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Everything posted by Insane

  1. Am I the only one who read this and thought that the question was made up ?
  2. I took a permanent night shift job to obtain my first mortgage , I would not have taken it to pay for a new car or holiday the sacrifice would not have been worth it for Bling Bling but for the Mortgage it was. Most of the people on Nights were doing the same. Monday to Friday night 10pm until 6am finish 6am Saturday Morning week in week out for 4 years. A Mortgage is a great motivator to get people working.
  3. The Maximum amount owed by any buyer is £240,000 if they took 40% HTB on a £600,000 property in London. After the 5 years interest free period they can just pay the interest for the next 20 years , the terms and conditions are that at the end of the 25 year period the capital must be repaid. There will not be that many who struggle to pay the interest only for the 20 year period so I don't think the Government would have any need to cancel the Loan they can reassess nearer the end of the term. Yesterday there was a post on here Talking about confiscating Boomers Pensions and could that happen. These Bold Steps being banned about are not going to happen. They are outlandish ideas that the Government do not need to take the Government is not like an individual when it comes to finances an individual might need/want to take some drastic action I.e. selling an asset at a massive discount to stay solvent but the Government do not need to do it. They have time and resources even if it is just printing money to wait. Could you imagine the Government letting someone free from a £240,000 debt and paying for it by confiscating Mr and Mrs Boomers retirement fund ?
  4. Really How come so many have done so well from it then.
  5. Not all Boomers are having comfortable retirements I know that is the myth circulated but not all of them are at the party. It is a very dangerous road to travel thinking making one generation poor and confiscating their money will help younger generations. It is a like the old socialism take one groups money and give to another group. It never worked then and won't work now.
  6. Same thing in London they are still buying them on the Help to Sell , Sorry Help to Buy scheme. But surely there has to come a time when there is an over supply.
  7. At that time buying property was two dirty words. I remember people saying it will never go back up and they thought they could wait until they were ready to buy some people said it had further to drop. I bought an untouched new build on the river in Surrey Quays London for £50,000 in 1993 it had been held by the bank since 1988 when the original buyer paid £150,000. I sold it in 1997 for £75,000. Today's value about £375,00 - £400,000.
  8. To be honest I just left it as it is , it is very difficult to get older people to change. It would have caused to much confusion. He can afford it without any hardship and he did call them out a few times last year. However the increase does not tally with the 0.5% increase in his private pension.
  9. I have just started looking after my Dads Finances as he is now 87 and cannot do it himself. I noticed an insurance policy for any emergency's to do with water (leaks, heating, toilets ect ) from his water supplier The cost last year was £156 this year £213. I noticed a 0.5% increase in his private pension for the year. The pension is meant to be index linked.
  10. Good Point. One reason could be that while the average Jo is looking at these people the big corporations who do not pay their fair share of taxes are left alone.
  11. Yes I remember a few guys I worked with who were in their 30's and stuck in a small flat with £25k + negative equity a lot of money nearly 30 years ago. While the younger ones in their mid 20's jumped over the small flats and houses buying the 3 bed semi for less in the mid 90's than the ones stuck with flats had paid for their flats. This was however a very small window in the mid 90's before it all took off again those in Negative Equity were released from their burden and any new buyers had to go back to start buying flats or smaller houses.
  12. The Tail End Boomers did not get everything handed to them on a Gold Plate as urban myth sometimes like to recall. They left education just as the massive early 80's recession took hold 3 million plus unemployed. Many of them got on the housing ladder just as the late 80's boom went to bust and interest rates skyrocketed. Coupled with a few years of very high interest rates and a massive recession common words for them were Negative Equity, Repossession and Redundancy. Those that hung on saw things turn around for them, but not everyone had it easy.
  13. It is a nightmare , I could write a book on it , I did get another job and a good job via myself not them goons at the NON Job Centre. But it is easy to just say the Brits won't work or won't do certain types of jobs. That short time unemployed really opened my eyes to many things.
  14. We could have maybe absorbed the immigration from Eastern Europe and not voted brexit , however at the same time they opened the doors to the rest of the world , it was not just Europe.
  15. Who says that millions of our own lot will not consider these jobs ? I think it is a bit of an urban myth that gets trotted out without any thought from those trotting it out. The sad thing is many people believe it. There's a massive amount of over 50's in this country who are capable , willing and able , they have experience and are not looking for a high powered career. Just a job to see them through to supplement a private pension which they have had to draw on while they wait for retirement and their state pension. However these people are just overlooked and shunted aside. Easy to then say people will not consider certain types of job. I signed on once in my life I was 49 , never got a penny they demanded to know what I was doing to find work but at the same time the Rude Pen Pusher behind the desk told me " Your not getting another Job ".
  16. Why do we still have leasehold flats ? In order for the wealthy to keep the wealth. We are the only country in the world to still have this system it all goes back to our Land Owning Lords and Ladies selling something and then having it returned to them at a later date. Outdated and unfair !!!!!
