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Orbital

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Everything posted by Orbital

  1. I always think interviews go bad and then they seem to like me, don't worry about it until you get a reply! Its easy to forget just how rubbish 99% of people are. Im sure you did good. Best of luck!
  2. Nice one, here's hoping you can get a good mortgage rate though. A friend of mine was boasting about his savings until I did some math infront of him and pointed out that because of increased rates relative to when he didnt buy a few years back he hasnt actually saved any money at all. Ooops! What are mortgage rates doing, are there any tracker deals still available? Hopefully you'll be OK.
  3. Id buy in france. If I could speak french and my firends and relatives lived there. But apart from that aspects of the lifestyle do appeal. Im with a Frech chick right now so might be dragged off anyway - who knows lol!
  4. Its pointless saying that here! No one here actually gets that buying an expensive house at a low rate can be cheaper than buying a cheap house at at a high rate. I was doing some sums yesterday and worked out that by jumping in when rates were last this low I have afforded a much bigger house than I would have otherwise. Unfortunately the only thing that matters round here is 3.5 times your salary lol! Your salary goes much further when money is this cheap!
  5. Sums up about 90% of IT jobs. Although actually I never cease to be suprised about just how much people struggle with PCs. I think its just the difference between growing up with a computer and not. Sorted out a prob for my dad the other day, took me 3 mins of google searching. He had been trying to fix it for 3 months with countless calls to his PC supplier, ISP, he even tried to ask Microsoft. It took me one google search to find out that Outlook Express dies when the storage files get to 2gb and a couple of mins to move things around and archives some stuff off. But to the right person that small amount of information is worth a lot. Reminds me of that story they always drag out in economics lessons with the guy who is made redundant and gets ask back to fix the factory machinary in 2 mins and charges $10 for the call out and $1000 for knowing how to fix it. Without that knowledge it would cost much more for others to work it out...
  6. Yeah my folks bought a tiny rubbish house outside of their preferred area after both saving up for about 10years before finally negotiating the shell of a house in their mid 30s which they then did up over 15 years. They both worked full time and almost lost it all during the IR hikes of the 90s when they will delight in telling you how they barely managed to feed me and my siblings. Oh how things change! If you really want you can ask my grandparents about how home ownership wasnt even on the radar for them, or on the other side you can learn how my Ma grew up with no central heating and an outside toilet. Still, fingers crossed this massive period of instability and recession will improve things for us all
  7. Oh they often do. He just comes out with the standard "its a global thing not my fault" lines. On one hand I do agree that he should be made to justify his comments but on the other hand times do change. Most people understand that something said 10 years ago might not be vaild in 10 years time - I guess the debate is whether he could have done something about it. And I think most of us do agree he could have done better!
  8. The real problem is the removal of carbon from long term cycles ie fossil fuels. It takes millions of years to put that back into the ground - no point trying to grow a couple of extra trees or cull a few cows now. These are short term cycles. Yes, it is really happening. It is probably too late if you believe the likes of James Lovelock et al. I long since gave up discussing this kinda thing on the internet. Having studied post grad atmospheric thermodynamics I can promise you it is really rather futile trying to argue climate change with people who has never even heard of eg Clausius. Some people made their minds up long ago despite being remarkably uneducated on the topic. No one would bother arguing Quantum mechanics without knowing of Planck's contributions to the topic yet everyone's an expert on Climate Change. People don't even know enough to know they don't know. I don't mean to be elitist, but Id never go up to a heart surgeon and start discussing the best methods of performing a triple by pass. Yet Climate Change is fair game despite the challenges of atmospheric chemistry being many times more complex. Of course, if any "real" scientists are reading this and can demonstrate that it's all bogus through rigourous application of the scientific method then congrats - you've just won a nobel prize and more money than most of us will ever dream of. Go publish it. Waste of time discussing it on the internet though. Now no one can argue against that !
  9. But most of us arent really bothered about whether there are a 1000 pokey inner city flats empty or 10,000 because we dont actually want one!
  10. Have over 4 years to run on my fixed (near enough 5%). Yeah IO mortgages are a bit crazy, pretty much everyone here agrees on that. And I mean when you have no plan to pay off the debt cos im sure some people manage IOs as they should. It really is a case of people who cant afford to buy and they should have been kept out of all this. My debt is about 3x salary now (was about 8x but being a hard worker my salary has gone up and the debt has come down ) but as Ive always thought salary multipliers are such a silly indicator. My repayments are a smallish fraction of my disposable income. I can still afford to overpay to the maximum allowed (before the 3% penalty kicks in), save, and pay into my pension. Yet some people on my income can't afford anything (many examples on this site) I guess because of other spending commitments? These have to be taken into account. Anyways, hope everyone has it under control and good luck in the coming years! I took out a short 4% fix in 2006. Worked out fine.
