High Court blow for UK homeowners

dopester

I'm currently up to reading at end of page 4.

However I need to post this before continuing reading the rest of the thread.

BTL scum, leeching from renters who can't afford to pay the orbital high property prices which have near TREBLED in 11 years, should be repossessed quickly if they default on their repayments - no matter what equity they have.

Property prices need to find their realistic price for prevailing conditions - and that means there will be losers... not bailing out the BTL scum to keep property valuations higher than they should be.

And I've twice heard rumours in recent times that lenders are caring less for what equity a BTLer has. Money is power. Not bricks and mortar but few savings.

jamesd wrote: »

Of course the lenders would take that into consideration. It guarantees that after fees they will recover all of the money you still owe them.

Better to owe more and have a larger emergency fund.

Exactly. Ideally owe little but have a large savings fund too.

MissMoneypenny wrote: »

Wouldn't it be better to put any overpayment money you have, into your own savings account? That way you will be able to make more monthly mortgage payments and allow yourself time to sort your finances out, especially as we have some dark economic times coming.

I wonder how many other BTLers have that much money put away in case they have cash flow problems? I think most people know that cash flow problems causes the collapse of a business, but how many BTLers realise they are running a business?

Exactly, and if it fails and they can't keep up their payment commitments, repossess and allow people like me, who have money, to make an offer at a much fairer market price which reflects prevailing conditions.

bubblesmoney wrote: »

i have nothing against BTL but if they cant keep up on their payments then they should be repocessed pronto and then prices will come down to saner levels and people who dont own houses will be able to buy a house at much saner prices than have to depend on shared ownership schemes or council houses as they have been priced out of the market.

Exactly. Down with the BTL scum who are defaulting on their debts.

ianian99

sound good to me. if you were renting and never paid rent for 2 months the landlord could take moves to evict you so why shouldn't it be the same with mortgages.

Dithering_Dad

dopester wrote: »

I'm currently up to reading at end of page 4.

However I need to post this before continuing reading the rest of the thread.

I'd stop there Dopester, the rest of the thread just turns into another carolt argument vehicle and !!!!!!/Carolt tag-team love fest. :rolleyes:

neverdespairgirl

pickledpink wrote: »

If you and your OH are both barristers (not forgetting Daddy) and OH is a director of a law firm - whyever haven't you been able to afford to buy?

You've been together for, what, 7 years? Maybe longer?

It doesn't add up at all!

My cousin is a director of **** Cola and is on more than £200K a year - and he doesn't rent! Incidentally, he didn't become a director overnight - he worked for them for a good 10 years - so your OH should have been on an excellant salary! And YOU should have been raking quite a bit ibn as an immigration barrister.

I don't think we've ever said we "couldn't afford to buy". It's not the case.

My parents' financial position is irrelevant, however, as OH and I are adults, and rely on our own resources. We've been living together 11 years.

We are both self-employed, as barristers, so salaries don't come into it. We are, however, both earning a decent living, thanks for your concern!

On a 3.5 times joint income mortgage, plus our deposit (which is very large, mostly because OH inherited from his parents who died tragically young) we could quite happily buy a decent house / flat if we chose to do so. We are not so choosing.

Dithering_Dad

neverdespairgirl wrote: »

On a 3.5 times joint income mortgage, plus our deposit (which is very large, mostly because OH inherited from his parents who died tragically young) we could quite happily buy a decent house / flat if we chose to do so. We are not so choosing.

You don't need to justify yourself, NDG.

WTF?_2

neverdespairgirl wrote: »

I don't think we've ever said we "couldn't afford to buy". It's not the case.

My parents' financial position is irrelevant, however, as OH and I are adults, and rely on our own resources. We've been living together 11 years.

We are both self-employed, as barristers, so salaries don't come into it. We are, however, both earning a decent living, thanks for your concern!

On a 3.5 times joint income mortgage, plus our deposit (which is very large, mostly because OH inherited from his parents who died tragically young) we could quite happily buy a decent house / flat if we chose to do so. We are not so choosing.

What many of our more idiotic housing bulls here don't seem to get is that people actually can CHOOSE not to buy. They are so blinded by dogma that they imagine that anyone who could possibly borrow enough to buy into property would do so, irrespective of whether it made financial sense or not. They just don't get it.

I suspect that this sort of weak-minded 'thinking' has landed a load of them up to their necks in debt.

Dan:_4

!!!!!!? wrote: »

What many of our more idiotic housing bulls here don't seem to get is that people actually can CHOOSE not to buy. They are so blinded by dogma that they imagine that anyone who could possibly borrow enough to buy into property would do so, irrespective of whether it made financial sense or not. They just don't get it.

I suspect that this sort of weak-minded 'thinking' has landed a load of them up to their necks in debt.

Hilarious coming from !!!!!!? who slags off FTB who take the plunge.

ianian99

!!!!!!? wrote: »

What many of our more idiotic housing bulls here don't seem to get is that people actually can CHOOSE not to buy. They are so blinded by dogma that they imagine that anyone who could possibly borrow enough to buy into property would do so, irrespective of whether it made financial sense or not. They just don't get it.

I suspect that this sort of weak-minded 'thinking' has landed a load of them up to their necks in debt.

hear hear.
We have chosen not to buy but rent whilst everyone around have been getting themselves up to their necks and beyond in debt because they HAD to buy. Because we rented we have been able to save a tidy sum. We have enough for a fat deposit and could buy now and our mortgage would be less than our present rent but we are going to hang on a bit yet and get ourselves a nice cheap repo. (or 2).

WTF?_2

Dan: wrote: »

Hilarious coming from !!!!!!? who slags off FTB who take the plunge.

Warning people not to buy does not equal slagging them off.

No doubt you'd have been 'helping' people onto the Titanic :rolleyes2

StevieJ

dopester wrote: »

I'm currently up to reading at end of page 4.

However I need to post this before continuing reading the rest of the thread.

BTL scum, leeching from renters who can't afford to pay the orbital high property prices which have near TREBLED in 11 years, should be repossessed quickly if they default on their repayments - no matter what equity they have.

Property prices need to find their realistic price for prevailing conditions - and that means there will be losers... not bailing out the BTL scum to keep property valuations higher than they should be.

And I've twice heard rumours in recent times that lenders are caring less for what equity a BTLer has. Money is power. Not bricks and mortar but few savings.



Exactly. Ideally owe little but have a large savings fund too.



Exactly, and if it fails and they can't keep up their payment commitments, repossess and allow people like me, who have money, to make an offer at a much fairer market price which reflects prevailing conditions.



Exactly. Down with the BTL scum who are defaulting on their debts.

What do you think of !!!!!! planning to go BTL with his cash stash?