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lets get it right

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Posts posted by lets get it right

  1. A quick google, and the first site I found for a BTL mortgage.


    APR about 7%..

    £140K over 25 years @ 7%..

    Repayment: £1001.12

    IO: £816.66

    And these are mortages that require 85% LTV, larger LTV's would even have worse APR.

    But of course because this mortgage would require 85% LTV.

    First you would need to find £21K for deposit, then the remaining £119K would be.

    Repayment: £850.95

    IO: £694.16

    You do know there a million ways around the 85% LTV thing don't you? Or are you ignoring them because it doesn't suit your argument.

    If you're struggling - type 'BTL no money down' into google.

    I hate BTL as much as the next man, more probably, but if you think that every BTL in the country is bought on a 85% mortgage with proof that the rent is 130% of the mortgage payments (standard requirement for BTL mortgages - APPARENTLY) - you must believe in fairies.

  2. Well I for one am not frightened by the 'tax rise fear'. I have learnt to live with the fear.

    First I was afraid, I was petrified

    Kept thinking I'd be taxed to death while

    I was still alive

    But Gordenron said to me

    You know you're 'guin ta haf to pey'

    Everyone who works is

    just my natural prey

    You will survive and

    you will slave

    you'll pay me lots of tax

    until the day you lay down in your grave

    and in case you're think you're done

    when your judgement day is come

    your inheritance is mine

    and I'll spend it on fine wine

    I will survive and

    you will slave ...

    repeat Ad Nauseam - apologies to Gloria Gaynor

  3. Damn! I missed the show.

    But before you call condemn the selfish tosser to a life of penury ... if the [email protected] bought 104 properties over the last 7 years, it is fair to assume that he has a fair old chunk of equity in at least half of them.

    Even if he only has 10k of equity, on average, in each property - he's a millionaire.

    Don't like BTL. Don't like BTLetters. But you'd be stupid to think people haven't and aren't making money from it.

    Lots of leech [email protected] like him will survive the downturn and will be in a position to double their portfolio if and when prices ever do go down. As soon as rents cover the mortgage again, they'll be buying like no tomorrow.

    That's why, unless something HAPPENS, nothing will change. (Oops, bit of tautology there.)

  4. I have always thought that a party with John Prescott as DEPUTY PRIME MINISTER - (Oh God preserve us, I mean for FECK'S SAKE - is he the second best man in the country to run the place?) - must be a party of complete twerps.

    Incompetent imbeciles who, unlike previous Labour administrations, have not even got their hearts in the right place.

    But, and I find this extremely weird, I'd rather have John Prescott as prime minister than Gordenron.

  5. In this Brave New Orwellian World - you have clearly missed the point. It's not that the CBI privately asked the Chancellor to remove the tax relief on dividends in pensions - no, no, no - it is that the Treasury knew that that was what the CBI leaders were THINKING - PRIVATELY.

    If you know what someone is thinking - privately - then it is fair and reasonable to act on what you know are their real desires.

    If you tell a lie often enough ...

  6. In the entire history of mankind there has never been a period of time when masses of people have had the things you refer to. Today, the majority of the worlds population does not have them. Maybe there was a brief window from 1965 - 1995 when some lucky people in western socities got these things, but no section of human society ever did before.

    It's interesting really. On the one hand you're basically right, on the other, if I stand outside my house and kick a ball around with my youngest - I constantly get out of the way of people driving BMW M5s, Range Rovers, Mercs etc. - and I live on a pretty ordinary housing estate. Not millionaires row by any stretch. The area I live in is prosperous. People spend a lot of money on all sorts of stuff - women spend £60 to £100 on a haircut. So, although when thinking about the world at large, it's true the majority of people in the world lead sh!tty lives - many people in this country are surrounded by wealth, even if they haven't got much themselves.

    This HP question comes down to one thing - asked here on many occasions.

    If you are young and a wannabe FTB - why should you pay TWICE what your big brother paid for a flat 5 years ago?

    Say what you like about the rest of the world - massive HPI here is not FAIR on people who would normally have aspired to own - like their parents and like their older siblings.

    AND - renting here is no joke. What are young people to do nowadays. Rent forever. How many 6 month ASTs will they have to put up with. 80? 90? It's nuts this bolleaux.

  7. Those that do put there homes up for sale before the cut-off date will have to pay for the report if their home is still on the market by December.

    Where did you get that from? Actually, if you get your house on the market before 1st June, it can stay on until March 2008 without a HIP.

  8. Just received a property listing brochure from an estate agent in the West Country. Front cover has a big warning Road Sign - HIPs - Home Information Packs - with a warning triangle under saying 'WARNING! New government legislation affecting buyers and sellers of property from 1st June 2007'

    There is a full page inside providing info on HIPs. At the top of the page it says:

    "Are you thinking of selling your house this year? Unless it is on the market before 1st June 2007, you will need a Home Information Pack in place."

