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ceeshaw

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About ceeshaw

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  1. Hey Marina, I'm hoping the smart money is not so smart... it's not usually, anyway. I'm guessing that when prop prices start falling consistently month on month, we'll see the novice BTL'ers 'locking in profits' before telling their friends how they got out in the nick of time. Sure the bigger players might lap it up - but having been a mortgage broker for years - I can tell you that there are more novice 'Pension BTL'ers' than serious pro's. And the pro's know this - so they'll be careful. So long as my salary keeps going up in excess of HP inflation - so far so good - then I'm happy to si
  2. I'm South African living and working in the UK on the back of my wife's British Ancestry. For the first 4 years here, we had absolutley no 'recourse to public funds' as stated on our visas. Which is fine, we came here for a better quality of life and want (and do) work full time and pay our way. It pi$$es me off to read about these benefit fraudsters. In SA there is no Social Security to speak of. If you're out of work, you better make a plan, or you'll end up on the street. Same for healthcare, you need a doctor - you pay. Or you queue up in an AIDS riddled state hospital, and mind you step
  3. shakenvac, this is the mortgage guy speaking... I've seen houses go to sealed bids when they recieve just 2 offers at the same price. Usually, it's not the vendors idea, but the Estate Agents. They sell the idea to the vendor, saying something along the lines of 'we've had soooo much interest; so instead of dragging this thing out, let's just get everyone to put in sealed bids and wrap this deal up?' This way they get paid sooner. This normally pi$$es off the existing interested buyers who think along the lines of... 'what's wrong with good old fashioned auvtion style negotiation? You're tr
  4. Anyone remember the tech bubble? Remember how people kept saying it was gonna crash, and it didn't, and people kept saying it was going to crash, and it didn't? Some fund managers said it was gonna crash, and it didn't, and they lost their jobs. Remember your mates telling you how much they'd made on the market, and you telling them it was gonna crash, and it didn't? Then it did. Relax people, eventually it'll come down. All your mates who for years scorned renting as dead money will grow quiet, you'll be able to skip the entry level shoebox and go straight for the family toybox. It pi44es
  5. Mortgage Broker here... just for a few minutes though. Bear in mind people that most homeowners INCREASE their mortgage during their life as they upgrade and buy a bigger house. Read an article the other day that compared rental income on a property to earnings on a share. The argument went on to say the P/E ratio on property, i.e. value of property / rental income per annum was at a historical low. If property were a share everyone would be shorting it! But they'd be buying it back later when the long term average was reached. There are no absolutes in this game, people. Renting for 25 y
  6. I'm a MB. Lenders pay intermediaries a % of the mortgage for introducing business (aka proc fee), between 0% for Brittania / HSBC etc to 0.5% for someone like Intelligent Finance. Average about 0.35%, subject in some case so a minimum of £250. Sometimes limited to a max too. Because the industry is regulated you have to be directly authorised by the FSA or operate via a network, so costs are steep. I work for a london broker on an employed basis so don't know what it costs to be authorised directly or indirectly. Some brokers charge a fee to arrange a mortgage, though most smaller brokers d
  7. Don't do anything just yet. They're waiting for you to call back... this will tell them how much you want the property. It's what any good Estate Agent will do. Wait two weeks, then call up again - remain anonymous if possible - express an interest in viewing the property and ask about the likelihood of the vendor considering a cheeky offer. They likely to mention your previous offer and give you the feedback you are after.
  8. Had to add this little pearl... out of the stockbrokers wisdmon reference manual: "Beware... even a dead cat bounces."
  9. You people need a professional.. *ahem* Some lenders lend more than others. Also, the better your credit score the higher the multiple. Some examples... Northern Rock High Credit Score Joint applicants earning combined income of £32,501 + Multiple = 3.4 x joint income Single applicant earning over £32,501 - high credit score Multiple = 4.6 x income Single applicant earning over £100K - same high credit score Multiple = 4.9 x income Northern Rock lend more than other lenders. Check out their website for loads of numbers like this... http://www.northernrock.co.uk/intermediaries/po
  10. Yeah, I read Money Week and I must admit I had to laugh when I read this. One of Merryn's colleagues (I forget his name) wrote a piece a couple of months back about how, due to the long term nature of the property market - he was going to buy... regardless of the mounting evidence in favour of a crash. This monkey recently resigned from Money Week. Seems he ain't the best financial journalist. Duh...! Merryn may, however, turn out to be smarter than I thought. Though, she's probably left it a little too late, given the recent drops in the market already. How hard is it going to be to sell
  11. EA's are - to a large extent - victims of their own success. Some streets in West London are now home to over 20 EA's and competition is rife - reducing margins. With retail rents to make up, and huge marketing and advertising bills, not to mention typical EA styled (mis)management, and it's easy to see how some EA's were never really viable businesses in the first place. The booming prop market kept many inept EA managers in the black. I expect many more to suddenly 'feel the pinch.' "Whaddya mean there's no cash flow???"
  12. Self cert and non-status mortgages aren't going anywhere yet. They're still available - albeit via a reduced number of lenders - yet mortgage lending has reduced nonetheless. The reduction in mortgage lending is only partly attributable to the reduction in the number of lenders willing to lend on a self cert basis, and then only by a small amount IMO.
  13. Dude, you need a hobby! Which idiot would buy a house on Ebay! No searches, no survey (not in 22 hours anyway)... nothing! Lots of interest then, eh?!? Not.
  14. I think IR's have peaked for the next 12 months. Will stick my neck out and say IR's likely to go down before they go up. My bet for April 2005... 4.75% Decrease to 4.50% in August 2005. Just a hunch, based on current sentiment in financial circles and amongst the big mortgage lenders. Go on Yogibear.. whaddya say?
  15. In a nutshell, yes. Though you need to look at each class of property individually, e.g. 3 bed houses v 3 bed houses etc.
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