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the primitive

Times Ramping Again - "co-buying"

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Its a shame some people considered co-buying just to afford a home, convinced that prices would go up and they would simply be left behind. Its helped to drive prices up further. Scary thing is they probably thought they were thinking logically, without ever imagining that prices might fall or that lending might tighten.

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After two years, we were able to remortgage, take out that little bit of equity and pay off some debts.

Debt is debt, a mortgage is debt. Still, sound under most circumstances if you can do it as the rates are going to be lower.

In February, we finally agreed a figure – somewhere in the middle – and I flew off to Australia for a well-earned three-week holiday, dreaming of being not only a homeowner, but a landlord and fledgling property tycoon.

Yeah, right.

With my employers surprisingly unwilling to raise my salary, I was in danger of heading back to square one: not being able to afford a home of my own again.

You couldn't in the first place. That is why you part bought remember?

The solution? Well, that was born on another evening in the pub. I was bemoaning my situation with Adam, a work colleague, who couldn’t afford to buy on his own and ... the rest of the tale is a familiar one.

Back to square one again. Can't think what might happen next.

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The first problem with co-buying is that no lender will touch it atm unless they collectively have ten percent deposit :blink:each. This is irrespective of all the relationship problems which ALWAYS ensue. As prices get cheaper you can expect these w@nky ideas to attempt tp fly again as they believe (d1ck heads that they are) FTBs will rush back into the market place. FTB mortgage apps are up, nearly all still want 95%+ mortgages though.

OK, these are the main lenders that had a go/look at co-buying mortgages: HSBC had a tickle at it (now canned), the others were Cheshire, HBOS, Derbyshire, Northern Rock and B&B....I'm sure there's a pattern there, as Rolf Harris used to say "can anyone see it yet?".... :D

Edited by Converted Lurker

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Back to square one again. Can't think what might happen next.

:lol:

The question I want answering.....

Is the Times cheaper than Andrex?

:lol:

Edited by The Last Bear

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Co-Buying was pumped up in the late 80s when the market was rising and people were clambering over each other to buy. Alot of these ended up in disaster when the market crashed as usually one of the co-owners lost their job. I am surprised its being ramped up in a falling market. e.g the biggest CRASH in UK property history is unfurling we are only at the beginning of it. Looks like Developers and thoses with vested interests clasping at straws e.g co-ownership and 75% ownership etc . Prices are dropping FAST and FURIOUS. Soon you wil be able to afford a whole house for 3.45 to 4 X average earnings. Cheap Credit is history and like the dot.com era won't be back in fashion for another 70 year. Too many banks have been decimated.

Edited by joey

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http://www.nzherald.co.nz/nz/news/article....jectid=10400430

I think this was the ****!! that was on BBC news yestrday morning.

He put me off my scrambled eggs and I LOVE my scrambled eggs.

yeah, that's the guy

it's almost as if he's gone out of his way to make himself the caricature of the slimey property VI - total lack of self awareness - love the plucked eyebrows most of all - made me cringe yeseday when he ws on the beeb

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http://property.timesonline.co.uk/tol/life...icle4826310.ece

I don't understand how anyone this stupid can string long words together. Wouldn't lend him 5.8x his salary? Diddums. He doesn't seem to have the first f*cking clue. Jaw-dropping.

If anything, i would say this is written in a tounge in cheek manner and the author is actually saying that co buying is a stupid idea..

Scary thing is about 14 months ago i very nearly went for this same idea (if you look into the history of my posts you will see the thread i had on here discussing it). My mate bought on his own and i am renting a room off him. So far i have saved about 18k because i didnt go through with it

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This is really really easy. You have two options. Either

a) someone or a group of people somewhere realise that if First Time Buyers aren't sucked back into the the rhetoric and ideology of unaffordability and the inevitability of unsatisfactory to horrific choices the market won't recover for years and Bradford and Bingley might be the next bank to be nationalised.

or, (and I don't think that the dark forces are that organised, so I am opting for B))

B) a couple of journalists by pure coincidence woke up from living in a tank for a year, and realised on the same evening that if they were to keep their jobs they needed to Something ANYTHING. They scrabbled through old offerings to cand both fell upon the 'innovative' co-ownership drivel from this time last year. Halleluia. Problem solved. Job saved.

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  • 333 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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