the_duke_of_hazzard Posted March 31, 2008 Share Posted March 31, 2008 We moved into a flat in Dulwich/Sydenham Hill. We're paying 1080 a month. My parents like the area so my dad looked at an identical flat effectively next door. It's on for 365K He viewed it on Saturday, and the owner told him a couple of things. "I shouldn't tell you this, but it's been on for four weeks, and I haven't had a viewing until now." "I shouldn't tell you this, but I am willing to move on price." Oh dear... Also, he works in the mortgage industry, and until recently was a bull (you think he'd know better). Interestingly, he told me that Kensington Mortgages is still alive and kicking, but not doing any new lending. So what are they doing, I asked? Concentrating on their existing loan book, trying to maximise revenue from that. I thought that was quite interesting. He's not a bull anymore, and thinks I'm quite smart for not having bought now Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted March 31, 2008 Author Share Posted March 31, 2008 you pay 12960 /365=3.5% yield.your dad would be better renting next door for two years while his money earns 6% in the bank Honestly, you don't need to tell me. I think when you've owned for over twenty years, the idea of renting really is anathema. I can understand that. Quote Link to comment Share on other sites More sharing options...
Guest The_Oldie Posted March 31, 2008 Share Posted March 31, 2008 Honestly, you don't need to tell me. I think when you've owned for over twenty years, the idea of renting really is anathema. I can understand that. I had owned for over thirty years. The first six months renting felt a little strange, but now I can't imagine wanting to own a house again. Perhaps I'll change my mind in a few years if and when it makes financial sense to buy again, but the way I feel now, I may never own again. Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted March 31, 2008 Author Share Posted March 31, 2008 I had owned for over thirty years. The first six months renting felt a little strange, but now I can't imagine wanting to own a house again.Perhaps I'll change my mind in a few years if and when it makes financial sense to buy again, but the way I feel now, I may never own again. Well, we've just been through a nighmarish year with a slightly deranged landlord, and before that we lived in a flat that got dry rot so were forced to move out. Financially renting is better, but there is something to be said for having some control over your living space. Not that ownership gives you complete control, but I can see why it's hard to give up. Quote Link to comment Share on other sites More sharing options...
Blue Peter Posted April 1, 2008 Share Posted April 1, 2008 So what are they doing, I asked? Concentrating on their existing loan book, trying to maximise revenue from that. I thought that was quite interesting. Is that like "spending more time with the family"? How do you maximize revenue from your existing loans? I thought you lent them the money, they paid (or not) you interest, and that was that. There doesn't seem much opportunity for maximising, minimising or performing any other mathematical function on it, as far as I can see, Peter. Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted April 1, 2008 Author Share Posted April 1, 2008 (edited) Is that like "spending more time with the family"? How do you maximize revenue from your existing loans? I thought you lent them the money, they paid (or not) you interest, and that was that. There doesn't seem much opportunity for maximising, minimising or performing any other mathematical function on it, as far as I can see,Peter. Figuring out which properties to repossess, which to turn the screws on, and which are beyond saving. Chasing the loans, "counselling" people in trouble ('Have you heard of ebay?'), doing legal work in-house. Edited April 1, 2008 by the_duke_of_hazzard Quote Link to comment Share on other sites More sharing options...
Blue Peter Posted April 2, 2008 Share Posted April 2, 2008 Figuring out which properties to repossess, which to turn the screws on, and which are beyond saving. Chasing the loans, "counselling" people in trouble ('Have you heard of ebay?'), doing legal work in-house. Interesting. The above would seem to require a rather different skill set than that required to flog mortgages to anyone who could fog a mirror. I wonder if they all get retrained, Peter. Quote Link to comment Share on other sites More sharing options...
TeddyBear Posted April 2, 2008 Share Posted April 2, 2008 Well, we've just been through a nighmarish year with a slightly deranged landlord, and before that we lived in a flat that got dry rot so were forced to move out.Financially renting is better, but there is something to be said for having some control over your living space. Not that ownership gives you complete control, but I can see why it's hard to give up. unless you're in a leasehold flat with bad and/or greedy managing agents/freeholders. Even less control, not easy to move. Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted April 2, 2008 Author Share Posted April 2, 2008 unless you're in a leasehold flat with bad and/or greedy managing agents/freeholders. Even less control, not easy to move. I certainly wouldn't want to share responsibility for the building. I'd only want to own a freehold. Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted April 2, 2008 Author Share Posted April 2, 2008 Interesting. The above would seem to require a rather different skill set than that required to flog mortgages to anyone who could fog a mirror. I wonder if they all get retrained,Peter. For most things, I doubt it. How much training does it take to harass debtors? The legal side might require training. On the whole it's more a case of "do this, or we make you redundant" I expect. Quote Link to comment Share on other sites More sharing options...
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