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I was talking to a mate in church yesterday and he's going to buy a property. He recently started a new job, and relies heavily on commission. He's got a 100% interest only mortgage lined up on a bungalow that has been reduced from k225 to k200 (near Brighton). That reduction was before he got involved. He has three kids and the repayments will be £100 more than his rent at the moment. He is under big pressure to buy from his Mrs, and he has a property developer from our church check it out and give it the thumbs up. I felt it was my christian duty to warn him he was putting himself and his family at huge risk. He then went on to tell me that he didn't want to miss out anymore. He said he sold up in 1996 and missed out on the property boom (prices trebling in Brighton) and doesn't want to miss out anymore. He said renting was dead money. When I pointed out that his interest only mortgage meant that he was renting off the bank and liable for all the repairs etc on top, he didn't really seem to get it, and said that he would be able to start paying it off soon.

I like this guy, and if as all expect this crash will come, it is people like him that I feel really sorry for. They haven't MEWed or BTLed, they just want a roof over their heads and a place they can make their own and they're buying at the worst time in the past decade because they believe what the VIs tell them. It's really depressing.

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Guest horace

Church?

If he`s that gullible it is not surprising he believes the VI`s spin.

horace

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I was talking to a mate in church yesterday and he's going to buy a property. He recently started a new job, and relies heavily on commission. He's got a 100% interest only mortgage lined up on a bungalow that has been reduced from k225 to k200 (near Brighton). That reduction was before he got involved. He has three kids and the repayments will be £100 more than his rent at the moment. He is under big pressure to buy from his Mrs,

And it wouldn;t surprise me if his Mrs ditched him in times of trouble and took his kids away from him.

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there are stories like this every day

the sad thing is that many will realse very quickly what rash decisions they have taken.

some will work their way out of it, but mnay will find it an unbearable burden.

all you can do is give sound advice and let them nake their own decisions.

it will be the same on the way down.

some of us wil be saying to friends that the market is at the trough and it's a good time to buy.

the people will repsond- you must be joking the market has lots more to fall

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I know this sort of thing is painful to watch. There seems to be a dwindling pool of kamikazee buyers in the market, those that are still crazy enough to think about buying (there's been a small upturn in Watford - some places that have been around for months and months finnaly going 'sold' as the economy disintegrates - although at what agreed price who knows).

We know a few of these people and they don't 'deserve' their fate - they might be stupid, but they're not evil or immoral. It is pretty horrible to think that some might mess up their lives providing 'repossession bargains' post-crash.

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I was talking to a mate in church yesterday and he's going to buy a property. He recently started a new job, and relies heavily on commission. He's got a 100% interest only mortgage lined up on a bungalow that has been reduced from k225 to k200 (near Brighton). That reduction was before he got involved. He has three kids and the repayments will be £100 more than his rent at the moment. He is under big pressure to buy from his Mrs, and he has a property developer from our church check it out and give it the thumbs up. I felt it was my christian duty to warn him he was putting himself and his family at huge risk. He then went on to tell me that he didn't want to miss out anymore. He said he sold up in 1996 and missed out on the property boom (prices trebling in Brighton) and doesn't want to miss out anymore. He said renting was dead money. When I pointed out that his interest only mortgage meant that he was renting off the bank and liable for all the repairs etc on top, he didn't really seem to get it, and said that he would be able to start paying it off soon.

I like this guy, and if as all expect this crash will come, it is people like him that I feel really sorry for. They haven't MEWed or BTLed, they just want a roof over their heads and a place they can make their own and they're buying at the worst time in the past decade because they believe what the VIs tell them. It's really depressing.

