seller has said to the EA 'Whatever you get me above x price I will give you x % of the difference' ...oh no, we are talking EA here, they wouldn't do something like that would they?! ...as for the buyer, as thewig says, don't 'fall in love with the property', tell the EA that the offer still stand until Friday and then when he comes back on Monday asking 'Are you still interested in the property?' say 'yes' and when he says 'OK you can have it for x[original offer]' say 'No, I am interested but only for x minus what the phantom bidder offered (above your original offer)....and hold out firmly....he will then have to go back to the seller and explain why he [email protected] up!
  22. The London Trolls vanished today?...No,no, here I am...Oh, wait a minute it was you who proclaimed me to be a troll, not self-proclamation!....In fact I cant be a troll today as I am agreeing with the 'party line' As for those massive discounts....as far as I am concerned if I cant get 10% off ANYTHING I am buying, I am not trying hard enough and may as well give my money away!
  23. pipllman... ...brings a whole new meaning to the statement 'Renting is a mugs game and giving money away'....at least with renting you are not 'saddled' with a £500k debt, with shared ownership you get the worse of both world without the 'benefits' of home ownership...I really cannot understand why anyone would bother with it...unless of course they do not understand what they are committing themselves to (very likely!).
  24. Bland Unsight, Firstly, I can see your point in regard to moving/archiving of the post and trolls. Secondly, yes the initial responses were in regard to the post and then you both went off at a tangent...keep it on topic or just don't post...'pouring fuel on the fire' as you both did didn't advance the discussion. Thirdly, how often somebody has been 'on' the site, how many posts they have made, and how this relates to 'earning the right' to post is irrelevant, WE all have an opinion and WE all have the right to post that opinion AS LONG as its on topic...this final comment reminded me of something an old (wise) teacher once told me....quote 'Empty barrels make the most noise'...now, how many post did you say that you have made over your illustrious 'career'?
  25. Will these shares be available to the general public (who already own them!)...if not then surely this must equate to 'stealing of the public purse' and giving it to the wealthy....I really cannot see why the populas are so apathetic about this...most will be more concerned about what is happening in East Enders than what is happening to their future welfare....would be so apathetic if somebody came and stole their wallet/purse out of their pocket AND told them they were doing it?....It make me despair, it really does!
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