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19 year mortgage 8itch

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Everything posted by 19 year mortgage 8itch

  1. FTB OO NWE (NOT waiting eagerly) Jesus, you'd need more than a spoonful of sugar to make that medicine go down. I bought about a year ago at 3.25 x single income which in this day and age is v. conservative (plus swmbo earns a full-time wage). At current prices, fairly static over 12 months, I'd get my deposit back, 10% fall I'd lose the money I'd spent making the place a home in the past year, 20% fall I'd lose that and the deposit but be satisfied that my next home would be affordable. More than 20%? I'll deal with that if it happens but a 40-50% fall would be bad news. At the time we bought I was fairly sure there would be an imminent correction but I was happy to buy as buying in my area compared well to renting and I was sure we could ride out the storm and come out the other side in no worse shape than we started. A year later and I'm more worried that it hasn't happenend yet. The longer it takes, I feel the correction will be longer and harder.
  2. the debt story: http://www.debtquestions.co.uk/debt_forum/...b831b5c908e0e52 not as simple as bankrupt keeps house
  3. I wouldn't argue with that as paying a 'reasonable' sum for somewhere to live (rent/mortgage interest) is clearly not a waste of money. My point was that you wouldn't necessarily be better off if you put £200K in the bank for a year rather than a stagnantly priced house if you needed somewhere to live of a similar quality. You don't get something for nothing, a principle bulls and bears should remember So all our gigantic debts will be inflated away as the value of our money increase against it? I'm generally optimistic about the whole thing but if it all goes HPC tits up, then property will be nigh on worthless and so will the money in your pocket. But chances are we'll still all end up with somewhere to live even if its not in the style we are accustomed.
  4. Where did you live rent free for a year? How much is the typical rent on a £200K house? £1K? So £12000(ish) rent in the year, which makes you how much better off? As an investment you may be right but if you still need somewhere to live its not so clear, hence the irrational obsession with wanting to own property even though it could be cheaper next year or the next, or the next...
  5. That is a class idea. Better still, set up a business to provide foreign registered cars for Brits.
  6. Not exactly on topic but following on from mention of import/exports, what about the current fad for VAT carousel fraud (billions a year?). Does that make our economic position look stronger or weaker than it reallly is? If they strip that out of those figures, are we in more trouble and if so, where do IRs go next?
  7. It's not exactly about house prices, completely random shopping anecdotal actually but I don't understand how it can happen... SWMBO works at Trafford Centre in Manchester (one of the biggest shopping centre in the country for anyone who doesn't know) and has done for over 2 years. So I'm there regularly to pick her up. Well, over the last couple of weeks its been incredibly busy. Not just popping in for trunks and sandals for holiday but serious shopping. Its busier this summer than its been for the past 2 summers in fact its seems busier now than at any time other than xmas in the past 2 years! SWMBO confirms it in her takings. WTF is happening? I've seen all my costs rise sharply in the past year so how can all these people afford to be shopping like there's no tomorrow? Anyone in the retail trade noticed a recent trend? Or do they just go to the shopping centre for a summer holiday free day out carrying round empty shopping bags?
  8. . ..a house was where you lived, not a wrongly assumed slush fund or investment vehicle for retiring to the carribbean, aged 41 and a bit?
  9. [bear mode on] It's good of CrashedOutAndBurned to share a true university story and not the further education myth the government would like to peddle. I condsider myself lucky, having done ok from my free university education. However, for every uni friend who's done well, there's another who's no better off than a McJob wage slave. What with students now having huge debts whatever they earn afterwards, NuLab's good ole law of unintended consequences will undoubtedly strike again. It'll soon only be the 16-year old Polish school leavers who are our plumbers, electricians and joiners who can afford to buy property and the degree educated professionals will be the new poor[/bear mode off] [bull mode on]On the plus side if house prices drop by at 25% I'll be able to afford to keep my 2 bed nr. city centre flat bought at the top of the market in Sept '05 as a long term, capital appreciating BTL when I need a reasonably priced family home in 3-4 years time. So it's not all bad.[/bull mode off] Now, where oh where did I put my flameproof suit? I remember, I left it at the EA...
  10. you didn't miss much, a very sarcastic: Thank you TMT, rincewind and Gruffydd, I'm going to glo-bal hou-se pri-ce cr-ash dot com (weird spacing to beat the filters) Probably offended by the swansea comments and gone somewhere else is **** a "competitior" website?
  11. Got a £12,000 loan @ 13.2 per cent and £15,500 on credit card @ 14-21% and she's... switched utility suplliers to save money!
  12. Well I've wasted my money on 2 curries in July, cost me £30! Back in 2000 it would only have cost me £15. Now that's price inflation...
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