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Debate House Prices
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Government's Mortgage Rescue
Comments
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Dithering_Dad wrote: »Other people (like me) budget sensibly for having children, build up savings and then when the happy day arrives they find they have a disabled child. Suddenly the costs are much higher than budgeted, Mum can't go back to work as planned and so you get into difficulties
DD you are allowed to claim for your disabled child. It isn't means tested and your wife will get a carers allowance paid to her in her own right. The level of carer payments depends on the disability of your child. It's quite a good payment, but depending on the disability of your child, it won't reflect all the hours you wife spends looking after your child. You need to get a claim in straight away as they only back date payments for a few months.
I wonder how many other people don't know this? My sister never knew and when she finally did find out, they government did their usual - it was your your responsibility to find out about what payments you can receive.
Edited to say - DD, I don't know if any carers payments to your wife will be classed as income and affect you CTC claim. My sister didn't claim CTC so I can't ask her. You might do better asking on the benefits board first as they will know.RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0 -
lostinrates wrote: »DD...to all extents and purposes I dn't think your unexpected situation with your daughter is so different to my situation with me.
The thing is, I never assumed everything would be alright....hence the fear of over extending my self, the fact that even at a young age I had a will organised and a work ethic. I have always looked to myself for help first, and thats what I think is the aim (and over generalised) here....the sense, however accurate or not..that we are a nation who looks for help from outide before giving everything we have to give of ourselves to make things work. I am not in any way shape or form suggesting there should be no state help, but I think recipients should have to, someway, meet the help halfway.
So do I, and I do think people should take responsibility for their actions, but !!!!!! happens to good people, even to those who are sensible with their money. I just don't think mocking them when they seek help on a forum is right. Especially if they're seeking advice on how they can help themselves.lostinrates wrote: »(BTW I take on board and agree with your point about mocking...)
Thanks LIR, this was really all I was about. Looks like it didn't wholly fall on stony ground afterall.
Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
Ok DD- point taken about the seriously unexpected.
However I wouldn't put mass unemployment in that bracket. Certainly I've projected for that as a reversal consequence of irresponsible lending and unsustainable HPI.
Maybe it isn't black and white, and it could still happen if you bought in 95, or 97.
However it is a lot more likely that you will struggle in debt if you take on increased risk by buying near the peak... because we are talking hundreds of thousands of pounds in HPI increased "worth" from just the house I'm typing from in just the space of a relatively short time when credit was plentiful in the extreme and rates were low.
And all the reasons you list for finding yourself in trouble, the margin of space to be able to see yourself through difficult times is a lot more restricted, because of the added debt burden.
If people can't go back to parents then surely they can rent and cram in to a house with friends or others, lowering their overall costs and expenses. Yes; their freedom and independence might be lowered from what they had before, but no one has the right to something they can't afford to pay for.
It might be harsh and sad, but this world isn't about letting people have what they want, just because they want it, or bailing out everyone who finds they can't afford their obligations. That is a rigged market.
For job-losses they might have taken insurance against it. And I wouldn't be doing just as badly as them, because as I didn't buy an over-valued property.
And my deposit / (or full cash purchase price if house prices crash sufficiently) will ensure I have limited expose to the risks you listed - because of caution, planning, attitude to risk. Not because I assumed prices will only go up and there is no risk, or built a BTL empire.0 -
Ok DD- point taken about the seriously unexpected.
However I wouldn't put mass unemployment in that bracket. Certainly I've projected for that as a reversal consequence of irresponsible lending and unsustainable HPI.
Maybe it isn't black and white, and it could still happen if you bought in 95, or 97.
However it is a lot more likely that you will struggle in debt if you take on increased risk by buying near the peak... because we are talking hundreds of thousands of pounds in HPI increased "worth" from just the house I'm typing from in just the space of a relatively short time when credit was plentiful in the extreme and rates were low.
And all the reasons you list for finding yourself in trouble, the margin of space to be able to see yourself through difficult times is a lot more restricted, because of the added debt burden.
If people can't go back to parents then surely they can rent and cram in to a house with friends or others, lowering their overall costs and expenses. Yes; their freedom and independence might be lowered from what they had before, but no one has the right to something they can't afford to pay for.
It might be harsh and sad, but this world isn't about letting people have what they want, just because they want it, or bailing out everyone who finds they can't afford their obligations. That is a rigged market.
For job-losses they might have taken insurance against it. And I wouldn't be doing just as badly as them, because as I didn't buy an over-valued property.
