garybug Posted June 30, 2008 Share Posted June 30, 2008 http://news.bbc.co.uk/1/hi/business/7450384.stm OMG, where to start... . Some choice quotes here... rather than renting which, at the time, seemed like throwing money down the drain I had banked with the Halifax for years but they wanted a £40,000 deposit. How can anyone in our position save that? We bought a one-bedroom ground floor flat in Bromley for £177,000 in December. Our budget was £180,000. It was a bit of a dump but friends helped to do up the bathroom and we borrowed a bit of money to do it up. It sounds silly but I have really wanted a PlayStation for six months but I cannot go out and buy one. If I could go back we would rent somewhere for about £750 a month. Our mortgage is £1,300 a month, so we could have put money away until the credit crunch blows over. The government gives no incentive for first-time buyers There's one born every minute... Quote Link to comment Share on other sites More sharing options...
Paddles Posted June 30, 2008 Share Posted June 30, 2008 Quality of life = owning a Playstation Interesting concept. Quote Link to comment Share on other sites More sharing options...
Dr Elk Posted June 30, 2008 Share Posted June 30, 2008 I have no idea what a credit controller does but I guessing it doesn't require much financial acumen Quote Link to comment Share on other sites More sharing options...
Its time to buy Posted June 30, 2008 Share Posted June 30, 2008 How old are they 16? Quote Link to comment Share on other sites More sharing options...
impatient_mug Posted June 30, 2008 Share Posted June 30, 2008 Quality of life = owning a PlaystationInteresting concept. lol I think the point he was trying to make is he can't even afford the little things in life with his new mortgage, not that a PS3 would significantly improve their quality of life :-) Quote Link to comment Share on other sites More sharing options...
geed Posted June 30, 2008 Share Posted June 30, 2008 (edited) Now the questions I would be asking them are these; Have you learn't anything in this experience? Do you still think renting is "dead money"? How much do you think your property is worth now? I fear they will have learn't very little, some folk need it spelt out to them and it is up to the banks and the government to teach the in's and out's of house purchasing to those that do not understand the risks. Not everyone reads this site and not everyone can comprehend the information it provides. And what did the parents have to say about this purchase? maybe they were really annoying and they just wanted rid of them Edited June 30, 2008 by geed Quote Link to comment Share on other sites More sharing options...
redgenieuk Posted June 30, 2008 Share Posted June 30, 2008 http://news.bbc.co.uk/1/hi/business/7450384.stmOMG, where to start... . Some choice quotes here... rather than renting which, at the time, seemed like throwing money down the drain I had banked with the Halifax for years but they wanted a £40,000 deposit. How can anyone in our position save that? We bought a one-bedroom ground floor flat in Bromley for £177,000 in December. Our budget was £180,000. It was a bit of a dump but friends helped to do up the bathroom and we borrowed a bit of money to do it up. It sounds silly but I have really wanted a PlayStation for six months but I cannot go out and buy one. If I could go back we would rent somewhere for about £750 a month. Our mortgage is £1,300 a month, so we could have put money away until the credit crunch blows over. The government gives no incentive for first-time buyers There's one born every minute... There is at least one born in that time frame! Seriously, some people need their heads examining. I hope he never wants anything nice again. He is totally screwed. Top sale value now..... gotta be around £120k if he is lucky? Quote Link to comment Share on other sites More sharing options...
redwing Posted June 30, 2008 Share Posted June 30, 2008 The government gives no incentive for first-time buyers What about 10 years of low inflation 10 years of low interest rates low unemployment stability and prudence What other incentives did they expect? Ungrateful whingers. [/sarcasm] Quote Link to comment Share on other sites More sharing options...
acidarrow Posted June 30, 2008 Share Posted June 30, 2008 "one-bedroom ground floor flat in Bromley for £177,000..." Ooo that's gotta hurt! Well you pay your money and take your choice as it were. They've made several key decisions that have led them to this unenviable situation and now indirectly blame the government for not being able to afford the ultimate symbol of disposable income: the Playstation. They only have themselves to blame I'm afraid, I'm sure if HPC wasn't happening they'd be going on to all their renting-friends about how great owning is. Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted June 30, 2008 Share Posted June 30, 2008 I feel sorry for them. I could afford nicer in that area 7 years ago for half the price - and my salary has not gone up 2x in that time. Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted June 30, 2008 Share Posted June 30, 2008 If I could go back we would rent somewhere for about £750 a month. Our mortgage is £1,300 a month, so we could have put money away until the credit crunch blows over. The government gives no incentive for first-time buyers If it's costing him too much, that's his problem. Still, at least he's on the "property ladder" Quote Link to comment Share on other sites More sharing options...
