winkie Posted January 9, 2021 Share Posted January 9, 2021 On 07/01/2021 at 23:07, Sprrite said: In regards to the mumsnet thread linked above. My opinion is that long term buying is better than renting. One comment summed it up quite well by stating that mortgage payments reduce over time whilst rent traditionally increases. I know there will be housing repair costs to factor in but the security of having your own home counters this imo. Agree......always has been the case long-term.......the difference now is certain places are no longer value for money so there will be a devaluation........but if not selling only paper value, things balance out over time. Some will find they may be stuck living in a place for longer, no longer a get rich quick scheme easy to get out of.....in it now for the long-term unless prepared to ajust perceptions and expectations for what could be a better quality of life......less is more. Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted January 9, 2021 Share Posted January 9, 2021 It's all sorted. The OP paid 17.5k with no over clause but no new kitchen either. Sounds like a reasonable outcome based on her wants. Quote Link to comment Share on other sites More sharing options...
msi Posted January 9, 2021 Share Posted January 9, 2021 2 hours ago, Buffer Bear said: It's all sorted. The OP paid 17.5k with no over clause but no new kitchen either. Sounds like a reasonable outcome based on her wants. Sounds like a way to get another 17.5K Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted January 10, 2021 Share Posted January 10, 2021 On 09/01/2021 at 11:19, msi said: Sounds like a way to get another 17.5K And that too! Quote Link to comment Share on other sites More sharing options...
A17 Posted January 11, 2021 Share Posted January 11, 2021 On 09/01/2021 at 03:18, Buffer Bear said: It's all sorted. The OP paid 17.5k with no over clause but no new kitchen either. Sounds like a reasonable outcome based on her wants. Essentially paying £17.5k over, for what they thought they were getting originally. I'd feel sick. Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted January 11, 2021 Share Posted January 11, 2021 8 hours ago, A17 said: Essentially paying £17.5k over, for what they thought they were getting originally. I'd feel sick. Me too. Quote Link to comment Share on other sites More sharing options...
nome Posted January 12, 2021 Share Posted January 12, 2021 On tax credits and looking to buy a half a million pound house, clown world.... https://www.mumsnet.com/Talk/legal_money_matters/4128745-Getting-mortgage-with-low-salary-but-large-amount-of-equity Quote Link to comment Share on other sites More sharing options...
Si1 Posted January 12, 2021 Share Posted January 12, 2021 1 hour ago, nome said: On tax credits and looking to buy a half a million pound house, clown world.... https://www.mumsnet.com/Talk/legal_money_matters/4128745-Getting-mortgage-with-low-salary-but-large-amount-of-equity Wonder why DH left.... Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted January 12, 2021 Share Posted January 12, 2021 2 hours ago, nome said: On tax credits and looking to buy a half a million pound house, clown world.... https://www.mumsnet.com/Talk/legal_money_matters/4128745-Getting-mortgage-with-low-salary-but-large-amount-of-equity If we had changed the tax credit system then prices would have dropped. Quote Link to comment Share on other sites More sharing options...
Mancunian284 Posted January 14, 2021 Share Posted January 14, 2021 https://www.mumsnet.com/Talk/property/4136068-gutted-stamp-duty mixed views on this one. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 14, 2021 Share Posted January 14, 2021 2 hours ago, Mancunian284 said: https://www.mumsnet.com/Talk/property/4136068-gutted-stamp-duty mixed views on this one. Sounds like a government troll to gauge sentiment. Vendor and seller need to accept 3% less because its the vendor getting the best deal... If they even exists Quote Link to comment Share on other sites More sharing options...
LookingForLondon Posted January 14, 2021 Share Posted January 14, 2021 Seems there are lots of posts by people expecting to miss the stamp duty deadline and collapse their chain... Quote Link to comment Share on other sites More sharing options...
MARTINX9 Posted January 15, 2021 Share Posted January 15, 2021 On 12/01/2021 at 06:26, nome said: On tax credits and looking to buy a half a million pound house, clown world.... https://www.mumsnet.com/Talk/legal_money_matters/4128745-Getting-mortgage-with-low-salary-but-large-amount-of-equity She has probably gained more equity on her house than she has earned in her entire life from work. Which speaks volumes about the problem with the entire ponzi scheme. What chance of secure shelter for someone starting out today on minimum wage? Quote Link to comment Share on other sites More sharing options...
spacedin Posted January 15, 2021 Share Posted January 15, 2021 (edited) It gets to me a bit that they don't understand affordability criteria. That said it can get nonsensical at times if applying for a small mortgage on a low income where repayments would be pretty low regardless whether rates rose or not, certainly when average rents are taken into account. Imagine paying £700/month in rent for years to then be told that you can't afford £200 in monthly mortgage repayments because of a distant possibility that rates might quadruple, like hit around 12%... Edited January 15, 2021 by spacedin Quote Link to comment Share on other sites More sharing options...
nome Posted January 15, 2021 Share Posted January 15, 2021 1 hour ago, spacedin said: It gets to me a bit that they don't understand affordability criteria. It wasn't so much her lack of understanding of the affordability criteria that made me post that in the first place... more the fact that someone who obviously has a huge amount of property equity and possibly other capital/assets, plus god knows how much in maintenance payments (which are disregarded in tax credit claims) can be looking to buy a half a million pound house whilst still being entitled to tax credits. Someone could be living in a million pound house, driving around in a Ferrari, getting £2,000 a week in child maintenance.... and they'd still be quite legitimately able to claim tax credits. Quote Link to comment Share on other sites More sharing options...
