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Realistbear

Halifax: Don't Believe L R Data -- Prices Are Still Soaring

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http://business.scotsman.com/finance.cfm?id=865992007

Debt pressures to keep piling on homeowners

TERESA HUNTER (teresahunter@ntlworld.com)

HOMEBUYERS will be hit by higher mortgage bills from this week as lenders raise monthly home loan repayments following the Bank of England's recent interest rate hike, writes Teresa Hunter......../

That does not mean homebuyers' worries are over. Many are already struggling to meet their repayments. According to the Registry Trust, up to a million people are facing court hearings because they cannot pay their debts, which represents a 10-year high.

Furthermore, banks have disclosed they have had to write off a staggering £3.1bn in credit card debts which customers cannot pay, the biggest write-off in their history.

And this comes amid signs that house prices could be about to stall. The Land Registry for England and Wales last week released data showing small slides in prices in the northeast of England, the southwest, the northwest, and Yorkshire and Humberside.

This came hard on the heels of data from the Registers of Scotland which calculated that prices north of the Border had fallen by 2.2% over the past quarter, pushing down the average price of a home to £139,836, compared with £143,055 for the previous three months...../

However, Halifax Bank of Scotland chief economist Tim Crawford cautioned against placing too much emphasis on the registry figures. He compiles his own house price indices for the UK as a whole and also for Scotland specifically.

:ph34r:

Crawford said: "Our data is not showing any corresponding fall in prices so far.

Of course not............................... :lol::lol::lol::lol::lol::lol:

Edited by Realistbear

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Has anyone else noticed the massive increase in adverts for companies offering to:

BUY YOUR HOUSE RIGHT AWAY FOR CASH - YOU CAN STAY IN YOUR HOME BY SELLING IT TO US AND RENTING IT BACK

The tabloids are awash with them. Odd, in a booming market ;)

Edited by Fergie

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Has anyone else noticed the massive increase in adverts for companies offering to:

BUY YOUR HOUSE RIGHT AWAY FOR CASH - YOU CAN STAY IN YOUR HOME BY SELLING IT TO US AND RENTING IT BACK

The tabloids are awash with them.

And invest in Spanish property!

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Has anyone else noticed the massive increase in adverts for companies offering to:

BUY YOUR HOUSE RIGHT AWAY FOR CASH - YOU CAN STAY IN YOUR HOME BY SELLING IT TO US AND RENTING IT BACK

The tabloids are awash with them. Odd, in a booming market ;)

I have noticed an increase in advertising for equity release, lifetime mortgages, you can get one from the age of 55, better than any high maintenance BTL? Spend your retirement living in your home spending your equity (pension), never to be paid back whilst alive, and no inheritance tax to pay.

I reserve judgement on whether it is a good or bad idea.

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I reserve judgement on whether it is a good or bad idea.

I can just imagine an absolute tonne of stories in a few years time from people whose parents have recenty died insisting there's no way my mother/father would have know he was signing away my entire inheritance...must have been mis-sold...my mother was 87 and confused.... etc, etc. :o

And

never to be paid back whilst alive

sounds deeply alarming. So effectively, if a parent did this then property prices crashed you could be left with a massive debt as an inheritance :unsure:

Edited by Fergie

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Out of interest, what's the legal position for a descendent? I mean, say some slick salesman sold your mother a load of bullsh*t about this'll solve your inheritance tax problem AND give you £250,000 to spend right away. Then she pops off and you suddenly find that, far from having the house you figured you'd inherit, you actuallly have a £250,000 mortgage on a house which is now only worth £100,000? Can you tell the bank to go screw themselves because you didn't sign anything? Or would you be stuck with it as the estate you inherit?

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Out of interest, what's the legal position for a descendent? I mean, say some slick salesman sold your mother a load of bullsh*t about this'll solve your inheritance tax problem AND give you £250,000 to spend right away. Then she pops off and you suddenly find that, far from having the house you figured you'd inherit, you actuallly have a £250,000 mortgage on a house which is now only worth £100,000? Can you tell the bank to go screw themselves because you didn't sign anything? Or would you be stuck with it as the estate you inherit?

Don't panic the kids won't have lost anything, they just won't have made anything.

We are all born with nought, and so we leave with nought. ;)

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Don't panic the kids won't have lost anything, they just won't have made anything.

We are all born with nought, and so we leave with nought. ;)

Indeed, don't worry, you can't inherit a debt! We may live in a sick society, but it's not that bad (yet...)

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Has anyone else noticed the massive increase in adverts for companies offering to:

BUY YOUR HOUSE RIGHT AWAY FOR CASH - YOU CAN STAY IN YOUR HOME BY SELLING IT TO US AND RENTING IT BACK

The tabloids are awash with them. Odd, in a booming market ;)

Yeah I saw one at the top of this site :)

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However, Halifax Bank of Scotland chief economist Tim Crawford cautioned against placing too much emphasis on the registry figures. He compiles his own house price indices for the UK as a whole and also for Scotland specifically.

:ph34r:

Crawford said: "Our data is not showing any corresponding fall in prices so far.

Translation:

"Please believe that prices are going up, as when they do, we can issue bigger loans for the Sheeple. Which means ever-bigger profits for us"

Edited by A Fool & His Borrowed Money

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Out of interest, what's the legal position for a descendent? I mean, say some slick salesman sold your mother a load of bullsh*t about this'll solve your inheritance tax problem AND give you £250,000 to spend right away. Then she pops off and you suddenly find that, far from having the house you figured you'd inherit, you actuallly have a £250,000 mortgage on a house which is now only worth £100,000? Can you tell the bank to go screw themselves because you didn't sign anything? Or would you be stuck with it as the estate you inherit?

As the law now stands you cannot inherit someone else's debts unless those debts are assigned to you with your consent. However, in a Gordonian world anything is possible. He is removing the right to inherit anything through stealth duties on the dead. This form of double taxation (you pay tax on it as you earn it and tax on it as you leave it) is something Dae'd "Scotty" Cameron has suggested should be abolished but it never will as it is the easiest tax to collect--it's certain. The only way it will be abolished is if a government were elected that served the interests of the populace. Not in our lifetime I am afraid.

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Has anyone else noticed the massive increase in adverts for companies offering to:

BUY YOUR HOUSE RIGHT AWAY FOR CASH - YOU CAN STAY IN YOUR HOME BY SELLING IT TO US AND RENTING IT BACK

The tabloids are awash with them. Odd, in a booming market ;)

Yes indeedy! (in the local paper - I don't read tabloids, of course ;) )

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