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Hector's House

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Everything posted by Hector's House

  1. This is so true. And the chap holding off buying in my example has realised he is too much in debt to get a mortgage under these stricter lending criterias. And the poor barsteward who is going under has a secured loan of £25,000 against the house, another £7,000 unsecured as well as a huge overdraft and thousands in credit card debt. All of these people have come a cropper due to how easy it is the get credit. But then, I guess if the lending institutes start turning around to folk and saying they wont lend to them if they are unemployed, don't earn enough etc. the sheeple will start bleating about home ownership being their 'right'.
  2. I bought a copy into the office with me this morning. The general diet around here is the old Current Bun, and the Metro. A couple of the lads have stopped by to take a look at some real news though....and asked me if we we're heading for a recession. One chap who was desperate to get on the housing ladder has now decided to hold off. Another one is heading down the road of repossession after, stupidly securing a very large loan on his house. And one woman, equally stupidly told her daughter that home ownership was a mugs game and property would never come down in price again and she may as well get a flash car on finance - the gal promptly went out and did just that! Watching it start to unwind isn't fun.
  3. One of the properties I've been watching go For Sale/Sold/For Sale/Sold/For Sale or To Let is now up for £80,000 to CASH BUYERS only: http://www.rightmove.co.uk/viewdetails-136...=1&tr_t=buy 'Offers in Region of £80,000 2 bedrooms | End of Terrace Carlton Hill, Carlton, Nottingham, NG4 This 2 bedroom end of terrace property comes to the market with NO UPWARD CHAIN. Accommodation includes entrance hallway, lounge and kitchen diner with 2 good size bedrooms and bathroom upstairs. There is a garden to the rear of the property, parking for 1 car and garage in a block. CASH BUYER ONLY!'
  4. http://forums.moneysavingexpert.com/showthread.html?t=585452
  5. http://forums.moneysavingexpert.com/showthread.html?t=329023 I can now see why you guys refer to no one wanting to 'catch a falling knife'.
  6. There's a repo up the street from my boyfriend's house. It had that notice in the window too, with yellow duct tape over the letterbox for some reason. He lives in Leicester and we've started to notice little local shops going out of business (one up the street has a notice on the window saying the property has been repossessed due to none payment of rent). The street behind my parent's place in Nottingham has two houses that have gone from being For Sale to being auctioned. Both are advertised as No Chain too. They both look empty.
  7. Unfortunately the poster fell for the dream of having a huge house and a wonderful 'management company' to take care of it all for them. Having managed to sell our 4-bed villa in time to make some profit (having decided to get the hell out of Florida property before it was too late), the only thing I can advise is they do whatever it takes to get their place listed on Lastminutevilla.com. This would give them some chance to get involved in plying for rentals themselves, instead of relying on the management company alone. Or sell...although they might have left it too late for this option.
  8. And the sheeple over on MSE are telling him to go to Northern Rock 'who lend 125%' and telling him he'll be OK as he's bound to have some equity!!
  9. My sister has just been pulled into a meeting and told her job is being out-sourced to India next April. Her employer, Siemens (let's name and shame these c***ts) will offer her another role but no job is safe there. :angry: She knows one person who has had two different positions within the company out-sourced from underneath them in as many years. You can only hope it backfires on the company in the long-run. I filled out a customer satisfaction form on the train the other day, and my only gripe was not being able to understand their call centre staff, their condecending attitutude at times and the fact that they don't seem to be able to co-ordinate their online booking service with funds going out of my account leading to me double booking.
  10. Had lunch yesterday with a close friend who has just sold his 4-bed flat in London and pocketed a nice profit (he bought it back in the 80's), and another friend who teaches Masters degree level economics. When the first friend started telling us about a bargain he'd found for £190,000 in London that he'd decided to buy we all yelled WHY???!!! The economics bod just told him to go ahead if he can buy for cash, do not take anymore debt on to do the place up, and be aware that there is a recession coming so he has to be able to keep the place going, tenant or no tenant for the next 10 years. I worry for him as he seems so determined to MEW himself into oblivion. And he's also one of those that doesn't believe interest rates could possibly go up into double figures.
  11. Today's Times has a front page piece about the huge increase in folks being knocked back by the banks when they apply for an unsecured loan. Thanks to this site I managed to convince someone close to me to take out a fixed rate loan to pay off their credit card some months ago.
  12. Some rare honesty from the EA: 'BREAKFAST KITCHEN 3.66m(12'0'') x 3.73m(12'3'') Having what is believed to be the original fitted kitchen comprising laminated wall and base units, curved laminated worksurfaces with inset twin bowl stainless steel sink with chrome mixer tap, inset four ring electric hob with filter hood above, replacement.....' by the looks of it, they are trying to get a high price based on it's location and the land that comes with it. Cus the place certainly doesn't sound like it's seen a paintbrush and a wallpaper stripper for a while! My area (Carlton/Netherfield/Mapperley/Gedling) is dead too. One property up the way that has gone sold/for sale/sold at least four times this year is now up for let.
  13. Most of the folks I work with - BTLers and homeowners are up to their necks in unsecured debt as it is. One guy took to gambling to try to bring more cash in (spent his one and only decent win on a holiday to Spain). He's now back living with his Dad and desperately trying to sell his house before the bank repossesses. Another spent more then he earns in a year souping up a car and has just realised he cannot afford to get on the housing ladder even if prices drop. Another has long since stopped saying how they can retire at 40 with their BTL empire and now complains of being skint all the time though having to subsidise the mortgages. I would say all these folks are at the end/or close to the end of their credit line. They are all considerably younger then me and seem to have fallen for the notion that debt is easy to get and will always be cheap. God help them.
  14. Sory to go off topic here folks... I was toying with the idea of living in Beeston, but I know diddly squat about the area...except it's got one of the best pubs in Nottingham right next to the railway station. What's the area like? I've always lived over the east side of Nottingham - owned a house in Gedling, my folks live in Carlton and, whenever we've been living in this country we've lived in the Carlton/Gedling area.
  15. Folks are still putting houses onto the market at daft prices here in Nottingham. A 2-bed semi-detached at the crappier end of Netherfield has just come on Rightmove for just short of £130,000. Built in 1830 it's just the sort of thing I'm looking for - period features etc., but they've converted on bedroom into an en-suite and study. The only good thing about the area it's in is a well-authenticated haunting in the next street!
  16. Unfortunately, I think they will probably go ahead and sign it....it's when one of them bothers to look at their bank statement that the fun will begin.
  17. The lender made a typo....the APR they quoted was 'wrong'. Buyer still going ahead and doesn't seem concerned: http://forums.moneysavingexpert.com/showthread.html?t=551958
  18. I'm one of those folks who sees this whole mess as one of the long-term results of 9/11. What do folks think would happen if (God forbid) there were more, successful terrorist attacks on that kind of scale in the next 7 years. Would we see Joe Public jumping out of the stock market and into bricks and mortar again? Starting this whole, sorry cycle up for the next generation of workers daft enough to overstretch themselves, fuelled by banks scrabbling for any business they can get.
  19. I popped into my favourite butcher yesterday (David Jones in Melton Mowbray) and couldn't believe the prices in the window. I picked up some sausages but I think I'll be going to Waitrose for the Sunday roast. Mind you, I picked up a beautiful Bantam hen from the Tuesday Fur & Feathers auction so at least I won't have to buy any eggs!
  20. My previous partner took home (after tax) £10,000 per month and his bonuses made my yearly salary pale into nsignificance. He always kept £35,000 in his current account for 'emergencies'.
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