espada Posted November 4, 2008 Share Posted November 4, 2008 OO small mortgage, bought Q3 1995. Desperately need another bedroom, so waiting for the bottom of this crash. Quote Link to comment Share on other sites More sharing options...
twatmangle Posted November 4, 2008 Share Posted November 4, 2008 (edited) Let's see if we can set the record straight (or find out the awful truth, that we are mostly VI's on here also) I'm both a landlord (with no mortgage) and a tenant (There wasn't an option for this). EDIT: I would classify myself as a FTB who was smart enough to save instead of spend. Edited November 4, 2008 by twatmangle Quote Link to comment Share on other sites More sharing options...
tiggerthetiger Posted November 4, 2008 Share Posted November 4, 2008 tiggerthetiger, money doesn't matter so much sometimes. As long as you like living there and its your home, then hopefully the 9 yrs to go on the mortgage will be worth it. As a STR (by accident, due to geographical relocation), I'd pay over the odds now to live somewhere i want to call home. You sound anxious to buy a house you can call home.I wish you well.My original reason for selling was to get out of a rut I felt I was sinking into.Then I came across this site,which I think has clouded my views somewhat,in regards to the value of my house.I say value in all its different connotations.I became aware, I was looking at my house in a different way. It seems paradoxical that my new found knowledge of house prices and history sems to have clouded my gut instincts,and whether to follow them or not.One reason I did not move was that I figured many landlords would be going under and if I rented for a while,it may not be very secure and I may have to move on before I really wanted to. Quote Link to comment Share on other sites More sharing options...
Deckard Posted November 4, 2008 Share Posted November 4, 2008 (edited) 351 votes so far: this is becoming statistically significant. Come on guys: let us know where you stand ! Let's bump this thread up ! Edited November 4, 2008 by VoteWithYourFeet Quote Link to comment Share on other sites More sharing options...
Crashman Begins Posted November 4, 2008 Share Posted November 4, 2008 Under 30 1st time buyer who refuses to be screwed by the pyramid scam Quote Link to comment Share on other sites More sharing options...
Bebe Posted November 4, 2008 Share Posted November 4, 2008 Renter. Saved money to buy - but did not make money from property. Quote Link to comment Share on other sites More sharing options...
mitchbux Posted November 4, 2008 Share Posted November 4, 2008 OO with mortgage (2x one income), bought Apr 2008 (relocated) Do I want HPC? Yes, because HPI screws future generations (2 members of which currently share my home) Am I bothered that the home we bought this year is dropping in value? Not really. I'm ony bothered about how much it costs each month, and the mortgage on this place is less than it would cost to rent a smaller house. What about the lost equity? It was never real, so I'm not that bothered. Quote Link to comment Share on other sites More sharing options...
English Rose Posted November 4, 2008 Share Posted November 4, 2008 Outright owner of a small house and a VI for prices to fall so that I can a) buy a 'proper family home' and not see my kids screwed by unaffordable housing. Rachel Quote Link to comment Share on other sites More sharing options...
General Melchett Posted November 5, 2008 Author Share Posted November 5, 2008 I started this poll in May 2006.Please add your input to the poll. http://www.housepricecrash.co.uk/forum/ind...=29494&st=0 Apologies, Winkie I have added my input to your poll now (I was previously unaware of this) - I would urge everyone to do likewise. Quote Link to comment Share on other sites More sharing options...
housespider Posted November 5, 2008 Share Posted November 5, 2008 Sold in July 2007 and have been renting ever since - sold as I got the sense (6th?) that things could not go on the way they were for much longer and that we could, within 2 years buy a much needed larger house without having to be mortgaged up to the eyeballs! Quote Link to comment Share on other sites More sharing options...
bearwithasorehead Posted November 5, 2008 Share Posted November 5, 2008 I am number 400! Yay. OO with mortgage since 2003. I am a sucker and still peed off. Quote Link to comment Share on other sites More sharing options...
