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pandabear

Another Bear Bites The Dust...

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Well folks, thanks for all the information and advice over the years. I've been a member for almost 7 years, a lurker for almost 10 and without it i would have felt totally isolated as i watched house prices increase by more than my annual salary year after year in the past decade. Worryingly it seems to be happening again.

I was able through old classic posters like CGNAO, shift my dear late mother's finances in the week before Lehmans and have upset more people than i care to remember protesting about the house prices. Yet still, the prices confound my logic.

I've bought. It wasn't really a choice, had I not done, I would have lost the roof over my head. I had to purchase my late Mother's house from her estate (at market value, cheers bro'!). Managed to get a fantastic rate on a 5 year fix, good but tired house in a good area etc. Needs a lot of work but looking forward to it.

But why is it, despite speaking to an exciting Uncle about house prices earlier, i just keep sh!tting myself about the size of the mortgage and the likely hike in interest rates?

Take care good people, I'll still lurk, and still believe! At some point this purchase will likely come back and bite me on my backside, but it's warm dry and more importantly home!

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Yet still, the prices confound my logic.

I thought Confounded was a good name for me back in 2006, however it amazing how now 8 years on the madness can confound further.

I have learnt a huge amount in the early days of me joining HPC and I would say what I have learnt from the generous others was truly life changing. Have I navigated the property market making my fortune, no, however I do live mortgage free in an adequate house for our needs. HPC open my eyes to so many things and i believe this helped me make the jump to start my own business that is now in it fourth year of providing a good income in a part of the world we always hoped to move to.

Good luck with your new home.

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Thanks all. Oddly enough i found this through a reference on the BBC website about mortgage fraud. You'll never guess who was my "first"...

ERIC

Sorry, couldn't resist...

Edited by pandabear

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But why is it, despite speaking to an exciting Uncle about house prices earlier, i just keep sh!tting myself about the size of the mortgage and the likely hike in interest rates?

Yet rates are falling. #TurningJapanese?

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I'm going to look at a house tomorrow :-(

Downsizing :-)

Serious life changing quit work and move to the country stuff. Not quite a leap in the dark as it's in the village I grew up in and where most of my family still live.

I remain a bear so downsizing is wise. However, such is the rarity of this particular thatched cottage being on the market that there's a real danger I may buy it and temporarily own two houses. Gulp. Just in time for the crash I've been loudly predicting for about a decade. I wish my mother had never told me it was on three market.

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We may still be no where near peak insanity yet. It seems the chance to growth GDP via house prices is just too tempting and easy in the modern economic world.

London growing at over 10% per year, just think what that is adding to GDP and the "wealth" of this country.

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sounds like you were GIVEN half a house (inherited sadly) and then had to decide what to do with it...

I know, I was in the same situation...BIL wanted us to redecorate and refurb and sell for more...he was abroad and couldnt get involved..

I was tempted to buy his half...

couldnt see eye to eye, one reason he didnt want to sell as future gains would have been ours not his...renting?...no....he needed the money...so the whole lot went for sale.

Anyone would think that the mere act of buying a house indicates approval of the market.

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I would have lost the roof over my head.

Really? Sounds as if you inherited half a home. Doesnt sound like you wouldnt have capital to house yourself.

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When we moved into our current place there was a house two down which was empty, turned out it was also an inheritance and the parties concerned couldn't agree what to do with it. Nearly five yeas later and it has only just changed hands and getting done up.

Interestingly there is another in front of us that has been empty for four years now, work started but stalled, and another on the main road that has been empty for the whole time we have been here. Three houses in 50m all not in use.

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I actually know someone who did similar to the OP. His mother died and he was living there. So he bought out the other beneficiaries of her estate and moved back in, with his share of the estate forming his equity. He financed this with an interest only 'BTL' loan from the Chelsea as he had no provable self employed income.

This was at peak bubble and in fact he paid a record for that street in Romford (about £320k for a 3 bed semi with garage). The loan from the Chelsea was about £270-£280k and was at a ridiculously low rate (might have been a teaser rate) which he could fund from having just one lodger.

I thought his equity would get wiped out in fact, however as we all know home owners were bailed out. I've since driven past the place and noted the property now has all new double glazing so one suspects a little mewing has been going on. I can't conceivably see where else the money has come from.

Anyway wishing the bears who have turned bull, every success for the future.

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I'm going to look at a house tomorrow :-(

Downsizing :-)

Serious life changing quit work and move to the country stuff. Not quite a leap in the dark as it's in the village I grew up in and where most of my family still live.

I remain a bear so downsizing is wise. However, such is the rarity of this particular thatched cottage being on the market that there's a real danger I may buy it and temporarily own two houses. Gulp. Just in time for the crash I've been loudly predicting for about a decade. I wish my mother had never told me it was on three market.

Is that wise, family, people you grew up with.....trouble with a capital T

''Truly I tell you, a prophet is not accepted in his own town''

Edited by crashmonitor

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