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TheCountOfNowhere

Christmas Is Cancelled...a Little Anecdote,

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A family member took on a massive mortgage this year to buy a house in the S.E.

They were some of the "lucky" ones who got their pre-MMR approved debt. :rolleyes:

They have just cancelled Christmas and their family holiday for next year.

They wont be buying us any presents. Which is fine, as I care not for commercialised mass marketed plastic tat.

Interest rates are at 0.5% and the London bubble is collapsing.

I will follow this with great interest.

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Gristle to the grinder, sadly its your family.

I could be all morally generous and say that, regarding members of my own family on similar positions, it's also sad, however considering the psychopathic pro debt sh#t they've given me, I'll actually be entertained the more pain they end up in

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Couple I know took out c £400k mortgage in March (50-60%). Few months later he's made redundant. He's 60/65.

So sounds terrible? Actually no. Assuming his pte equity shares come up in 2-4 years they'll pay off mortgage. They're paying £650/m on a lovely home v £2200 for rent.

Made me think that's for sure.

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Tenant, this is off-topic but in another thread you mention voting Labour at the next General Election. This is not a glib question but What has the Yorkshire response been to Rotherham and how could you vote for Labour in the wake of it?

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Couple I know took out c £400k mortgage in March (50-60%)....

...They're paying £650/m on a lovely home v £2200 for rent.

How does that work? Being doing sums and a £150k mortgage is coming out at £650pm on a low interest tracker over 25 years? Surely it would be closer to £1700p/m?

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A family member took on a massive mortgage this year to buy a house in the S.E.

They were some of the "lucky" ones who got their pre-MMR approved debt. :rolleyes:

They have just cancelled Christmas and their family holiday for next year.

They wont be buying us any presents. Which is fine, as I care not for commercialised mass marketed plastic tat.

Interest rates are at 0.5% and the London bubble is collapsing.

I will follow this with great interest.

Sadly there is not going to be a happy ending for everyone with the current state of affairs.

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UKIP will sort it out!

I don't know to be impressed that you manage to hijack this thread to attack UKIP. Or sorry for you that your hatred of UKIP is so great that you blindly attack the only party NOT responsible for the current state of affairs.

Edited by iamnumerate

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I could be all morally generous and say that, regarding members of my own family on similar positions, it's also sad, however considering the psychopathic pro debt sh#t they've given me, I'll actually be entertained the more pain they end up in

Oh well, a hard lesson is well learned.

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Sadly there is not going to be a happy ending for everyone anyone with the current state of affairs.

I kinda feel sorry for them in a way, we've had the "buy now before you miss out" from the inlaws ( I think I reported this here ) to which I gave a tirade back of how that was not true because...

Sadly it looks like the inlaws were able to convince someone else not to miss out. What they aren't going to miss out on is THE question.

I even suspect a "loan" from BOMAD was issued offset by future inheritance ( ponzi-tastic ).

I think they have bought at mega bubble peak prices and the reality is now setting in.

Still, once all those wage rises kick in and the debt just disappears in 5 years they will be quids in and Christmas will be a great time again.

Time will tell.

Christmas at the CON's rented house is most definitely on.

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This is what the "miss the boat" brigade never understand until it is too late. If you make it your life's priority to buy an overpriced house at underpriced interest rates you're going to spend the next 25-30 years cancelling christmas. And crapping yourself every time the boiler dies, the roof leaks, or the car breaks down.

The rest of us can just get on with enjoying life.

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How does that work? Being doing sums and a £150k mortgage is coming out at £650pm on a low interest tracker over 25 years? Surely it would be closer to £1700p/m?

2% IO

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2% IO

Ahh, they rent but have signed their savings over to a potentially -30% savings bond.

Clever.

They dont suspect this deal that is too good to be true might not be true ?

Are the banks so generous they are giving away risk free IO loans at 2% so the person taking it out can make a fortune. I do love our generous banking system. It never lets us down.

You were tempted by this madness ?

Edited by TheCountOfNowhere

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Couple I know took out c £400k mortgage in March (50-60%). Few months later he's made redundant. He's 60/65.

So sounds terrible? Actually no. Assuming his pte equity shares come up in 2-4 years they'll pay off mortgage. They're paying £650/m on a lovely home v £2200 for rent.

Made me think that's for sure.

Er, opportunity cost on the £320,000 - £400,000 he put down?

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If they have to cancel Christmas this year how are things going to look if IR's rise?

Or looses his job ( London based ).

Do you feel secure enough in your job right now to pay off a massive mortgage between the ages of 40 and 65 ?

If/when there is a massive downturn in London people like this are in real trouble.

If UKIP get us out of Europe, we will see a MASSIVE reaction.

For me it looks like the banks have stitched up a lot of people, they will either be paying through the nose for 25 years or will loose it all.

There is no way, IMHO, this country is going to get 10 years of boom right now.

There will be no end of turkeys in the S,E, this Christmas, just not on the dinner table.

Edited by TheCountOfNowhere

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No I was not tempted but it did show me that buying is not silly in all circumstances.

They're paying less than a third than rent. They'll likely pay off mortgage in under 4 years.

Irrelevant the property will likely go down over time. They have a young family and losing his job would have meant renting a much small place. etc

No such thng as black and white.

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:rolleyes:

I have to say, on reading the thread about MMR stopping over 40's getting mortgages I thought, oh bugger, that's me then 'stuck' in rented for the rest of my life.

Then I thought, well, it's quite nice to be able to just to call someone to sort out your boiler and stuff when you reach your dotage.

Just choose your landlord slave carefully.

Absolutely. Renting from a decent landlord can take away almost all the perceived downsides of renting, although I appreciate they aren't always easy to find, especially if you have to move in a hurry. We've been extremely lucky with ours, and I am eternally grateful for that.

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Try to find one who has multiple properties and whose way of life is dependent on steady income not maximum income.

Thus doesn't want frequent changes of tenant and s/he can go with the falls in rents.

Basically, bought over 10 years ago and now sitting happy and not adding etc

There's an app business there for the techies...

Edited by Killer Bunny

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No I was not tempted but it did show me that buying is not silly in all circumstances.

They're paying less than a third than rent. They'll likely pay off mortgage in under 4 years.

Irrelevant the property will likely go down over time. They have a young family and losing his job would have meant renting a much small place. etc

No such thng as black and white.

Only in retrospect.

Over your life time, most things average out.

If everyone were winners we'd all be living in a palace in London. The fact that everyone is paying a fortune to live in a hovel in london says to me, most people have already lost.

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