  11. A key part of that argument was that "its all cyclical". Oh yeah, its different this time rofl! But if inflation goes the way some people think it will then current mortgage holders wont care becuase they'll be earning £1m a week !
  12. Guys, its not rocket science. We all have different lifestyles and derive differing amounts of utility from different things. For various reasons, financial security and stability have always been very important to me and Ive always wanted to be in control of my own destiny. For other people, a transient lifestyle jumping from one place to the next is fine. It probably depends greatly on your attachment profile, or something. If you are the latter, then house buying really isnt for you. But that's nothing to do with house prices so it's kind of an irrelevant point to those that do see the value of home ownership but just cant afford it. I love seeing my rent (mortgage) come down each month as I overpay, I love having my house the way I want it, insurance covers my boiler, plumbing, electrics, drains etc. You can spot the non home owners a mile off - it really is no extra hassle. Had some banging pipes the other day, rather than phone up my agent, I phoned up the home care people - plumber was round a day later! No charge! For another £10(?) I could cover white goods too but im not sure that's great value. I know im in control. If I can keep the money coming in and my mortgage fixed then it's all good - I feel like a spectator to all this right now. I guess job security is a concern, but think im in no immediate danger (eek!), but surely you cant pay rent with no job either. I rented for 5 years, living in 5 different places. I totally hated it for reason Ive discussed many times on this forum. But of course other people might have gone through the same experience and loved it. There is no point people from the two sides arguing it out. What a waste of time that would be!
  13. to be fair location always suggested buying places that can be improved, thus minimising initial expenditure and allowing the opportunity to protect against neg equity by improving the home. Beany always offered fair advice imo, the plonkers never listened though! They only made money thanks to a "rising market". I see no reason why the show wouldnt continue but this time the peeps who dont listen to the advice (spending 20k on a house wide sound system wont give a great ROI, etc!!) wont actually make money and people will realise that development can be hard. I think most people here agreed that there was nothing wrong with devlopment in itself as we need to bring old houses back up to date. What we didnt like was blatant flipping before any work had been done - that was never the point of the show! Did people actually watch these progs? I think they just reflected what was going on. And will continue to do so! Besides, the majority of people I saw on Prop Ladder seemed to make more money out of it than people here are hoping to save by waiting for 10 years - a quarter of our active adult lives! But yeah all those people on LLL who sold their London flats for 600k for 1000% profit to buy an idillic country house must really be crying now !
  14. As always - diversify your investments. I've put a little into a FTSE tracker on the way down. Investing at the bottom is cheap yet no matter how many times we all say this it seems few are prepared to put their money where their mouth is. Its obvious why, no one has confidence, we all thing the whole system is going to collapse. I liken that attitude to the same people who thought house prices would rise for ever. Its all cyclical isnt it? Oh wait - its different this time ROFL!! The key is getting the balance right. If you are looking to buy a house and need that money for a deposit in the next year or 2 then it's a big risk. On the other hand Im sorted for houses and whiz so I'm happy to mix it up a little. When I get to my fifties I'll start thinking about moving it somewhere safer. It's an individual choice really, if you are struggling then seek professional advice. And certainly dont just get advice from here, this is one side of the story.
  15. why are people on this site any better? Most here are waiting to snap up a bargain house at the expense of someone else. Some could afford to do so already but are holding out so that they can have something bigger and better or have more money left over (to buy "shiny things" I guess). Same greed, just a different strategy . Why not just be honest! It is a basic economic assumption that all our actions are an attempt to derive utility.
  16. I guess someone has to say it, erm, wasnt he a little "early" in his prediction. Prices rose for years after this site was founded! Someone who waited back in 2002(?) would have seen houses rocket further and further out of reach and will still be waiting for prices to fall back to that level. Whether they break even then depends on how much rent they have paid in the mean time, whether prices fall below 2002 levels and critically the cost of borrowing in the future - very likely to be much higher that it was then and will be for a long long time to come. And then you factor in the hassle of renting for years in the meantime (and I assume that people do actually favour ownership over renting else why would anyone care lol!). May I be the first to predict a HPR (recovery). It will occur in the next 10 years. And if not, in the 10years after that. Reserve my slot in the top ten now!
