Sunday, June 27, 2010

Bricks and torture – the new phrase for ownership

Be a happy renter

The truth is out there.

Posted by chrisch @ 09:25 AM (1932 views)
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11 thoughts on “Bricks and torture – the new phrase for ownership

  • “Under the Chancellor’s new arrangement, the Bank would have the authority to place a cap on the amount that mortgage lenders could hand out to borrowers – and some fear this could mean maximum loans of 75 or 85 per cent of the property price.”

    A good thing surely? Do we want a repeat of the madness that caused the bubble in the first place?

    “Ray Boulger, the senior technical manager at broker John Charcol, insists that the move would particularly hurt first-time buyers, by denying them a mortgage that they could afford”

    Is the man Mad?…”Denying them a mortgage that they could afford? Why would a bank deny someone a mortgage they CAN afford? What he means is, with the banks reinstating sensible lending criteria there are many people being denied a mortgage.

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  • Happy renter eh?

    Obviously the fool who wrote this twaddle has never actually rented a house. Believe me, renting is a load of carp – sky high costs and loads of aggro from greedy landlords and letting agents, not to mention all the bodgers they send round when something breaks (and it will).

    Much better to ‘own’ a place you can’t actually afford. Then when you can’t pay the mortgage any more the taxpayer will be made to bail you out and you can continue to live in your nice home.

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  • @ peter

    I completely agree. I’ve been a renter in one way or another for 15 years.
    I don’t want to rent, hate nearly every landlord that I’ve had the misfortune to enrich. Only a small percentage of the properties that I could afford or were near enough to work to be practical were habitable. My problem was not buying when housing was affordable.
    I should have taken out a 105% lier loan 5 years ago.

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  • tudorian and peter
    I agree, I’ve been renting a crappy ex-council house in the middle of nowhere since 2007 and it’s the pits. The rental agency will only do 6- or 12-month short assured tenancies. They say that this is better for landlords but I can’t think that mine enjoys the worry of knowing I might move out every time my lease ends. If I was on a normal month-to-month lease they wouldn’t need to think about it until I gave notice.They have now started hassling me just 3 months into my latest lease, saying that they need to know in the next couple of weeks whether to advertise the property. There’s no security and little flexibility in this system.

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  • Oh, dear, your experiences sound nothing like mine. We’ve had three different rentals in the past six years. All moves by our own choice. Each place cheaper and nicer than the last one. All decent landlords.

    We’re much better off renting than owning. In fact, we’ve become so disgusted with property prices that we’ve decided we won’t buy unless there is a real crash and prices fall below 2000 levels.

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  • tenyearstogetmymoneyback says:

    The question is will landlords be happy when they need Tennants to pay the mortgage.
    Remember up until 1997 the majority of landlords profits came from Capital gains.
    Having a Tennant was just a way of getting in a little bit more dosh.

    I have said many times on this site that Buying SHOULD be cheaper than renting, as
    the buyer doesn’t have void periods, gas inspections agency fees etc.

    I think a 75% rule would be stupid but think banks should just go back to the old 3x salary limit.
    As for Liar loans my personal opinion is that the people who toook these out are no better than Bernard Madoff
    and deserve the same treatment.

    In the long term I do wonder if we might eventually get back to the situation in 1993 when a friend landlord
    was trying to sell him the three bed house he was renting in Stapleton Road Bristol for £15000 as he had decided
    he wan’t making any money from it.

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  • Well you can be a happy renter if there’s many jobs and you change jobs often. With each job hopefully you get a pay rise. In a recession people don’t have much money and this usually means a lowering in house prices. The fact it hasn’t happened yet is simply because of the government stimulus which ends very soon… Soon the loyal FTB’s will be benefiting from their long wait. A collapse in house prices is unavoidable.

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  • It was an extremely poor article biased towards people who rent because they can’t afford to buy as opposed to those who choose to rent. It’s more than just Government stimulus – it is about maintaining public perception and constantly reinforcing the idea that buying is better than renting. The first thing most people say about renting is ‘dead money’ because they don’t know, and, they are prevented from knowing any better.

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  • ‘Things are sticky for first-timers already. ‘

    Goebbels would be proud of this statement.

    Vote Property Nazi Party!

    Cap ‘at crucifix’

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  • mark wadsworth says:

    I’m a happy renter. Such people do exist.

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  • ontheotherhand says:

    I’m a happy renter because I have contracted directly with the landlord. It’s the scummy estate agents that cause most of the bad feelings by treating tenants like cattle rather than big spending customers.

    Another benefit of renting through a period of starting a family is that I can get a bigger place only when needed without any waste on stamp duty and estate agent fees.

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