ma-ku

That was the intent. It's my favourite Japanese proverb. Keeps me humble. We could have just about stretched it 18 months ago and been able to build a house near her mum and dad with no mortgage, but it would have wiped out my capital completely. It would also have been very difficult to come back to the UK if things didn't work out well. So I suggested we wait until we had saved enough to buy a small flat over in the UK as well (to keep a foot in the door). Well, that's an option that's faded into an impossibility for the forseeable future. As you suggest, there are very limited employment opportuntities out there for non-Japanese (bar teaching), so future earnings potential very limited if and when we ever go for it. Have to consider pension, health etc. Anyway, it's a plan that's well and truly off the radar for the forseeable future. On a side note, my in-laws are staying with us for a few weeks at the moment. They are LOVING the exchange rate. Lucky buggers. And a new grandson to play with to boot.

失礼しました。猿も木から落ちる。But that comic strip was quite funny. What any of this has to do with house prices is beyond me though. To bring it slightly back on topic. Mrs and I were contemplating selling up and moving to Japan about 18months ago. Wish we had done it then with the capital (and exchange rate) at that time. Now impossible.

このスレド、信じられない。マンガは面白いけど。

If you can afford to lose the 100 quid, it's worth a punt. Is it that easy/cheap to buy such small amounts of shares though? If so, which broker do you use?

Why aren't the media in general calling for the resignation of the government? Surely this unfolding disaster warrants it. (I am not saying that the other crowd would do any better mind).

If I had my time again, I would have gone for a 15 year mortgage 10 years ago allowing me to pay it off around the time my son starts school. Then I could send him to a good private school, or downshift job and spend time educating him myself (if the local state offering has not bucked up by then). Hindsight is a wonderful thing. I hope houseprice mania is finished for good in this stupid country.. Bloody disaster.

Well, I don't wanna be tied into even a 25 year loan, letalone a 30 year one. I would like the idea if you could redeem early/overpay. Otherwise it's just slavery for 30 years to buy an average house (prices would stabilize/rise again probably). As others have pointed out on here, the solution is not more borrowing to buy overinflated assets. How about we actually produce something useful instead (altnerative energy tech etc)? Think of what all this bail out money could have done if invested wisely. So utterly utterly stupid are our leaders.

+1

3.1 times income (with 50% LTV, and I have two dependents). Seems sensible to me.

Might be some big ones in IT sector next week if these rumours have any foundation. http://www.theregister.co.uk/2009/01/06/ib..._layoff_rumors/

Given that most of us are not realistially able to save 25% of our gross income given the high cost of just about everything fundamental in this country (energy, food and shelter), perhaps we ought to be investing a bit more love and attention into our own parents and our kids. Ideally, I would like to be able to house my father when he is in his dotage, and I would like to think that one of my future kids would do the same for me. Maybe we should all stop trusting the sharp suits with our monthly subs and invest our money, time and energy where it really counts. My wife's granny lives with her son, and they really couldn't conceive of any alternative accomodation. It's simply the expected norm in Japan. Why have we lost this most basic filial relationship in the UK?

One thing this country really needs is investment in an independent sustainable energy industry. That could reduce the impact of the recession as well as provide infrastructure to support the people of this country for generations. I won't hold my breath though..

Sorry. I don't get this thread. Did Stagg or Nickel's parents buy or sell a house as a consequence of any of the sad events?

With the exception of NHS dentistry (simply can't find one), I can only judge the NHS on my own experience of it. The only thing I can complain about is the food and the stress-causing parking arrangements. (Worrying about finding coins whilst you are rushing to see your dad in the ER is not fun). Moore's film is quite obviously propaganda, but from what I have heard of the US system from friends and family, I'll take the NHS route any day thanks - even if it is costing a few pence per pound on the old tax.

I am not sure they will spend any money saved on lower repayments. Surely, the events of this year will have reinforced the idea of saving for a rainy day. Job security has rapidly become the number one worry for most people I know.