    There has been discussion here before about the likely effect of HIPs. I am amazed we have not had a barrage of warnings from Estate Agents along the lines of 'Quick, get your house on the market and avoid the cost of a HIP'

    Instead they seem to be behaving responsibly.

    The document in question says "A HIP for a freehold property will contain up to 100 pages of information comprising:- ...'

    I think a lot of potential sellers will think long and hard about putting their houses on the market when they have to commission a HIP (even though the agent will prepare it). And if you're buying, reading a 100 page document before you visit a property - even though it doesn't contain a Home Condition Report (these are now optional, they were originally going to be compulsory) - will put a lot of people off viewing. By the time you have ploughed through the searches and the deeds, and been put off by all the wayleaves and restrictive covenants etc ...

    I think now, and have ever since HIPs were first mooted, that they will kill the market by removing supply. The effect on prices remains to be side but with stranged supply, price rises could be expected?

  9. Maybe. Obviously risk transfer / risk pooling is more sophisticated now.

    And the popular story about 1929 is that when some financier or other was given a share tip by his 'shoe-shine' boy, he immediately liquidated his portfolio - realising the extent of the bubble.

    The only bubble I see around me is an asset bubble - and the only asset affected is property. And, four years ago I would have described it as a bubble because it was rapidly inflating. In 2003 (in my area) it pretty much peaked and deflated a little in 2004 and 2005. The IR cut in Autumn 2005 reflated it and prices now are a little above 2003 levels.

    So a bubble which has stayed inflated at the same level for 4 years.

    Not my definition of a bubble.

    More a shift in pricing caused by historically low interest rates.

    Higher interest rates will put downward pressure on prices (which are always tending to inflate with inflation anyway) but if we don't get them - and the US may well lower at some time in the future - and, in any case, dramatic rises do not appear likely - the market will stay as it is. Not rising greatly, probably not falling either.

    Huge difference between a stock market bubble bursting - liquid asset - supply and demand instantly affecting market etc and the property market. Illiquid market, generally more demand than supply etc.

    We 'survived' the dot.com bubble bursting relatively easily compared with 1929. The times they are a changing.

    The whole thing is now completely out of proportion and, I believe, some reactions here are not rational.

  10. I know I shouldn't bother to get into this discussion again, BUT how come the absolute majority of children I was at school with (at an inner-city state primary and comprehensive) in the 1980s and 1990s lived in owner-occupied houses and had mothers who didn't work then? There were a VERY few children who lived in council housing, and maybe one or two whose mothers worked part-time, but this was pretty unusual until the mid-1990s. The depressed inner-city north in those days was not exactly a high spot of prosperity. I wonder how many other people have similar recollections. So if it was so difficult to buy in the 70s, 80s, etc., how come of the children I knew at school none had working mothers in order to afford the mortgage? Only their fathers worked, so the mortgages must have been on one salary.

    Houses could still be bought in the north (not in wonderful areas, I grant you, but not too bad) for under 20k in 2000.

    I remember looking in estate agent windows in the north when I got my first starting salary of c. 17k. I was working in London, so much of my salary went on rent, but there were still houses available in my home town for less than 16k. I vividly remember being surprised that I could have bought a house for less than my yearly salary. Sadly I couldn't actually have done so -- for all those who wanna know "why didn't you buy then?", paying rent in London rather precluded buying a house in the north, and buy-to-let mortgages then were only just taking off (and you needed a 15 percent deposit, which with student loan debts I certainly didn't have).

    Now those same 16k houses are around 75k! Yet wages certainly haven't increased by the same proportion. You couldn't buy a house on one wage now.

    I'm sorry, I think you have the rose tinted specs on. I don't remember a golden age in the 80s where mum stayed at home and 'kept house' - now if you go back to the 50s that might be a little truer - but, actually, for the working classes in particular, life has always been hard. When I was a kid (1950s) I would say more than half my primary schoolmate's mums worked. In those days there was a slight tendency to regard this as 'bad' and 'greedy'.

    How times have changed. This bunch of tossers (New Labour) keep harping on about getting every woman into the workplace! Why, what's so great for society about children brought up in nurseries and looked after by child minders.

  11. Just have a look at that picture here, and pay attention to the phase after 1929 and to where we're at right now.

    Then you tell me again whether you think these kind of thoughts are hysteria.

    I'd be curious to hear your explanation for the events of 1929 and the depression that followed. Just a few sentences to cover the main points.

    My point being that if you look, for example, here, you will see that all sorts of eminent people have been arguing the toss about this for years. And the overwhelming impression you get is that no two people agree.

    So I think it may be less than prudent to somehow correlate the world today with 1929. It may be similar, but it may not.

