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House Price Crash Forum


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About kibuc

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  1. Precisely. Rich didn't get rich by catching falling knives.
  2. There shouldn't be any need for such position as Housing Minister, like we don't need Breathing Ministers or Shagging Ministers... yet. It's an artificial position, created to solve (ha ha) problems caused by inept Ministers in other positions.
  3. Can help but feel like I'm watching Big Short again, when Bale asks Goldman Sachs representatives about reassurances in case of bank insolvency and all they can come up with is "are you for real?". Housing always, ALWAYS only goes up. Yet when I'm flying from Poland to Germany, 100% over dry land, I still have to go through the life vest training. In the unlikely event of a water landing...
  4. You could say that again. No wonder people are still going after 600k London 2-bed flats. With 5% deposit and 40% equity loan, as long it stays above 330k they are golden. In fact, if it actually hits 330k-is, it would be a great time to do a swap with your neighbour next door and free the both of you from that pesky equity loan.
  5. I think they will. Carney cares about his image more than anything in the world, and right now it doesn't look good for him. He cried wolf too many times before.
  6. I would if I could, so you have to take my word for it - or not From a very quick glance: isn't that an agreement between a Funding Provider (Homes for England, I presume) and an Agent? While my sources spoke about obligations on the buyer.
  7. I think HTB would actually be a good option AFTER the crash - pitifully low initial interest rate only semi-linked to RPI combined with the 5-year grace period blows any available mortgage out of the water - if those newbuilds had at least an ounce of quality in them.
  8. I've seen a clarification on that which explained that it is, in fact, a non-recourse loan in disguise. If you sell at a loss with agent's blessing and repay your mortgage in full, you're now liable for the remaining 20% or 40% of the sale price. If you can cover it with whatever is left, you're expected to do so but if there's a shortfall then you just repay whatever is left of the proceeding from the sale and you're scot free, as long as you complied with all obligations towards your mortgage provider. If there's any ambiguity there, and if (when) the crash comes, I'd expect any government to disambiguate it as above, with poor, over-leveraged "homeowners" pissing their pants with joy and the hard-saving, non-gdp-friendly losers picking up the tab.
  9. That's not true I'm afraid. If you sell your HTB house at a loss (assuming that your HTB agent approves your sale price) and repay your mortgage, the agent will accept whatever is left and call it even. So a 40% equity loan actually gives buyers a 40% cushion before they enter negative equity. https://www.helptobuynw.org.uk/help-advice/selling-your-existing-home/ https://www.helptobuy.gov.uk/wp-content/uploads/Help-to-Buy-Buyers-Guide-Feb-2018-FINAL.pdf
  10. Spot on. They are businessmen for income purposes and charities for tax purposes.
  11. More importantly, having your STLD & furniture paid for by the dev allows you to put together a larger deposit, to get an even larger mortgage. Mortgage providers should see right through it and value the property as-is, ignoring any perks - it's their money and their risk after all - but it only takes one to accept the face value.
  12. Precisely. My first instinct was to say outskirts of Manchester or Bradford high street.
  13. You're getting rent statements? Fancy!
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