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jonewer

One Born Every Minute....

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http://forums.moneysavingexpert.com/showthread.html?t=806593

...........a bit tight because we already had existing debt (around 30K)............before our own home was finished being built, we put a deposit down on a flat in the Rotunda in Birmingham............did this with my partner's parents.........7K deposit on a credit card .........market has changed......worried that that flat (18th floor, studio) won't sell or rent out......prospect or [sic]losing this ceposit [sic] is very worring......worried sick...could be a massive loss.....just don't know what we can do....current house is up for sale....no interest since it went on the market the 1st week of Jan...

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Hahahahaha. Sorry, absolutely NO sympathy here. Just amateur investor that's watched too many episodes of Homes Under the Hammer in search of a "risk free" quick buck! They deserve all that's coming to them.

The local news reported that the flats in the Rotunda sold within a day, many to one property investor, which also creates its own risk to anyone buying in the same development.

...it isn't even the best part of Birmingham to have flat. Walking around the Bull Ring / Rotunda after the shops have closed is like walking around a graveyard. What were they thinking?!??

PS, 7k deposit on a credit card???!!!! Doubt they'll even be able to flip the balance to another card at 0% anymore.

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Yeah, everyone in a financial fix is greedy/irresponsible/horrible/smelly/stupid/nasty blah blah blah

a bit harsh but not far off at least one of the above

they bought to let / flip, using a credit card as a deposit - i think that classes this lot as both greedy and stupid, don't you?

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yeah there is one born every minute - one that scours (or posts) threads of misery from MSE on here...

So? That flat they bought could have been bought by a real person. A first time buyer. Not a bunch of amatuer speculators in it to get rich quick and devil take the hindmost.

I revel in their misery. I bathe in it as if it were a balmy ocean of milk and honey.

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So? That flat they bought could have been bought by a real person. A first time buyer. Not a bunch of amatuer speculators in it to get rich quick and devil take the hindmost.

I revel in their misery. I bathe in it as if it were a balmy ocean of milk and honey.

Not only that, but they didn't even have their own money with which to buy it. I seriously hope they don't have children.

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Yeah, everyone in a financial fix is greedy/irresponsible/horrible/smelly/stupid/nasty blah blah blah

Nope. Not everyone in a financial fix is greedy and deserving of laughing at. Most are in a fix BECAUSE of the greed of such people, pushing up prices by their stupid greedy behaviour.

I have complete sympathy for the young couple who've taken out a huge mortgage to buy their first place in the hope of starting a family. A mortgage that is so big because clowns such as these are playing at "investments" in property with the banks money, pushing up prices for those that just want to buy a house to live in and get on with their lives.

Prats like these deserve EVERYTHING that is coming to them......

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Guest An Bearin Bui
Yeah, everyone in a financial fix is greedy/irresponsible/horrible/smelly/stupid/nasty blah blah blah

Well, come on, who the heck uses their credit card for a deposit on a flat? A flat they don't even need but are just buying for speculation? It's a textbook example of reckless borrowing. People can get into difficulties for all kinds of reasons (illness, divorce, job loss etc) and it would certainly be cruel and childish to make light of that but this example really just shows how out of touch so many people are with the realities of money management.

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Aaaaand just in case you had any misplaced sympathy whatsoever...

I may have done but it paid off big time in the past when I bought a inner city terrace for 45, rented it for two years at more than the mortgage and then sold for 79, so to your pointness point, yes, I have played the grown up game and won. This time, it hasn't paid off.

I was after sound advice about the market, not ramblings from an idiot.

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Well, come on, who the heck uses their credit card for a deposit on a flat? A flat they don't even need but are just buying for speculation? It's a textbook example of reckless borrowing. People can get into difficulties for all kinds of reasons (illness, divorce, job loss etc) and it would certainly be cruel and childish to make light of that but this example really just shows how out of touch so many people are with the realities of money management.

Playing the lottery with the credit card...using someone elses money...who is the real fool? ;)

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I hope they lose everything including their parents. I am not being mean it's just these are the type of people that want everyone but themselves off the property ladder so they can profit.

Not one ounce of sympathy.

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hey the BBC even has pics of some of the buyers

http://www.bbc.co.uk/birmingham/content/ar...e_feature.shtml

The two hundred and thirty two apartments in Rotunda range in price from around £150,000 for a city pad to nearly £500,000 for a penthouse. Each apartment is shaped like a 'slice of cake', radiating out from around a central core, and all boasting views of the city.

i wonder if they are smiling now.

sangeeta_tav_203_203x152.jpg

Tav and Sangeeta had just purchased two 14th floor apartments in the restyled Rotunda;

richard_lishman_and_max_203_203x152.jpg

Richard purchased an apartment with his wife and friends as an investment;

Richard Lishman

When we initially decided to invest into this development we wanted to do our bit in keeping Birmingham's history & heritage in place. So what better than buying an apartment in the rotunda! We are planning to keep it over the long term, so one day it may become Max' home!

R.MARTIN

I qued from 8.30 Friday morning with pals and we were the first there and bought one each.it is for investment purposes, it was well worth the wait and the company was great, t overall it was so exciting and a very emotional day.

Edited by notanewmember

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Richard Lishman

When we initially decided to invest into this development we wanted to do our bit in keeping Birmingham's history & heritage in place. So what better than buying an apartment in the rotunda! We are planning to keep it over the long term, so one day it may become Max' home!

Amazing the number of people who have "invested for the long term" isn't it?

I wonder if Richard's mortgage provider will share his thoughts when he comes to re-mortgage.

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so he previously made £35k profit - what did he do with that and why is he after sympathy because the £35k islikely to be going somewhere else?

From the pictures of the house (read; ugly small windowed box), he bought a glam plasma screen and some crass wallpaper

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Those comments at the end of the bbc article refer to the initial offering I believe in Oct 2005.......

The MSE posters think they just lose the deposit - surely they have lost much more than that because of negative equity and cant sell. Trapped.

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  • 295 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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