Mark5290 Posted September 9, 2005 Share Posted September 9, 2005 http://forum.cliosport.net/display_topic_t...&PagePosition=1 Quote Link to comment Share on other sites More sharing options...
IMD Posted September 9, 2005 Share Posted September 9, 2005 http://forum.cliosport.net/display_topic_t...&PagePosition=1<{POST_SNAPBACK}> Whoever lent him that money should be reported to the FSA... 350k, to a 19yr old on a 40 yr IO mortgage... Quote Link to comment Share on other sites More sharing options...
Bluelady Posted September 9, 2005 Share Posted September 9, 2005 Whoever lent him that money should be reported to the FSA... 350k, to a 19yr old on a 40 yr IO mortgage...<{POST_SNAPBACK}> I thought it was £250 ... not that it makes it any better. Quote Link to comment Share on other sites More sharing options...
DonnieDarker Posted September 9, 2005 Share Posted September 9, 2005 40 years.... Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted September 9, 2005 Share Posted September 9, 2005 if you dont start working on n life at our age by the time you know it your 50 with nothing. if i own 4 propertys by the timw im 25. live in one and let out the other 3 then by the time im 50 ill defo be a million air. and thats min The best laid plans...? This guy obviously expects prices to keep rising as they have done. million air? No. Hot air. Yes. Quote Link to comment Share on other sites More sharing options...
DonnieDarker Posted September 9, 2005 Share Posted September 9, 2005 Hope the t*sser ends up bankrupt, addicted to heroin and disowned by his family. Quote Link to comment Share on other sites More sharing options...
theChuz Posted September 9, 2005 Share Posted September 9, 2005 40 years.... <{POST_SNAPBACK}> Not only 40 years but 40 years interest only.. the plank is still going to have to pay 250K when he's 60. I hope the historically interest rates don't go up in the next 5 years or so thinking about it that is the least of his problems. I dont even like the idea of a 25 year mortgage to much, let alone 40 . Quote Link to comment Share on other sites More sharing options...
delboypass Posted September 9, 2005 Share Posted September 9, 2005 that will be the biggest rent anyone has ever paid in a long time. Really though this is a huge problem. 40 year morgages?? what next to keep the bubble alive - Lifetime morgages?? Lending £250,000k to a 19 year old who probably earns about £19,000 And even then giving him a 110% morgage?? He couldnt even save up a deposit!! This is definately going to end up in tears. My only worry is this is a windup cause if it isnt there is definately something worng in the market place out there! Quote Link to comment Share on other sites More sharing options...
Too expensive to trade up Posted September 9, 2005 Share Posted September 9, 2005 (edited) Oh that's scary. So when is 60 he has to find £250K to pay off the mortgage! Doesn't he have friends or family to pointout the stupidity of this? EDIT gramma. Edited September 9, 2005 by Too expensive to trade up Quote Link to comment Share on other sites More sharing options...
DonnieDarker Posted September 9, 2005 Share Posted September 9, 2005 He will die a penniless, lonely junkie. Quote Link to comment Share on other sites More sharing options...
doogie Posted September 9, 2005 Share Posted September 9, 2005 Hope the t*sser ends up bankrupt, addicted to heroin and disowned by his family.<{POST_SNAPBACK}> That's a bit harsh. All he's really done wrong is he's been a victim of a massive pyramid-selling scam. Quote Link to comment Share on other sites More sharing options...
Mark5290 Posted September 9, 2005 Author Share Posted September 9, 2005 He has also bought a brand new Renault Clio 182 Trophy by the looks of it. Who's Ben182 then? Quote Link to comment Share on other sites More sharing options...
what what Posted September 9, 2005 Share Posted September 9, 2005 Well I felt sorry for him - he's 19 - just a kid. The irresponsibility of the lenders amazes me though. I can't see why they lend to people on these terms as it must be a big risk for them. Maybe they've been caught up in all the house only go up BS that they've been spouting? Quote Link to comment Share on other sites More sharing options...
khali Posted September 9, 2005 Share Posted September 9, 2005 http://forum.cliosport.net/display_topic_t...&PagePosition=1<{POST_SNAPBACK}> I sincerely hope this guy is just full of sh!t and on a wind up. If he ain't then I can see the bank jobs and mugging old ladies scenario becoming a reality for this individual. Either way, worra tw*t. Quote Link to comment Share on other sites More sharing options...
rockdoctor Posted September 9, 2005 Share Posted September 9, 2005 His view is probably that he has taken out an option on the housing market. If prices rise, he makes money with massive leverage. If prices fall, he loses a fortune, goes bankrupt and starts again, at a pretty young age. From the point of view of a 19-yr-old with unspectacular career prospects this could seem a very good strategy. A fast track to £250K profit (he's seen prices double recently) or a period of working his way back into credit. How many years before a personal bankruptcy is no longer a burden? 10 years? He'll be 29, younger than many FTBs these days. I think it's crazy immoral behaviour, and the banks irresponsible for lending to someone like this. But the fact that they do will make it a temptation for some. Quote Link to comment Share on other sites More sharing options...
