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TheCountOfNowhere

National "offer 3X Your Salary" Day, 1St Of October....

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Brilliant idea.

As I have said for over a decade now ----- The whole hpi phenomenon exploded on the world when the corrupt moneylenders stopped using the 3 x i/c rule.....

Once they did that --- even those who WANTED to NEVER go above 3 x their i/c were FORCED out of the market/ OR FORCED to commit fraud JUST to buy a roof over their head....

It was all planned by the Banksters --- they profited BILLIONS from it --- and when it all went belly up 2007/8 --- WE BAILED THEM OUT!!!!??????? :wacko::wacko::wacko:

It was a SAD day when all this happened.... It's been outright FRAUD ever since.....

EVERYONE should REFUSE to pay over 3 x i/c. Sadly -- it is well nigh impossible to get people to understand that - by NOT sticking to this principle -- we have RUINED MILLIONS of decent people's lives..... :rolleyes:

SEE ALL BELOW.

Edited by eric pebble

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Brilliant idea.

As I have said for over a decade now ----- The whole hpi phenomenon exploded on the world when the corrupt moneylenders stopped using the 3 x i/c rule.....

Once they did that --- even those who WANTED to NEVER go above 3 x their i/c were FORCED out of the market/ OR FORCED to commit fraud JUST to buy a roof over their head....

It was all planned by the Banksters --- they profited BILLIONS from it --- and when it all went belly up 2007/8 --- WE BAILED THEM OUT!!!!??????? :wacko::wacko::wacko:

It was a SAD day when all this happened.... It's been outright FRAUD ever since.....

EVERYONE should REFUSE to pay over 3 x i/c. Sadly -- it is well nigh impossible to get people to understand that - by NOT sticking to this principle -- we have RUINED MILLIONS of decent people's lives..... :rolleyes:

SEE ALL BELOW.

Trying to get some momentum behind it....need some young people to start getting the message out there.

Any re-tweets, face book posts etc is welcome...in fact I'll do a facebook page now....

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....and they will tell you "no" just as they did me today when I offered just under asking price for a new home.

I've been here a very long time (2003 I think). 12 years waiting to buy a house. I'm not bullish on property and I'm not bearish either.

I have had enough though - this whole debate has consumed YEARS and YEARS of my life and I'm almost certain if I sit it out till 50 (ten years away) I will be at point in my life where house prices will still be unaffordable and on top of that, Banks won't even lend me any money anyway.

I'm done sitting on the sidelines, I'm going for the best fixed rate I can get and my partner and I will throw as much spare capital as we can find each month to bring it down.

Please don't think I'm swiping here, but most of you have been here as long as I have and I'm pretty sure you'll be having these same old conversations in 10 years. Good luck.

Edit : Also, please understand, when the crash comes that we all so dearly want, it will be catastrophic this time, the least of your worries will be cheap houses.

Edited by FrozenOut

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....doesn't the amount of deposit come into it?..........what about the interest rate?......say the cost of debt becomes free, what should be the deposit and what should be X gross income? ;)

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Trying to get some momentum behind it....need some young people to start getting the message out there.

Any re-tweets, face book posts etc is welcome...in fact I'll do a facebook page now....

Facebook page.

https://www.facebook.com/pages/National-offer-3-x-your-salary-day/1461568644170936?skip_nax_wizard=true&ref_type=page_profile

A futile effort perhaps....but it's worth a try....

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....doesn't the amount of deposit come into it?..........what about the interest rate?......say the cost of debt becomes free, what should be the deposit and what should be X gross income? ;)

On the deposit we're looking at 62%LTV and interest rate is around 2.44%

(assuming you're talking to me of course)

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I'm done sitting on the sidelines, I'm going for the best fixed rate I can get and my partner and I will throw as much spare capital as we can find each month to bring it down.

Please don't think I'm swiping here, but most of you have been here as long as I have and I'm pretty sure you'll be having these same old conversations in 10 years. Good luck.

Edit : Also, please understand, when the crash comes that we all so dearly want, it will be catastrophic this time, the least of your worries will be cheap houses.

I hope you won't think I'm swiping either, but it's just the same old defeatist nonsense.

