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Balloonist

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Everything posted by Balloonist

  1. Interesting read. http://www.theregister.co.uk/2014/09/21/crawling_from_the_wreckage_essay_the_death_of_economics/
  2. I wouldn't imagine so. The mortgages that are based on day rates are usually advertised specifically as not needing lots of years of accounts. This page even has a handy slider to see the crazy amounts of money they'll throw at you! http://www.freelancerfinancials.uk.com/ And a quote from the page...
  3. I did change lender, it's a completely new mortgage. Not sure if that makes a difference or not, but I was surprised at how lax they were.
  4. And to be honest, it was easier and less hassle than a few years ago. I originally took out a mortgage in 2012 and have re-mortgaged this year. Back then they wanted 3 months worth of personal and company (I'm a Ltd company director) bank statements, probed into the work I'd been doing and I had to supply more documentation over what they initially asked. Just gone through the re-mortgage process recently and they only wanted the previous month's statement for personal and company bank accounts. No real questions about outgoings to the extent that I've heard about and they just wanted proof of earnings from HMRC and the past few years company accounts (both of which were needed back in 2012 as well) From my, admittedly limited, point of view it seems that MMR hasn't really changed anything.
  5. Fixed link: http://www.rightmove.co.uk/property-for-sale/property-26111589.html This looks like the place that was featured on Evan Davies' programme on the divide between London and the rest of the UK a month or two back. IIRC correctly the plates on the dining table cost over a grand a piece.
  6. A cubic mile is still a hell of a lot of stuff. It would be enough to cover the whole of Greater London with a 2.5 metre thick layer of concrete.
  7. Around £800 per sq.ft. seems about par for the course for the area these days. Two flats on my road came on the market recently for about that sort of price and they're both now Sold STC after a few weeks.
  8. Looks like they tried (and failed) to flog it for £1.3 million in 2012 http://www.zoopla.co.uk/property-history/36-belfry-lane/collingtree/northampton/nn4-0pb/17127491
  9. That's for Manchester, which is likely the city of. South Manchester, which presumably in the context given, means some of the nicer bits of Trafford such as Altrincham, Hale and Bowdon are a world apart from Manchester. I don't live there any more, but it wouldn't surprise me if that area is having a mini boom at the moment.
  10. I love the fact that they manage to show seven photos of pretty much the same thing on the rightmove link
  11. Great, thank the software maker from me for removing features in the new version and making the board much less useable
  12. It seems that since the "upgrade" I have now gone back to viewing topics at 15 posts per page, rather than the 40 that was set in my profile prior to the change. I can't find anywhere in the user control panel to set that now. Is this something I have just missed, or have the powers that be removed this feature now?
  13. Over 1000 per sq. ft. for this place: http://www.rightmove.co.uk/property-for-sale/property-30116556.html At least with that other one it was decked out nicely inside, this one's just a shell.
  14. It's gone utterly mental recently, seems that £7-800 per sq foot is the minimum for anything half decent around here now. I saw the 2.5 bed ex-council house that I posted above has gone SSTC now after being reduced to only £675K!
  15. That calculator is nothing like an actuarial tool though, it merely tells you an expected lifespan based on some risk factors and doesn't take into account your current age. If you put in some criteria you'll get the same lifespan if you say you're currently 20 or 65. A proper actuarial table would take this into account as there's a finite chance of a 20 year old dying before 65, so once you reach that age your expected lifespan is higher.
  16. It is the railway line. I looked at a couple of flats on this road back in 2012, one backing on to the railway line, the other not, but otherwise both almost identical to this one. While in the garden of the track side one the estate agent tried to convince us that as it was near the station the trains would all be going slowly so we'd barely hear them. A couple of minutes later the Gatwick Express came thundering through IIRC the track side one was on the market for £430K and the other side £460K. I did buy in the end (not there though!) and keep an eye on the local market and it seems absolutely crazy right now. My current favourite is this place: http://www.rightmove...y-29486814.html EDIT: This was the one I looked at: http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=32555428&sale=47738579&country=england Seems it acheived close to its asking price back then!
  17. Rates have been at 0.5% since 2009, but they actually haven't risen since July 2007, so anyone who bought within the last 6.5 years hasn't seen a rate rise. http://www.bankofengland.co.uk/boeapps/iadb/repo.asp
  18. You start paying down the principal from the first payment you make on a repayment mortgage, it's just that at the beginning the payments are heavily weighted towards paying interest rather than capital. I did a quick calculation and with a repayment mortgage he should have paid off a decent chunk of the capital by now. Assuming a 4% interest rate for the last 6 years about £14K of capital would have been paid off on a repayment mortgage.
  19. I've been keeping an eye on things recently in preparation for a remortgage later this year. I have been looking at the 3 year fixed from the Chelsea BS. Until fairly recently they were offering it at 1.99%, noticed it's now gone up to 2.14%. My current tie-in period ends in August - wonder where things will be then.
  20. I initially posted this one in the Wandsworth thread in region house prices, but I've found a bit more about things and thought it deserved a wider audience. It seems what has happened is that someone has redeveloped the roof of this lovely building (http://goo.gl/maps/LL2Ix) to be able to put two flats up there. I'm local to the area, and while it's OK, it's pretty much bog standard zone 3 - certainly not prime London by any stretch of the imagination. If you have a look at the building you'll notice that it's above a restaurant and shop, next to an Argos and a 24 hr petrol station and also faces onto a very busy main road. Apparently this is the perfect combination to get £1.3m for two tiny flats though. 2 bed: http://www.rightmove...y-28828353.html 3 bed: http://www.rightmove...y-28866885.html The 2 bed makes the 3 bed (though the third bedroom barely counts) look almost reasonable in comparison! I'm frankly dumb struck that these sort of prices are being asked in this location.
  21. According to Rightmove it's Sold STC already! Thankfully there's a classic Foxton's property waiting in the wings to take its place. http://www.rightmove.co.uk/property-for-sale/property-28828353.html £630K for 504 sq.ft. Utter madness.
  22. I and most of my close friends have bought for the first time over the past few years. Properties have been bought generally in zones 2 and 3. We're all professionals and mostly earning significantly above the national average, but nothing out of the ordinary for professional jobs in central London. Generally it's couples both of whom are working. From when I was looking it seems that there are plenty of people earning >£100K between them willing to drop £300-500K on a property. Prices seem incredible now and I don't see how they can continue to rise like this, but there still seem to be lots of people eager to buy at current prices.
  23. I'm originally from south Manchester, now living in London. I was back up there recently and nipped into Altrincham town centre to do a bit of shopping. I couldn't believe how bad things were, loads of empty shops and the ones that were still there seemed dead considering it was mid-morning on a Saturday not too far from Christmas. I work just off Oxford St in London, so I'm used to the masses of people there and perhaps that has skewed my perceptions of things, but Alty seemed like a town on the verge of death.
  24. This is the key point. Back in the 80s of whenever, 5 years after you'd taken out a mortgage the repayments would be a lot more manageable because of wage inflation. This isn't happening any more, people are stretching themselves and the repayments are still causing problems for them several years later. This is all with historically low interest rates, so once rates start rising there will probably be people who bought 10 years ago unable to pay their mortgages.
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