Government's Mortgage Rescue

Realy

dopester wrote: »

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.

Of cause you have, £100K in the bank, living with parent and have a GF no children!
I sure your parent/ parents love supporting you with your £100K in the bank!

Dithering_Dad

lostinrates wrote: »

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).

A lot of that seems to have gone during the HPI days, before I came here. Rest assured that I would have been having a go at them for being unsympathetic too

lostinrates wrote: »

Sorry its a boring day at work DD, I bet the rest of the City wishes it were bored!!! Better than scared witless!!!

Tell me about it, a really worrying time all around. I've been quietly doing some project documentation for my client while we've been chatting. They didn't ask for it but they'll need it and anything I can do to make myself useful (and hence employable) makes me feel a bit safer!

dopester

Realy wrote: »

Of cause you have, £100K in the bank, living with parent and have a GF no children!
I sure your parent/ parents love supporting you with your £100K in the bank!

My mother is getting a great deal with the income we bring in. She doesn't want us to leave regardless of money.

She has a big house. Lots of people have big houses which are under-utilised imo.

Mangle it up how you like. I've waited to use the money I've saved wisely in buying a house for good value. Not for spunking it away on over-valued property with a huge mortgage to go with it.

Realy

dopester wrote: »

My mother is getting a great deal with the income we bring in. She doesn't want us to leave regardless of money.

She has a big house. Lots of people have big houses which are under-utilised imo.

Mangle it up how you like. I've waited to use the money I've saved wisely in buying a house for good value. Not for spunking it away on over-valued property with a huge mortgage to go with it.

So will you be mortgage free when you buy?

Dithering_Dad

dopester wrote: »

My mother is getting a great deal with the income we bring in. She doesn't want us to leave regardless of money.

She has a big house. Lots of people have big houses which are under-utilised imo.

Mangle it up how you like. I've waited to use the money I've saved wisely in buying a house for good value. Not for spunking it away on over-valued property with a huge mortgage to go with it.

Ignore it Dopester, the username was created this month (today?) and has single digit posts. Another case of a regular user not having the balls to use their 'normal' username to have their say.

Cowardice.

Right. I'm off to catch my train home to see my lovely family. Missed them even more than usual this week. Still only another (probably) 3 years to go and then I'm done with this travelling lark!

Have a good one

dopester

Realy wrote: »

So will you be mortgage free when you buy?

The thing with liquid savings is that it gives you the comfort of having options, something bricks and mortar doesn't.

And I don't expect any HPI for decades, with options for investment growth back in more traditional forms of investment which thrive on liquid capital.

Put it this way, I'm not going to extend myself all-in with a big added mortgage to get the nicest house in a range that makes me financially uncomfortable.

Well-built and affordable and in the right area is fine for me. I already hate houses - the expense of running them and taxes, and don't need anything over-fancy which goes beyond my budget. Houses are a liability in my view.

I'm sorry to the OP for writing this cause it is now in bad-taste, but the topic got dragged this way.

Realy

dopester wrote: »

.

Put it this way, I'm not going to extend myself all-in with a big added mortgage to get the nicest house in a range that makes me financially uncomfortable.

quote]

So you could be in the same situation as the OP or anyone else who is unfortunate to lose their job or ill health. A Mortgage needs paying back no matter its size.
So you comments earlier do come across a bit hypocritical to the people who have been unfortunate.

lostinrates

Realy wrote: »

dopester wrote: »

.

Put it this way, I'm not going to extend myself all-in with a big added mortgage to get the nicest house in a range that makes me financially uncomfortable.

quote]

So you could be in the same situation as the OP or anyone else who is unfortunate to lose their job or ill health. A Mortgage needs paying back no matter its size.
So you comments earlier do come across a bit hypocritical to the people who have been unfortunate.

Payment protection?

DH is in the process of taking out addition insurances to his work provided ones which would step in in that scenario (among others). I feel payment protection insurance hould be a mandatory requirment for high value loans and mortgages, both beause of the protection they offer and the implications they force the borrower to consider (and hopefully nudge the borrower toensure all their other finacial stuff is up todate).

Realy

lostinrates wrote: »

Realy wrote: »

Payment protection?

DH is in the process of taking out addition insurances to his work provided ones which would step in in that scenario (among others). I feel payment protection insurance hould be a mandatory requirment for high value loans and mortgages, both beause of the protection they offer and the implications they force the borrower to consider (and hopefully nudge the borrower toensure all their other finacial stuff is up todate).

Maximum protection 12 months!
Helpful but not long term.

dopester

Realy wrote: »

So you could be in the same situation as the OP or anyone else who is unfortunate to lose their job or ill health. A Mortgage needs paying back no matter its size.
So you comments earlier do come across a bit hypocritical to the people who have been unfortunate.

If the OP had any equity, had adequately taken a position for any reversal of the boom time, they could slash the price to sell and downgrade to a place they can afford. Or move back to parents. Or rent. Or rent with other people.

All this crap on bail-outs for people who can't afford their payments, or who have over-extended themselves, props up prices, rigs the market, and is stopping good money coming in to the market.

Instead it seems those VIs who don't want prices to correct want to be bailed out and deny a healthy market.

And no - I don't want a mortgage if I can possibly help it. If prices go the way I expect them to, I'm hoping to find great value for a lot less than £100K in the market.