hughjass Posted January 31, 2020 Share Posted January 31, 2020 https://www.dailymail.co.uk/tvshowbiz/article-7943881/Mark-Wright-Michelle-Keegan-demolishing-1-3m-Essex-farmhouse-bought-three-months-ago.html Nyone know where this is ? The Mail don't mention the location. https://www.dailymail.co.uk/femail/article-7943991/Couple-reveal-bought-home-complete-master-bedroom-aged-19-20.html Good .liuck to this pair . Mortgage must be for 40 years and over 200k . Quote Link to comment Share on other sites More sharing options...
Orb Posted January 31, 2020 Share Posted January 31, 2020 (edited) He looks like a plonker, like a bit of a Rodney, in the 2nd story. Plus, the article looks like an advert for help-to-buy. Edited January 31, 2020 by Orb Quote Link to comment Share on other sites More sharing options...
Wayward Posted January 31, 2020 Share Posted January 31, 2020 What is it with bowl cut hair styles these days...? Quote Link to comment Share on other sites More sharing options...
Giraffe Posted January 31, 2020 Share Posted January 31, 2020 9 minutes ago, Orb said: He looks like a plonker, like a bit of a Rodney, in the 2nd story. Plus, the article looks like an advert for help-to-buy. Both in peak Potemkin economy non-jobs. 24 months after the Fed lets this mother of all bubbles blow that house will be 59k and they will be on the dole. Seen this before. This time it will be much worse. Feel sorry for them but I suppose they have nothing to lose. It'll be a bank and taxpayer problem. Quote Link to comment Share on other sites More sharing options...
Wayward Posted January 31, 2020 Share Posted January 31, 2020 If youngsters live off nothing but beans and water for five years they could save up even more money to hand over to a developer or home owner. Quote Link to comment Share on other sites More sharing options...
markyh Posted January 31, 2020 Share Posted January 31, 2020 23 minutes ago, Orb said: He looks like a plonker, like a bit of a Rodney, in the 2nd story. Plus, the article looks like an advert for help-to-buy. The English girls just roll their eyes, sigh, think "all that hard work" , light up a fag, flick the channels of Sky TV, pick up their six month old sprog for a feed in their free council flat and think. Oh, daddy will be visiting tonight so mummy can have some rumpy pumpy and a takeaway curry. Quote Link to comment Share on other sites More sharing options...
Wayward Posted January 31, 2020 Share Posted January 31, 2020 6 minutes ago, markyh said: The English girls just roll their eyes, sigh, think "all that hard work" , light up a fag, flick the channels of Sky TV, pick up their six month old sprog for a feed in their free council flat and think. Oh, daddy will be visiting tonight so mummy can have some rumpy pumpy and a takeaway curry. Around 10% of young people are Neets - not in education, employment or training. The other 90% are working to earn money the majority of which they will hand over to the established wealthy in return for shelter. https://www.ons.gov.uk/employmentandlabourmarket/peoplenotinwork/unemployment/bulletins/youngpeoplenotineducationemploymentortrainingneet/august2019 Quote Link to comment Share on other sites More sharing options...
Council estate capitalist Posted January 31, 2020 Share Posted January 31, 2020 21 minutes ago, Wayward said: Around 10% of young people are Neets - not in education, employment or training. The other 90% are working to earn money the majority of which they will hand over to the established wealthy in return for shelter. https://www.ons.gov.uk/employmentandlabourmarket/peoplenotinwork/unemployment/bulletins/youngpeoplenotineducationemploymentortrainingneet/august2019 11.4% are Neets but what's more interesting I think is that only 41.6% of Neets "were looking for, and available for, work". The rest (462,000) are "economically inactive". Either resigned to not getting a job, drug dealing, pregnant, or planning on going to college but leaving it to the last minute. Some parents have turned into "mini-landlords" collecting large amounts of "board and lodge" from their kids. gotta fund the tax credit shortfall somehow but charging full market rent for the room + food on top is excessive especially if it's paid off. Quote Link to comment Share on other sites More sharing options...
regprentice Posted January 31, 2020 Share Posted January 31, 2020 1 hour ago, hughjass said: .https://www.dailymail.co.uk/femail/article-7943991/Couple-reveal-bought-home-complete-master-bedroom-aged-19-20.html Good .liuck to this pair . Mortgage must be for 40 years and over 200k . Sofa surfing at their friend expense to save an 11k deposit! I'd imagine they will be knackered when they have to start repaying that £45k htb loan. Quote Link to comment Share on other sites More sharing options...