JohnnyB Posted June 30, 2008 Share Posted June 30, 2008 I have no idea what a credit controller does but I guessing it doesn't require much financial acumen Credit controllers call up companies and nag them to pay their bills. My mum is a credit controller for a law firm in London. £177k for a 1 bed flat in bromley seems like a major rip-off to me, even at the height of HPI madness. I understand the problem with the playstation though, I don't think I could function property without my beloved Xbox 360. Quote Link to comment Share on other sites More sharing options...
the primitive Posted June 30, 2008 Share Posted June 30, 2008 I have no idea what a credit controller does but I guessing it doesn't require much financial acumen That was hilarious - credit controller... if there had been any kind of sane credit control on the part of his lender they would never have lent them 100% FFS. The quote about not being arsed to save for a deposit...Jeez. I really really struggle to work out what is going through these people's minds when they borrow such a riduiculous amount of money on a 1 bed flat. As you say, has he any financial sense at all? How on earth did he get a job? Will there be hundreds of thousands of similar stories in the next couple of years? terrifying. Quote Link to comment Share on other sites More sharing options...
garybug Posted June 30, 2008 Author Share Posted June 30, 2008 There is at least one born in that time frame!Seriously, some people need their heads examining. I hope he never wants anything nice again. He is totally screwed. Top sale value now..... gotta be around £120k if he is lucky? The sad thing is, he's probably a nice enough bloke - just trying to do his best etc etc. Hopefully he is the last of 'Generation F#cked'. This should stand as a prime example of financial naivity, reckless lending, and HP's gone to the moon. Quote Link to comment Share on other sites More sharing options...
Paddles Posted June 30, 2008 Share Posted June 30, 2008 There is at least one born in that time frame!Seriously, some people need their heads examining. I hope he never wants anything nice again. He is totally screwed. Top sale value now..... gotta be around £120k if he is lucky? Probably worth about £60k back in 1998. 10 years compound inflation at, say 4%, gets him £85k and some change to buy a PS3. Hope his retirement plans aren't based around this century. Quote Link to comment Share on other sites More sharing options...
Antsy Posted June 30, 2008 Share Posted June 30, 2008 I suppose that if you are paying 1300 a month you can't go out anymore - you probably can't afford a TV licence, with inflation being as it is, either. Therefore, the playstation would beat staring at the walls... Quote Link to comment Share on other sites More sharing options...
Thucydides Posted June 30, 2008 Share Posted June 30, 2008 Credit controllers call up companies and nag them to pay their bills. My mum is a credit controller for a law firm in London.£177k for a 1 bed flat in bromley seems like a major rip-off to me, even at the height of HPI madness. I understand the problem with the playstation though, I don't think I could function property without my beloved Xbox 360. I'll say. If he's irritated now just think how's going to feel when his interest rates go up to 10% and the flat's worth £95,000. Quote Link to comment Share on other sites More sharing options...
apom Posted June 30, 2008 Share Posted June 30, 2008 Quality of life = owning a PlaystationInteresting concept. I have one, it is good to be fair and it does play blue ray.. But then I could afford it. Quote Link to comment Share on other sites More sharing options...
JohnnyB Posted June 30, 2008 Share Posted June 30, 2008 I'll say. If he's irritated now just think how's going to feel when his interest rates go up to 10% and the flat's worth £95,000. But if he had a playstation then he could vent his frustration by massacring some aliens, instead he'll probably be massacring people in the queue at Halifax. Quote Link to comment Share on other sites More sharing options...
JohnnyB Posted June 30, 2008 Share Posted June 30, 2008 I'll say. If he's irritated now just think how's going to feel when his interest rates go up to 10% and the flat's worth £95,000. But if he had a playstation then he could vent his frustration by massacring some aliens, instead he'll probably be massacring people in the queue at Halifax. Quote Link to comment Share on other sites More sharing options...
JohnnyB Posted June 30, 2008 Share Posted June 30, 2008 I'll say. If he's irritated now just think how's going to feel when his interest rates go up to 10% and the flat's worth £95,000. But if he had a playstation then he could vent his frustration by massacring some aliens, instead he'll probably be massacring people in the queue at Halifax. Quote Link to comment Share on other sites More sharing options...
Thucydides Posted June 30, 2008 Share Posted June 30, 2008 But if he had a playstation then he could vent his frustration by massacring some aliens, instead he'll probably be massacring people in the queue at Halifax. I read on the BBC that oil is up yet again to $143 and the NYSE might bomb a bit when it opens, all of which will only compound the problems of our aforementioned Bromley FTB. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted June 30, 2008 Share Posted June 30, 2008 (edited) rather than renting which, at the time, seemed like throwing money down the drain If I could go back we would rent somewhere for about £750 a month. Our mortgage is £1,300 a month, so we could have put money away until the credit crunch blows over. The government gives no incentive for first-time buyers ---------------------------------------------------- Jeezzzzzzzz [speechless]............... Edited June 30, 2008 by eric pebble Quote Link to comment Share on other sites More sharing options...
JohnnyB Posted June 30, 2008 Share Posted June 30, 2008 I read on the BBC that oil is up yet again to $143 and the NYSE might bomb a bit when it opens, all of which will only compound the problems of our aforementioned Bromley FTB. I kind of fell bad for the guy, I could have been that Bromley FTB if i'd let the OH's nagging about buying property get the better of my pessimism. Thank god the pessimism won through! Quote Link to comment Share on other sites More sharing options...
Not Long Now Posted June 30, 2008 Share Posted June 30, 2008 I have no idea what a credit controller does but I guessing it doesn't require much financial acumen It doesn't require any sort of acumen. Quote Link to comment Share on other sites More sharing options...
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