Regarding "same old conversations", ten years ago was 2005:

  • the GFC was three years off
  • the abject collapse of prices in the US, Ireland, Northern Ireland and Spain was years off
  • replacing FSA non-regulation with BoE implemented MMR was unimaginable
  • the FPC's soft cap on LTIs was unimaginable
  • Osborne's BTL taxation tweak was unimaginable
  • BTL mortgage rates at 2% were unimaginable
  • Upcoming Basel 3 removal of IRB risk-weighting and moves to 100% or 110% RWs for BTL was unimaginable

If you want to give up thinking about your financial future dispassionately and jump in, fine. If you refuse to read and think, fine. But you can do one with crap about "the same old conversations".

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You can add to the previous list that there was no Bank of England Financial Policy Committee, much less an FPC issuing Financial Stability Reports calling buy-to-let a financial stability risk and requesting power of direction to regulate it (with Osborne indicating in Summer Budget speech that he was readying to grant those powers). If you want to get into a bidding war with some BTL tw@t, fill your boots, but IMO your timing is lousy.

Edited by Bland Unsight

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Just a suggestion, but I think you should change the profile image on Facebook to something more illustrative of the problem... the Union Flag will automatically associate this with the far right, in some people's minds.

Maybe a vintage picture of someone of our parents generation, a couple in their 20's proudly showing off their new home, to illustrate how much more they could afford back then?

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On the deposit we're looking at 62%LTV and interest rate is around 2.44%

(assuming you're talking to me of course)

That sounds about right......50% would be even better @ 0%..........but cheaper rents to compensate for the longer saving period. ;)

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It's a brilliant idea. There must be an official register for special days (awareness days) the way the media keep coming up with them - if there is there'd probably be no harm in applying for National "Offer 3 x your salary day" to be included on it. On the other hand if it can gain a foothold without registering then that would be even better. In fact far better.

On the general theme of house prices the recent collapse in the oil price does seem to have some significance. Considering all the talk about peak oil a few years ago there's few people who thought that the oil price would be back down towards the low oil prices of the 90s - and crazy house prices have coincided with years of high oil prices.

The prevailing idea since around year 2000 was that (maybe due to peak oil) high oil prices were going to be built in and that's clearly not the case now. It could easily have implications for house prices if oil prices stay low for some time. Offer 3 x your salary day could become the norm rather than the exception.

Edited by billybong

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Is it 3x main income or 3x joint income?

People deciding to borrow less is the way to reduce house prices.

1998 average house £60k average main salary £18k = 10% deposit 3x single income

2015 average house £180k average household income £40k = 4.5x household income (BoE want 15% of mortgages to be more than 4.5x household to ensure 4.5x becomes the new norm)

£118k (£172k - £54k) extra mortgage and mortgage interest to pay, now over longer mortgage terms = banks loving it, "Why don't you two lovely people borrow more?"

It's not the cost of something, it's the amount of life it takes to pay for it. The number of working hours to buy a house is now much higher, so people pay two taxes to the governbankment, who bait them with childcare subsidies.

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Is it 3x main income or 3x joint income?

People deciding to borrow less is the way to reduce house prices.

1998 average house £60k average main salary £18k = 10% deposit 3x single income

2015 average house £180k average household income £40k = 4.5x household income (BoE want 15% of mortgages to be more than 4.5x household to ensure 4.5x becomes the new norm)

£118k (£172k - £54k) extra mortgage and mortgage interest to pay, now over longer mortgage terms = banks loving it, "Why don't you two lovely people borrow more?"

It's not the cost of something, it's the amount of life it takes to pay for it. The number of working hours to buy a house is now much higher, so people pay two taxes to the governbankment, who bait them with childcare subsidies.

Another good "awareness day" and called something like "Decide to borrow less for housing day"?

Edited by billybong

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Another good "awareness day" and called something like "Decide to borrow less for housing day"?

Not taking on debt is the height of civil disobedience (no sarcasm). It's like going off-grid. You're unplugged. I have enough money to retire without taking on any debts. I am utterly useless to the UK government.

Edited by canbuywontbuy

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....and they will tell you "no" just as they did me today when I offered just under asking price for a new home.

