Bloo Loo Posted June 10, 2014 Share Posted June 10, 2014 http://forums.moneysavingexpert.com/showthread.php?t=4990700 This Guy took out a buy to let mortgage at 18, and lived in it himself for 7 years. Now he's 25 and in trouble me thinks. I didnt understand at that age either...in 1988 we got a new computer and it had a spreadsheet on it. I had a go at mapping out the value of my house. I noticed that the price we paid v the price we were offered for PX on a newbuild was double...I put the rises into the new house and saw in no time at all, I would be a millyonair rodney....the office were all cheering...look at the price in 20 years...wow...then it dawned on me...it was ******. I now understand that constant growth is only something that can occur in the mid of a mathematician. Quote Link to comment Share on other sites More sharing options...
Digsby Posted June 10, 2014 Share Posted June 10, 2014 Where's my compensation for decade+ renting? You broke the rules, and so you get nothing, in the words of Willy Wonka. Except you *didn't* steal fizzy lifting drink. ... And you have to keep the everlasting gobstopper... of rent. Quote Link to comment Share on other sites More sharing options...
cybernoid Posted June 10, 2014 Share Posted June 10, 2014 Larry you have what others can only dream of. A self cert interest only mortgage. Living the dream. Debt you can't afford to repay. What more to life could there possibly be? Quote Link to comment Share on other sites More sharing options...
John The Pessimist Posted June 10, 2014 Share Posted June 10, 2014 9 months ago the boy chancellor undertook to underwrite 95% mortgages. And now they are worried that the proportion of 'high risk' mortgages have increased! What did they expect to happen? http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10888645/Demand-for-risky-mortgages-reaches-five-year-high.html Quote Link to comment Share on other sites More sharing options...
cybernoid Posted June 10, 2014 Share Posted June 10, 2014 You broke the rules, and so you get nothing, in the words of Willy Wonka. Except you *didn't* steal fizzy lifting drink. ... And you have to keep the everlasting gobstopper... of rent. In the end he gets the factory. See it works on so many levels Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted June 10, 2014 Share Posted June 10, 2014 Worrying about debt is good, it's those that aren't worrying that we should really be concerned about. Quote Link to comment Share on other sites More sharing options...
Digsby Posted June 10, 2014 Share Posted June 10, 2014 And the great glass elevator smashes through the ceiling and soars sky high. Making his old home look so tiny. Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted June 10, 2014 Share Posted June 10, 2014 Where's my compensation for decade+ renting? You expect my to have sympathy for the enemy outbidding me for the past 10 years, who are still complaining. Even worse recently, with young couples gurning at the camera for press articles on how clever they've been to buy under HTB. They're "home-owners" now - mostly paying prices which are Twilight Zone crazy. Particularly annoying since HTB and a new bomad frenzy (and btl frenzy from those who say its not earning anything in the bank.) Let them refinance, pay arrangement fees, see teaser deals revert to SVRs, pay the guarantee fee. Your compensation is due from the banks, who are the ones taking your savings and handing them over to financially illiterate 18 year olds to bid up prices to stupid levels.. Quote Link to comment Share on other sites More sharing options...
Venger Posted June 10, 2014 Share Posted June 10, 2014 http://forums.moneysavingexpert.com/showthread.php?t=4990700 This Guy took out a buy to let mortgage at 18, and lived in it himself for 7 years. Now he's 25 and in trouble me thinks. Look at his victim syndrome. That's a property someone else could have bought as a home, at a much lower prices, if it hadn't been for the greed and complacency of such buyers - "it only goes up in value." I hope his parents get repo'd too. "They made their money in property and hotels." Can only hope they are guarantors of some type or helped with the deposit. Never enough for these types. Great; hitting 40 and still watching 20-somethings pay mad prices for houses, HTB1&2 enabling them to get around deposit requirements; crazy prices not any concern for them, bomad still active as well as BTL. Everlasting gobstopper? Buyers/big debtors/bomads have happy "been sold" the exploding candy. Quote Link to comment Share on other sites More sharing options...
