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Why are people having a go at folk wanting to sell and buy
Comments
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Are you able to claim the interest only part of your mortgage if you lose your job? If so, how long is the gap before you can make a claim?0
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Are you able to claim the interest only part of your mortgage if you lose your job? If so, how long is the gap before you can make a claim?
It was 39 weeks. However, that has just been shortened to 13 weeks, as part of the emergency measures announced a couple of weeks ago by GB. This is all from memory, so please do check yourself.No reliance should be placed on the above! Absolutely none, do you hear?0 -
It was 39 weeks. However, that has just been shortened to 13 weeks, as part of the emergency measures announced a couple of weeks ago by GB. This is all from memory, so please do check yourself.
That is what I thought, hopefully I don't have to claim as I'm working at the moment. Being the only wage earner (live alone) and new FTBer it's good to know though. I'm going to have to save at least three months worth of mortgage payments ASAP.0 -
That is what I thought, hopefully I don't have to claim as I'm working at the moment. Being the only wage earner (live alone) and new FTBer it's good to know though. I'm going to have to save at least three months worth of mortgage payments ASAP.
My thinking behind the 13 weeks was roughly as follows:
Miss mortgage payments for a month before the lender notices!
Then correspondence back and forth for a month.
Then a court application is made by the lenders, which takes a couple of months before it comes before a judge. At that point, you can show that the interest is being paid again, and it's just the 13 weeks arrears, so the judge won't make a possession order.
Maybe I'm wrong. I'm not a lawyer and I've not been in this position, myself. But I can't help thinking that the government tried to work out the least costly way of avoiding repos, and 13 weeks was not just plucked out of the air.No reliance should be placed on the above! Absolutely none, do you hear?0 -
I think it's a terrible idea to encourage people to buy such expenses houses when the market is clearly falling. It's like putting all your money in a sinking investment fund!
It may hurt the market and the economy when prices are falling, but then, the economy and market are not real people with families who may be at risk.
Is it right that we tell people to buy as much of the expensive petrol as they can when prices are falling, to keep the market artificially high and protect it? I don't think so.
It is not just house prices that are causing the crash.... It's the lack of real money that has been loaned and can't be recalled! I would advise nayone NOT to buy now, if they asked and I cared abou them, that is.I'll have some cheese please, bob.0 -
My thinking behind the 13 weeks was roughly as follows:
Miss mortgage payments for a month before the lender notices!
Then correspondence back and forth for a month.
Then a court application is made by the lenders, which takes a couple of months before it comes before a judge. At that point, you can show that the interest is being paid again, and it's just the 13 weeks arrears, so the judge won't make a possession order.
Maybe I'm wrong. I'm not a lawyer and I've not been in this position, myself. But I can't help thinking that the government tried to work out the least costly way of avoiding repos, and 13 weeks was not just plucked out of the air.
I think you might be right there. I'd like to be in the position that worst case scenaio I can pay my mortgage until the 13 weeks kicks in. Thankfully I have a poorly paid job as it is so could just about afford to pay the bills on minimum wage.0 -
longforthesun wrote: »I have been reading some posts on this forum for some weeks now and cant believe the attitude of some folk. If we were to beleive lots of posters that say its wrong to sell or buy surley that would be a disaster for the country (yes i am fully aware of the current situation). OH and I do not need to move but would like to, so what if my house takes a year to sell or its value goes down (as long as it does not take me into negetive equity),the way i look at it if my house has dropped in price then the house i will buy will also drop in price. Obviously if you are looking to purchse a property to do up and sell on for a profit, then yes that would be a mistake but as someone said we think nothing of purchasing a car that depreciates in value the minute you drive out the car showroom.
So could the posters who tell everyone not to be so stupid and buy now please tell me what do you think will happen to this country if everyone listened to you?
In the ten years leading up to 2007, housing became a speculative bubble and by the middle of 2007, the vast majority of first time buyer homes were being bought by speculators. They had an advantage over first time buyers in having existing equity to leverage. Is this fair play in a free market economy? Certainly not. Houses are an essential for life. Although many of these reckless amateurs will pay the price for their stupidity, their actions have forced a generation of young people into mortgage poverty and inadequate accomodation. You might think it is fun to play monopoly with a basic necessity but I believe it stinks.0 -
The funny thing is... the HPI ... was unsustainable. the rising house prices just couldn't keep rising...
An analogy for you: House prices are like an airplane flying higher and higher in a steep rise.
It flys higher and higher, people are amazed at how it can reach such heights... peolpe are exstatic that we can do such wonderful things... then it flys too high for the dynamics of the aircraft.... it stalls ... it coughs... it splutters... it no longer climbs.... it starts to dive... uncontrollably toward to ground... it accelerates towards a terminal velocity.
If the pilot (Prime Minister) is crappy and/or the engine is shoddy (Economic system) then the plane will keep diving and may hit the ground causing a disaster (Massive Depression/Recession)
If the pilot is good and/or engine is good... the plane will recover and level off somewhere between its maximum and earth.
Rising house market... isnot good for the market... a plane flying up and up towards the stars is not good for the plane or the pilot.
Its not a case of people talking the market up/down/left/right.... its a case that the plane just couldn't reach any higher and its engine had to stall. Once stalled it is now on its descent down... what governs when it levels off is how good pilot is (Brown) and the engine (economy).
Unforuntately for us... we have a shoddy pilot and a shoddy engine... so we are in for a disaster crash.
No incentives, no talking up the market will help it now. People will make their own decisions as to what an asset is 'worth'... and at the moment that 'worth' is decreasing every second as time passes.
Theres not much point discussing anything about house prices now... only guessing when they will stop falling. They will fall and we are all in deep c rap at the moment with the economy. If i could emmigrate... I would.0 -
poppysarah wrote: »House prices are over inflated.
Arrrggghhh. This is the viewpoint that annoys me the most.
Over-inflated compared to what?! If you had to pay £950/month rent, but could buy the same property with the interest on the mortgage being £730/month after you'd put down a 10% deposit, then is that "over inflated"?
And house prices also vary from region to region, town to town, street to street, so how very annoying when posters step in and harp on about prices crashing, when they don't even know where the person wants to buy/sell!
Not to mention the fact that we have become a nation of "I WANT IT NOW" people, who think it's their god given right to own their own home/4x4/PS3/50" plasma screen etc.... Whatever happened to saving up for things in life?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Arrrggghhh. This is the viewpoint that annoys me the most.
Over-inflated compared to what?! If you had to pay £950/month rent, but could buy the same property with the interest on the mortgage being £730/month after you'd put down a 10% deposit, then is that "over inflated"?
And house prices also vary from region to region, town to town, street to street, so how very annoying when posters step in and harp on about prices crashing, when they don't even know where the person wants to buy/sell!
Not to mention the fact that we have become a nation of "I WANT IT NOW" people, who think it's their god given right to own their own home/4x4/PS3/50" plasma screen etc.... Whatever happened to saving up for things in life?
House prices are 'over inflated' if workers in similar economies to ours can rent or buy similar accomodation for half the price (as it the case). 'Over inflated' house prices cost Uk jobs.0
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