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yorkshireman

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Everything posted by yorkshireman

  1. You make a good point blankster. £10k is a large sum of money and a lot of work. But, of course, the fall in equity does not wipe out the deposit at all. It goes to the lending insitution, who are laughing all the way to the bank. I would not "invest" £10,000 in a house and I have told my grown up children exactly that.
  2. In Yorkshire, we speak our minds. A "portfolio" of 32 properties at 85% leverage, on a good day. So how many of the houses do you actually own outright if any ? You need taking down a peg or two. You don't own them, you rent them from the bank and the "portfolio" belongs to the bank until you pay for it, whenever or in your case, if ever you can manage to pay them back. You own nowt, but you owe a shed load and in my view, thars barmy with it.
  3. Precisely Sir Talbot. You can't lose what you never had. But you can be made to pay it back.
  4. Can always burn one of the peasant's houses to keep warm as well dontcha know. They respect you for it.
  5. I can see your position TC and I do sympathise. We have brought our (6) children up to know that you can only buy and have what you can afford and they are better for it. We are in our fifties, so were able to buy a house when it was affordable. You are not stupid and it will work out well for you and your family. The best investment you can make is not in a bank or to profit a credit card company, it is in your family, which is what you are doing. It may take a few years, but they will respect you for making the right decision.
  6. This is housing related. The great British public have been spending the house for years, but it's all over now. No plastic either and even Josh's scooter has been pawned.
  7. Agreed - paper gains will not put food on the table, or, it appears, buy another house.
  8. What a sad state of affairs. We can move non-existent money around the world in a fraction of a second, but cannot organise to feed ourselves with the vast excess of resources at our disposal. Shut down your PC, turn off your mobile phone, stop your car and think about it.
  9. Sure got to hand it to them - some c*** up
  10. Her only response should be an appalled silence when she looks at the mess, she, and other have created.
  11. I too have children in their 20's. One is a medical doctor with 4 university degrees. None of them can afford to buy a house. I am fairly well qualified, experienced and over 50. I could not afford to buy my own fairly modest house from scratch, were my wife and I to be just starting out in married life, nor could I afford even a "first time buyers" house in our region in the Yorkshire Dales, even based on my present salary and benefits package. My late father was a semi-skilled worker in the car industry and he could afford a very nice 3 bedroom house, a nice car, caravan at the seaside and a reasonable social life. My mother never went out to work and never had to. I and my parents have had the privilege and dignity of being able to work to support our families. The generations who are following are working to support a financial "industry" which is out of control. It's only product is imaginary and based on a perceived value of "property" which is being ramped up, quite shamelessly, by Kirstie and others. The correction is happening, like it or not. We did not cause it and many of us take no personal satisfaction from it. It is not a crime for an ordinary family to want somewhere decent to live, and bring up their family and we will not be criminalised for wishing it to be made more affordable. Property, is not about privilege and wheeler-dealing, it is about ordinary decent people.
  12. If indeed a 20% fall is on tha cards and it is "5 times worse than expected, does it follow that values will fall by 100% and houses will be worth sweet F.A.
  13. "However, for people who earn a low basic salary but actually earn double or triple that amount via commission that is not guaranteed - an estate agent or recruitment consultant - then income multiples clearly work against them. Lenders will often only look at the guaranteed chunk of their income." Oh well, looks like there will be a lot of estate agents unable to buy a house now. No money to lend, no house sales, nc commission and so it goes around and around.
  14. These people are being taken for a ride and not just a coach ride. Surely they must see that.
  15. Housing affordability in the 1990's - here goes. House bought in late 1989 - 100% mortgage _£43k - loan was 2.15 times salary - sold in 2003 for £99k To buy the same house now, would need pay in the region of £155k - loan would be 4.5 times present salary, which I could not now afford. So RFD, to answer your question, houses were more affordable, food, energy and diesel were cheaper (not just relatively either) and I believe things were better for me and my family. The Spice Girls even looked attractive.
  16. What a piece of nonsense. If and when a company fails, the shares become worthless. This is what has happened. I think this is just posturing on behalf of Srm and others and I cannot believe this will ever come to court.
  17. Come on, own up. You were logged on to Inside Track.
  18. I made my last (and final) house move in August of 2003. The mortgage was with Intelligent Finance and I was putting a very large deposit down from a previous house sale. I had to produce P60's for the previous 3 years in order to get the mortgage and that is a fact. The process took about 10 days.
  19. I picked this line out of the article, a comment by David Hollingworth which shows how sad this whole situation has become. David Hollingworth, from mortgage advisers London & Country, said: "If these deals do not return, borrowers are going to have to work a lot harder to reduce their debt." Apparently, the way to reduce your debt is to borrow more and more. If that is the best advice that Mr Hollingworth and his advisers can offer ? If that is the case, then their advice is worth nothing.
  20. Looking at the photos it seems every expense has been spared as regards build quality.
  21. I would lay a bet that out of 100 members of general public, only 10% would know this. Lies, damn lies and statistics eh!
  22. Back in 1989, there was a very large mortgage fraud. Top of the tree was the national president of Round Table.
  23. I will secretly not file company accounts or pay corporation taxes. When I am hauled before the courts I will refuse to comment (as it will be a secret) and see how far that gets me. One law for the law makers and one law for us.
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