Webby Posted November 5, 2008 Share Posted November 5, 2008 Have been looking at this site for a while now and would interested to know what percentage of posters own property as opposed to rent, squat, doss, live with mum and dad etc. Would have done as a poll but could not figure out how. [Moderator: Threads merged] Quote Link to comment Share on other sites More sharing options...
juvenal Posted November 5, 2008 Share Posted November 5, 2008 Do I want HPC? Yes, because HPI screws future generations (2 members of which currently share my home)What about the lost equity? It was never real, so I'm not that bothered. Agree absolutely with mitchbux. I'm an outright OO with wife, both happy to see our house drop 50% in value for the reasons above. Give the next generation a chance. Houses are double the price they ought to be. Quote Link to comment Share on other sites More sharing options...
deeplyblue Posted November 6, 2008 Share Posted November 6, 2008 Suppose we count as STR, though it was largely accidental. We meant to buy, but couldn't find the right place in summer '08. We still want to buy, and get settled into a place we can customise. I'm watching the property market but the local one (NE England) is not falling fast. I'm also watching our capital sum, which is having to pay the rent - and a serious cut in interest rates could b****r the live-off-the-interest strategy, unless local prices drop by rather more than then the 6% which is what's showing up at the moment. Add to that the likely need for additional work to any property - which will get caught by inflation - and hanging around watching our capital diminishing doesn't seem like such a good idea. db Quote Link to comment Share on other sites More sharing options...
rex Posted November 10, 2008 Share Posted November 10, 2008 deeplyblue, same position as us - we are renting and living off the interest on the STR capital fund in bank. But if declining interest rates reduce our monthly interest payments below the rent, then we'll have to rethink. We're on a fixed interest rate until April, so waiting to see what will happen ....... not sure how low the likes of northern rock will go, given that they are supposed to be desperate for our money. Quote Link to comment Share on other sites More sharing options...
Harry Monk Posted November 10, 2008 Share Posted November 10, 2008 STR, partner wanted out last year and she wanted the house so I took half the equity and rented a flat as I had already been lurking here for a year or so. We agreed the price in September, at the peak of the market and I'm going to hang on 'til the bitter end. Quote Link to comment Share on other sites More sharing options...
Guest tbatst2000 Posted November 10, 2008 Share Posted November 10, 2008 Agree absolutely with mitchbux. I'm an outright OO with wife, both happy to see our house drop 50% in value for the reasons above.Give the next generation a chance. Houses are double the price they ought to be. I'll 3rd that. OO with no mortgage for 10 years and no plans to move at any point, I'd happily see house prices fall back right back to the rebuild cost. Quote Link to comment Share on other sites More sharing options...
PopGun Posted November 10, 2008 Share Posted November 10, 2008 I am number 400! Yay.OO with mortgage since 2003. I am a sucker and still peed off. Me too Still very much prepared to 'take one for the team' mind (and trade up should we both hold our jobs) Quote Link to comment Share on other sites More sharing options...
Bobajobbob Posted November 10, 2008 Share Posted November 10, 2008 Own house with mortgage. Could pay off mortgage but may choose not too depending on the mortgage deals available at the end of the year when remortgage comes up. Prefer the flexibility of holding cash at the moment as logn as return is exceeding borrowing. Saw crash coming but chose not to do anything about it as I bought my home to live in, have no desire to move currently, have a relatively small mortgage. Had I been young and single and without kids I probably would have STR in sep 07 just for the kicks but with a family it isn't really a convenient option. What the TV folk and media never seem to appreciate however is that I'm very happy to see prices coming down because when I do want to move it won't cost me as much to do so. Common sense really. When I last looked around for a house upgrade close to where I live currently one extra bedroom and a slightly bigger garden it was going to cost me an additional £300-500k. Haha. I laughed and walked away. In a couple of years it will cost me £50k. Quote Link to comment Share on other sites More sharing options...
