apom Posted January 13, 2006 Share Posted January 13, 2006 In early 2004 a flat would have sold for £170,000. Just completed identical flats in the same development can be had for £130,000 if you ask nicely. This is devon. Out there.. There are people earning less the £20,000 a year with interest only mortgages that were self certified and represent the full orriginal price of these flats.. Are there any visitors on this site that are in this situation? Or are worried that they may be? I have never seen a contributer on here that has admitted to this very real possibility. It would be nice if someone reading this would choose to comment on their situation.. Perhaps those of us gleefully waiting for the crash to pan out need a reality check. Perhaps we need to think for a bit about those who are in a very worrying place Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted January 13, 2006 Share Posted January 13, 2006 Perhaps those of us gleefully waiting for the crash to pan out need a reality check.Perhaps we need to think for a bit about those who are in a very worrying place perhaps they needed the reality check in 2004. perhaps they didnt think about us when they reached for the profit. if they were not trying to profit - whats the problem. only the ones expecting a profit will be hit as there is no profit. if you bought so you could live in a house. well you got one. whats the problem ? Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted January 13, 2006 Share Posted January 13, 2006 perhaps they needed the reality check in 2004. perhaps they didnt think about us when they reached for the profit. if they were not trying to profit - whats the problem. only the ones expecting a profit will be hit as there is no profit. if you bought so you could live in a house. well you got one. whats the problem ? Well said Fred. Are there any visitors on this site that are in this situation?Or are worried that they may be? Some of the trolls probably are. Quote Link to comment Share on other sites More sharing options...
BTman Posted January 13, 2006 Share Posted January 13, 2006 perhaps they needed the reality check in 2004. I agree, Those that bought mid 2004 don't appear to have done much research before commiting themselves to the biggest investment they will probably make. They probably have no interest in the wealth of knowledge on the internet therefore would never find this site. (I'm sure glad I did - still happy renting and saving ) Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted January 13, 2006 Share Posted January 13, 2006 They are probably oblivious to the problem. They are, for now, managing to pay their mortgage and are probably very content. They probably have no idea nearby flats have been sold let alone sold for much less than they bought. IMPO it will be some time before such people realise there is a problem. Quote Link to comment Share on other sites More sharing options...
?...! Posted January 13, 2006 Share Posted January 13, 2006 They are probably oblivious to the problem. They are, for now, managing to pay their mortgage and are probably very content. They probably have no idea nearby flats have been sold let alone sold for much less than they bought. IMPO it will be some time before such people realise there is a problem. As long as rates don't spike and they can afford the morgage there is no problem. Even when the come to sell they will be able to afford a like for like property. It has just been vastly more expensive for them to get on the ladder. Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted January 13, 2006 Share Posted January 13, 2006 They are probably oblivious to the problem. They are, for now, managing to pay their mortgage and are probably very content. They probably have no idea nearby flats have been sold let alone sold for much less than they bought.IMPO it will be some time before such people realise there is a problem. its not a problem. he will still be content and paying his mortgage and living in the house. its only a prolem if they expected a HUGE profit. muhahahaha Quote Link to comment Share on other sites More sharing options...
PMTension Posted January 13, 2006 Share Posted January 13, 2006 its not a problem. he will still be content and paying his mortgage and living in the house. its only a prolem if they expected a HUGE profit. muhahahaha There will be a problem if they lose one income due to redundancy or if they have to move due to work relocating etc, or the patter of tiny feet. There generally are no problems if people have to stay in one place for 10 years and their personal circumstances don't change - but life all too frequently is not like that, and change has a habit of turning it all to rats Quote Link to comment Share on other sites More sharing options...
Goat Posted January 13, 2006 Share Posted January 13, 2006 As long as rates don't spike and they can afford the morgage there is no problem. Even when the come to sell they will be able to afford a like for like property. It has just been vastly more expensive for them to get on the ladder. See my thread on affordability. Basically, these people are going to be stuck in these flats for life. Quote Link to comment Share on other sites More sharing options...
backtoparents Posted January 13, 2006 Share Posted January 13, 2006 See my thread on affordability. Basically, these people are going to be stuck in these flats for life. I´m hoping that it is speculative investors who´ve got stuck. Tomorrow´s families don´t deserve this mess. btp Quote Link to comment Share on other sites More sharing options...
lookingafterthekids Posted January 13, 2006 Share Posted January 13, 2006 The people who are scared are the bandwagon jumping tail end gifted deposit "£30k instant equity", 4% yield brigade that bought shiny new city center new builds and who, if the truth be known, deserve everything they get for being so stupid, unthinking and narrow minded. But remember, there's a whole other (property) world out there. Quote Link to comment Share on other sites More sharing options...
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