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Mancghirl

Don't Panic!

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Tales from the North.......

Development of unsold detatched 'executive' properties. A snip at £200,000. (Local average salary £20k).

Builder is now offering £99 deposit and £99 'mortgage payments' (i.e. rent it from us) for 12 months. How kind of them to help the cash strapped first time buyer punt a load of overpriced paper thin new builds which won't shift.

Bumped into one of my old school friends the other day. She is a nursery nurse earning about 12k. She has 'bought' a 120k two bed flat on one of these deals.

What do you think will happen in 12 months time when she can't afford the repayments, do you think???????

FFS....

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Tales from the North.......

Development of unsold detatched 'executive' properties. A snip at £200,000. (Local average salary £20k).

Builder is now offering £99 deposit and £99 'mortgage payments' (i.e. rent it from us) for 12 months. How kind of them to help the cash strapped first time buyer punt a load of overpriced paper thin new builds which won't shift.

Bumped into one of my old school friends the other day. She is a nursery nurse earning about 12k. She has 'bought' a 120k two bed flat on one of these deals.

What do you think will happen in 12 months time when she can't afford the repayments, do you think???????

FFS....

she plans to sell up and make a profit?

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Tales from the North.......

Development of unsold detatched 'executive' properties. A snip at £200,000. (Local average salary £20k).

Builder is now offering £99 deposit and £99 'mortgage payments' (i.e. rent it from us) for 12 months. How kind of them to help the cash strapped first time buyer punt a load of overpriced paper thin new builds which won't shift.

Bumped into one of my old school friends the other day. She is a nursery nurse earning about 12k. She has 'bought' a 120k two bed flat on one of these deals.

What do you think will happen in 12 months time when she can't afford the repayments, do you think???????

FFS....

Well I’m a screaming right of centre capitalist, but that pisses me right off, that some chick, who’s job IS actually essential is going to end up getting screwed over from trusting misinformation. I don’t mind single blokes who are dumb enough to fall into the trap on get rich quick schemes, but nursery teachers? Talk about getting innocently f*cked over.

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Well I’m a screaming right of centre capitalist, but that pisses me right off, that some chick, who’s job IS actually essential is going to end up getting screwed over from trusting misinformation. I don’t mind single blokes who are dumb enough to fall into the trap on get rich quick schemes, but nursery teachers? Talk about getting innocently f*cked over.

Eh? WTF?

Seems to me the nursery teacher might be the 'dumb' one here.

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Eh? WTF?

Seems to me the nursery teacher might be the 'dumb' one here.

Woah.

Yea she is the dumb one, but it's not really fair is it?

More than likely a case of some innocent young Salford lass trusting a slimey EA who probably wanted to shag her just as much as make a sale.

A nursery nurse! 12K pa! for F*cksake that is the definition of ruthless

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She'll just join the queue of bankrupts. Another repossession statistic. Then onto state benefits.

EDIT - I take no pride in that statement, by the way.

Edited by megaflop

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She'll just join the queue of bankrupts. Another repossession statistic. Then onto state benefits.

EDIT - I take no pride in that statement, by the way.

Quite. She is daft to take on this debt but I didn't have the heart to tell her too strenuously. She's a single mum as well - had to move to escape horrible relationship.

All FTB properties in area bought up by BTLers so 120k seems cheap in comparision. Her mum is helping her a bit but she's a widow- I assume in 12 months time when she can't afford the repayments, the kindly building society which organised this whole shebang will turf her out.

Should have asked her who she got her mortgage through...they want shooting. Who the hell is lending 9-10 times salary???????

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Quite. She is daft to take on this debt but I didn't have the heart to tell her too strenuously. She's a single mum as well - had to move to escape horrible relationship.

All FTB properties in area bought up by BTLers so 120k seems cheap in comparision. Her mum is helping her a bit but she's a widow- I assume in 12 months time when she can't afford the repayments, the kindly building society which organised this whole shebang will turf her out.

Should have asked her who she got her mortgage through...they want shooting. Who the hell is lending 9-10 times salary???????

That is f*cking outrageous. Not everyone is a brain surgeon or rocket scientist and with reason, we don’t need them.

But whoever leant her that money wants stringing up by their eyelids whilst a third party donates their organs for them.

How can you justify lending a single mum, partially financed by her windowed mother, ten times her salary??

Just to get your bonus so you can spunk it on another Lexus.

It’s greed for the sake of greed. I like to think if I was in that line of work (EA/banker) I would have the balls to say to her behind my hand “just wait love, you don’t need to do this now”. There are plenty of people I am happy to rip off (anyone trying to get rich), but this story is just tragic.

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''It’s greed for the sake of greed. I like to think if I was in that line of work (EA/banker) I would have the balls to say to her behind my hand “just wait love, you don’t need to do this now”. There are plenty of people I am happy to rip off (anyone trying to get rich), but this story is just tragic.''

That's why like me and most other people you'd never make a salesman!

Edited by Michael

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I agree that the banks and EA's have been absolute bar stewards 'pumping' the market for so long.

I also feel very sorry for the likes of the lady earning 12 grand trying to buy a 120 grand place when in all probability she will be end up being evicted.

HOWEVER, when does personal responsibilty come into this whole sad story ?

Maybe I am just very old fashioned but we have to accept that with 'freedom' comes personal responsibility for our actions.

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Seems like an excellent deal to me. £99 down and £99 a month - then you don't pay the mortgage and it takes them 6 months to get you out.

Now, as long as you get the developer to pay any stamp duty, you can rent a new flat for 13 x £99 = £1287 and stay in it for about 18 months. So rent of about £71 a month.

In 18 months time when you get booted out, the developers will be so desperate by then you'll find an even better deal.

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Seems like an excellent deal to me. £99 down and £99 a month - then you don't pay the mortgage and it takes them 6 months to get you out.

Now, as long as you get the developer to pay any stamp duty, you can rent a new flat for 13 x £99 = £1287 and stay in it for about 18 months. So rent of about £71 a month.

In 18 months time when you get booted out, the developers will be so desperate by then you'll find an even better deal.

Good plan - maybe I am being too pessimistic!

as for the comments re personal responsibility.......there is an element of her being foolish - but come on.....

1) There are no Council Houses locally (thanks Maggie)...most have been sold under RTB and the occupants are now selling them for upwards of £100k.

2) 2 bed back to back terraces which were changing hands as late as 2003 for 25k are now more than 100k (minimum) and they are quite grim - I wouldn't want to raise my kid in one.

3) Housebuilders have covered the village in new builds as it has a direct train link to Manchester and folk priced out of Manchester have moved in. Therefore there are stacks of new builds available, making the existing housing stock look shoddy.

This is not the most affluent area and I do feel there is an element of exploitation of the locals, there is NO social/council housing being built - where the hell are they supposed to live??????

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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