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mattyboy1973

'i Have Three Homes But All My Money Goes On Holidays. Can I Retire At 55 And Send My Son To University?'

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This is so like people I know in London. They have no conception of how close to homelessless they are.

I learnt when I was a week away from losing a job a while back, that if you don't have six months living expenses in the bank/at home, you are no better than the drunk at the casino. You might wake up with a hooker round your ****, but you are also likely to wake up in the gutter with no shoes.

I now get very twitchy unless I have 12 months cash on hand. Also gives me confidence at work as I know if they really screw me around I can just walk.

This woman, as others have said, will not know how stupid she has been until she loses everything. And then she will blame someone else.

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She is, effectively, screwed.

She just does not realize it yet.

No. Unless she goes to Gambia shes had all the c+ck she'll ever get.

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So this woman is so irresponsible she has managed to turn two massive inheritances into half a million pounds worth of debt she has no plan to pay off.

And yet she has a much, much higher standard of living than someone like me who saves their money and tries to pay down debt. She's on holiday enjoying the high life while I can't even afford one roof over my head, let alone three.

There's a belief on here that there'll one day be some kind of 'day of reckoning' where the unfairness is resolved and people like this finally get a dose of reality. Maybe thinking that is the only way to stay sane. But I've seen precious little evidence of it.

All this woman needs to do if it starts going bad is go on Question Time and have a cry and politicians will be lining up to bail her out.

That is why the next Tory leader, and likely PM, will be a real right winger.

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So this woman is so irresponsible she has managed to turn two massive inheritances into half a million pounds worth of debt she has no plan to pay off.

And yet she has a much, much higher standard of living than someone like me who saves their money and tries to pay down debt. She's on holiday enjoying the high life while I can't even afford one roof over my head, let alone three.

There's a belief on here that there'll one day be some kind of 'day of reckoning' where the unfairness is resolved and people like this finally get a dose of reality. Maybe thinking that is the only way to stay sane. But I've seen precious little evidence of it.

All this woman needs to do if it starts going bad is go on Question Time and have a cry and politicians will be lining up to bail her out.

Hehe - yep. You tell it like it seems. Bleak and so unfair.

Reckoning. Hold on to that. The values are changeable and can come back to some levels of affordability. BTLers in newspapers are carrying the balance sheet risks. Take some encouragement with tax-relief changes re BTL (budget) and 3% stamp duty hike (Autumn statement). Of course it also needs the stomach to see the BTLers wiped out. So many of them area already in a panic and can't exit their positions easily. Some of the main names are already bringing property to market (their posts on BTL forums). 3% stamp duty hike... FTBs are MMR'd... we've crossed the event horizon.

Values of homes in any given location are set at the margin, between just a few buyers and sellers. If they transact at lower prices it doesn't just bring those houses down in value. Investors forever preventing the slack being picked up? I don't think so.

Low interest rates have encouraged owner-occupiers and investors to bring their purchases forward, but that eventually creates a void that must be filled.
If it can’t be filled — and it is unlikely that anything can replace investor speculation — then loan approvals will tank and house prices, which are demand-driven, will inevitably follow suit.
Certainly, investor demand is unlikely to be replaced by loan approvals to first home buyers.

"In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could."

Rudi Dornbusch

Great, so not only have I been locked out of home ownership I now get blamed because my efforts to save enough money to escape the trap somehow 'fuel the bubble' because the banks are using my money as collateral against lending even more money to idiots to bid up prices with.

Just how exactly am I supposed to opt out? I have no control over the bank's lending decisions and I have no control over the amount of debt other people are willing to put themselves in.

If only I'd given my house deposit away, or never saved it in the first place! Houses might then be 0.0001% cheaper! That's surely got to be well within reach of the 100% mortgage I'd be needing!

I don't want to be an investor. I just want to be able to save up and buy a flat of my own, like my parents did their house.

Edited by Venger

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