And my deposit / (or full cash purchase price if house prices crash sufficiently) will ensure I have limited expose to the risks you listed - because of caution, planning, attitude to risk. Not because I assumed prices will only go up and there is no risk, or built a BTL empire.
Hi Dopester, I completely understand the frustration you must have been going through as house prices were going crazy and why you have animosity to those who bought at crazy prices and helped make the situation worse.
However, these people didn't do it to spite you, for the most part they were just trying to provide a home over their kids heads that wasn't subject to the whim of BTL landlords who decide to put the house up for sale 6 months after they move in. Maybe they thought they could afford the house they purchased, they weren't to know that mortgage rates, oil prices and food prices would all go up massively at the same time.
I've less empathy for BTLers who have overstreched themselves, but even then I can sympathise if they have a wife and kids who are also suffering.
I've really enjoyed this little debate though. My clients have all gone off on a 'team building' jolly today and I finished the work they gave me by 9:30 this morning so it's been a real life saver, boredom wise. Cheers for your part in it, its pleasant to have a decent chat without the sillyness of sniping. Cheers mate and good luck landing that property, at the right price.
(thanks to LIR too - always great value in a debate)Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
Dithering_Dad wrote: »if you were in their situation you'd be doing just as badly.
Only if you made the same financial choices.RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0 -
Dithering_Dad wrote: »However, these people didn't do it to spite you, )
YES YES -and that works in reverse too! I'm glad for ME that prices are falling, and my gladness doesn't imply spite the other way (as is frequently directed by some posters hereto 'wait to buys' like me or bulls).
Sorry its a boring day at work DD, I bet the rest of the City wishes it were bored!!! Better than scared witless!!!0 -
Dithering_Dad wrote: »(thanks to LIR too - always great value in a debate)
Not really....but I enjoy them anyway. Thanks for the compliment though. The main thing i that I find that its the easiest way for me to work on improving my writing and linguistic skills to try and form points with some semblance of clarity...(thats why I post so much truth be told). As we all know...doesn't always work. I think my strike rate is improving though.0 -
MissMoneypenny wrote: »DD you are allowed to claim for your disabled child. It isn't means tested and your wife will get a carers allowance paid to her in her own right. The level of carer payments depends on the disability of your child. It's quite a good payment, but depending on the disability of your child, it won't reflect all the hours you wife spends looking after your child. You need to get a claim in straight away as they only back date payments for a few months.
I wonder how many other people don't know this? My sister never knew and when she finally did find out, they government did their usual - it was your your responsibility to find out about what payments you can receive.
Edited to say - DD, I don't know if any carers payments to your wife will be classed as income and affect you CTC claim. My sister didn't claim CTC so I can't ask her. You might do better asking on the benefits board first as they will know.
Thanks MMp, I don't actually claim CTC because my earnings are too high as a contractor. I never qualified for WTC, not sure why.
My missus is on a 'back to teaching' course at the moment and once she's finished that shewill be doing supply work that we're hoping will fit nicely around our daughters school time, with perhaps Granny helping out if she gets delayed. We get the DLA for our daughter and I put it away in a savings plan for her. I am thinking of putting it into a stakeholder pension because we'll always be there to care for her while we're alive, but obviously won't be around when she retires. I'd like to think that I can take financial care of her from 'beyond the grave' (woo, said in a scary voice!) and see a pension as a guaranteed way of doing this. Might look into a trust fund also.
Thanks for your postMortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
MissMoneypenny wrote: »Only if you made the same financial choices.
He/she will loose his/her job at some time in their life and rely on the state in some form.
He/She is relying on a parent at the moment !!!!!!!
Having to live with your parents does not make someone a financial wiz-kid, they are in that situation because of being priced out the market. They can not preach or look down on those who were not. I guarantee they will have a mortgage some day (providing they can get one). Does that make them foolish and unworthy of help?0 -
He/she will loose his/her job at some time in their life and rely on the state in some form.
He/She is relying on a parent at the moment !!!!!!!
Having to live with your parents does not make someone a financial wiz-kid, they are in that situation because of being priced out the market. They can not preach or look down on those who were not. I guarantee they will have a mortgage some day (providing they can get one). Does that make them foolish and unworthy of help?
Oh please do shut up. Without going in to any specifics I've got over £100,000 in cash in the bank.
House prices are crashing spectacularly. I think I'm pretty well positioned for all your macho posturing against how I should be pitied for a chosen lifestyle at this point in time.0
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