    Interesting how rapid the growth in debt was prior to 1929 - just a couple of years and bang! - as opposed to what 20 years of steady increases now. Which makes me think that, while the growth of debt is not desirable, it may not be as catastrophic as this thread suggests.

    So, yes, still think hysteria is a legitimate description. If you believed this stuff you'd be stockpiling food now. Are you?

  12. Two thirds of NHS staff would not want to be patients in their own hospitals.

    Rural payments agency face £300m fine for "embarrasing failure".

    2 million people have to pay for dental care. Also, according to radio 4, the scope of NHS dental work has been drastically reduced.

    Illiterate students passing their A levels.

    Child poverty on the increase.

    Golden Trough Award

    Director of Corporate Resources


    North London

    Up to £140,000

    We are looking for an outstanding individual who can assist Haringey in securing excellent corporate performance.

    Silver Trough Award

    Director of Housing


    West London


    Partnership working will be key as you build an effective relationship with our ALMO, Ealing Homes, and with local social landlords and the private sector.

    'Lets all have new job titles and big pay rises' tax abusers of the week.

    Deputy Director - Third Sector Support, CABINET OFFICE, £55,000 to £77,000

    Deputy Director - Public Sector Partnerships, CABINET OFFICE, £55,000 to £77,000

    Deputy Director - Participation, CABINET OFFICE, £55,000 to £77,000

    Deputy Director - Social Enterprise and Finance, CABINET OFFICE, £55,000 to £77,000

    Deputy Director - Communications and Strategy, Central London, £55,000 to £77,000

    Assistant Director - Safer Communities, LONDON BOROUGH OF HAMMERSMITH AND FULHAM, CIRCA £90K

    Assistant Director - Parks & Culture, LONDON BOROUGH OF HAMMERSMITH & FULHAM, UP TO £86K

    Assistant Director - Finance and Resources, LONDON BOROUGH OF HAMMERSMITH, UP TO £86K

    Deputy Director - Children, HOME OFFICE, c£90k

    Deputy Director - Learning and Skills, HOME OFFICE, c£90k

    Deputy Director - Corporate Services, HOME OFFICE, c£90k

    Deputy Director - Finance, HOME OFFICE, c£90k

    Other tax abusers

    Assistant Director Finance and Performance


    West London

    £87,507 - £102,951 plus benefits

    The successful candidate will have a strong record in resource management and bring commitment and expertise to the continued development of children's services.

    Chief Executive Officer


    South London

    £100k - £110k pa

    Key challenges include improving services to residents, improving housing stock, and developing an innovative range of non-housing initiatives and projects. Success depends on creating a positive dynamic between hands-on tenant involvement.

    Ahhh - toooo depressing for words.

    My brother was in hospital recently. He pointed out the Trust's vacancies on the notice board.

    Senior nursing staff posts ... £18k - £22k - quite a few of them.

    2 'management posts' - 'to improve the delivery of services in a closely managed environment ensuring targets are set, met, monitored and bullsh*tted about' - etc. Salary of £55k and 60k.

    The nursing staff in that hospital must be really, really demoralized walking past that notice board each day thinking 'why do those c*nts earn 3 times what I am getting?'

    New Labour? New Laugh a minute.

    But we're all bolloxed now. Can't protest. They have you on cameras everywhere. I'd like to see a protest march - about anything - management salaries in councils would be ideal - where everyone wore hoodies and face masks.

  13. However to keep Europe happy and the mass influx of eastern europeans the government had to provide housing, with very few Council housing stock left they looked to BTLs as the answer and so this got the governemnt out of jail and they were not forced into providing/Building new homes.

    Every now and then you read something on here and find yourself going ??????????

    What are you talking about?

    "To keep Europe happy ...????????????"

    "(the government) looked to BTL as the answer"

    What are you on?

  14. Hysteria.

    Come on! Get a grip! We had a spurt of high house price inflation for a few years - prices have been pretty static (+ 10% AT MOST over the last FOUR years in my area - I have posted the Land Registry figures to prove this in other threads.)

    We have had a drift in ownership from owner occupation to renting - as existing property owners leveraged their equity to buy more properties.

    We've had a (admittedly) big increase in personal debt as people have borrowed against the increased equity.

    The IMPORTANT THINGs are that young people are priced out of property ownership, they are either not having children or having them late, only having one, having to live in shoe boxes etc. These are IMPORTANT and they need addressing.

    But ....

    Now we're suddenly in a scenario where the banking system has collapsed, we're all living on baked beans we've buried in the garden to hide from the marauding mobs etc. etc.

    Hey, look on the bright side. If it all goes tits up, there won't be a bank to repay your mortgage to!


  15. Its not unkind to say that by the age of 60, your mortgage should be paid off is it ?

    No, it's not unkind. But it is stupid. Err, lets' think about it for a minute. I know you lot think yesterday was some sort of golden age.