simon2 Posted January 20, 2021 Share Posted January 20, 2021 This might be an interesting one to track. https://www.mumsnet.com/Talk/property/4140959-if-you-sold-your-house-for-less-than-you-paid-how-much-did-you-lose Don't think sentiment has changed though and if anything is still well bullish. Quote Link to comment Share on other sites More sharing options...
spyguy Posted January 20, 2021 Share Posted January 20, 2021 19 minutes ago, simon2 said: This might be an interesting one to track. https://www.mumsnet.com/Talk/property/4140959-if-you-sold-your-house-for-less-than-you-paid-how-much-did-you-lose Don't think sentiment has changed though and if anything is still well bullish. Bought my flat for 305 four years ago and current selling for 287. London/SE. HTB. Quote Link to comment Share on other sites More sharing options...
spyguy Posted January 20, 2021 Share Posted January 20, 2021 Inase it gets pulled. The only thing worse than Trump is someone saying HP fall...) New build 9 years ago. Sold this month for 5k less than we paid. We had spent around £20-25k on improvements, I would say. So we lost £5k on sold prices but a lot more if you add the improvements we had made. Id guess theyve lost a lot more than that 5k. Theres the IR used to pay the mortgage, which could be pretty high - 5k-10k a year. The number of people I know who go - 'We made <big sum> on this house. Then go crestfallen when I ask them to discount IR paid. Love, send this calculator back to Casio. It says weve lost money ... Quote Link to comment Share on other sites More sharing options...
spyguy Posted January 20, 2021 Share Posted January 20, 2021 OMFG! Heretic!!! We bought our house for £7250 over fifty years ago so obviously it’s worth a lot more than we paid (even at 15% interest) but relatively, we haven’t made a lot of money on it if we want to move within the area. You can only 'make' money is you massive downsize or move to a much cheaper area. Taking on a very large mortgage to play that game is goign to go wrong. Quote Link to comment Share on other sites More sharing options...
Locke Posted January 20, 2021 Share Posted January 20, 2021 1 hour ago, spyguy said: OMFG! Heretic!!! We bought our house for £7250 over fifty years ago so obviously it’s worth a lot more than we paid (even at 15% interest) but relatively, we haven’t made a lot of money on it if we want to move within the area. You can only 'make' money is you massive downsize or move to a much cheaper area. Taking on a very large mortgage to play that game is goign to go wrong. Eh? Sell the house and live in rented accommodation like a king for retirement. Quote Link to comment Share on other sites More sharing options...
spyguy Posted January 20, 2021 Share Posted January 20, 2021 Just now, Locke said: Eh? Sell the house and live in rented accommodation like a king for retirement. You are applying logic to a mumsnet poster .... Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted January 20, 2021 Share Posted January 20, 2021 2 hours ago, spyguy said: OMFG! Heretic!!! We bought our house for £7250 over fifty years ago so obviously it’s worth a lot more than we paid (even at 15% interest) but relatively, we haven’t made a lot of money on it if we want to move within the area. You can only 'make' money is you massive downsize or move to a much cheaper area. Taking on a very large mortgage to play that game is goign to go wrong. so they lived for years and years mortgage free as the value of the mortgage inflated away to less than a months pay. So they have actually made serious serious savings, so might as well call that massive profit. Living rent and mortgage free for years is a massive bonus. Yes they may not have the £400k lump sum as they live in their house, and cant sell, but over a lifetime they had say £1m of saved costs. Yet they still say they have not made any profit due to not having an additional £400k lump on top of it, its just greed. Quote Link to comment Share on other sites More sharing options...
richmondtw Posted January 20, 2021 Share Posted January 20, 2021 On 1/15/2021 at 1:01 AM, MARTINX9 said: She has probably gained more equity on her house than she has earned in her entire life from work. Yes 4 hours ago, jiltedjen said: So they have actually made serious serious savings, so might as well call that massive profit. Where is the profit? If you buy a house and it goes up in value everything else has gone up - unless you want to sell up and live in a tent. They made a financial decision that worked out for them. 4 hours ago, jiltedjen said: Living rent and mortgage free for years is a massive bonus. Yes they may not have the £400k lump sum as they live in their house, and cant sell, but over a lifetime they had say £1m of saved costs. Yes that is the advantage of buying a house. At the end of the mortgage term you own it and do not pay rent/mortgage. What do you expect for them to apologise to you for buying a house when they could? Should anyone who has own a house with no mortgage have to apologise. I do not agree that they should. get tax credits however. Quote Link to comment Share on other sites More sharing options...
longgone Posted January 20, 2021 Share Posted January 20, 2021 We bought our first flat in London for £287k in 2007/2008 (can't remember) just before prices plummeted. We sold for £250k in 2012, so lost £37k (plus all the £s spent on new bathroom and replastering hideous artex walls). BUT house prices had fallen everywhere. And actually if we hadn't sold then we would have very quickly been priced out of the town we moved to (commuter town outside London). It does feel a bit galling when I think hard about it but really it's swings and roundabouts with house prices... LOL excellent the same year i sold they bought Quote Link to comment Share on other sites More sharing options...
mrlegend123 Posted January 20, 2021 Share Posted January 20, 2021 HPC (left wingers) vs mumsnet (right wingers) Battle of the forum Quote Link to comment Share on other sites More sharing options...
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