Jump to content
House Price Crash Forum
Sign in to follow this  
this_prisoner_is_opting_out

No Wonder It's All Going To Sh*t...

Recommended Posts

Just seen this posted on another website in their property forum:

"How does the property ladder work?

Im sure I must sound stupid asking this but here goes:

How do you move up to your next property money wise?

For example me and OH are looking to buy a 2 bed flat for about £130,00 (with a mortgage of about £115,000)

When we want to buy a three bed house (in about 5-7 years) can we use the whole sale price of the flat as a deposit?

Say if we wanted to buy a house for £240,000 and sold our flat for £150,000 would that mean we have a deposit of £150,000 and only need to borrow £90,000?

Thanks!"

Not to worry though, she's probably taking IO! :lol:

Share this post


Link to post
Share on other sites

I spose the answer is yes if they've paid off the full amount of the mortgage by then. You never know they might be finacially astutue enough to pull it off.

Share this post


Link to post
Share on other sites

Umm..yeah.

Also the next house up the ladder would have increased proportionally. So whilst your first runger went up 15% to 150k the 240k second home would have gone up to about 275k.

So stupid on two counts...stupid squared even.

Share this post


Link to post
Share on other sites

Just seen this posted on another website in their property forum:

"How does the property ladder work?

Im sure I must sound stupid asking this but here goes:

How do you move up to your next property money wise?

For example me and OH are looking to buy a 2 bed flat for about £130,00 (with a mortgage of about £115,000)

When we want to buy a three bed house (in about 5-7 years) can we use the whole sale price of the flat as a deposit?

Say if we wanted to buy a house for £240,000 and sold our flat for £150,000 would that mean we have a deposit of £150,000 and only need to borrow £90,000?

Thanks!"

Not to worry though, she's probably taking IO! :lol:

I dont see the problem here.

When I was younger, and lets face it they must be young, I didnt have a clue about mortgages and houses.

Just because we all know all about it now, it doesnt mean everybody should know about it?!

Get off your high and mighty horses know it alls and stop being so "oh, I'm so much clever than you".

Share this post


Link to post
Share on other sites

Umm..yeah.

Also the next house up the ladder would have increased proportionally. So whilst your first runger went up 15% to 150k the 240k second home would have gone up to about 275k.

So stupid on two counts...stupid squared even.

That's not altogether true.

According to RealistBear, prices are` already falling, so they will be laughing.

Share this post


Link to post
Share on other sites

I dont see the problem here.

When I was younger, and lets face it they must be young, I didnt have a clue about mortgages and houses.

Just because we all know all about it now, it doesnt mean everybody should know about it?!

Get off your high and mighty horses know it alls and stop being so "oh, I'm so much clever than you".

It is a problem if they do not understand the very basics. If you are old enough to buy a house, you are old enough to understand mortgages.

Having said that, I agree with you that people are very quick to condemn on this site. We have no idea about these people's circumstances and in any case at least they are making an effort to educate themselves.

I for one admit to often being ignorant in certain important areas and hope that the day I need to ask a stupid question I find someone who is willing to share their knowledge without accusing me of being thick.

this_prisoner_is_opting_out, did you reply to their post? That would be the constructive thing to do.

And in any case, stop calling everyone dumb you bunch of half-wits :P

Share this post


Link to post
Share on other sites

this_prisoner_is_opting_out, did you reply to their post? That would be the constructive thing to do.

And in any case, stop calling everyone dumb you bunch of half-wits :P

I didn't reply to her post, I find it very hard to bite my tongue when faced with such mathematical idiocy. I tried yesterday to explain (to a stockbroker) how an IO mortgage might fail someone and he didn't get it.

Am I the only person left with a math's A-level? :lol:

Share this post


Link to post
Share on other sites

I tried yesterday to explain (to a stockbroker) how an IO mortgage might fail someone and he didn't get it.

Perhaps the bit the stockbroker didn't understand was that most people don't get enormous bonuses to pay off the capital?

Share this post


Link to post
Share on other sites

Just seen this posted on another website in their property forum:

"How does the property ladder work?

Im sure I must sound stupid asking this but here goes:

How do you move up to your next property money wise?

For example me and OH are looking to buy a 2 bed flat for about £130,00 (with a mortgage of about £115,000)

When we want to buy a three bed house (in about 5-7 years) can we use the whole sale price of the flat as a deposit?

Say if we wanted to buy a house for £240,000 and sold our flat for £150,000 would that mean we have a deposit of £150,000 and only need to borrow £90,000?

Thanks!"

Not to worry though, she's probably taking IO! :lol:

I had a guy on an interest only loan state that he was going to sell the house after 25 years.. It would be worth more then.. (granted) and use the equity to buy another home,.,,,

Hadn't crossed his mind that similar properties would also have gone up..

we are not grading on a curve here people and they can borrow staggering amounts these people

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.