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tm_81

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  1. damn, I have worked hard to bring down my LTV to 62% (based on 2013 purchase price). or 35% (based on crazy current Zoopla estimate), and even I am scared of what is to come.
  2. ok - maybe not more than double, but close to 40k - but you get the idea.
  3. In case you haven't done the math yet, the interest part alone is much much higher than 25k over 5 years. More than double that.
  4. It is not clear also if by "pay down" another £25k, you actually mean: 1. Have monthly payments set to pay back £25k of the debt, which totals 25k, plus whatever the interest is for 5 years, which for example at 400k at 2% will be another 8k JUST for the first year. (actually it is probably compounded monthly so you need to make an excel to find the exact value, but 8k is close enough). OR 2. have made 25k in payments, in which case, after 5 years you have not made nearly as much of a dent in the loan amount !! In either case if you are concerned that 5 years is not enough if you factor in a price fall, you can always get a fixed rate for 10 years. They are not that much more expensive considering our current interest rate environment. And if you read the terms and conditions, they are likely transferrable too if you want to move before the 10 years are up. Thats what I would do, if I had to buy in a falling market. Of course, none of this is financial advice etc etc. This also probably belongs to the Mortgage sub forum as well.
  5. I don't know if this is still the norm where I come from (Greece), but my grandma is still alive, and I think that is partly down to her staying with some of her children, and grandchildren, and still contributing as much as she can. Taking care of the elderly in the family was certainly a norm when I was in my teenage years, maybe not as much now, but it still happens often. I will be 40 in just a couple of years by the way! I imagine if she had went to a care home she might not have lived that long. For those who do need care homes, the costs are lower, because the care home employees do not have such huge housing costs! The building they grew up in is easily big enough for everyone, But the older of the grandchildren are also renting their own separate flats. Again, because housing costs are low, so why not ? If they were doing their exact same job in the UK, they would be earning far more, but would not be able to afford the house, car and lifestyle they do now. And before anyone mentions anything, they ARE paying all their taxes
  6. Actually, if they were solicitors OR registered financial services professionals, and they offered their professional opinion that this is legal, it could well be the grounds for a professional negligence claim. Here is a similar precedent https://uk.practicallaw.thomsonreuters.com/w-008-5000 in this case, they didn't claim early enough (within six years), but it would have been a valid claim otherwise.
  7. Of course, the real fear mongering is that after Brexit, house prices will ONLY fall by 35% .. We need MORE !
  8. well, Mitsubishi themselves say that if you do that sort of driving you should opt for the diesel model rather than the PHEV.
  9. speaking of EV competition heating up -- Mercedes EQC coming in early 2019 in UK. Financial suicide? Check (though not as bad as a Model X). Tempted to trade in my 2015 outlander PHEV (plus get a huge loan) for one? hell yes !
  10. our local Costco has quite a bit more than 50m2 solar panels on their roof. They get free electricity for the shop (huge aircon units and massive freezer areas and all), and also 10kw units charging all the customer EV vehicles for free. I do wonder if there is a way to find out what capacity they have and how much it all cost ..
  11. There is loads of money "for the right reasons". remember how fast they came up with 1bn for the DUP? only God knows how much the bank bailout total cost was.. but $300m extra for policing? NHS,? local councils? No, No money. Sorry.
  12. People can't buy more mortgages because: negative equity, affordability etc, but the banks still have to make money somehow, hence promote personal loans in the article. Its not about giving advice or helping anyone.
  13. It remains to be seen if its "lucky". When it comes to remortgage, even the 125% "for existing customers in negative equity" type loans won't cover her. Taxpayer lost 85k but she lost over 200k on the LTV calculation. Normally it would go to SVR (e.g. extortionate rates) on an already huge loan. Unless of course there is another bailout involved. It will be interesting to see if there is any more "help" involved in this case..
  14. but if the new valuation "sticks" wouldn't it still be in negative equity from the other 80%? thats a 300k+ debt still on a property "valued" at 50k. Not sure how the bank will like that at all once its time to remortgage (or even before that) If the bank still thinks the flat is worth the bigger price, then I think we are looking at taxpayer fraud (one price for the taxpayer, another for the private lender...)
  15. at least two of the comments at the bottom mention the price being overvalued by 500k as the reason why its not selling..
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