runforthehills Posted August 19, 2010 Share Posted August 19, 2010 No, I meant ALL mortgages. Finance for housing does nothing but enrich moneylenders and landlords..saying that, it didnt enrich the money lenders at all....although, some of their employees did rather well. I hold no truck with preserving controlling institutions if they gain their control not through the ballot box but by fear and deception. 12% drops in my neck of the woods...thats in about 90 days according to property snake. Yes I agree. It's horrible. But things have always been like this! And much much WORSE! It makes me sick, and it's very worrying. I have just looked at the land reg for greater london and from 95-00 prices doubled, from 95-03 they TREBLED, and from 95-2007 they QUADRUPLED. Guess where they are in June 2010, after a wobble down 17%ish and then back up. Yes, still QUADRUPLED. I don't care about what all the other indices say, Property snake has all the undesirable property on it, let's see how it pans out over winter, because I have seen this elusive HPC come and go 3 times now, and it's taking far far too long to continue justifying sitting out of the market and renting. Interest rates are going nowhere, and even when people lose their jobs they will be able to cover their mortgage, as it will be the same as renting. 5% drops per year is my guestimate. You could pay your capital off in that time, absorbing the Negative Equity as you go. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted August 19, 2010 Share Posted August 19, 2010 Yes I agree. It's horrible. But things have always been like this! And much much WORSE! It makes me sick, and it's very worrying. I have just looked at the land reg for greater london and from 95-00 prices doubled, from 95-03 they TREBLED, and from 95-2007 they QUADRUPLED. Guess where they are in June 2010, after a wobble down 17%ish and then back up. Yes, still QUADRUPLED. I don't care about what all the other indices say, Property snake has all the undesirable property on it, let's see how it pans out over winter, because I have seen this elusive HPC come and go 3 times now, and it's taking far far too long to continue justifying sitting out of the market and renting. Interest rates are going nowhere, and even when people lose their jobs they will be able to cover their mortgage, as it will be the same as renting. 5% drops per year is my guestimate. You could pay your capital off in that time, absorbing the Negative Equity as you go. Off you go then....there were 10 pages of properties on my snake search....if by undesirable, you mean unaffordable, then I agree. Friend of ours just had her valuations from two EAS....it was £135K in 2008, now they reckon £160-165K...and this with a shitty neighbour. the snake reveals that current asking prices for such a small property are not selling...bee confirms. Quote Link to comment Share on other sites More sharing options...
runforthehills Posted August 19, 2010 Share Posted August 19, 2010 Off you go then....there were 10 pages of properties on my snake search....if by undesirable, you mean unaffordable, then I agree. Friend of ours just had her valuations from two EAS....it was £135K in 2008, now they reckon £160-165K...and this with a shitty neighbour. the snake reveals that current asking prices for such a small property are not selling...bee confirms. There's no way anyone would give me a mortgage anyway, even with my 10 years of savings and HPI equity, coz even though we are at average london wage each, we are both self-employed, and are very good at having small profits by ploughing back into the business! So I will just here stewing and 'getting on with my life' while paying for my fat shit of a winkworth twit landlord to move up trouser sizes. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted August 19, 2010 Share Posted August 19, 2010 There's no way anyone would give me a mortgage anyway, even with my 10 years of savings and HPI equity, coz even though we are at average london wage each, we are both self-employed, and are very good at having small profits by ploughing back into the business! So I will just here stewing and 'getting on with my life' while paying for my fat shit of a winkworth twit landlord to move up trouser sizes. We are at the stage where property we would consider would require a small mortgage. probably too small to be a mortgage. In the odd places Ive looked, they arent interested in 30K mortgages. not enough bonus no doubt. time will come when they will be welcoming such "micro" mortgages as bread and butter. Quote Link to comment Share on other sites More sharing options...
gf3 Posted August 19, 2010 Share Posted August 19, 2010 I have to agree with Bardon there is nothing wrong with IO mortgages. I have had them in the past but at the moment I have a repayment. It all comes down to the maths. If I could take out a life time IO mortgage where the house would be sold and the mortgage paid off when I die I would definitely take out one of those. I'm 46 and my repayment mortgage will be paid off when I am 65. I owe £85,000 my repayments are £420 a month. If I went for a IO mortgage instead my payments would be about £48 a month If I die when I'm 65 I would have made all those extra payments for nothing. how ever If I live till I'm 500 I may be onto a good thing Quote Link to comment Share on other sites More sharing options...
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