winkie Posted June 10, 2014 Share Posted June 10, 2014 Some people constantly expect someone or another to bail them out of their irresponsibility.... Their parents maybe to save their own deposit money? Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted June 10, 2014 Share Posted June 10, 2014 Look at his victim syndrome. That's a property someone else could have bought as a home, at a much lower prices, if it hadn't been for the greed and complacency of such buyers - "it only goes up in value." I hope his parents get repo'd too. "They made their money in property and hotels." Can only hope they are guarantors of some type or helped with the deposit. Never enough for these types. Great; hitting 40 and still watching 20-somethings pay mad prices for houses, HTB1&2 enabling them to get around deposit requirements; crazy prices not any concern for them, bomad still active as well as BTL. Everlasting gobstopper? Buyers/big debtors/bomads have happy "been sold" the exploding candy. Quote Link to comment Share on other sites More sharing options...
Quicken Posted June 10, 2014 Share Posted June 10, 2014 Living the dream. Debt you can't afford to repay. What more to life could there possibly be? It's worse than that - he can't even afford the interest. In one sense perhaps Larry is living the dream though. He should probably have been prosecuted for mortgage fraud (along with his broker and solicitor). Can't have that though can we? On the OP, surely the worry can be alleviated with a nice little dose of mortgage PPI? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted June 10, 2014 Share Posted June 10, 2014 And the great glass elevator smashes through the ceiling and soars sky high. The bankers have taken the buyers up the chocolate pipe. Quote Link to comment Share on other sites More sharing options...
Lord D'arcy Pew Posted June 10, 2014 Share Posted June 10, 2014 (edited) Look at his victim syndrome. That's a property someone else could have bought as a home, at a much lower prices, if it hadn't been for the greed and complacency of such buyers - "it only goes up in value." I hope his parents get repo'd too. "They made their money in property and hotels." Can only hope they are guarantors of some type or helped with the deposit. Never enough for these types. Great; hitting 40 and still watching 20-somethings pay mad prices for houses, HTB1&2 enabling them to get around deposit requirements; crazy prices not any concern for them, bomad still active as well as BTL. Everlasting gobstopper? Buyers/big debtors/bomads have happy "been sold" the exploding candy. I'd bet good money he took out a buy to let mortgage, he then stayed in the property and the parents paid the rent/income shortfall. Now the parents are skint and he has no one to bail him out. Edited June 10, 2014 by Lord D'arcy Pew Quote Link to comment Share on other sites More sharing options...
shindigger Posted June 10, 2014 Share Posted June 10, 2014 It's worse than that - he can't even afford the interest. In one sense perhaps Larry is living the dream though. He should probably have been prosecuted for mortgage fraud (along with his broker and solicitor). Can't have that though can we? On the OP, surely the worry can be alleviated with a nice little dose of mortgage PPI? Funnily enough, i succumbed to a "Have i got PPI.com" ad today. Got 2 live points of attack. Brittania and Barclays. Always thought this was a bit cheap, but sod it, everyone else is getting bailed out / force fed freebies. Not least the banks themselves. So i'll have a shot at the title too, thank you very much. Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted June 10, 2014 Share Posted June 10, 2014 The tide just went out! The swim suit elastic just snapped as well. As my old business advisor once said to " Don't worry about the debt until the bailiff is at the door" Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted June 10, 2014 Share Posted June 10, 2014 Living the dream. Debt you can't afford to repay. What more to life could there possibly be? Money is only a problem to the gambler, when it runs out Quote Link to comment Share on other sites More sharing options...
admann Posted June 10, 2014 Share Posted June 10, 2014 Your compensation is due from the banks, who are the ones taking your savings and handing them over to financially illiterate 18 year olds to bid up prices to stupid levels.. No, no, no and did i say no! The 18 year olds newly minted debt is handed over to you to save. Now they are struggling to meet your rentier demands. What did you expect.... Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted June 10, 2014 Share Posted June 10, 2014 No it hasn't, nothing has changed. Interest base rate 0.5%, QE at £375bn, if anything rates may fall to get parity with Europe. Sentiment in the media has changed. That is VERY important. Quote Link to comment Share on other sites More sharing options...
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