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House Price Crash Forum


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Everything posted by tenroom

  1. And another idiot believes there isn't already a shedload of property that doesn't fall under the government's purview.
  2. That's utter b*llsh*t. It is NOT a BASIC requirement to have a 3/4 bedroomed house to start a family. Sure if you lived in Darfur and had to have 15 kids cos 75% of them would die of hunger, pestilence or stright-forward murder then, yeah . . . fair enough. Plenty of young families start with just a one or two bed gaff and move on from there. The trouble with society today is that too many people think society owes 'em a f**kin' living. The free market economy prevails and whilst it undoubtedly causes difficulty for those looking to buy, those same people probably earn and live relatively wel
  3. A bit harsh. If the tables were turned, would you want to have the government indirectly force you to dump your stock on the market. 300 properties, admittedly, is a helluva lot but she might have inherited them or built up her portfolio over 20 years. You're effectively saying that she should crash and burn to help you out.
  4. Yeah there's lots of jobs available at the moment. Just how long that'll last is a matter of much speculation at our offices. Post 9/11 killed the market for jobs in IT and while I don't think it's gonna be anything like that this time around, I do think there's going to be a correction. Someone asked if I'm specialised . . . yeah I s'pose we are. Mostly financial including investment banking, asset/investment management and insurance/reinsurance. Worst job I've had I think but dosh is good. You're right about the corporate ethos, though. SO f***ing square and bland. You know the sort . . .
  5. They're flying in my neck of the woods too. 2 bed ex-local authority flat went for £260,000. Pretty crazy, I guess http://www.sequencehome.co.uk/detail.asp?t...mp;id=HLD101036
  6. I recruit these IT programmer and business analyst bods for the investment banks and asset managers and they're ok. It's the muppets that work for the Cap Geminis and Accentures of this world that are the real muppets. They job hop like mad and mostly for, like, an extra 3 grand. The Nigerians are the worst with their Computer Science degrees from University of Lagos which can be bought for £50 on any street corner over there. LOL !!
  7. No there isn't anything wrong with interest only mortgages, it's just that they're suitable for far fewer borrowers than was originally thought. I didn't want an endowment, PEP or whatever the banks/building socities were pushing at the time and repayment mortgages weren't appropriate as the interest on the loan was front-loaded ie you pay mostly interest for the first 5 - 8 years then your monthly payments actually start to eat into the capital you originally borrowed. Well . . . at least that was the deal when I got my mortgage back in '97. I've had DAMN cheap repayments and RIDICULOUS ca
  8. Nah ! Not for a fair old while. Gonna do flatshare for a year or two then drag my sorry ass back to market when the prices are a little cheaper.
  9. £62K outstanding on £120K property = 50%LTV. Go self cert, borrow another £5K on whatever half-decent fixed rate the lender's pushin' or what have you, bin off the credit card and the loan, live happily ever after. It's gotta be cheaper than payin' credit card and unsecured loan interest. oh and, er . . . . f**k the cat . . . thihk of yerself first !
  10. No it isn't . . . the value has quadrupled, the debt hasn't and I'm selling up !
  11. No I don't have a repayment vehicle to pay it off. I don't need one.
  12. These things are far more dependent on location than most people think. The place that Nic's renting would probably yield more were it in a more desirable area. Notting Hill, Chelsea, Hampstead. Sure it may have cost more but there'd be a lot more tenants to rent it.
  13. Hang on a sec . . . Did any of you financial know-alls actually have a mortgage back when endowments were the repayment vehicle du jour ? No, they weren't worth the paper they were printed on but that's with the benefit of hindsight. Surely you've heard the nightmare stories from people who've been told by their endowment provider that their premiums need to be topped up or they face being unable to pay off the capital at the end of the term ? I bought my flat when endowments were being sold by every building society, bank and estate agency financial gimp. Never truly bought into the endowme
