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Everything posted by thefruits

  1. Very good. I notice the standard response to anyone challenging the quo... accusations of being a troll etc. Well for the record, i'm an OO, with no BTL investment at all. I'm a long time member of HPC (nearly 10 years) and i'm simply interested in all sides to an argument. Why on earth such views are seen as being vilified so much is an amusing stance. Its like the government trying to ban shorting of stock markets. Insane
  2. I sense your vitriol but you miss my key argument. If you have savings, you wish to invest, then where else offers the returns and security that BTL does ? Also, can you argue that by and large, the vast majority of new builds that have been developed to cater for BTL purposes, haven't immeasurably improved the overall quality of the fabric of the housing stock. The regeneration of great parts of many towns and cities across the UK is due to the attraction of BTL as an investment vehicle. In my opinion, this has benefitted the wider community and not just the BTL landlords who have bou
  3. Why should BTL be ended asap ? As JoeDavola recognised, those on housing benefit gain from the provision of properties by those who are renting them out (BTL landlords). These people are hardly likely to be those who are trying to buy the properties that the BTL investors are buying, otherwise why would they be on housing benefit ?
  4. Its been interesting seeing how excitable many on here have been about the budget changes to the tax situation for BTL. Question is surely though if it will actually change much other than inflate rents for tenants to ensure the landlords are not out of pocket. Is this really what those who have gone STR etc wanted ? In addition, with falling stock markets, negative savings returns and the threat of cash being stolen from central governments if its left in banks, i'm really surprised anyone should be surprised that BTL remains so attractive. If anything, I would have thought its attraction
  5. I saw this episode and was going to start a thread on it. I can emphasise with the guy. I've been there. I've STR'd (but now bought) , read the Fred Harrison book (18 year cycle anyone), and yet I'm sitting on a property that is apparently making more than my full time nurse wife each month. Its all bonkers. I genuinely felt for the guy. I ended up paying 3.5x the amount that the previous owner did in 2001. In the same way that he caved in, I did likewise after spending alot of emotional capital. In the end albeit with a jumbo mortgage in tow, like the guy on the show, I felt th
  6. Living in Gurgaon, Haryana, India. About 35k's South East of Delhi. Work means I'm here with my family. Property prices here are completely insane. A new 5k sq ft apartment will cost around 1 to 3.5m gbp. Monthly rentals are from 2-7k gbp per month. Key determinant is where the apartment is and who built it. A DLF built property (next to Gurgaon DLF golf club) will cost the upper end and the finish is ok. Key thing is the anticipated life of the flat is around 30-35 years. Often flats have to be completely refurbished inside and out after only 5 years due to the impact of climate and
  7. surely its only a matter of time until its blamed on liar loans... go on you know you want to
  8. I've been a poster on HPC for many years and have been through many stages of optimism and frustration of ultimately buying the house of my dreams, without taking on the mother of all mortgages. Well I have the worlds biggest mortgage and have my dream house. I earn a very good salary yet buying the house wasn't a question of income because those I was going against weren't income rich, they were cash or wealth rich. It struck me that simply having a great job, great income and access to whopping mortgages isn't really always enough. What you need is a whopping inheritance, or to have bou
  9. It staggers me just how many times this point is forgotten. People simply live in the past and yet the world is changing at a ferocious pace outside their front doors. Most foreigners I know with properties in the UK have no mortgage and don't see property in the same way the UK popn do. They see it as a long term store of wealth, for this and future generations. I know several Indian friends who are buying up flats and houses in West London, Paddington and Ealing seem to be very popular hot spots at the moment. They are buying for their kids and their grand kids. Somewhere for the kids
  10. If I may add my tuppeny worth. If you are investing in a property to make money and it needs any work follow these simple two rules 1) avoid at all costs any listed building 2) never forget rule 1 This property is a grade 2 listed. It will absolutely drain any cash reserves and then some. I see the property is currently in the process of being modified. I bet the current owners simply couldn't afford to keep the place up to the standard the guys (English Heritage ?) wanted. The flat roofs look an utter nightmare as if they leak (AND THEY DO)...they would cost a fortune As for 17 bed
  11. hi, What you so conveniently fail to grasp, even when its laid out in front of your eyes in the documentary the OP refers to, is the impact of what you call 'liar loans' is in the greater scheme of what makes UK house prices so expensive (relatively vs past experience), is relatively small, perhaps insignificant. There are a whole host of other more striking contributory input that are more important, and perhaps deserve more focus than the bandwagon you continually choose to ride upon. It would simply be more interesting if you could see this and perhaps focus your attention on the key iss
  12. What is so past being tiresome is pebbles seemingly perpetual spouting at every (appropriate and not appropriate) opportunity to spout his 'liar loans' speil. The fact is.. we did not get into the financial mess solely due to self cert mortgages. I know a couple of IS contractors who happily took out self cert mortgages because their income stream came in bursts according to contracts starting and finishing. Self cert mortgages gave them the ability to get onto the mortgage ladder, buy a house or two for theirs and their families futures and not feel like second class citizens just because
  13. I think the apparent strength in sterling is more a repatriation of funds from EM's to 'safer' havens. Even though the UK may be facing a multitude of problems, relatively speaking, it has some things going for it vs. others. The EM situation is interesting as it implies that much of the growth seen in the last 5 years is down to hot money from the US Fed printing presses and once the flow stops then the EM story grinds to a halt. It suggests that there hasn't been progress in development of economic fundamentals in EM but rather a superficial stock and bonds story that has now sought fligh
