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House Price Crash Forum

Prof

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Everything posted by Prof

  1. True. However, I`m not advocating blocking people from housing themselves by whatever means, I`m suggesting that the system might be better if there were very strict rules/laws which set maximum borrowing levels on proven income. This would prevent those who don`t meet the criteria from housing themselves in a property that someone who does meet the income requirements from buying. If mortgage fraud is not a widespread issue, as some would claim, then there can be no harm in enforcing strict rules and harsh penalties upon those borrowers/lenders who break the rules. Surely the vast majority would not disagree with having a level playing field in the mortgage market ? It is often said that there is a property shortgage in the UK. This would make the temptaion to lie to get a mortgage all the more greater, and therefore I would think there would be a greater need to keep tight controls on how mortgages are obtained. I just don`t see any reason why the lending rules/laws can`t be changed, especially in the wake of recent events in the financial world.
  2. If you need to sell, you should be able to buy cheaper. Unless you bought in quite recent times, you aren`t going to lose much, if anything. Why would it be a flawed idea that I want my savings to increase at a moderate rate, rather than my house value increasing at a high rate ? My house is where I live, my money is what I use to feed and entertain myself. If my money goes up by 10% per annum, but houses only go up by 5%, the prospect of a larger/nicer house is more likely, if I want one. If I don`t want one, a better holiday, a PC upgrade or some nice clothes won`t leave such a large gap in my finances. OK, things aren`t so clear cut, as the UK has an economy that seems to rely on HPI, so lower HPI has a lot of knock-on effects. If only we could wean ourselves off HPI, and back to getting our wealth through real endevour and innovation, then I would consider that to be a real improvement in our standard of living.
  3. So, you will lie, if you have to, to get a mortgage to be able to buy a house. The reason that you have to lie, is that someone else is willing to, which puts you at a disadvantage. When you lie, you put someone else at a disadvantage etc. etc. Eventually, virtually everyone will have to lie to get a mortgage big enough to buy a house. I think that mortgage fraud is something that should be of great concern to those that have the power to prevent it.
  4. I`m an owner occupier with no mortgage (well, a tiny mortgage). Is it weird that I`d rather have my savings increase by 5%, than my house value by 10% in 1 year ? I`ll add that I wouldn`t care if the value of my house fell be 10% in a year, so long as most other houses did.
  5. My answer is yes. If I found out about it, and I knew there was a good chance I`d win the case, yes. I would like to see anyone who commits any type of fraud being held to account. It may seem like a little lie to get a loan/mortgage/job has very little consequence, but there is usually someone who is losing out. In the case of fraudulent mortgage applications, I think it may well have caused quite a few honest people to lose out over the past few years. How big was the problem ? Well, there were one or two undercover documentaries shown on TV in the past few years, and both revealed that the practice of "liar loans" was fairly widespread. Let`s face it, the problem was kind of ignored, and the longer it has been ignored, the more people would have had to obtain a "liar loan" to be able to buy a property. www.duplicatepayslips.co.uk/ I wonder why anyone would want to use a website like that ? Lost a payslip ? Can`t your employer supply a duplicate ?
  6. I would want to prosecute if I had put in an offer on the property that was bought by the "liar", on the basis that they we able to outbid my offer, which was based on my honest mortgage application. Of course, it would be nearly impossible to find out that you were gazumped by a fraudster. In my opinion, it isn`t a case of "well, they are keeping up with the repayments, so that`s ok". I would think there is a fair chance that a certain amount of house price inflation can be attributed to less than honest borrowing, and that has a knock-on effect for many people.
  7. Good luck with that. Meanwhile many people have to PERspire, just to live in a £150k house.
  8. My 2p. In general, I would think that the larger the paypacket, the larger amount of CO2 producing energy is consumed by the recipient/family of the paypacket. Not always, but in most cases. Is this a bad thing for our planet ? I can`t say, as I`m not knowledgeable enough to answer the question, and both sides of the argument can be believed. What I do know is that fossil fuels are a finite resource. I also know that turning them into the energy that we use releases CO2 into the atmosphere. Even if this release of CO2 isn`t causing global warming (if there is such a thing as global warming), the longer we preserve our fossil fuels, the better. All I see is a growing world population, an ever increasing demand for fossil fuel useage, while a lot of hot air is expelled talking about what we might do to reduce fossil fuel consumption. It`s always the same .......... "No, property prices only rise, and there won`t be a financial crisis". "There is no shortage of salt/grit in the UK, anyway, it`s going to be a mild winter". "We`ll find an alternative to oil, it`s just a matter of time". Whatever.
  9. According to the recent film "I Love You Man", the "Holy Trinity" are Lee, Lifeson and Peart. I tend to agree with this opinion.
  10. I was wondering how "working folk" can afford property in this country. This article explains it.
  11. Well, what`s stopping YOU from emptying the shelves. Go on, you know you want to. Mind you, with a name like that, you`ll hardly be short of bread.