  14. Yes !! Let's all pray for a recession cos here in our bubble, we won't be affected in the slightest
  15. Isn't much immigration from outside the EU is the result of Britain's interference in other countries' affairs ?
  16. Sheesh ! **Sigh** Once more, then . . . Any "anger" vented was at those who . . . oh f**k it . . . I've said it enough times. If you don't get it, tough. I don't have any feelings as such about the mad HPI. It happened. Nothing I could do about it so I don't need to "reserve my anger for those who caused it". On the one hand it's been a positive thing for me cos my current property's value has shot through the roof but on the other it's been negative because I really don't wanna pay the £500K or so my next property costs . . . . at the moment. I don't want to spend the rest of my days payin
  17. Rubbish ! Posts ont his thread clearly indicate the glee with which many are anticipating the possibility of a crash in general and, in particular, are positively wishing that people get repo'ed. Read through them yourself. If it was just a matter of saying "Hey, I ain't responsible for them strapping themselves with debt", that'd be a different thing altogether but that's not what was being said.
  18. Now you're back-pedalling. I've not once said that the mad HPI was a good thing but I'm not gonna sit here and say I'm gutted my flat's quadrupled in value, am I ? I have said that to wish ill on others is not a cool thing. The HPI has inconvenienced ME but I refuse to sink to your level of hoping people go to the wall. The fact remains that there is little you, I or a nation of naysayers could've done to prevent it. It was fuelled by all the factors alluded to across this thread and countless others so fine - say it's bad for society, say it's frustrating but for crying out loud don't WISH pe
  19. lol!! That is QUALITY ! So because I was a mortgage broker in the late EIGHTIES, I have nefarious or Machiavellian motivations and I can't be averse to wishing hardship on others ?? Jesus H Christ . . I refer the dishonourable gimp to the statement i made some moments ago. MEDIC !! I'm DYIN' here !
  20. Oh I'm sorry. How are the highlighted points a contradiction, hun ? Please explain ! You are a Class A, first grade idiot. I've seen a number of your posts and you're clearly very, very bitter. You're NOT an economist. you're not even a decent armchair pundit. You probably just bob about like so much jetsam on the ocean . . . carried along by the currents of the free market and rather than accepting that - like COUNTLESS others - you weren't in a position to take advantage of a massive inflation of house prices, you slate EVERYONE who just BOUGHT. Many of them are just ordinary folks. They p
  21. Oh Boo f***in' Hoo ! You sincerlely believe that because you spent 6 years doing As and a degree, you're somehow entitled to a bigger pot to piss in ? Mate, there are people who GRAFT for decades and they can't get on the ladder. I think you and your fellow graduates expect your degree/s to carry you too far and too long. There are untold graduates at my firm in the City and I tell you most of 'em are f***ing CLOWNS. Can't even spell ! No common sense whatsoever - just a smug outlook with nothing to back it up. Talent ?! What talent ?! The ability to remember some information on the day or to
  22. Oh puh-lease. This is a capitalist society full f***ing stop. The less well off will ALWAYS be inconvenienced by those that have more opportunity and greater resources . . . that's life. You obviously feel the extent of your inconvenience is too great so cry on, Toots. These people have made money through speculative ventures on the property market therefore there WILL be people who lose out but I haven't heard of any riots in the street because of it. If what I'm writing is delusional rubbish then why don't you tell us the gospel ? If I don't want to spit bile at those who've overstretched
  23. You can question what i know about property, the economy till you're choking on the bile you've progressively built up over the years, mate but I'd hazard a guess that had you been on the business end of a large increase in the value of your property, you'd not be talking out of your ass about it now. Your key workers diatribe doesn't even warrant response. Kirsty, Caroline et al didn't convince me to buy - necessity took care of that all by itself. I don't think it's wrong to wish for a houseprice crash - you should comprehend BEFORE you engage in insults. I clearly said that it's wrong to
  24. Well, i used to be a mortgage broker in the late 80's and can recall arranging non-status / self-cert deals with people like The Mortgage Corporation (now defunct, I think) as early as 1987. Criteria was pretty much the same as it is now with 75% maax LTV. I seem to remember they were VERY careful about exactly WHAT they were lending on rather than who. They were owned by Salomon Brothers and they did BIG business. I think they were a good idea back then cos you really DID have to have a 25% lump sitting around to get the mortgage. I understand it's a bit more lax nowadays Never bothered wi
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