Print off the firstimebuyer leaflet off the main page & hand it to him

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I was talking to a mate in church yesterday and he's going to buy a property. He recently started a new job, and relies heavily on commission. He's got a 100% interest only mortgage lined up on a bungalow that has been reduced from k225 to k200 (near Brighton). That reduction was before he got involved. He has three kids and the repayments will be £100 more than his rent at the moment. He is under big pressure to buy from his Mrs, and he has a property developer from our church check it out and give it the thumbs up. I felt it was my christian duty to warn him he was putting himself and his family at huge risk. He then went on to tell me that he didn't want to miss out anymore. He said he sold up in 1996 and missed out on the property boom (prices trebling in Brighton) and doesn't want to miss out anymore. He said renting was dead money. When I pointed out that his interest only mortgage meant that he was renting off the bank and liable for all the repairs etc on top, he didn't really seem to get it, and said that he would be able to start paying it off soon.

I like this guy, and if as all expect this crash will come, it is people like him that I feel really sorry for. They haven't MEWed or BTLed, they just want a roof over their heads and a place they can make their own and they're buying at the worst time in the past decade because they believe what the VIs tell them. It's really depressing.

The guy must have the economic intelligence of a tadpole - selling at the bottom and now buying at the top. What is wrong with these people? :wacko:

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yes I too feel sorry for the likes of this chap.

but there are people out there with the strength of character to "resist temptation"

the banks are trying to seduce us into big debts...it's their job to tempt us.

this guy has no stamina.he will be punished harshly when it goes wrong.

if he's the church type then aquaint him with jesus' debacles with money-lenders.

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Yes - how dare someone display Christian behaviour and church-going. I'm really upset and intend to have myself banned.

Good luck its very hard to get banned around here especially if you are a restrained church-going Christian. :lol::lol::lol::P

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Guest The Dude

Church?

If he`s that gullible it is not surprising he believes the VI`s spin.

horace

Horace..who the fack are you to judge anybody......I don't go to Church myself but at times, I can understand the need for some people to congregate and to feel 'together'. My own take on it is if people want to go to anything, and they're not doing anybody any harm, then let 'em get on with it....

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Guest The Dude

>> The Dude

LOL

horace

Horace...congrats...an aptly eloquent simple response to my post from an obvious simple minded person... LOL

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Guest horace

>> The Dude.

Oh dear, oh dear!!! May I quote you?

Quote,

Horace..who the fack are you to judge anybody......I don't go to Church myself ....

Unquote.

And who are YOU to judge me?

LOL

horace.

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Guest The Dude

>> The Dude.

Oh dear, oh dear!!! May I quote you?

Quote,

Horace..who the fack are you to judge anybody......I don't go to Church myself ....

Unquote.

And who are YOU to judge me?

LOL

horace.

Horace...I'm just a pathetic piece of crap...I have no illusions on who I am...To get back to the point. if people want to go to Church or to the Bingo or to the local line dancing class...what is so wrong with that which threatens you so much that you would lambast them. Horace, what clubs do you go to? What do you enjoy....what do you believe in?...The Money God?.....

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Guest horace

The Dude

To quote your post above

`I'm just a pathetic piece of crap...I have no illusions on who I am...

unquote.

So it would appear that you have been indoctrintated....

For goodness sake, try thinking an original thought if you can and do not put yourself down. That is

what relegion depends on to survive, the submissive class.

horace

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Guest The Dude

The Dude

To quote your post above

`I'm just a pathetic piece of crap...I have no illusions on who I am...

unquote.

So it would appear that you have been indoctrintated....

For goodness sake, try thinking an original thought if you can and do not put yourself down. That is

what relegion depends on to survive, the submissive class.

horace

I don't go to church Horace.....I do actually witness in awe and wonder what mother nature reveals...so I s'pose I do have a spiritual appreciation on a lot of things. I wish more were like this. Indoctrination?.....everybody who watches TV and read the newspapers....aren't they indoctrinated?

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What a sad little thread full of vindictive and narcissistic replies.

I feel sorry for the chap and wouldn't buy in the current market however I cannot begrudge the man for wanting to provide a roof over his head for his family, however misguided his timing may be. He doesn't seem motivated by greed and only wants what was normal and achievable by most families in post-war times until quite recently. I just hope he's able to ride it out over the longterm.

All this talk of impending family breakup and divorce is pretty sick IMHO, you people seem to judge the 'worth' of a house very highly, most families are far more complete regardless of a pile of bricks.

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  • 301 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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