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thedebtisreal

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Everything posted by thedebtisreal

  1. So... you've been renting for a decade and managed to buy a place bigger than you need, with a large deposit and a mortgage (I assume repayment) at a cheaper rate than your rent. Why didn't you buy earlier when things were cheaper? Did the area not rise much? Did you come into money suddenly?
  2. This fighting is pointless. All this could be resolved with just one policy. No politician has the balls to enforce it. And my generation are too stupid to demand it. A land tax. (Has the amusing side affect of lumbering kingsgate with a crippling tax bill)
  3. They are both evils indeed. You either take the money in tax, reducing spending power and go into recession or you cut down public spending, reduce jobs and go into recession. You can't bring down the deficit and not make the recession worse. Personally, I think we are gonna get both regardless of who gets in. My preference is to cut the public sector as huge amounts of money is needed to create not many jobs. But them I work in the private sector like most of the working population so I would say that.
  4. 6 times? Doesn't leave a lot left at the end of the month does it?
  5. Its worth point out that low rates have not fed through to new mortgages (except for those banks who stupidly gave out long term rate trackers near the base rate) and QE in my opinion is not doing a darn thing and won't until the government reduces its borrowing so that the QE can find itself to businesses.
  6. So bad economic data raises house prices and good economic data crashes them? We've entered the twighlight zone.
  7. Don't know if it will signal the end, but its a pretty strong sign at least that this IS a bull trap.
  8. Quiet. No argument here. Here's the teeth grinding irony though. If banks lose people who make them money then they lose money and we never get paid back! There is no point rescuing a bank, then hobbling it so it can't compete any longer.
  9. If they did, don't you think he'd be doing better in the polls? Personally, I have no idea what will happen next. Hence I am now a neither, but I still feel no pressure to buy so people are welcome to it if its that important.
  10. Can i remind you which party it was that bankrupted the nation bailing out the banks? Can I also remind you with party after 12 years in power has created a bigger discrepancy between rich and poor? I'm not Camerons biggest fan myself, but I have to agree with him when he tells Labour "don't you dare lecture us about poverty. You have failed" He may have the answers he may not. But the current lot have failed. Time to try something new.
  11. No, but does it not mean that those that provide the funding do?
  12. You planning on getting one of those interest free mortgages that are going about.
  13. (1) Thats wise. Enjoy the present, prepare for the future. (2) Yeah, the [email protected] They'll make it worse in the long run. (3) The fact that it is through a letting agency doesn't matter. They get paid to find tenants, not fleece you for the most rent they can. Look now and look for properties that are sticking. Remember its voids that kill landlords. They would rather have tenants in on a discount than no tenants at all. I would be cheeky and start with 20%, you've nothing to lose. If the landlord rejects the offer and the flat remains empty for another three months, they have lost out on mo
  14. I've spent way more than that over seven years. But for those of my age in London (late twenties) thats normal. Those who have bought have faired little better. Just as much spent in mortgage interest, redecorating, maintenance, ground rent, replacing boilers, agency fees, mortgage arrangement fees, solictors etc and negative equity as well. The only one of my age doing well is someone who bought with with a big inheritance. Its tough for those of that age. Or I used to think that until I see the problems those in their early twenties are facing. I'm glad I was not born seven years ago.
  15. Good for you TOW. Location really is the most important thing. I know of people who have found houses that looked nice for the price and have been stuck in Tottenham fearing for their lives and realising they were happier with their flat in Islington. Even with the child.
  16. So thats only eight months of saving. You're being a little impatient. Its tough getting on the housing market. Houses will fall slowly, despite what some here might thinking. Just console yourself with the fact that they are not going to shoot up any time soon, so don't fell so pressured, you are not missing any boat. Maybe its worth spending an extra 300/400 a month on a nicer rental place. Look to get a big discount on something priced much higher. I've found landlords of more expensive properties treat there tenants much nicer. Lower interest rates have the advantage of making landlords
  17. I have a question for Random Bear. Why are inflationistas so cranky all the time?
  18. Thats how I see it. All those low interest rates instead of encouraging people to borrow and spend has given people money to pay off debt and save. The irony.
  19. How you seen new BTL mortgage rates recently? They are just as bad. And deposits required are higher. The problem is with all new entrants into the market. The proce movements are not coming from BTL or FTBs.
  20. Really? I hadn't noticed yours was out. But you do have a BIG property portfolio, I'll guess that makes up for it. OK, good to see you are putting your money where your mouth is, you are now the only person I know that is. Most people like to talk about a recovery, but their spending habits remain recessionary. If you are right, you'll make a mint. If you are increasing leverage and the folks here are right, you risk losing it all. Oh and C&G are getting innundated with BTLers needing finance, because there are very few who are granting it. So you kind of proved my point there. As a B
  21. OK. Can we talk serious about BTL for a moment and stop the willy waving please? If you have a low IR mortgage on a BTL then you are alright. Cashflow wise at least. Small mortgage repayments help you pay down capital that is being lost, but as nohpc noted a while back, why do this? Put the money in high yielding investments instead, 1.99% is a pitiful return particularly as you can claim back tax for debt interest. With debt as cheap as it is you should be leveraging up, not down. You should be acquiring more property, not paying off mortgages. Yet why are the BTLers here all in a rush to
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