Some of you are vultures

chunkytfg

neas wrote: »

yet you have over 13k of unesecured debt oO

I assume that was aimed at me?

if so what has that got to do with it? Doesnt make me a vulture, just an overspender!

star-bright_2

Maybe the issue is just that some people like to gloat over others' misfortune, and other people don't. Just how the world is. I imagine, and hope, that most people here feel sympathy when they hear of suffering, be it reposession or a dodgy rental, and wouldn't wish hard times on anyone. I certainly don't want anyone to suffer, whatever misguided decisions they've made!

I would like to be able to buy a house though, time will tell.

neas

chunkytfg wrote: »

One to live in and one we rent out.

the BTL was kept when we bought our current house as my OH and me were still fairly new together so she wanted a way out and due to me being very fortunate with my career choices we could afford to do this.

I'm not some property tycoon just an average joe who made some wise decisions in his younger years(i'm only 27). I'd love to be in the position to buy a 1m pound pad but i'm not. In fact just the 500k pad my daughters riding instructor is selling would be a good start!!!!

you can afford two houses but have 13k debt... seems abit of a confliction there oO.

chunkytfg

neas wrote: »

you can afford two houses but have 13k debt... seems abit of a confliction there oO.

Hardly. one of the houses pays for itself so i'm paying for one house nothing more.

So in reality i am the same as every other home owner who borrows to buy a car and runs up CC's and OD's to pay for expensive things like essential home renovations etc.

I'm proud to be dealing with my debt. I only posted on this topic to point out not everyone is looking for that £1m house as suggested.

greenwheels007

I think there is a real misunderstanding here.
We have all been in to shops recently and grabbed a bargain, in fact it is starting to feel strange to pay full price. Maybe the self rightious individuals who call people like me vultures are different to other human beings. If you go in to Woolies and buy a CD for 70% do you think 'woo-hoo, bargain' buy it and tell your mates or do you go to the counter and inisist on paying full price. If we all paid full price in Woolies then maybe the staff would have a job for longer! Are we all therefore vultures for buying stuff in sales?
So if you have relished the pleasure of a bargain, even if it is a quid, then you are the same as us who are waiting in the wings with our house buying cash.
I am honest, I don't own a house. I am glad I don't own a house. When I sold in August 2007 I hated owning a house. The national credit bubble stressed me, so I got out.
When I can afford to jump in and the market has come to me enough I will possibly re-enter the housing market.
It won't be with pleasure, but yes it may well be at the expense of someone who has not fully insulated their finances.
Does that make me a vulture or just a prudent human being?
This website is about SAVING MONEY, it is not about emotion and silly name calling.

overlander

Well the way i see it is that most people who bought in the last 3 years or MEW'ed need their heads looked at. UNLESS of course they fill the following criteria, they have bought a family home and not some investment property. They have saved enough to cover the outgoings for a year AND they can pay the outgoings on one wage ahh like the old days.

Its not really rocket science save up and buy a house within your means, ok before i hear all the crys yes some people do these and still fall into trouble but they will be in the minority. More than likely the bulk of the repos will be 125% + mortgages people depending on two wages and MEW'ed to the hilt with credit cards bursting at the seems. Maybe this is darwins natural selection laws, some folk really need protected from themselfs. So if house prices come down we do not need to take so much debt on, wwhoosh problem sorted so whats the big deal let them fall.

Before you ask, i own my house on a 2.0 X salary and i could have moved many times in the last 8 years but any idiot could have seen this ending and i'm meant to feel sorry.

dopester

moggylover wrote: »

I have nevre bought a repo - I am not certain that I could bring myself to do so as I have always found that once a house "gets" bad luck attached to it that house seems to retain the "curse".

Mysticism. It rots the mind.

Course I'll buy a repo if it stacks up structurally, is in the right area, and is great value.

Doesn't matter to me if it was formerly home to some young over-indebted couple in love who've lost an income, one of the many HPI addicted BTLers with 2 or more properties, or some MEW-ing pensioners.

SarahNeedle1872

What does MEW stand for?

Pobby

SingleSue, I am so sorry to hear that. That`s exactly my point. We can sit here for years debating the hpi/hpc topic but it is exactly the contribution to peoples unhappiness that gets me.

On one hand so many felt that they had missed the boat. Oh if only I had bought in 2001/ 2002 or what ever. A bit of "beating your self up" going on and suddenly prices are dropping and many who thought they would be out of the market forever are seeing a way back in.

The other side is that it is pretty natural to feel peeved if you are paying a mortgage on say something you bought in 2007. I should have waited.

dopester

SarahNeedle1872 wrote: »

What does MEW stand for?

Mortgage Equity Withdrawal / Mortgage Equity Release.

What has funded many a holiday, home improvements, new cars, plasma TVs ect ect - and the main way many a Buy-To-Let landlord has gotten the deposit for a new house/flat.... then watching that go up in value, and MEWing on that one to buy another new place ect ect.