  12. Indeed. I`ve seen these spice "kits" to cook a curry. You pay about £2 for a few cardamons, a bit of turmeric/corriander/cumin and maybe 3 cloves and a bit of chilli powder. I reckon that`s about 40p worth, even if you buy those jars of Schwartz spices. If you go to you local Asian grocer`s, or even larger supermarkets, you can get very large packets of spices for less than a quid.
  13. OK, the new anthem, so far ........ Me ! me ! me ! (Because I`m worth it) Gimme, gimme, gimme ! I`m British and I deserve it ! Not exactly "catchy" is it ? Oh well, back to the panic buying. Blast ! the shops have shut. Right, must set the alarm clock for half past nice & early, gotta get down to Sainsbury`s before anyone else.
  14. Last time I went to the supermarket was Wednesday, to get a loaf and a 2 litres of milk. If there were more people in my house, it would have been a little more than that. I had no problems with getting what i wanted, so that rules out your last point. Yes, I have advocated keeping a decent store of provisions. I recommend that people do this to 1. Take advantage of special offers on items that will keep (tins of beans, tin foil etc ) and 2. To cut down on the amount of trips to the supermarket for non perishable items, therefore saving on unnecessary journeys. I do this "stocking up" throughout the year, not when I think there might be a shortage. The result is that if there were to be a genuine shortgae of bread, eggs, vegetables etc, I can easily survive on what have have stored. If I do go to my local supermarket and find that the bread has run out, I`m hardly going to starve. While I undestand that there may be a valid reason for some people to buy a little more food to reduce their travelling in these unfavourable conditions, I wouldn`t mind betting that many people will "panic buy" because they think the weather conditions will further deteriorate (which doesn`t look likely at the moment), or that they just want to buy stuff before the next panic buyer does.
  15. Oh yes, this thread has me thinking. As I said, our behaviour when it comes to panic buying in the bad weather is very much like the behaviour in the property market. Tell people there may be a shortage of food in the shop, or even just report that people have been panic buying, and what do you generally get ? More panic buying ! Usually this is just a minor, short term problem. Now, if the media were to report that there is a shortage of property in the UK (heaven forbid), then just think of the implications. If people started to "panic buy" property, it isn`t going to be just a case of a few stale loaves, or a few pints of milk going down the drain, it could be a hefty 25+ year mortgage to deal with. Luckily, the UK public are savvy enough to know that taking on a large mortgage to buy a property, "otherwise you`ll miss the boat", is not a good idea......... They are savvy enough, aren`t they ?
  16. A great example of this it at an airport, while waiting for your baggage to arrive on the carousel. It`s laughable to see the muppets virtually climb onto the conveyor, then clobber the surrounding muppets with their cases/bags when they finally arrive. If everyone stood back a little, it would be easier to spot your luggage and be easier to retrieve it without inflicting injury on you enemies, I mean fellow passengers. I don`t know if this type of behaviour is common in other countries, but we Brits do seem to lack a certain amount of common sense and respect for our fellow citizens. Just look at our behaviour in the property market.
  17. I haven`t written the second line yet, but I`d welcome any suggestions for further lyrics.
  18. I do hope that all of those loaves get eaten, and don`t end up stale. I also hope that some of those loaves will be distributed to elderly neighbours who might not be able to get out of their homes, or did manage to get to the shop and found that someone have bought up all of the bread. Me ! me ! me ! (Because I`m worth it).
  19. It`s human nature, I`m afraid. It`s a case of ....... "F**k anyone else, I`m going to buy a bit more bread/milk/eggs etc before anyone else does." Without thinking ........ "If I do buy more than I normally would, I`m going to help create a shortgage of bread/milk/eggs etc, even if their isn`t a real problem with supply". I suppose you could replace bread/milk/eggs etc with property, when you think about it. Personally, I have bought no more than I normally would. In fact, I`ve probably gone without bread for a day or two, to save going out in the bad conditions. I do hope the loaf I didn`t buy was bought by an elderly person who needed it, not by some someone "stockpiling".
  20. I don`t want to sound even mildly bullish, but....... According to figures widely published, the average house price has been rising by around 1% every month for about 6 months. A 1% rise on your £200K home is £2000. After paying the £1200 mortgage, you are still "up" £800. And, if you don`t buy now, "you`ll miss th............" Just sayin`. PS. And wait `til Gordon`s recovery really kicks in, it`ll be 2%+ monthly rises ! Hard working families will be so pleased.
  21. WHAT ??? Are you saying that Asda was near you this morning, but is now further away ? Blimey, the icy conditions must be really bad.
  22. As long as someone else is driving, or you are only drinking small quantities. OK, sensible advice now ends.
  23. "First-time buyers who manage to get on the property ladder now could enjoy a prosperous future" Unless, in the unlikely event they suffer a fall or loss of income, or even more unlikely, interest rates were to rise. Here, I`ll start an article or two of my own......... "Purchasers of Lotto tickets could enjoy a wealthy future" "If you put the kettle on now, you could soon be enjoying a nice cup of tea" I think I`ll now take some of my own advice.
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