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redmen9

Colleague Talking About Friend's Rental Property

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Work colleague was on about her friend today, has a house she bought some 20 odd years ago for £16k rented out. Apparently the flat roof is leaking so she has had to fork out £3k to sort it out. As if that's not enough, the tenant has the audacity to complain about the bathroom condensation and insists that an expelair device should be fitted.

Anyway, on questioning my colleague, she says that her friend now owes more on the house than the house is worth. Hmm I say, i take it she never made any effort to repay the mortgage and with costs and inflation etc she still owes more than £16? No she owes more than the property is currently worth!!

I assume a house of £16k in 1985 would now be worth about £150-160k Apparently she has used the house to withdraw money by increasing the mortgage so that now the rent doesn't even cover the mortgage and she has to top that up from her own funds.

She's nearing 50 with no realistic means to pay the mortgage off. A house that she bought for £16k that she now owes ten times the initial amount on!

Flabbergasted! How common is this scenario though, live for today, you're long time dead etc. Spend spend spend don't worry about tomorrow, just live your life for today!

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Work colleague was on about her friend today, has a house she bought some 20 odd years ago for £16k rented out. Apparently the flat roof is leaking so she has had to fork out £3k to sort it out. As if that's not enough, the tenant has the audacity to complain about the bathroom condensation and insists that an expelair device should be fitted.

Anyway, on questioning my colleague, she says that her friend now owes more on the house than the house is worth. Hmm I say, i take it she never made any effort to repay the mortgage and with costs and inflation etc she still owes more than £16? No she owes more than the property is currently worth!!

I assume a house of £16k in 1985 would now be worth about £150-160k Apparently she has used the house to withdraw money by increasing the mortgage so that now the rent doesn't even cover the mortgage and she has to top that up from her own funds.

She's nearing 50 with no realistic means to pay the mortgage off. A house that she bought for £16k that she now owes ten times the initial amount on!

Flabbergasted! How common is this scenario though, live for today, you're long time dead etc. Spend spend spend don't worry about tomorrow, just live your life for today!

I guess this is pretty common, but I don't know of any data to back it up.

Too many days leathering the skin in Spanish resorts + expecting a man to pick up the CC bills. Now the skin is too leathery to pick up a man.

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Work colleague was on about her friend today, has a house she bought some 20 odd years ago for £16k rented out. Apparently the flat roof is leaking so she has had to fork out £3k to sort it out. As if that's not enough, the tenant has the audacity to complain about the bathroom condensation and insists that an expelair device should be fitted.

Anyway, on questioning my colleague, she says that her friend now owes more on the house than the house is worth. Hmm I say, i take it she never made any effort to repay the mortgage and with costs and inflation etc she still owes more than £16? No she owes more than the property is currently worth!!

I assume a house of £16k in 1985 would now be worth about £150-160k Apparently she has used the house to withdraw money by increasing the mortgage so that now the rent doesn't even cover the mortgage and she has to top that up from her own funds.

She's nearing 50 with no realistic means to pay the mortgage off. A house that she bought for £16k that she now owes ten times the initial amount on!

Flabbergasted! How common is this scenario though, live for today, you're long time dead etc. Spend spend spend don't worry about tomorrow, just live your life for today!

So, instead of a steady stream of income for life, this woman now has a huge debt burden. Ffs! :rolleyes:

Once upon a time, people like this starved to death on the savannah.

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She'll be sitting in front of her TV today waving a union jack flag and saying how marvellous the UK is. Makes you embarrassed to show your face abroad.

it is, for her, she is at the right age, fiscal policy currently exists for her benefit

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  • 276 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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