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House Price Crash Forum


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About Tulip_mania

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  1. This is definitely the reason, the same as why someone who took a mortgage holiday is a credit risk. If you are unable to save any deposit yourself, or weather a 3 month drop in earnings, you are living financially too close to the edge. With house prices not currently a one way bet, the banks want big deposits from boring customers.
  2. We are and you can now, though the company is supposed to pay 100% of wages for the days you actually work and claim 80% (less NI+Pension this month, -10% next month and -20% in October) for the days you don't work. However, what has been happening, certainly in smaller companies and possibly in larger ones, is people have been put on furlough, but asked to come in for a few days a week quietly. Most people have, to avoid de facto volunteering for redundancy. Now with the flexible furlough, legit part time working this is going to be pretty endemic, as someone going in while on permanent furlough is pretty obvious, how much flexing is going on is less clear. Probably why the government aren't moving on extending furlough, they can look the other way until October, but no longer.
  3. I think those numbers are cumulative, i.e. anyone who has ever been on furlough. It appears to have gone down from ~25% of the workforce to ~20%, but still seems quite high as most factories, shops etc either have reopened, or never will. Only Theatres, nightclubs, live music and sports stadiums really still restricted from opening.
  4. It's Mortgages which they are willing to lend on given the applicant's income (underwriting) and the property valuation (survey) are complete. However, if one link in a chain doesn't make it, then these offers may never turn into completed transactions. Could be a month or 2 until clarity on what percentage of these are real transactions.
  5. 2* years after planning permission is granted, council tax or business rates, at the rate applicable to the buildings which permission is granted for should be levied on the owner. Would incentivise selling what they're building. *If building is expected to take more than 2 years this should be stipulated in planning request, and an appropriate time applied. Though I don't see this applying to Wimpy houses, more likely large developments on brownfield sites in cities.
  6. Lots of money was repaid on Credit Cards when it was physically impossible to spend any more, June, when the shops were only open for 2 weeks roughly net zero, July will presumably be back to normal.
  7. I didn't mention the pension triple lock in that post, and although I think it should be a double lock on earnings and inflation without the 2.5% bit, I wouldn't describe my views on it as 'bitter' or 'angry'. Tuition fees in Scotland are a massive middle class subsidy, paid for largely by poor provision of college education and lower allowances for living costs for Scottish Students from working class backgrounds.
  8. £36k, would only be the loan for the fees. There is up toanother £9k/year, £12k in London for living costs https://www.gov.uk/student-finance/new-fulltime-students so the total owed could be £70k, if you had relatively poor parents as otherwise they are expected to contribute something. Though as most won't actually pay that, the reality is that it's 9% tax on earnings above £25k for 30 years after graduation, the 'balance' of the loan is fairly academic. Assuming 1.5% 'Care Tax' Age 21-40: Tax+NI+SLC = 41% above £25k, 51% above £50k Age 40-51: Tax+NI+SLC+Care = 42.5% above £25k, 52.5% above £50k Age 51-68: Tax+NI+Care = 33.5% above £25k, 43.5 % above £50k. Plus say 10% pension contributions.
  9. At the moment, a good chunk of those turning 40 will have paid off their student loans as they owed £1k/year fees plus living costs, the first year to pay fees, 1998, have just turned 40. in 2028 the 2006 cohort of £3k/year fees plus living costs will hit 40, many of them will still have student loan payments in their 40s. Finally in 2034 the 2012 cohort will hit 40, excluding the investment bankers, they will still be paying off their student loans. Are people in their 40s and 50s earning above the national average not the target voters of the conservative party?
  10. No tax to the business, however personal tax on money out of the business should be due? I think what @Hullabaloo82 suggests involves the business paying for the extension, then the owner taking out a personal mortgage and inserting that into the business as Capital to pay off the BBL.
  11. Unless your house is your business premises, surely drawings/salary/dividend will need tax paying on them, which makes it a fairly expensive loan?
  12. 1: True 2: The Public Works Board money should only have been used in the council concerned, or for joint investment with neighbouring councils, the reality was some quite small councils using it as a slush fund for questionable investments at the other end of the country. 3: Not sure public sector pay is that bad ONS stats suggest it's pretty similar when you control for experience/qualifications, actually slightly higher on average. https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/articles/ispayhigherinthepublicorprivatesector/2017-11-16 Rises are essentially counter cyclical, public sector did better during 2008-13, private sector since, I expect the public sector to do better than the private sector this year. Public Sector (career average) pensions are worth about a third of salary, employees contribute 10% (range from 7-13ish%) so employer contribution is at least 20%, not a lot of private sector schemes offer that.
  13. Absolutely, it's actually quite clever by Nationwide, they get press that they are 'helping First Time Buyers' but avoid too much dross on their lending books, I think HSBC's 90% offerings are similar, only lending to the best customers. Ironically, the safe customers are more likely to have a reasonable deposit, so excluding some doctors and nurses who only started working in the last few years, there isn't likely to be a huge group of people with rock solid income, no bad spending habits and a small deposit.
  14. Nationwide are reintroducing 90% mortgages, but with a lot of conditions, no new build, no flats, no furlough etc. Quite possible an online calculator gave them that number with favourable inputs, but when pushed on details, debts and regular payments they fell over badly.
  15. I think for those elected 2010 onward it is a rent allowance, they can't buy and claim mortgage interest as before. Though the rent for a 1 bed flat close to Parliament can run to £1500-2000/month for a fairly average place.
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