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House Price Crash Forum

Crazy Herts

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About Crazy Herts

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  1. For Owner Occupier mortgages Is there any evidence that the average mortgage balance is higher than what it was 10 years ago? I would be surprised if I am honest.
  2. You cant borrow anymore than you can afford on paper with the new regulations. I could of borrowed more 10 years ago with self cert and "Fast Track" mortgages which were common place aslong as you had a big enough deposit (25% If I remember correctly) Those days have gone thankfully. The process now with MMR is much more stringent. I ask the same question as you with regards to house prices. People can only borrow so much based on their income, The answers I have come up with are. - BTL Landlords purchasing properties that would of normally been suited to FTB, as the rules on lending for po
  3. With MMR you should only be able what you can afford. Went through the process recently even with a 70% deposit the lenders were very thorough and even stress tested the affordability on a 7% rate, which is quite right. This is my experience and as far as I know is widespread. The amount you can borrow is based on your income not the price of the property so no I don't see how it has been the overall contribution to some of the ridiculous prices we are seeing in the home counties. People can only afford so much based on their income. With regards to the comment that people are stupid. Yes b
  4. Something is definitely happening. There are now 3 houses for sale on my road in Hertfordshire. All 2 up 2 down Victorian terraced properties on the market for £420,000 (This time last year it would of been £360,000) All of them have been on the market for about 6 weeks. This time last year they would of been snapped up within a week. One of the houses has been under offer twice and obviously fell through for whatever reason. In the local area there are hardly and houses for sale and if you look at the sold house prices on the land registry the amount of transactions has fallen dramatically.
  5. Heard about this on the radio this morning and it in my opinion it is a really good idea and Barclays for once should be praised. I am sure other lenders will follow with a similar type schemes. For me I don't see anything wrong either with 100% LTV mortgages or Interest only mortgages for Owner Occupiers only. People aren't that stupid and no fully the risks. I have had interest only mortgages In the past and knew the balance still had to be paid off eventually. I don't really see the issue.. The biggest problem however is still house prices are around 50% over priced in London and the sout
  6. No sign of a crash in Hatch End & Pinner also slightly further out in Bushey/Watford. Prices have increased 35% in 3 years and no sign of any let off. As soon as a property comes on the market agencies organise an "open day" around 20 people view the property and its normally sold way over the asking price within days. Madness I know but cant see it slowing down anytime soon. Seems to be a lot of money about. Feel so sorry for normal people on a decent but not great salary. It is madness!!
  7. Sorry I should of been clearer. We are looking at possibly renting our house out at believe it or not £1300 per month!! (that is the going rate, nuts I know!!) Then we can afford around an extra 700 per month to rent a 3/4 bed house. There is no way I would sell the house and then have to pay every month £2000 (That again is the going rate) That would then eat into our proceeds we will have in the bank from the house sale. It is absolutely nuts!
  8. We are looking at this but its not ideal. Really against paying for someone else's pension pot.
  9. How long can the madness of property prices in Hertfordshire continue? Surely sanity will return at some point. we bought our 2 up 2 down Victorian terraced house for £220000 in 2012 and are looking to buy a much needed bigger house as we have 2 kids and another one on the way. To my absolute astonishment the house went on the market and within days it was sold for £350,000!!! A 2 up 2 down property?! That's an increase of £130,000 In 3 years!!! How is this possible?! You would think me and the mrs would be over the moon wouldn't you?! Here is the big BUT.. To upsize we are looking at a
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