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iangilb

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About iangilb

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  1. We have a repayment vehicle. It's called the UK taxpayer. Our children are going to have to pay this off for years to come.
  2. Let's not lose sight of the 'Sick of the Insecurity of an AST' part of the title. Agree with other posters that the alternative touted here is not the answer. If I were the PM, I would introduce i) tax relief on rent (to match implied tax relief on the utility of owning a house), ii) similar rental rules in the private sector as in the public. These include i) security of tennancy and ii) a right to buy. Radical and in need of some proper thinking out yes but it is in everyones interest that we all have secure and yet flexible housing and we need alternatives to ownership. Iangilb
  3. I am not suggesting you should but can you buy off the bank or is that another negative consequence of renting a reposession? I know it is a difficult situation because you do not want to be negotiating to buy and not looking for somewhere else to rent. In our situation we did put full trust in the sale going through (and it did) but to the point we were too scared to haggle over work needing doing - so we lost even more money. I know what you mean about "buying at gun point". If you do find somewhere and rent you are unfortunatly looking at at least six months rent until you can get out of the contract, and you probably want more than a six month contract for the sake of your son. If you do negotiate to buy and it goes through, you would have to consider if you were able to take this loss. Not sure if I am helping.
  4. My sympathies. Our house was sold from under us so I know how you feel. Despite knowing the HPC was on the way, I bought it because it was, and still is, my home. Heart tends to rule head in my case. Even so, I expect I was lucky in some respects that I could afford to do that. I am sure things will work out for you. No, we want to go forward.
  5. Did it come up on their news 'ticker' thing on the bottom of the screen? Maybe it was "House price falls to end . . . . hopes of all BTL landlords" and you just missed the last bit Edit for typos.
  6. iangilb

    Zavvi

    I was in Zavvis in Reading a week ago last Tuesday buying my Xmas presents. Had the Eva Cassidy CD that HMV did not. It was very empty but that was my gain as I was personally helped by a nice chap. They were selling 2 CDs for a tenner with a reasonable set to choose from.
  7. Could be the EA has just gone on a two day salesman course? Not treating anyone like a WOFT seems a pretty good general sales tatic to me, regardless of the point in the economic cycle.
  8. I am not sure there is an average as this depends on the circumstances and lender. I suggest you do nothing hasty and as has already been suggested, take advice from Citizens Advice or a debt charity as soon as possible. I see the story in the Sun but I am afraid I do not believe much of what is written in the papers. You will need to wait and see what happens on Monday. If it is true, and it may well be, then it should be some good news, especially tied into earlier help with interest payments via Job Seekers Allowance. Although you may have some equity in your flat and the market may well continue to go down, you need to think about how you will house yourself after the sale. If you can cope with this then ok but if the prospect is frightening, there is still much you can do to try to secure your continued living in your flat. The bottom line is do not panic and take as much advice as you need. I hope things work out for you.
  9. I don't buy into this '[its] a retrospective tax'. You can simply defeat this argument by saying that all car tax is to rise to the highest level given by the bands and then offering tax rebates for less polluting cars. Of course, I doubt that will stop the riots!
  10. Why are you accusing me of things I have not said nor implied? I seek price STABILITY and dislike wild price rises as much as falls. This is why I do not support the STR position - it relies on swings in price to make it work.
  11. Strange assumption you have made about me. I simply want access to a way to provide a stable home for my family now and in the future. I simply note that the market has failed to achieve price stability nor address issues of supply and this is an indication to me of market failure. There is no prospect of this being corrected by a crash. For example, housebuilding has all but dried up. All we have to show for the last five years are multi-storey rabbit hutches no sane human wants to live in. A bit like the communist system you wrongly imply I support. I cannot see how you can accuse me of greed. Are you are simply transposing your own guilt onto me?
  12. It is interesting to see all the STRs who have come out on this thread. They strike me as as much cold hearted capitalists as the BTLers. I am sure they did sell at 'market value' to consenting adults but this belies the point. The housing 'market' is stuffed and has suffered market failure. We cannot seem to escape boom and bust, have failed repeatedly to solve the supply issues and cannot even provide a decent alternative via renting. STRers may not feel guilty at a personal level but I hope at least they share some collective sorrow about the situation we all find outselves in.
  13. Why is she selling? If she is trading up then tell her to wait. The price of her next place is probably falling more in cash terms.
  14. If you were to buy the property instead of renting it, you would be paying yourself the 6% yield (which you then use to pay your mortgage). Not only that but it would be effectivly tax free. This seems a reasonable prospect unless interest rates rise significantly. Under current monetary policy, this is only likely if inflation rises and if that happens, you are eroding your debt at a faster rate. The only gotcha is that you need to withstand the payment shock on your mortgage, which would also go up. However, that is a good thing because it helps you pay the debt off faster and so pay less interest overall. I suppose you need to live with youself saying "I could have made an 8% yield if only I waited six months!"
  15. I don't think were are in anything like an economic meltdown. Someone mentioned Zimbabwe - thats economic meltdown. We have got out of kilter on a lot of fundamentals, like the savings ratio, balance of trade, strength of the pound and of course house prices, but these can be brought back into line with only modest pain. I also think oil can fall as fast as it has risen (thats not to say that it will).
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