One friend works for an engineering firm. He is currently on a 4 day week. Big mortgage, modest 2-bed house. Baby on the way. Another friend works for Honda F1. She will probably lose her job in January. Big mortgage, modest ex-LA house. Another friend is a freelancer and his contracts dried up. He is out of work and can't even get a job at B&Q because he is "overqualified". Big mortgage. Trying to sell his flat. They are all going to suffer thanks to this government and their inability to provide an environment where a fundamental human need (shelter) can be had without taking a huge financial gamble (which at the time seemed to be a sound investment "no more boom and bust" (remember that?)), or being at the mercy of an AST in rented accomodation. Things can only get better? For who? F**k labour.

Personally, I think variable rate mortgages are too risky. I would prefer a fix every time and the security that I know I can meet the payment (assuming continued employment). The thought at being at the mercy of the MPC every MONTH, would keep me awake at night. We have seen how the environment can change very quickly. Currently that has resulted in depressed interest rates. Imagine the opposite senario IRs - at 10+ percent. It could happen again. Why risk it? I would only do a variable/tracker if I knew I could pay off the outstanding loan at any time. In which case I wouldn't have a mortgage.

Living by yourself in the middle of the sticks and living off rabbits, squirrels etc is all well and fine in principle, but people get old, sick, have kids etc. When you have dependents, you tend to need to live near other people for the help and services that they can provide. If the shanty town is the only place you have ever known, why would you live anywhere else? Those people are desparately poor and I don't think we can judge them by our standards. Watching a program like that certainly makes you realize that Britian is really quite a good place to live, despite it's awful politicians, chav culture and all the other stuff we moan endlessly about on here.

Marvelous. I hope that the small print of the deal means that the banks can't wriggle out of it. Will be interesting story to follow. This highlights the oddness of the British mortgage market. I never understood why all mortgage deals are not fixed at the point the paperwork is signed for the lifetime of the mortgage. I am pretty sure that was standard in the US until these banking wizards came up with Ninja loans.. Why have people in Britain been prepared to settle for rollercoaster mortgage interest rates for decades? For such an expensive and important purchase, surely fixed rates are better. If you know you can afford the repayments at that rate, who the hell cares about BOE rate? Maybe I am naive.

Sorry to hear that. What a hassle for you to have to move at such relatively short notice. If you really like the place, give him a cheeky offer. You never know, if he is selling in this environment, he may be desparate enough to accept it. Your case illustrates why people were so easily harvested into being debt slaves at 5+ times income by "getting on the ladder" and away from ASTs. Renting is dreadful in this country.

A very good point for those lucky enough to have supportive families. I would rather give (and recieve) help from my family than the government in just about any aspect of life. The current government would rather that you didn't. They seem to prefer to have people beholden to them (rather than in fact, serve the people as elected to do). Hence the various inefficient schemes such as tax credits, christmas bonuses, winter fuel allowance etc etc. Hey, why don't you just tax people less in the first place (starting with interest income from savings on say less than 150K)?

Same boat. My "prudent' fix at 4.79% is now looking ridiculously expensive. Thinking of blowing my rainy day fund on a huge overpayment. Even with the 2% penalty I will get a better effective return on my money. Who was the guy on here that use to say "protect yourselves"..? I am bitterly rueing my decision not to buy a large amount of Yen last year.

I don't see why people on benefits should get any cash at all. Why can't they recieve food/energy/transport vouchers sufficient for maintaining health and seeking employment? For those unable to work, an allowance for providing reasonable comfort could be provided. (eg vouchers for tv licence etc), plus all medical needs covered. Nobody starves and people get the help they need to find a job.

Concur. He is a coward. He will hang on until he is forced to do so by the 5 year limit. Even then, I wouldn't be surprised if he tried to extend that.

Actually, it's probably similar to Japan and partially a cultural thing. The Japanese don't want to live in a "used" house. My Japanese wife even suggested that there might be ghosts of previous owners in a used house (how sweet).