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bomberbrown

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Everything posted by bomberbrown

  1. Personally, I think they're in a 'Catch 22' situation now. Damned if they do and damned if they don't.
  2. I'm far from timid. Did you actually read what I wrote? My buying a flat, doesn't solely rely on house prices falling, admittedly nominal houseprices can be a factor, but it isn't the sole factor. I might get a whacking pay-rise, a nice new government initiative might be introduced. Its all speculation and academic at the moment. Personally, if and when they do fall, I can't see them falling by any more than 30% and who knows that this might very well fit in with my 3x salary and affordability criteria.
  3. Hooray, now we're getting somewhere. You sound very angry. I've been on here about a month I think. I'm sure as hell not going to be having a girlfriend, family or be 'pumping' the babysitter as you quite eloquently phrase it. Determining the bottom of the market is going to be about as easy as determining the peak of the market, it can only be done in reterospect. Therefore, my benchmark will be 3x salary affordability for a reasonable 1 bed flat in a reasonable area. The available mortgage deals (preferably long term fixed rate 15+ years) and IR base rate at the time will also be a governing factor too. This also doesn't hinge on house prices falling, I am predominantly more interested in affordability and value for money.
  4. Errr....forgive my naivety, but what exactly is a 100%+ mortgage? Presumably something like 110% mortgage. If so, why would the bank lend anyone £110,000 for a house thats worth £100,000?
  5. Hypothetical and irellavant. You don't want to trade up for the same reasons that ftb don't want to trade up. And to be honest, I think your apparent disdain for these 'whingers' is because ftb's are slowly seeing the light and they are refusing to be sucked into the great housing pyramid scheme, the result being the whole house of cards falling down. I'll speak for myself, I'm old enough to remember the last crash (though I didn't witness the recession as such) and I remember various friends stuck with negative equity........for years. I'm definitely not going down that road, I'm riding this wave out. Your point is nothing more than an assertion. Do you honestly know the mindset of every single bear member on this forum? I thought not.
  6. I find this comment at best presumptious, and at worst, rather arrogant. You have even stated on this very thread that you wouldn't buy a flat at this time, at these prices, so why do you expect others to do so?
  7. I wouldn't have a problem with an open door immigration policy so much, provided the government scrapped the social security/benefits system, and I can't ever see that happening. Not both.
  8. Yes, thats the type of scheme that I'm referring to. Regarding the %, the flat I used in my example was a 1 bedroomed flat (admittedly in a very expensive part ov central London) but yes, you can go as low as 25% in some S/O schemes. Here's an example. http://www.smartnewhomes.com/property/Deta...ter_London.aspx
  9. Yes, they could be over-priced, but show me a place to live these days that isn't over-priced. Secondly, the repayment mortgage on the 87K is £547 @ 5.75%.......... + £540 = £1,087. I did say £1,000 approx. AFAIK, the rent is fixed for the duration of the term. I will phone one of them up this morning and establish the full ins and outs of the agreements. Also 'Converted Lurker' I'm not sure what this means, but the repayments on £290,000 are £1,824 a month @ 5.75% so going for whole ownership, at todays prices, is definitely not an option.
  10. You are naughty lets have some balance http://www.googlefight.com/index.php?lang=...is+wonderful%22
  11. I'm still not following you. Why would you want the rent to go up? Surely the rent not going up is a good thing (unless you were a landlord of course)? Sharing the flat? This a flat sharing with nobody whatsoever. On a salary of £34,000 its possible to buy a £290,000 flat of 30% stake shared ownership.
  12. Bear with me, no pun intended. I used to think that these shared ownership properties were a con, but now I'm not so sure. I just looked at a flat that cost £290,000. Now, with a 30% share of the ownership, the rent and the service charge is approx £540. Add to that your mortgage on £87,000 and your monthly total is approx £1,000. Your rent won't change and if you fix your mortgage for 25 years, neither will this. Effectively, you're renting, but you don't have the threat of some snotty landlord licking you out. Now, should the HPC actually occur, you can still merrily 'rent' away and but your 70% share when house prices are rock bottom, no? Have I missed any obvious holes in my 'plan'?
  13. Interestingly I've just noticed is that the interest rate for 'new builds' is about half % more than conventional/older properties. Is this usual?
  14. Err.... I thought that after 6 months if you didn't get a job, then your JSA and associated benefits (housing and council tax) stops.
  15. What does actually happen to the other 58p then? Who absorbs that loss?
  16. This savings of >8k figure seems remarkably unjust. We all pay into the pot (if you work) so we should all get out of the pot too. Is there anywhere you could legitimately put your savings that the government couldn't make you take them out/spend them?
  17. Well, I thought that with all those windows (almost every 2 years) that you can repay the loan without penalty, that you could also transfer your mortgage too. It's more or less the same thing is it not? (take out a new mortgage to pay off the old one = transferring it). I've never had a mortgage so I might be wrong?
  18. Check one out for yourself (link below). From what I can see there are no obvious catches like tie-ins. http://www.thecheshire.co.uk/online-mortga...ortgage-FCJ.asp
  19. Ding! The penny's just dropped for me about rises/falls in nominal/real prices. Good anecdote by 'CTT' and summary by 'Immigrant'.
  20. Ok, after I got my head round nominal/real prices and values, and after 'wrongmove' posted the graph of nominal prices, I still wasn't far off with 11 years, it was nearer 9 years. So if you bought at the peak in 1989 you were stuck with negative equity for 9 years till 1997 so you could probably kiss goodbye to moving anytime during this period. Very scary prospect if you're about to buy a grotty 1bed flat on a sink estate because of an obsession to getting on the property ladder.
  21. Actually, I stand corrected. It is still there, they've just moved them around a bit.
  22. I noticed that the BBC have removed the comment that was left by the gay teacher indicating he had a fireman boyfriend. I wonder if he accidentally 'outed' him?
  23. I lived in Goulton Road, Hackney in the late 90's for about a year. Hackney was a bit of a dump then. My partner still lives in Hackney and it has so changed for the worse over the last 5 years with each visit I make. The population has completely changed. I'm completely staggered at some of the property prices in the area now. I'm trying to convince my partner to sell up while he can and move out to a much nicer borough. I hate going there now.
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