I've been here a very long time (2003 I think). 12 years waiting to buy a house. I'm not bullish on property and I'm not bearish either.

I have had enough though - this whole debate has consumed YEARS and YEARS of my life and I'm almost certain if I sit it out till 50 (ten years away) I will be at point in my life where house prices will still be unaffordable and on top of that, Banks won't even lend me any money anyway.

I'm done sitting on the sidelines, I'm going for the best fixed rate I can get and my partner and I will throw as much spare capital as we can find each month to bring it down.

Please don't think I'm swiping here, but most of you have been here as long as I have and I'm pretty sure you'll be having these same old conversations in 10 years. Good luck.

Edit : Also, please understand, when the crash comes that we all so dearly want, it will be catastrophic this time, the least of your worries will be cheap houses.

Yep. I was in the same boat. I read this site for years and looking back at it now I feel like I was a bit brainwashed into believing the arguments on here would come to pass. It is possible that those arguments will be proven correct but I don't think they will any time soon. I bought a house and it has been one of the best decisions I have ever taken. I actually feel better off for it. Of course this is the view from Scotland and England is a different kettle of fish.

Oh, and going around offering 3X your salary is going to be laughed at (assuming 3X salary is less than the asking price).

Edited by CyberNat

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I bought a house and it has been one of the best decisions I have ever taken. I actually feel better off for it. Of course this is the view from Scotland and England is a different kettle of fish.

In other news, a man who has already made a decision considers it to have been a good decision on the basis of how he feels about it.

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In other news, a man who has already made a decision considers it to have been a good decision on the basis of how he feels about it.

Take it as you will. I certainly don't have any buyers remorse. I feel that my life has improved dramatically since buying. It has allowed me to start a business that would not have been possible if I had not bought. That alone has made the decision a good one.

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Take it as you will. I certainly don't have any buyers remorse. I feel that my life has improved dramatically since buying. It has allowed me to start a business that would not have been possible if I had not bought. That alone has made the decision a good one.

I guess my broader point concerns not how I, or indeed anybody else, should "take" your anecdotal. I'm alluding to the fact that is merely an anecdotal, and not one likely to be evaluated dispassionately.

Maybe a little wiser to give it a while and see how the business works out before tipping up here celebrating your success? There's a reason why banks prefer to lend to business start-ups where the 'owner' can offer some security against the business loan, or had that detail escaped your notice as you revelled in your improved circumstances? I wish you no personal misfortune, but if I were you I'd be more circumspect in offering an anecdotal from your circumstances for our consideration, given that there is many a slip twixt cup and lip.

Edited by Bland Unsight

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I guess my broader point concerns not how I, or indeed anybody else, should "take" your anecdotal. I'm alluding to the fact that is merely an anecdotal, and not one likely to be evaluated dispassionately.

Maybe a little wiser to give it a while and see how the business works out before tipping up here celebrating your success? There's a reason why banks prefer to lend to business start-ups where the 'owner' can offer some security against the business loan, or had that detail escaped your notice as you revelled in your improved circumstances? I wish you no personal misfortune, but if I were you I'd be more circumspect in offering an anecdotal from your circumstances for our consideration, given that there is many a slip twixt cup and lip.

My business has been going for nearly 2 years now. I started it up without any loans and have no debt apart from the mortgage. It is very niche and I have virtually no competition in the UK. All of this would not be possible without owning my own home.

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Yep. I was in the same boat. I read this site for years and looking back at it now I feel like I was a bit brainwashed into believing the arguments on here would come to pass. It is possible that those arguments will be proven correct but I don't think they will any time soon. I bought a house and it has been one of the best decisions I have ever taken. I actually feel better off for it. Of course this is the view from Scotland and England is a different kettle of fish.

Oh, and going around offering 3X your salary is going to be laughed at (assuming 3X salary is less than the asking price).

I laughed when I read it. I don't see anywhere that the Count is expecting that vendors just say yes, fine, I'll drop the price so you can buy my house, you poor wee hard done by non home owning tenant. It's about raising awareness and making people laugh is a good way to do that, get the old thought process started. That said, there won't be many on here who haven't already been laughed at, directly or indirectly so that's hardly an issue either. It's def worthy of retweeting IMO :)

Edited by little fish

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