Orb Posted January 31, 2020 Share Posted January 31, 2020 10 minutes ago, regprentice said: Sofa surfing at their friend expense to save an 11k deposit! I'd imagine they will be knackered when they have to start repaying that £45k htb loan. By then they'll each be on a whopping £22k though. Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted January 31, 2020 Share Posted January 31, 2020 "Daily Mail" and "Good" in the same sentence? Quote Link to comment Share on other sites More sharing options...
regprentice Posted January 31, 2020 Share Posted January 31, 2020 35 minutes ago, Orb said: By then they'll each be on a whopping £22k though. Maybe. Or maybe she'll be up the duff and not earning a penny... Or trying to work out how to find £16k a year for childcare Quote Link to comment Share on other sites More sharing options...
spyguy Posted January 31, 2020 Share Posted January 31, 2020 4 hours ago, hughjass said: https://www.dailymail.co.uk/tvshowbiz/article-7943881/Mark-Wright-Michelle-Keegan-demolishing-1-3m-Essex-farmhouse-bought-three-months-ago.html Nyone know where this is ? The Mail don't mention the location. https://www.dailymail.co.uk/femail/article-7943991/Couple-reveal-bought-home-complete-master-bedroom-aged-19-20.html Good .liuck to this pair . Mortgage must be for 40 years and over 200k . A look on houseprices.io. Theyve paid about double the going rated. Come 5 years, tjat htb lump will be on them. They are fukked, royally. Esp. If she gets knocked up. Only positive is they are young enough to go bust n start again. Hes punching waaaaaay above his wieght ... and bowlcut. Quote Link to comment Share on other sites More sharing options...
Gush Posted January 31, 2020 Share Posted January 31, 2020 (edited) 17 minutes ago, spyguy said: A look on houseprices.io. Theyve paid about double the going rated. Come 5 years, tjat htb lump will be on them. They are fukked, royally. Esp. If she gets knocked up. Only positive is they are young enough to go bust n start again. Hes punching waaaaaay above his wieght ... and bowlcut. Its annoying but it may happen to go up 20% in 5years. Around my area(essex) the 2013/14 newbuilds are 20% more than what they paid. Edited January 31, 2020 by Gush Quote Link to comment Share on other sites More sharing options...
spyguy Posted January 31, 2020 Share Posted January 31, 2020 3 minutes ago, Gush said: Its annoying but it may happen to go up 20% in 5years. Around my area(essex) the 2013/14 newbuilds are 20% more than what they paid. Have a look at what nearby non newbuilds are going for. All htb shit is about 50% overpriced. The 25% loan wil bite htbers in the ****, hard. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted January 31, 2020 Share Posted January 31, 2020 Any mouthbreather can borrow a load of money, it's the paying it off part that's the achievement. Quote Link to comment Share on other sites More sharing options...
spyguy Posted February 2, 2020 Share Posted February 2, 2020 My take on Cleetus n Viktoria are - they are young. In 5 years time, if they are still together, Id expect them to be starting a family. Theyll drop one, low, income, going down to ~20k. The mortgage then becomes 11x the single income. Cleetus would struggle to pay the HTB 'freeby' on his own - there are a lot more costs than mortgage payments. When they come to sell after 5 years, when the HTB starts destroying their finances, assuming IRS have not gone up much, theyll face a ~6% SVR as they wont be able to remortgage. 220k@ 6% = 14k/year. Thats one entire income just on the interest. They are doomed. Quote Link to comment Share on other sites More sharing options...