    Well, actually, it was - to some extent.

    But say you got married when you were 30, bought a flat, then when the first child arrived when you were 35 you bought a terraced house etc. Maybe by the time you were 45 you were up to a 3 bed detached.

    IF you had a good job. IF you had regular employment. PROBABLY IF your wife worked as well. And, of course, you wanted to feed and clothe your kids, and have a holiday and a car, and pay your income tax and council tax and gas, electricity, phone, insurances etc etc etc.

    So, when you moved house you took out a new 25 year mortgage because you could not afford to top up the old one and start paying MASSIVELY increased payments.

    And you found our your repayment vehicle - endowment policy sold to you by a wide boy in the 1980s - was going to pay out FECK all.

    There are a massive number of boomers (as you call them) who are going to HAVE to downsize when they retire - simply to pay the mortgage off.

  16. I think it was a very good artical and summed up the average bear on this site very nicely.

    A load of WHINGERS.

    Like the artical sooo much going to read it again whilst thinking of you load of whinging spoilt brats :)

    Look, as you're a tosser, I'm going to give you a FREE spelling lesson.

    It is not 'artical' (pillock) - it is 'article'.

    Please post the name of your English teacher(s) here and the primary and secondary schools you attended (you did attend school?). They should be shot and have their pensions revoked and given to needy FTBs.

  17. Not having the tories back is worrying news???

    We're stuck between a rock and a hard place.. Tory sleaze or Labour sleaze... take yer pick... how depressing :(

    Grow up. Sleaze is around whoever is in charge. Do you think if the Lib Dems got in every one of them would be whiter than white? No! It's the name of the game.

    Now Tory sleaze and at least an ambition to have small government or

    Labour sleaze and

    A massive government machine that tries to pry into and regulate every area of your life

    That runs everything with such mind-numbing inefficiency that they have to keep inventing and raising tax after tax after tax after tax

    That is so short of anyone with any talent, intellect, management skill, common sense, basic abilities etc that John Prescott is the deputy Prime Minister

    Oh, and talking about sleaze ... one thing I can't stand is hypocrisy and New Labour .... spits in disgust

  18. very nice, Can we just scan & put this front page up on every EA' window? That could be a good wake up call for some muppets :P

    This is the odd thing - why aren't there 1000 angry young people who would go out today and buy half a dozen copies of the Daily Express (that hurts to write - still, the end justifies the means) and stick them on Estate Agents windows all over the country with wallpaper paste - take pictures and send to every news agency in the country with a story about the growing anger of young people priced out of property.

    You could organize it on MySpace. What is the matter with you? What's the worst that could happen if you get caught? £25 fine and bound over.

    If a thousand of you did it and news desks were inundated with pictures - you'd start to make a lot of people feel uncomfortable and get a lot of attention in a press which is now beginning to talk about the possibility of a correction

  19. Time to wake up and smell the coffee.

    Brown has a vice like grip on the MPC.

    They are saying that M4 is not significant.

    They are saying increasing the money supply by more than 10% each year (printing money - just running the presses and - hey presto! - 10% more money in the economy) is not inflationary

    They are saying that the plus 5% inflation we all are suffering is, in fact, an illusion and that inflation is only 2.8%

    They are saying they will lower interest rates to defend house prices.

    And ven though lowering interest rates will cause sterling to fall and make our imports more expensive - causing inflation - this does not matter because they will say the inflation is not happening.

    You will tighten your belt - the economy will carry on - house prices will carry on. Everything in the garden is rosy.

    Even though we are printing money, foreign companies are only too happy to keep on accepting our crisp new £20 notes in payment for their goods - and they will carry on like this forever because ... ?

    With these people in charge, your HPC is postponed indefinitely.

    If you are a member of the priced out generation - time for positive action.

  20. Unfortunately, British miners were lions led by donkeys. I have never met anyone of my generation who had anything but the utmost respect for the miners. And when they finally got the money up to something reasonable and got the conditions improved - who ever complained? No-one.

    Where people did get a bit brassed off was with morons like Scargill. He didn't give a fig about the miners. He was fighting a class war and the miners were his ammunition. Who liked it when they 'went out' again and the power stations turned the power off? Who liked sitting in the dark, night after night, knowing that the strike(s) was bogus and just another example of trade union officials spoiling for a fight.

    Scargill was a bloody fool. He started a fight he knew he couldn't win and, in the process, killed the mining industry. Now we are heading for reliance on Russian gas. Heaven help us! Do you trust Putin? I don't.

    And to the person who (predictably, oh so predictably) started moaning about CO2 - modern coal fired power stations release less CO2 than other ways of producing energy from carbon.

    Get the mines open again. I don't care who does the mining as long as they get well paid and work in safe conditions.

    Keep the home fires burning.

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