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House Price Crash Forum

y0ssarian

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About y0ssarian

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  1. I agree with you whole heartedly on the original post its really annoying to see the paint by numbers journalism describe the current credit situation as being a sub prime problem based in the US. they of course dont have the journalistic balls or compitence to call it what it is which is a credit bubble that has been created and inflated and is now shaking on the very wobbly foundations upon which it was created. namely short sighted greed they always try to paint it as a problem that is a result of a few sub prime bad lending in th eUS gone bad that has now damaged our great economy, t
  2. So James Lovelock can tell you exactly how this is all going to play out? bulls""t no one knows if we will be under ice sheets or swamps and if they say they do they are lying he has his considered opinion but thats not much better then a guess. the best bet might be a superinsulated house that floats! So James Lovelock can tell you exactly how this is all going to play out? bulls""t no one knows if we will be under ice sheets or swamps and if they say they do they are lying he has his considered opinion but thats not much better then a guess. the best bet might be a superi
  3. been a tradesman, tenant and a landlord, all can be equaly as bad as each other, its not the job its the person I sypathise with you Sam, you try and help and they think they can treat you as they like. However, I remember way before the present boom meeting a few Btls as atradesman and thinking, wo thats one very stressed guy! I soon realised it was part of the gig.
  4. "Mortgage companies don't just base their mortgage rates on the Bank of England base rate (the rate of borrowing for overnight), but use longer term money market rates too. Hence mortgage rates can change even though the Bank of England base rate has stayed the same since last August. " This is why it irrtates me when people say that government wont allow house prices to fall, they wont raise rates because they cannot afford it politicaly etc ect. Rubbish Its the market that decides at what rate its wants to borrow or lend. That the government some how has absolue control over lending ra
  5. Sam Understand completly why you feel the way you do, im sorry that its upsetting you so much. Do what you feel you have to do. For my part I hope you can get past the imediate frustration and prehaps see that when the pedulum that you see swinging so far out of whack returns to balance and then some, things will look very different, and soon. Im curious to know what you mean by the following: If its not being too nosey, I would be very interested to know what the maths are. Why someone in the UK earning good money cannot afford to buy now? Im out of the country at the moment so
  6. capitalist Governments dont set interest rates, the market does
  7. Steve, what is your plan to pay off at the end? are you saving, investing or partially hoping for HPI? Are you putting something aside every month? Why did you choose an IO?
  8. It looks like IOs are just endowments with the investment part removed What I cannot believe is that banks are willing to lend without some sort of assurance that the capital can be repaid I disagree that banks wont mind if the underlying asset(house) falls in value against the loan this doesnt make sense, When a bank makes a loan they take ownership of that property (which is why the title Homeowner is such a joke) and it offsets their liabilities. If the value of a banks assets (the deeds it now holds) falls because of a housing slump against its outstanding liabilities (money lent ou
  9. Wow, im stunned ohmy.gif If what you guys say is true and I beleive you then there is no argument, the housing market is insane. House prices/the asset behind thes loans only has to drop a small percent and banks will be calling in these loans or putting premiums up to cover the difference. no doubt when it all goes tits up these people will be crying that they were miss sold. everyone will be crying that it was the EAs, the government, the banks etc Its a shame that we cannot "bottle" in some way the current sentiment so that in a few years when people are opening very unpleasant letters
  10. thanks for the replies, though I know already what an endowment policy is, what im looking for is an explanation on what an interest only mortgage involves if you take out an interest only mortgage does the bank make sure you have some kind of an investment that will pay off the capital or do they just ask for the interest payments and let you work out how you will pay the capital? I dont want one my self, im just curious to know what the situation is for all the people taking out interest only mortgages.
  11. Has anyone here taken out an interest only mortgage? I would be grateful if someone could explain to me what is involved with taking out an interest only mortgage pls, are you required to have some form of investment scheme to make the payback on the capital sum? surley they dont just let you pay the interest and dont worry how you will payback the capital loan at the end?! whats the different between interest only and an endowment??
  12. To add to the above, I sold out expecting a top that hasnt come yet. What I didnt anticipate was the extent that lending policies would be relaxed to the point of almost criminality every year banks relax lending rules to push the market as much as possible, lending to everyman and his dog, lending to self employed regardless of history or accounts, being able to self certificate (lie) about your income and repayment ability. lending to students using their parents homes as collateral. interest only mortgages. increasing the number of BTL piggyback mortgages for each person from 3 to 6
  13. Dubai I bought a house in '98 for 60k before anyone new what was going to happen with house prices. 3 years later I sold for 182k. I smelt bubble in 2000 so I took profits and ran. I came out of school in the mid nineties and my first lowely job was working in security with some sad cases of people who had been high flier city workers or hightly qualified engineers in the eighties but suddenly could only find work as security guards working night shifts alongside school leavers and army wannabees. This left its mark on me. Soon after that I started doing building work when qualifie
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