burk Posted February 2, 2020 Share Posted February 2, 2020 Man i wish we had a ' like' button, so much truth here...................... Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted February 2, 2020 Share Posted February 2, 2020 On 31/01/2020 at 17:06, markyh said: The English girls just roll their eyes, sigh, think "all that hard work" , light up a fag, flick the channels of Sky TV, pick up their six month old sprog for a feed in their free council flat and think. Oh, daddy will be visiting tonight so mummy can have some rumpy pumpy and a takeaway curry. Really? Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted February 2, 2020 Share Posted February 2, 2020 Thing is how long will they able be able to string it out with credit cards and overdrafts and loans, could probably string it out for a full 10 years. then start again after going bust with young children. might even be able to restructure all the personal loans etc, for an additional 5 years. maybe they will sell up in 15 years time utterly bust, but find their house has gone up 30-40% and bails them out with a deposit for their next house and clear their debts, of course by then they will feel flush, no debt and a free deposit, time for an upgrade on a bigger house. and so it continues on and on. the real issue happens at retirement, which they will never do. put then you just go sick, etc. I think their story is pretty typical of a lot of young buyers on HTB. there is enough of them that there will be a massive demand for ‘help to buy second steppers’ causing a two teir market Quote Link to comment Share on other sites More sharing options...
stop_the_craziness Posted February 2, 2020 Share Posted February 2, 2020 (edited) 44 minutes ago, jiltedjen said: there is enough of them that there will be a massive demand for ‘help to buy second steppers’ causing a two teir market This could be the killer in terms of keeping prices high. At the moment I think (not sure) you can somehow "trade in" your too-small HTB 2-bed house for the next step up the Ponzi. The market will adapt to the needs of the buyers. If those needs change, the rules of the Ponzi will change. Those of us who choose (or who cannot) get in on the Ponzi are probably the ones that are doomed, not these fools. Unfortunately. Edited February 2, 2020 by stop_the_craziness spelling Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted February 2, 2020 Share Posted February 2, 2020 So despite all the other money figures quoted, what this Help To Sell advertorial fails to mention is what their monthly mortgage costs are, whether it’s IO and how long the term is? Funny that. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted February 2, 2020 Share Posted February 2, 2020 (edited) 2 hours ago, jiltedjen said: maybe they will sell up in 15 years time utterly bust, but find their house has gone up 30-40% and bails them out with a deposit for their next house and clear their debts, So in this scenario, even though 15 years into their own careers they wouldn't have the cash flow to service the mortgage, you think they would be able to find a buyer 15 years younger than them who would be able to service a mortgage 30-40% bigger than theirs? Seems like a fantasy to me, basically a miniature version of Fungus expecting a consortium of Arabs/Russian/Chinese to buy him out any day now. Edited February 2, 2020 by Dorkins Quote Link to comment Share on other sites More sharing options...
Council estate capitalist Posted February 2, 2020 Share Posted February 2, 2020 £5665 to £8344 a year jump in year 5. Not too dramatic but if one of them loses their job or leaves to have children then it's not an insignificant increase to occur suddenly. Hopefully they are sensible and save enough money that they can safely refinance at the same LTV, Or pay the equity loan off at a discount when the market crashes. Year Monthly mortgage HTB interest/fees monthly 1 £471.12 £1.00 2 £471.12 £1.00 3 £471.12 £1.00 4 £471.12 £1.00 5 £471.12 £1.00 6 £688.97 £77.04 7 £688.97 £81.13 8 £688.97 £85.22 9 £688.97 £89.30 10 £688.97 £94.14 Assumes 1.59% initial rate. (5 year fix) 4.24% SVR (Base + 3.49%) 5% yearly RPI in years 5-10 (HTB's numbers not mine) 40 year repayment, fees not rolled into balance Quote Link to comment Share on other sites More sharing options...
spyguy Posted February 2, 2020 Share Posted February 2, 2020 On 31/01/2020 at 20:26, Gush said: Its annoying but it may happen to go up 20% in 5years. Around my area(essex) the 2013/14 newbuilds are 20% more than what they paid. Shows a slightly different curve to the northern towns i monitir - slowly doubles from 2000 to 2006, then stays there for 14 years. https://www.home.co.uk/guides/house_prices_report.htm?location=wednesbury&all=1 Sales still v low since 2008. They need prices to rise 25% to bail them out of LTV. Unlikely to happen. Most likely is theyll be down at least 30% If the htb is like all new build estates ive been to in the last 10 years then therell be about 30% social housing. Nice for LA to get rid of the scum in the LA estates. Quote Link to comment Share on other sites More sharing options...
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