Deleriad Posted November 10, 2008 Share Posted November 10, 2008 Unplanned OO. My fiancée bought a house in 2004 before I met her. I was renting at the time though not particularly saving. She mortgaged herself to the max but has a secure job and could afford it; she was scared about having to rent the rest of her life. End of 2007 we decided to relocate from East Midlands to Edinburgh for personal reasons. Put house on the market then the sh*t hit the fan. Couldn't sell it without losing money we couldn't afford to lose. Ended up renting it out but not covering mortgage and are renting cheaply in Edinburgh while desperately saving so that we can afford to sell the house at a loss. I decided to educate myself because I had never had or been interested in property before. So, the HPC has actually been very bad news for me. My fiancée is intelligent, capable and had no reason to disbelieve everyone who told her that she was doing the right thing. If we hadn't committed to moving just as all this happened then it would be largely irrelevant to us. Still, as we'll have to buy upwards - Edinburgh is far more expensive than the East Midlands - the crash should help us in the end. I hope. Quote Link to comment Share on other sites More sharing options...
grizzly bear Posted November 10, 2008 Share Posted November 10, 2008 deeplyblue, same position as us - we are renting and living off the interest on the STR capital fund in bank. But if declining interest rates reduce our monthly interest payments below the rent, then we'll have to rethink. We're on a fixed interest rate until April, so waiting to see what will happen ....... not sure how low the likes of northern rock will go, given that they are supposed to be desperate for our money. us too, sold and looking to move up, vendors asking silly prices, so we rent 85% covered by post tax interest on STR fund - have just fixed interest for a year.... will have to see what happens next year - the way i see it if house prices are falling by 1.5% a month, thats a lot more than the rent we are paying... Quote Link to comment Share on other sites More sharing options...
ScaredEitherWay Posted November 10, 2008 Share Posted November 10, 2008 STR but from the camp of "can't afford to keep this running, need to move, think prices will go down so will use this chance to have a gap year or 2" Rather than: "Oh deep joy, sell high, buy low, money, money, money". Not driven by greed. Just saw the chance to buy back in somewhere smaller and bank a bit of equity. Expected 20-25% drops over 5 years, not what's actually happened. Quote Link to comment Share on other sites More sharing options...
Dan In Bham City Posted November 10, 2008 Share Posted November 10, 2008 Owner Occupier with mortgage (around £160k) but with a good value collarless lifetime tracker currently 3.18%. I am bearish on house prices, I think they will be down at least 50% in real terms by the end of the crash. As I don't need to re-mortgage I have a VI in falling prices for when I eventually want to up-size. There's no point in selling up if rent for the same place in the same area would end up being more than your mortgage! Prices will continue to come down due to the size of deposit required to get an affordable mortgage, and not due to a repossessions crisis similar to that seen in the 1990s. New mortgages with small deposits will continue to be around 6.5 to 7% which will help drive average prices down to 3 x average income and below. Quote Link to comment Share on other sites More sharing options...
Nickolarge Posted November 10, 2008 Share Posted November 10, 2008 If by Vested Interest you mean someone who sold an overvalued asset prior to the worst recession/depression in human history then I guess you can count me as one. I would love to claim some sort of clairvoyance, but I can't, what I do know is that history does indeed repeat itself. You simply have to look backwards to look forwards. Simple really. I sold in August 2007 (completed Jan 08) and now rent but I only saw the way things were going when I put my place on the market in May 07, hence the date I joined this site. I sold to avoid bankruptcy so the timing was not of my making but I'm happy to say that It couldn't have worked out better. Quote Link to comment Share on other sites More sharing options...
Speak&Spell Posted November 10, 2008 Share Posted November 10, 2008 I was a home owner. Bought March 2006. Split up with my boyfriend so we rented the property out and sold it this year in May (thank goodness). Sitting on my share of the cash to hopefully buy maybe end of next year or sometime in 2010 with the new fella. Renting with him at the moment, testing the living together thing and if all works out well we'll buy together. He's an ex home owner too so he's got a little equity stashed away as well. Quote Link to comment Share on other sites More sharing options...
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