Casual Observer Posted September 9, 2005 Share Posted September 9, 2005 This is definately a wind-up. Although it's a strange forum to wind up the bulls, so I wonder................ Quote Link to comment Share on other sites More sharing options...
ben_bear? Posted September 9, 2005 Share Posted September 9, 2005 He has also bought a brand new Renault Clio 182 Trophy by the looks of it. Who's Ben182 then? <{POST_SNAPBACK}> Hi, I'm Ben182... been looking at this forum for the last few days, and it does make interesting reading. I doubt the guy on cliosport was a wind-up, he's made a lot of posts on the forum. It is very worrying, he could potentially ruin himself if/when there's any downwards correction. Also interest only, not the greatest plan especially if viewed as a long-term option. Still there are always going to be people doing crazy things like this if someone will lend them the money. Quote Link to comment Share on other sites More sharing options...
FTB Posted September 9, 2005 Share Posted September 9, 2005 (edited) He'll be begging for mercy this time in 12 months, his house will be worth less, he'll have paid none of the original capital off and *really* struggling to make his monthly payments. I suspect he won't be owning that Clio for much longer anyway. I especially like his naivety and then trying to tell people he's being clever "beating the system" He *really* does believe he's getting a good deal - he's just blinded by the fact he suddenly has a few thousand in his bank account, that will dry up almost instantly and he'll be left with the reality of an ENORMOUS debt and defaults/bankruptcy. He has saved up nothing, zero deposit, now has a £250k mortgage - he works in a bloody bar for god's sake! Utter, utter stupidity - from both him and the lender. Someone who spells millionaire "Million air" doesn't deserve to be one anyway. "WELL basicly i get a 89% mortgage. but i get 20% of the price of the house therefor iv got 9% cash back to playwith. so i pay a 5% deposit and the rest on stamp and stuff. so i actually pay nothing upfront. clever ay." No. "if i own 4 propertys by the timw im 25. live in one and let out the other 3 then by the time im 50 ill defo be a million air. and thats min" Edited September 9, 2005 by FTB Quote Link to comment Share on other sites More sharing options...
FTB Posted September 9, 2005 Share Posted September 9, 2005 I think this line sums it up: "its not much but its in Guildford and its £250,000. " This really shows how detached from reality people are, pure monopoly money, he's just a kid with no actual concept of what he's doing, he's a teenager who works in a bar and now OWES a QUARTER OF A MILLION POUNDS and has to service the interest on that every month. What if...interest rates go up to 6% ? Can he then afford the repayments? My left foot he can. Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted September 9, 2005 Share Posted September 9, 2005 A 19 year old will only have known the boom years. Probably thinks that is is the normal state of affairs. Quote Link to comment Share on other sites More sharing options...
Casual Observer Posted September 9, 2005 Share Posted September 9, 2005 He'll be begging for mercy this time in 12 months, his house will be worth less, he'll have paid none of the original capital off and *really* struggling to make his monthly payments. I suspect he won't be owning that Clio for much longer anyway.I especially like his naivety and then trying to tell people he's being clever "beating the system" He *really* does believe he's getting a good deal - he's just blinded by the fact he suddenly has a few thousand in his bank account, that will dry up almost instantly and he'll be left with the reality of an ENORMOUS debt and defaults/bankruptcy. He has saved up nothing, zero deposit, now has a £250k mortgage - he works in a bloody bar for god's sake! Utter, utter stupidity - from both him and the lender. Someone who spells millionaire "Million air" doesn't deserve to be one anyway. "WELL basicly i get a 89% mortgage. but i get 20% of the price of the house therefor iv got 9% cash back to playwith. so i pay a 5% deposit and the rest on stamp and stuff. so i actually pay nothing upfront. clever ay." No. "if i own 4 propertys by the timw im 25. live in one and let out the other 3 then by the time im 50 ill defo be a million air. and thats min" <{POST_SNAPBACK}> "I pay nothing up front. Clever ay?" No, because you'll be paying interest on it for 40 years you tw@t. Quote Link to comment Share on other sites More sharing options...
FTB Posted September 9, 2005 Share Posted September 9, 2005 "I pay nothing up front. Clever ay?" No, because you'll be paying interest on it for 40 years you tw@t.<{POST_SNAPBACK}> I didn't actually realise he'd just bought a *brand new* car too - I'm guessing that's on finance too. I'd love to know how he plans on putting petrol in the car and buying food. Credit card perchance...? Scary. Quote Link to comment Share on other sites More sharing options...
kinesin Posted September 9, 2005 Share Posted September 9, 2005 Just been on one of the mortage calculator sites - 5% for 40 years, and I doubt the interest rate is this low! The bottom line, is that this interest only mortgage for £250,000.00, over 40 years, will cost you £1,041.67 a month. In taking out this loan, you'll pay a total of £500,000.00 in interest. At the end of the mortage terms, you'll still owe £250,000.00 Quote Link to comment Share on other sites More sharing options...
Casual Observer Posted September 9, 2005 Share Posted September 9, 2005 Just been on one of the mortage calculator sites - 5% for 40 years, and I doubt the interest rate is this low! <{POST_SNAPBACK}> The bank must love "clever" customers like him! Quote Link to comment Share on other sites More sharing options...
Rusty Posted September 9, 2005 Share Posted September 9, 2005 that will be the biggest rent anyone has ever paid in a long time.Really though this is a huge problem. 40 year morgages?? what next to keep the bubble alive - Lifetime morgages?? Lending £250,000k to a 19 year old who probably earns about £19,000 And even then giving him a 110% morgage?? He couldnt even save up a deposit!! This is definately going to end up in tears. My only worry is this is a windup cause if it isnt there is definately something worng in the market place out there! <{POST_SNAPBACK}> Quote Link to comment Share on other sites More sharing options...
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