  17. Why are you asking to pay more tax ? We pay a high proportion of our income to the Tax Man. There is not just Income Tax and NI, we pay Vat, Council Tax, Road Tax, Petrol Tax, Insurance Tax, Airport Tax, Tobacco Tax, Alcohol Tax, Stamp Duty, Tax on Dividends in Pensions that we are not receiving yet, Gambling Tax, I am sure there are a few others that I have forgotten and if we leave enough when we die there will be death duties. There is enough money in the system to pay a decent pension for people who have worked all their lives and we can still build enough housing to make sure everyone contributing to society has a decent roof over their heads. The system is rigged , please don't call for more taxes someone in Government might take you up on the offer.
  18. What are surveys worth ? I have been offered 3 different types when buying there is the Basic Bank Mortgage Valuation, The Homes buyers report I think is the name of the middle one and a third one which is far more expensive. I took the most expensive about 20 years ago (as the place we were buying was quite old) and I think it was about £1,000 back then. It was full of Cravats and advice that if we wanted more info we should have separate inspections for X,Y and Z. I bet if we had looked at the small print there would have been enough get out of jail cards for the surveyor if anything showed up later on. I know buying a property is a massive financial purchase but I really don't think paying for surveys gives much security should something show up later.
  19. Councils do have a habit of spending far more than the private sector for similar work.
  20. All part of the disgusting way we buy and sell in this country. When I moved 2 years ago my place was under offer and I went looking for something new. There was not much about and viewing property is very time consuming. I agreed on a house that was on at £350,000 for £335,000 Barclays did a desk top valuation as I it was a 50% LTV mortgage offer was out in days. I had also instructed sols. Then I got a call from the agent saying that someone who had offered on the house prior to me but pulled out due to losing their buyer had come back and put a higher offer in , did I want to up my offer ? After a heated conversation with agent I refused point blank and before slamming down the phone I said " I am ready we can do this in a few weeks let me tell you something that ex buyer will fall through again " Low and behold it did fall through. They eventually sold nearly a year later for £5,000 less than I was paying (checked on sold house prices) Karma. I did not spend much with sols or mortgage arrangements on that house I see you have lost £3,000 there should be something in place where if a sale is agreed and falls through the party that pulls out compensates the other party for lost money.
  21. I have heard that the NHBC warranty and there are other cheaper companies who do these warranty's (all new build's will have a warranty but not always NHBC) are often quite useless when people come to complain. One couple I know who in the end had their house re purchased by the developer after a very long wrangle said NHBC were completely useless.
  22. Well I think that in the 21st century the UKGOV should have had decent safe regulations in place for the building of homes. We pay our Taxes to fund people who are paid well in Government to ensure our safety in certain areas so they are responsible for this cost cutting way of developing being allowed to go on unchecked.
  23. Agreed or 30's I often say if I had been born in 1983 instead of 1963 I would never have left home.
  24. Because it is a clean break and you can start to rebuild your life and have a plan. Bankruptcy is far easier than it used to be. Once you have made that decision and do it you are then relieved of your stresses and can get back in control again. With this particular situation the lady does not know how long the situation with the flat being unsafe and unsellable is going to last and the biggest hurdle of the lot what the final expense is going to be. She cannot plan ahead set herself a goal like someone who is just in debt and makes a payment plan to sort their situation the longer she is in this situation the more good money she will be throwing after bad. The First Cut Is The Deepest is a very good saying in this situation and the not knowing what the outcome will be is the worst part. This flat is not an asset right now it is a burden and no one knows when and if it will ever be an asset again. It is easy to tell someone to just get another job but it is not always as easy as that the world of work is stressful and you need to be at your best to achieve in a new job. When you have got something like this weighing you down it is not simple to put your best foot forward and carry on. Having had good times and bad times in my life stress free and full of stress I never tell anyone to do anything as I am not living in their head and carrying their burdens. Another good saying is never judge a man unless you have walked in their shoes.
  25. I believe this is going to be a massive issue with people selling property where the Government still has some HTB interest. Who determines the price ? If you own the whole of the property a reasonable offer is often a god send , it allows you to sell up and move on whatever your circumstances . I know people who have got a good deal or sold with a good discount to get rid myself included when I needed a quick sale. I was told by someone who works in the New Homes Sales industry that as well as HTB deeming what the place is worth they also charge a few fees here and there for valuations , admin and selling. It all adds up to a nice little earner for the Government. They also said that dealing with the HTB contracts that used to be quite straight forward are now getting more and more complex and taking up so much time as HTB demands this, that and the other every step of the way. If something is not done exactly right instead of asking for it to be changed the whole contract gets sent back and everything has to start from scratch (they don't rush) it is all done in a Typical Slow Civil Service manner. Could you imagine being stuck trying to sell your property and having HTB dragging their feet. There are two parties involved in a sale/purchase three if the property is being bought with a mortgage. The seller the buyer and the bank. With HTB there is a fourth the HTB people. I have moved a few times and it is very stressful I can imagine it being far more stressful trying to get an offer to exchange and completion with HTB involved. Another point due to the extra work involved solicitors charge clients a further fee if purchasing on HTB. I am sure there would also be a further fee charged by solicitors when selling a property on with some HTB owing.
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