Shame on you!!!!!!

Jonbvn

DownintheDumps wrote: »

I've been reading the site for some time and whilst you are all jumping up and down with glee about house prices crashing you forget that ordinary people are getting hammered.

I'm half way through a rennovation, I'm stuck with a 6 times mortgage coming to an end of the fixed rate next summer, can't finish the project, can't sell it, can't afford to stay put. Wife and two kids looking forward to a Christmas of misery and you lot are laughing. I would have provided someone with a lovely home through the sweat off my back and now I'm looking at bankrupcy probably.:mad: :mad: Shame on you all.:mad: :mad:

So you made stupid decisions and now it is the fault of people on a forum?

Didn't your parents ever teach you that you don't blame others for your mistakes?

If you want someone to blame, I would suggest you look up Krusty & Phil.

Realy

It is not a real post...

How many get 6 x income on a referb property, If it was as problem filled has he made out the money would be released in stages.

But first post.
WWWWWWWWWWWWWWWWWWWWWUUUUUUUUUUUUUUUUUUUUUUUMMMMMMMMMMMMMM

space_rider

I bought a house in Dec 2006 of 5 times my salary with a decent amount of equity. I am not jumping up and down as I know my equity is reducing.

When I took this mortgage I did it because I have a relatively secure job and I have NO other debts. I also budgeted for my very good discount mortgage ending and reverting to the SVR. I also made sure that I could afford to stand a couple of points interest rise too. I had a mortgage when the rate was over 14% and that is something I will never forget.

Whilst I am not jumping up and down I also think that the way house prices were rising was unsustainable. If I were to buy this house now I would pay around £30,000 less.

Mr_Matey

I wonder how many people thought along similar lines in the rising market, i.e. "I can't afford a home, and people are making money driving prices up and laughing".

Perhaps it is best to look at why you've gotten into this financial mess rather than venting at people saving for a home.

It sounds like this has happened because you've gambled on rising house prices and borrowed more than you can afford to pay. You may have provided a lovely home for someone, but tell us honestly that you weren't in it for the money.

I do feel sorry for kids whose parents have gambled their future on property, but I will continue to celebrate falling house prices as it means that one day I may be able to afford my own home.
Cheers :beer:

lostinrates

DownintheDumps wrote: »

I've been reading the site for some time and whilst you are all jumping up and down with glee about house prices crashing you forget that ordinary people are getting hammered.

I'm half way through a rennovation, I'm stuck with a 6 times mortgage coming to an end of the fixed rate next summer, can't finish the project, can't sell it, can't afford to stay put. Wife and two kids looking forward to a Christmas of misery and you lot are laughing. I would have provided someone with a lovely home through the sweat off my back and now I'm looking at bankrupcy probably.:mad: :mad: Shame on you all.:mad: :mad:

I'm genuinely sorry for your situation, really I am, no sarcasm from me.

But wouldn't it be lovely had a family who wanted to make your project their home been able to afford it befor the downturn? Currntly taking two houses very seriously, on both DH and I are the only non -developers looking, on both there is significant interest. Its been very sad at the open days, to listen to the developers disscussing there plans -we'd not touch them after they've 'developed ' them even if our savings have grown to cover their added valueThy clarly do not see the charm and quirks w do in these houses, that we want, not perfect nuetral paint and open plan living. If we proceed to buy we will have a tight christmas too (though no misery I hope) but a lovely home off our own backs, or somthing on the way to being so, and making plans about our home. Of course we don't want to loose money, and expct medium term fall in value, but then, we plan to be there for a while, maybe have a baby, not out grow it for somtime, and we are for the first time in a while seeing stuff we can just think about affording that we feel could be 'home'. Of course, the devlopers might well be better placd to offer more than us, which will be very very sad. For thm, if we bid higher, they arejust off to the next project.

I rally do feel sad for you, but please understand, that this is how normal buyers like I have felt for sometime, saving to try and catch up with ver increasing house prices and peopl buying to dvlop, flip or let, in doing wll for themslves have done this to us. You obviously see th valu in a home, so you must be able to see how excitd this is for people like us who might benefit from the change in climate.

Good luck.

mystic_trev

Should have gone to Specsavers.

lostinrates

Realy wrote: »

It is not a real post...

How many get 6 x income on a referb property, If it was as problem filled has he made out the money would be released in stages.

But first post.
WWWWWWWWWWWWWWWWWWWWWUUUUUUUUUUUUUUUUUUUUUUUMMMMMMMMMMMMMM

In principle we have been offered almost 8 times. Bank have considered our banking record and future prospects. I posted here about it, I was staggared, this was more than we were offered on a standard residential mortgage earlier this year whn there were mortages more easily available.

Realy

lostinrates wrote: »

In principle we have been offered almost 8 times. Bank have considered our banking record and future prospects. I posted here about it, I was staggared, this was more than we were offered on a standard residential mortgage earlier this year whn there were mortages more easily available.

I can get it but on a complet refurb you need a valuation.
You would not get a valuation at done up vale so they will lend you the money for the house, any extras to do up the house would be done on compleation stages.

A AIP is differnt to a offer, the offer is based on the valuation, affordability etc. non of that is done in the AIP.

skintandscared_2

There are many people, like me, who couldn't afford even ONE house with the hugely inflated prices of a year ago. Let alone buying another one to do up and sell at a profit. Prices are coming down to a realistic level that ordinary people can afford without resorting to ridiculous mortgage multiples. Your timing was obviously dreadful and huge sympathies for that. But what is wrong with a huge number of people becoming optimistic that they may actually be able to afford to buy their own home??! What can have changed - that wouldn't have happened anyway - to make you now unable to afford your renovations?! That certainly isn't the fault of the property market! Take some responsibility and GROW UP!

lostinrates

Realy wrote: »

I can get it but on a complet refurb you need a valuation.
You would not get a valuation at done up vale so they will lend you the money for the house, any extras to do up the house would be done on compleation stages.

A AIP is differnt to a offer, the offer is based on the valuation, affordability etc. non of that is done in the AIP.

We have discussed this with the bank. They feel from what what we hav suggested might be raised on survey they will give us all the money but put a timescale on certain works with consquenses if the work is not completed by then. We talked about this with them as have considered a self build mortgage (with similar critrior to that you outline) until these propects. The bank understand we are wanting to this the old fashioned way (window by window, tile by tile, as w can afford it- as thy have leant to my parnts to before). We have been quite frankly stunned at the flexibilty of our potential lendors. Who knows, if offers aar accepted thn surveys might reveal more than I have pessamistically warned bank of (although I have warned them of certain structural issues.)