  17. 400k will get you that easily in my London borough. South, Zone 6, Surrey border. There are 3 circa 1900 3 bed semis in my street up at the moment. 250k to 300k. Good schools (my gf teaches at one so I have to say that lol), suburban, quiet, friendly, Surrey downs on your door step, 20 mins into London for more lively nights out and work (still plenty of jobs for non-bankers lol). 400-500k would get me my dream house here - 4 bed detached, driveway, big garden etc. Im hoping that will drop below 400k and Im sorted but who knows. Best of luck .
  18. Unlucky dude, hope something comes up. For all the banter on the site its easy to forget the real consequences. best of luck
  19. looking forward to calling bottom, time to drip a few pounds in. Hey its all cyclical? Isnt it .
  20. Replace one set of problems with a different set. Ultimately only you can decide how you want to live - so good luck! But remember, the grass always seems greener. ps. "co2_is-not_man_made" you might want to change that - I've made some! 1st year stuff. Yeah that's true. To a point. Life always has ups and downs. But Id say im "happy" the vast majority of the time. In London - of all places! But I think that's inherited. My dear ma always has a cheery dispositin too, always seeing the good stuff that goes on. Some people actually actively try to bring people like me down (are they jealous?) - people on this site have even tried *gasp*! But yeah most of the time I just feel good. I think Im coded that way. Oliver James' book "they F*** you up" answered some of my questions on that, worth a read if you are struggling to understand why you are the way you are!
  21. Until you look at new builds. Interestingly the rebuild value of my house was estimated at about 80% of its "market value". I know it is an oft debated subject here and some claim it costs pennies to build a house but the builder living next door to me would disagree. So yes house price is a function of the things above but don't think the cost of parts is irrelevant. It will be pretty important when builders can no longer make a profit on the houses they build. In fact according to the "price of property" C4 documentary we are already there because you also need to factor in various other costs when building (in their example they had to pay £100k to rehouse a family of newts!). Often this is things like an agreement to sell x% at a cheap rate. I suppose if you want to be really pedantic then one can start talking about the "value" or rare or vintage cars etc which are also a factor of things like condition, sentiment, etc. But im not one to argue for the sake of it! I predict that "credit crunch" will become out of fashion on this site simply because this site attracts people who shy away from being "mainstream". But until I can breeze into a bank and get a big fat low rate mortgage it's very real. Of course "credit crunch" does not equal "recession" but who is saying that?
  22. I wouldnt buy a flat dude. If prices dropped further you'd be stuck in it. Assuming you want kids you'd be bringing them up in a pokey flat. Thats crazy imo! That said, if you only ever aspire to owning a flat then why not. My view was always to buy a starter family home, you can get 3 bed semis in my london borough for around the 200k mark (S.london/Surrey border). Honest working people in my road brought up their families in these houses 20 years ago. My neighbours are always delighting in reminding me that their houses cost them £40k back then! But there they are. Still living there. Why not? Nice town, nice community. I'm guessing they didn't have any alternative options back then either - so have times really changed?! I certainly don't consider myself "better" than my neighbours and if it's good enough for them. Guess Im lucky im not a snob! I suppose it is possible in theory prices may drop back to 1996 levels (100k) here. But that would mean £500 repayments (assume 20k deposit/80k loan at 6%) when these houses are currently renting for £1000! Imagine a working couple paying back £500 a month! That's £250 each! Just seems too cheap, but we'll see. At that price I could buy up 2 or 3 and im not rich! Anyway, I digress. Have a look round. There are some nice parts of London that are significantly cheaper than others, I think people dont believe this is possible so they dont even look. Or maybe confirmation bias (people set out to prove a pov and pick up examples that suit their argument whilst ignoring ones that dont)? My door to door journey on the mainline trains is 40mins (2x10min walks and 20min choo choo time) , some of my colleagues are much nearer but they leave their 1 bed flats and are stuck on a sweaty tube for an hour! I get a seat, table, air con - it's a pleasure! They even run after midnight unlike the tube! Yet staying off the tube network saves you oodles straight away! Bizarre! Id pay a premium to never have to commute by tube!! Wait until you can afford a home that meets your early aspirations and don't settle for less (although you do want to buy before the bust is over and the next boom has started!). If you like it, can afford it, then go for it! Sometimes you need to actually live your life and forget chasing money the whole time. I think the bright people get it just right, always having the money they need to fund themselves now whilst saving enough to provide for their retirement. I have no doubt that some people here will die with 50k more than me in the bank. But so what?
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