  14. Again... I don't apologise for saying it. Well done to you too. Funny responses though. I was fully expecting the HPC crew to crow about what an idiot I was and it was the likes of me that got the country into the mess it is now. I was expecting to have to justify the lifestyle I led (which at the time before the oMG moment seemed I guess normal) and in a way, I guess I can.. but I won't as there is no point. With regard to house prices.. I do see a link. In 2006, i would have been thinking of how to get up the ladder further, perhaps in x years time (of course assuming the cc debt woul
  15. Well done you as well. I actually became physically sick during the OMG moment when I realised how close we were potentially to becoming royally screwed for the rest of our lives. The enormity was of what we needed to do was really scary. Sure i earn a good salary but I also appreciate that this can never be taken for granted even though I've been employed since leaving uni. As for the mortgage. I realise it will sound trite and I don't mean for it to but the old saying location location location is probably the only truism that i suspect will never change over time. Our house is in
  16. The relief is palpable I can tell you now we've removed the debt (excl the mortgage but hey ho we love the house). In terms of how we did it... not logical I know but we started with the smaller cards... paid them off.. closed the accounts... cut up the cards (became a nice ceremony)... and moved on to bigger ones. I realise this is **** about face as we should have focused on % rates but they were all around 15-20% and we were on our own personal mission.... Oh and I should have said.... I'm a Chartered accountant.. hence I should know better than to have gotten into the situation in th
  17. I was reflecting on whether to cancel my subscription to creditexpert where I get a monthly dose of relief from the life I lived to the life I now live. I wonder how unusual my position is.. and whether if it might have some sort of bearing on any path to growth ahead... In 2006 I was pretty much up to my eyeballs in debt but seemingly surviving and doing well. I had around 12 active credit cards (approx 100k limit with around 80k on them), a loan on a new car, a mortgage and a second mortgage on the property (60k for an extension). Oh and a gross income of approx 100k pa with my wife brin
  18. whats scary for me is that I earn approx. 250k gbp per annum... and still rent as I'm capital poor and income high. You might think this is great but believe me, the prospect of taking on a mortgage costing 5000 per month is really scary given the insecurity around.. hence I rent, and my meagre deposit is earning 8% in India, which as silly as it might sound is still not enough to catch up with where I would have been if I had bought a house in 2000. The whole situation is bloody scary and I realise I'm friggin fortunate but I'm not stupid enough (despite my wifes protestations) to take on a
  19. Oh come on.... i see the FT now have a piece which includes the following quote... A company controlled by the Loutsios family, which owns two car dealerships in Cyprus, emptied two accounts containing €21m on March 12 and 13, according to the list. Antis and Katia Loutsios had earlier cleaned out two personal accounts on March 3 and 4 holding another €6m. Mr Anastasiades’ daughter Elsa, a partner in the family law firm, is married to Yannos Loutsios, the couple’s son. The Loutsios family has denied wrongdoing, but could not be reached for comment. A statement by the company said it had tr
  20. Can't believe this hasn't gone viral http://rt.com/news/cyprus-companies-withdraw-money-218/ The list of companies and the sudden decision to empty bank accounts before news broke... Name of Company Amount Withdrawn Account Balance A selection ... FIONA TRUST AND HOLDING CORPORATION 6 000 153,66 0,00 EUR PM LUCAS ENTERPRISES LIMITED 5 793 315,00 0,00 EUR L.G.O. LUXURY GOODS ONLINE LIMITED 5 000 755,00 0,00 EUR HELLENIC PETROLEUM CYPRUS LIMITED 4 553 101,32 0,00 EUR HELLENIC PETROLEUM CYPRUS LIMITED 4 553 081,32 0,00 EUR GR SARANTIS CYPRUS LIMITED 4 025 850,00 0,00 TAM
  21. Just a regular savings account. HSBC offer fixed deposits where you can put away money and you select how long. The rates have fallen to about 7.5% now but I have some FD's with 9.25%. The rates are here. http://www.hsbc.co.in/1/2/personal/bank-accounts/fixed-deposits/interest-rates Nothing iffy about it. Only catch is you need to be either living in India or have a friend who has an Indian bank account. Interest is paid less tax (max 30% but generally 20%). Transfers are free from India to UK or vice Versa as long as via HSBC accounts.
  22. Actually, I posted the original articles as I thought they might be interesting and help others to try to get a holistic, all round view of what might be happening. Keiser may be completely wrong. Alternatively, the western propaganda machine may be even now working to ensure (where they can) the masses don't get spooked by any forthcoming financial crash as it would threaten the social fabric that they need in order to maintain their control for the 1% of the 99%. Its a theme that is very much of the moment especially with the recent release of the film 'inequality for all' which really
  23. Here's an interview where he predicts it will be around April this year
  24. Hey, you're welcome. If you fancy a 4 minute MK special.... here's what he said on the BBC 6 weeks ago. In some of my responses above, I've simply paraphrased his position on the imminent UK crisis as he outlined in this interview. I think he issues a new Keiser Report each Friday.... they've become addictive (for me). How sad eh ?
  25. Here's a snippet of why.... http://www.independent.co.uk/news/world/americas/max-keiser-barack-obama-is-clueless-mitt-romney-will-bankrupt-the-country-8269633.html?origin=internalSearch "I came to London," he says, "because being here gives you a front-row seat on the imminent collapse of an entire city. I think that the Eurozone is over-rated as a disaster area. They are not yet in as bad shape as Britain. The UK pound," he continues, "is about to collapse. And the collapse of the British economy will be one of the biggest in modern economic history. Of course you will take the American dol
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