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House Price Crash Forum


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Everything posted by tenroom

  1. They'll be quoting premonitions from the tea leaves next Desparation to be proved right is not good . . .
  2. We're still in the throes of the holiday season . . . Anyone with ANY experience or knowledge of the property market would know that !
  3. No it doesn't but if the applicant wants to be in a position to move quickly, they put in an application to the lender so that employer references, credit checks etc can be carried out so that all thats left to be done is a valuation on the property . . . . once they find it
  4. Depends on where you live I guess. Sweet FA for sale in Ladbroke Grove/Portobello Rd/Notting Hill.
  5. er . . . So ? That's because there's a shortage of supply. Friend of mine works for John Charcol . . . . more applications going thru than ever . . . most of 'em looking for offers in principle for when they actually find a place to put an offer on.
  6. Ol' Caroline reckons STRers are mental. Can't see why. Take the dosh and leg it . . . .
  7. My God . . . don't you people EVER stop bitching ? Yes, most people who've become BTL LLs are greedy. Yes they want to make money for doing nothing except managing their properties. So F***ING what ??!! Greed - believe it or not - is what has made this nation one of the premier economic powers on the planet. It has given each of us, fortunate enough to reside here, relatively decent lifestyles compared to many other countries. One of my tenants - a teacher - confessed that she resented not being able to buy a falt as the prices are out of her reach. I sympathise with her but asked her whose
  8. Oh, dream on Are we SO desperate for an HPC, we'll regard a proclamation from a tabloid as an accurate financial forecast ? Puh-lease !
  9. . . . or would you wait for the bottom to be called ? I mean all FTBs-in-waiting have no doubt saved up a tidy sum in anticipation of prices returning to a decent level some time in the short to medium term but would you serious throw that hard-earned into a property whose value was set to diminish thereby wiping out your deposit in a year or two ?
  10. No such luck in Central London. The Notting Hills, Kensingtons, Bayswaters, Chelseas and Holland Parks just keep going in the opposite direction. http://www.findaproperty.com/displayprop.a...p;agentid=00288 This gaff just sold for £300K. There doesn't appear to be anything coming to market. Agents are weeping . . .
  11. As someone who has a flat rented out to tenants in Ladbroke Grove, I can honestly say that if property values started falling, there's NO F***ING way I'd buy another. The majority of BTL LLs are in it for short-medium term capital appreciation - property as a pension has f**k all to do with it. To subsidise the rent on a BTL while it's falling in value is the most acute form of madness for anyone other than the truly professional landlord. Most BTL LLs were just looking for an additonal source of extra income to supplement whatever it is they were earning from their regular occupations, not
  12. Have to say I agree. "as the amateurs rush in, just as the pro’s are getting out, there could be trouble stored up as the ‘domino’ effect of the buy-to-let market collapsing will accelerate any down turn in the normal market." Not just the dodgy grammar but the language used. Seems that anyone can be considered a credible pundit if he/she toes the bears' line.
  13. Yep. If he tells the lender he's renting it out they don't automatically change the rate but the insurance will have to be modified and that's only if it's a freehold house. The building insurance on leasehold flats are the repsonsibility of the freeholder. As far as his second mortgage is concerned, he could have told them he wasn't a homeowner and as he was only living there for 2 months, chances are he's not have had any credit or registered for council tax there. In all likelihood, he told them he was living at the same address he was at before he bought the first property cos that's wher
  14. Yeah but isn't it the case that most newbuilds are in the **** end of nowhere and that rental properties are all about location ?
  15. Repayment mortgages are worked out in a way which I'd have been able to explain to you in the nineties but I've forgotten now. Essentially, the lender asks you to pay a monthly amount which - in the early years - is effectively 100% composed of interest. It's not until some time after the intial years that you actually start making inroads into the capital. If your lender calculates interest daily then you may have your payments calculated to result in your paying less but I'm not sure. Suffice it to say that when I arranged my mortgage back in '97, most lenders calculated interest monthl
  16. I guess cars don't go wrong then or get punctures or. . . . Almost everyone I know who bought at the same time as I did, got an IO mortgage. I ain't hearin' any wails of despair from ANY of 'em. I've had one for nigh on 10 years and I've got to my point 'B' very comfortably indeed without having more than average financial awareness. Er. . . . . No . . . it isn't ! The amount of capital I'd have repaid would be less than the difference between my payments on IO versus repayment. I owe less than half of what the gaff's worth even after a few returns to the trough for more dosh.
  17. Assuming you don't fix your rate then yeah that's a possibility but either way it worked out far cheaper for me to do IO than repayment. I'm selling after 9 years of ownership and it's gratifying to know I didn't pay more than I had to to keep the roof over my head because I wouldn't have paid off anything near a significant amount of the original capital.
  18. In the same way one doesn't need to know how a car works in order to drive it, you don't really need to know how an IO mortgage works in order to benefit from it do you. All these people need to know is that IO is cheaper than repayment in times of relatively low rates and that's pretty much it.
  19. IO isn't as bad as you guys make out. In another similar thread it became relatively clear that used properly, IO mortgages can be of great benefit. It's well known that repayment mortgages repay hardly any of the original capital until the 7th, 8th or 9th year owing to the majority of the interest being front loaded and frankly most people tend to move after 5. I mean, who wants to buy somewhere, stay in it for, say, 8 years and then move up the ladder and take out another repayment for ANOTHER 25 years thereby having a mortgage burden for 33 years ?? IO mortgages were originally mean to ru
  20. What the f**k that has to do with anything is beyond me. Each to their own, I guess but when my folks turned up here at the behest of the British governement to do the jobs white people didn't wanna do, there were many white people walking around barefoot and many properties in London still had outdoor, flushless toilets. It wasn't just the Windies the English had a problem with . . . it was the Irish too. I mean, what chance did my folks have when the English even hated people as pale and pink as themselves ?? Ironically I hear lots of black Windies and Africans bitchin' about the Somalis an
  21. Depnds on which wave of immigrants you're talking about, I guess. My folks came here from the Caribbean in 1960 - do they not deserve a pension ? I think many people's ire is aimed at the wrong people. I reckon we should all be slating the successive governments including the current one whose foreign policy has seen us interfere in the affairs of far too many states in the name of "order". Our governments have created causes for which they indirectly and us directly have had to suffer the effects. But in the cold light of day, I suppose we tend to focus on those we feel we can have an effe
  22. Here we go . . . yet another false dawn for the bears God this is getting boring
  23. Now THAT is false. I arranged all manner of shifty mortgage finance for people who really had no business having it. Whereas today, we've got flexible mortgages and affordability lending, back then it was the deferred or low start mortgage which "helped" folks throught the high interest rate period by enabling to pay only half the true mortgage payment and then whacking what they didn't pay onto the principal. Then of course there was the Bear Stearns 25 year fixed rate mortgage at 11.95% That was considered low back then. Then of course you had the non-status mortgage from the centralised
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