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Realistbear

Mirror: " If You're Thinking About Buying Your First Home, Forget It..."

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http://www.mirror.co.uk/news/money/mirrorm...89520-20363107/

Cash crisis leaves homes in jeopardy

SAFETY FIRST IN CASH CRISIS

26/03/2008
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Our homes and jobs are in greater jeopardy than at any time in the past three decades.
Just as in the early 70s, a runaway housing boom and a credit-driven spending spree have been stopped in their tracks by fuel shortages ramping up energy prices and harvest failures pushing up food bills.
The panic that has gripped stock markets reflects that fact.
A major bank might not go bust but your employer could - taking your job and home with it - so it's vital that you do what you can now to protect yourself and your family.
Draw up a budget to ensure that you live within your income by cutting out all unnecessary spending.
Protecting your home is your first priority, so make sure you can meet your mortgage or rent first. If you're on a mortgage deal that's due to expire, talk to a broker now to ensure you can get a fresh loan that's affordable. Money is tight right now so lenders are very choosy about who they'll lend to.
If you're thinking about buying your first home, forget it
until things settle down and houses become more affordable. The only exception to this may be key workers, who can take advantage of two new government schemes.
Existing owners should resist trading up, for you should avoid borrowing more money and concentrate on repaying your debts.

And this from the 2nd most influential newspaper in the country. Next to the Sun, of course.

The sheeple will be seeping this Spring.

Edited by Realistbear

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http://www.mirror.co.uk/news/money/mirrorm...89520-20363107/

Cash crisis leaves homes in jeopardy

SAFETY FIRST IN CASH CRISIS

26/03/2008
Related Articles
Our homes and jobs are in greater jeopardy than at any time in the past three decades.
Just as in the early 70s, a runaway housing boom and a credit-driven spending spree have been stopped in their tracks by fuel shortages ramping up energy prices and harvest failures pushing up food bills.
The panic that has gripped stock markets reflects that fact.
A major bank might not go bust but your employer could - taking your job and home with it - so it's vital that you do what you can now to protect yourself and your family.
Draw up a budget to ensure that you live within your income by cutting out all unnecessary spending.
Protecting your home is your first priority, so make sure you can meet your mortgage or rent first. If you're on a mortgage deal that's due to expire, talk to a broker now to ensure you can get a fresh loan that's affordable. Money is tight right now so lenders are very choosy about who they'll lend to.
If you're thinking about buying your first home, forget it
until things settle down and houses become more affordable. The only exception to this may be key workers, who can take advantage of two new government schemes.
Existing owners should resist trading up, for you should avoid borrowing more money and concentrate on repaying your debts.

And this from the 2nd most influential newspaper in the country. Next to the Sun, of course.

The sheeple will be seeping this Spring.

It is looking far worse than anyone could have imagined.... IMHO....

The amount of bearish news these days and pretty much non existent bulls here is proof enough...

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Draw up a budget to ensure that you live within your income by cutting out all unnecessary spending.

They need to meet their mortgage, to they cut back on luxuries.

So more people lose jobs. These people need to meet their mortgage, to they cut back on luxuries.

So more people lose jobs. These people need to meet their mortgage, to they cut back on luxuries.

So more people lose jobs. These people need to meet their mortgage, to they cut back on luxuries.

So more people lose jobs. These people need to meet their mortgage, to they cut back on luxuries.

...

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They need to meet their mortgage, to they cut back on luxuries.

So more people lose jobs. These people need to meet their mortgage, to they cut back on luxuries.

So more people lose jobs. These people need to meet their mortgage, to they cut back on luxuries.

So more people lose jobs. These people need to meet their mortgage, to they cut back on luxuries.

So more people lose jobs. These people need to meet their mortgage, to they cut back on luxuries.

...

What in fact many will do, is say "stuff the mortgage" and walk away especially if they are thousands in negative equity.

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http://www.mirror.co.uk/news/money/mirrorm...89520-20363107/

Cash crisis leaves homes in jeopardy

SAFETY FIRST IN CASH CRISIS

26/03/2008
Related Articles
Our homes and jobs are in greater jeopardy than at any time in the past three decades.
Just as in the early 70s, a runaway housing boom and a credit-driven spending spree have been stopped in their tracks by fuel shortages ramping up energy prices and harvest failures pushing up food bills.
The panic that has gripped stock markets reflects that fact.
A major bank might not go bust but your employer could - taking your job and home with it - so it's vital that you do what you can now to protect yourself and your family.
Draw up a budget to ensure that you live within your income by cutting out all unnecessary spending.
Protecting your home is your first priority, so make sure you can meet your mortgage or rent first. If you're on a mortgage deal that's due to expire, talk to a broker now to ensure you can get a fresh loan that's affordable. Money is tight right now so lenders are very choosy about who they'll lend to.
If you're thinking about buying your first home, forget it
until things settle down and houses become more affordable. The only exception to this may be key workers, who can take advantage of two new government schemes.
Existing owners should resist trading up, for you should
avoid borrowing more money and concentrate on repaying your debts.

