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twatmangle

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Everything posted by twatmangle

  1. 100k reduction in a year. You must be looking at some really fancy properties.
  2. It's difficult to generalise, but here's an example. If you have a 20% deposit you can get a 5 year fix at 4.5%. A 108K mortgage at 4.5%, would be £600 PCM on a 25 year repayment mortgage. Many people are paying £600 PCM on rent. If you living at home for nowt, then fair enough. You could easily negotiate a 10-15% reduction in price if you were to buy now under these conditions. As a FTBer you can pick and choose and take advantage of your no-chain status. Over the 5 years, even without overpayments you will have paid off 12% of your mortgage giving you a total of 32% equity as a margin. I am not convinced we will see an additional 32% nominal fall in addition to what we have already seen. So I doubt there would be much risk of negative equity. Over 5 years you would have paid £36k in rent or £36k on a mortgage. The mortgage debt would have reduced by 13K. £22k would be interest. Do you think the house will be 13k cheaper by then? Just depends how much further you expect prices to fall and over what time period. If you are looking at a slow long-drawn out affair, with stubborn nominal prices and falls only by inflation-adjusted real prices, then waiting 5 years isn't such a hot idea. Especially if you have a big deposit and are only getting a relatively small mortgage. You could pay off your mortgage in 5-10 years anyway. If you're expecting 30% nominal falls in the space of a couple of years, then go for it. (I hope I haven't messed up the maths, it was done in a hurry .)
  3. Depends how long you want to wait and your personal circumstances. How much deposit do you have, how much do you earn, what size mortgage do you want, what are you currently paying now in rent etc.. If you wish to share details then we could discuss, but I understand if you don't want to give these details.
  4. Most people on here are not buying now because they can't afford to, not because they choose not to. Most people are not in the position to meaningfully do the maths and come to a decision about whether it's better to rent for 5 years or buy now. They don't have the income or deposit to buy now, you might as well ask them to ponder about moon dust.
  5. Exactly my story, I rented quite happily (up to a point) for 10 years too. By the age of 32, the interest on my savings was paying my rent. Effectively I had paid off my mortgage without having one. But I wouldn't say that renting or buying makes no difference in life. It certainly does. If you think it doesn't then you're in denial to some degree. I know which I prefer, and I wouldn't change it for the world.
  6. Of course it does, or you wouldn't be on a website called House Price Crash. you wouldn't have Googled it in the firstplace. I am sure what you mean is that you would prefer to own a house, but you are either unwilling or unable to buy one at these prices.
  7. Quite a lot actually. Formerly the phls, they are the front line in diagnosing infectious diseases. The work they do will carry on, probably with a different name, or merged with another. Most HPA blood labs are in hospital pathology departments, so could get integrated into these 'fairly' easily.
  8. I give up. I can't work out if you're argumentative, thick, or if I'm talking to a Turing machine.
  9. 86 match unbeaten run? Can't you recognise a bubble when you see one??
  10. If it was the other way around, would they have gazumped you? Difficult to tell, but what are the vendors like? Have they been ok so far? Nice little old couple who have played fair all their life? Assuming all other things are equal, I suppose the thing you do is approach them and ask them to accept a lower offer on the basis of the other place. If both have no complications for selling, ie no chains as you have indicated, then go for the better one, but make the others aware, that the other is better value for money. After all you're only shopping around for a better deal. You'd do this on the high street. Maybe if it's all transparent, they'll accept a lower offer. EDIT|:Spelling
  11. Very nice, but what's your point? Nobody has disputed the fact these products were available. Do you read the posts before you reply?
  12. Of course it's sub prime, and I told him to stick it, and that I wouldn't consider taking a mortgage from them for that reason. I went somewhere else. Bear in mind that this was in early 2009, at the peak of mortgage-tightening. I had absolutely no problems getting a mortgage in 2009. The bank I got it from didn't bother to verify my salary - I know for a fact that they didn't contact my employer. Neither did they check where I got my deposit from. (As far as I am aware, 3x to 3.5x single or 2.5x to 3x joint has been the benchmark for many many years.)
  13. What's 5x salary got to do with a 3x joint? You're confusing different products. Just for the record, I was offered a 5x joint mortgage last year. This was an approved offer, direct from a bank, with no middlemen. It was not an on-line deal, it was a real person offering it to me.
  14. 3x joint is here to stay. It's been like that for decades and it's the norm.
  15. Although I don't have data to back this up, I suspect that it is not average people buying at the moment. I think it would be heavily skewed towards higher earners, who have the income, deposit, job security, and credit history. Average salaries is meaningless in this context as only the wealthy are being given mortgages (massive generalisation, but it's just to make the point). Taking to the extreme, if only doctor's, lawyers and bankers are applying for mortgages, then you can have average mortgages at 500k, and average house prices at 750k and average salary multiples still at 3x. The 'average wage' population subset is a different set of people from the 'average wage of those approved for mortgage' subset' And as you also say, most mortgages are now joint, so 3x joint for a mortgage is about right, even in 'average' conditions. Possibly true. Shockingly.
  16. Assuming the data is correct, you can't draw any conclusions other than quote the figures to state the two facts that the average new mortgage is £150K and the average wage is £25K. You cannot infer anything else without additional information. It can be perfectly consistent to have a <3x income/mortgage with the 25k/150k figures you have provided.
  17. I make it dreadful logic, coming to any significant conclusions from that data
  18. Sadly 90% of the stuff posted on here in nonsensical wishful thinking. Self-assuring HPC-friendly mantras repeated over and over. Same old, preaching to the already die-hard converted. Sheeple-this, over-indebted- that. I know someone who's buying, what a looser [sic]. How do they afford that? Must have an IO liar loan. I was robbed by my parents etc...
  19. Imagine being born around 1915-1920 though... Members of your family widowed or orphaned due to war , many children growing up without a father, or a father physically or mentally scarred by the conflict. Growing up in a decade of poverty during the 20's and a decade of global depression after that. Common diseases leading to to death and disability. After barely an education, you would have been conscripted to fight another war, and if you survived that, they you would have had to put up with another 5 years of rationing and a further decade of austerity. [Daily Mail] Now, count yourself lucky and deal with it.[/Daily Mail]
  20. I always wanted to get at.at But you can't get 2 letter domains with the .AT TLD :-( Imagine the fun... [email protected] etc...
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