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House Price Crash Forum


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Everything posted by Unmoderated

  1. Take the payment holiday and the £30K grant from the government. I'd bet people are more prepared to stay in a holiday let that's a detached house away from other places rather than a hotel during a pandemic.
  2. I plan on buying my retirement home in the next few years and making it a holiday let. When I eventually move into it and sell my main home I think the CGT is deferred to my death so I sell main home tax free and hopefully by that point the holiday let is mostly paid for my holidaying families and I get the best of both worlds. Possibly an idea to consider.
  3. Driving down yesterday and the M6 was under water somewhere between Glasgow and Carlisle. Running like Niagra off the fields it was. Stuck for 40 minutes while three lanes became one lane for 25 metres before getting past the puddle!
  4. Unlike UK in the EU, Scotland receives far more than it contributes in taxes. All that aside it's a beautiful place (if a little wet and windy). I'd love a place up there. Looking east of Cairngorms you can get a perfectly presentable three bed detached for £250K. I'd be a second homie up there though. I love how sparsely populated it is but I think I might be screaming at the sky after a few months. Definitely a place to visit and recharge. Not sure how Indy Ref 2 would go down. I'm amazed Sturgeon has the shelf life she's had tbh. I know plenty of Scotlanders down here who think she's a grade a boot.
  5. imagine if i took a mortgage advance at 0.99% fixed for 5 years and then could deposit that in the bank earning more than that!
  6. But a 35 year mortgage is at least a term. Feels like forever when young but the older you get the more you realise it isn't that far. I did remortgage recently for a 35 year term though. I mean, why wouldn't you when rates are less than 1%? I even took additional money out since I can find far better uses for it. Worst case scenario I have enough savings to pay the mortgage for the remainder of the fixed term and then I could sell in 5 years. Worst case. Meanwhile if I was renting I'd be increasingly upset and even bitter about now having to borrow another 25% compared to 4 years ago just to buy the same house. I would agree that there's no guarantee people wont get burnt but I modified my thinking after 2009. Sure, some dimwit liars got their arses handed to them (most didn't) and everyone saving hard to buy a house paid for it. So you might say there's not guarantee you wont get burnt by being on the other side of it.
  7. Do they? They probably just find that a tiresome point in a 'conversation'. Is it better then to rent from someone renting from the bank/government and never, ever own it or get yourself in a position where you will have your debt eroded by inflation and payments?
  8. I bought my first one in 2017. After a trip to Scotland this year I'm seriously considering a second home up there. Rent it out during school holidays and work from there a few months of the year. Also a good excuse to buy a nicer car for that drive (I live near Reading). Or, wondering about getting a little car to stay with the house up there so people renting the house could also have the option of flying/training it up there and renting the car from me too... maybe too much bother.
  9. I think the high energy prices and slow switching back on f everything around the planet will cause a short spike in prices but I expect these to fall back in due course. I also expect the BoE to 'see through' this spike. Remember their job is simply to look at what the rate of inflation will be in 2 years time and adjust rates accordingly. If higher inflation in the shorter term manifests itself they can't really do much about that unless they predicted it years before hand. It's a good old game.
  10. yeah........ but on the plus side I can get my extension done then get a couple of lodgers in to pay the mortgage tax free.
  11. Oh the poor darlings! What have people working for living got? Country locks down literally to save the lives of these people and now they're bitching about not getting an 8% increase for doing nothing more than surviving. Meanwhile, in the real world, private sector took pay cuts, self employed lost business and there's a tax rise coming next year. I'd have made it 0%.
  12. New Labour's greatest slight of hand. Give BoE independence to set rates, then tell them what the rate of inflation is.
  13. I'm more interested in the shape of that yield curve. A sudden increase in short dated gilts but no real movement in the longer dated suggests whatever people are expecting is only expected to be in the short term. If inflation was expected to persist the longer dated gilts would be yielding higher. To me this says short term inflation then a drop to low inflation without a change in base rates,
  14. Gilt market seemingly totally unconcerned. I'm fixed for 5 years so don't need to brace for a good while yet
  15. To me this suggests expectations of any inflation or rate increase will be limited in size and duration. Banks still lending at mad low rates for mortgages out there - and very easy to borrow right now.
  16. Literally just fixed for 5 years at 0.99%. The scariest thing about my mortgage is the redemption penalties of 5% for the full fixed term. 70% LTV max product. 10% overpayments. The link to the article seems to say that rates for small deposits have been cut slightly and all they're doing is saying they'll increase rates for those with high deposits.
  17. With repayments at £1k a month I could pay it working in Tescos. I know what you mean though... I was stressed before initially taking the plunge but tbh it is true what they say.... it gets easier. My monthly payments have dropped about £200/month and would be even lower had I not taken the additional money out. If I was renting I think that would be the opposite story. In either position you have to make the payments to keep you home but rather unfairly if you have a mortgage you can take payment holidays or go IO for a period etc. If you're renting there's little support.
  18. I had arrangement fee of £1k but on a mortgage close to £400K so that 0.1% is £2k over the term.... breakeven - just!
  19. I was walking through town last night and I walked past EA window. Looked in as could do with a laugh and saw a really nice two bed two bathroom flat for £280K. I could afford to buy that and rent it out and it would let for £1,200/m. Back of fag packet and 2.5% at 25% deposit on the IO and that's £440/M for rent. Service charges there too of course but I was just staggered. After years of being priced out and then struggling to buy somewhere 4 years ago with an ex, then getting lucky at work and being able to buy her out to now looking at this and being able to become the very thing that was two steps beyond reach...... needless to say I hope any investor that buys it trips over the edge and into insolvency and I see that nice little flat up for half that price and it goes to a nice young person in their early 20s (or any FTB of any age). In short though the market doesn't need FTB. All property could eventually be hoovered up by investors. I discovered recently that two fairly unassuming individuals at work own large portfolios. One has 14 properties in the area. mi £250K/unit.
  20. Shoot! I just went for 5yr fix with Santander... 70% LTV though
  21. So pay them enough in the job that they do not need to set themselves up afterward. If you're an MP let alone a prominent one you're living in the public eye. Partners of top accounting or legal firms earn a million a year and they only run a book of business relationships. How much do you think the people running the country should earn? Pay them £500K/year and you can ban all other contracts. Not just in role but for a period afterwards.
  22. How will you get people worth £500K a year if you don't offer that in the first instance?
  23. Because poverty is relative, ergo inequality causes poverty rather than wealth .
  24. Maybe. I guess it's a deep question. The contrast is one thing but stopping all that opulence wouldn't solve the poverty issue. I get that feeling when I see a refugee camp on the news in the winter time. The poor wretches scampering around the place in the freezing cold with little or nothing by way of material possessions while I'm in my dressing gown in front of my roaring stove, heating on, sipping Columbian Coffee and eating some avocado eggs bacon thingy to cure the Mendoza Malbec induced hangover.
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