And this from the 2nd most influential newspaper in the country. Next to the Sun, of course.

The sheeple will be seeping this Spring.

"Concentrate on repaying your debts" I think mass defaults are one of the biggest fears for the establishment now, there will be a lot of propaganda from the media machine about why you should repay your debts (they will say it is helping build schools and hospitals and fight terrorism) I don`t think they will be successful because when debt starts to prevent people living even a basic life, they will just stop paying. In a free credit environment people will maintain their debt, the same way a man who thinks he is getting a shag will keep buying a woman drinks. When her boyfriend walks in his behaviour immediately changes. The serfdom idea has been pushed just a touch too far I think, it is going to come back and bite NuLabour and the banks hard.

Edited by dances with sheeple

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The sheeple will be seeping this Spring.

Seeping ?

Que ?

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What in fact many will do, is say "stuff the mortgage" and walk away especially if they are thousands in negative equity.

But I thought that "walking away" was not an option here in the UK as the banks still have the right to chase you for the debt. I could be mistaken though.

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What in fact many will do, is say "stuff the mortgage" and walk away especially if they are thousands in negative equity.

Just how easy it is to "hand the keys back" to the bank or Bsoc in the UK and default on your debts compared to the USA?

Its funny to think that the collapse of Bear Stearns, numerous hedge funds and the near insolvency of the like of Citibank etc in the US has been caused by the "little" people :lol: Could the finance establishment in the UK be undermined in the same way?

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What in fact many will do, is say "stuff the mortgage" and walk away especially if they are thousands in negative equity.

Cant do that over here dude, they will hunt you down for the balance plus interest. I'm looking forward to seeing if foreclosure can be challenged as successfuly here as it is in the states in cases where the banks have securitised and sold on the debt.

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This site always cheers me up...so glad I found it.. :lol::lol:

watch out for mass mirgration now...will make no difference..this is about to affect the whole world.

we've been living on borrowed time...isn't greed lovely. :lol:

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a runaway housing boom and a credit-driven spending spree have been stopped in their tracks by fuel shortages ramping up energy prices and harvest failures pushing up food bills

...so nothing whatsoever to do with the sub-prime / CDO / credit crunch / liquidity crisis in the banking industry then? Phew, that's a relief. :rolleyes:

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Lets remember some of our fallen friends / fellow HPC members that have recently purchased.

We tried to help..but thats life.

Yes it's times like these they must be rememberd...............

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Guest theboltonfury
What in fact many will do, is say "stuff the mortgage" and walk away especially if they are thousands in negative equity.

if they all do that where will they live? Letting agents always do a credit search don't they? Maybe it'll transpire that yearly rents will have to be paid upfront for those with bankruptcies?

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Some have been talking about the credit crunch as if its the end of the world.

Does the death of Arthur C Clarke signify anything special and should we be looking out for a large black monolith in orbit around Jupiter?

Edited by nmarks

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It would be nice to know how much of the price drops are due to the credit crunch, and how much is due to scaremongering?

Some FTBs can no longer get mortgages due to stricter lending conditions and the requirement of a large deposit, which personally I think is nothing more than common sense and a GOOD thing. Other FTBs who can get a mortgage are delaying buying purely because of all the scaremongering in tabloids.

I guess we will never actually know.

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It would be nice to know how much of the price drops are due to the credit crunch, and how much is due to scaremongering?

Some FTBs can no longer get mortgages due to stricter lending conditions and the requirement of a large deposit, which personally I think is nothing more than common sense and a GOOD thing. Other FTBs who can get a mortgage are delaying buying purely because of all the scaremongering in tabloids.

I guess we will never actually know.

Not that because they are overpriced then!

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Other FTBs who can get a mortgage are delaying buying purely because of all the scaremongering in tabloids.

Go back one year, and that would be "other FTBs who can get a mortgage are leaping in purely because of all the scaremongering in tabloids." How things change.

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It would be nice to know how much of the price drops are due to the credit crunch, and how much is due to scaremongering?

Some FTBs can no longer get mortgages due to stricter lending conditions and the requirement of a large deposit, which personally I think is nothing more than common sense and a GOOD thing. Other FTBs who can get a mortgage are delaying buying purely because of all the scaremongering in tabloids.

I guess we will never actually know.

Theres a third group which is many on here who could afford to buy and would still be ablt to get a Mortgage and dont because prices will be coming down a log way

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Guest Steve Cook
Nervous condition manifesting itself in colonic expansion from body gasses that are dispelled into the atmosphere through the rectum.

That made me get a little bit of sick in my mouth..... :lol:

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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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