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Debate House Prices
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Down-valuations ruining remortgage prospects
carolt
Posts: 8,531 Forumite
http://www.guardian.co.uk/money/2008/dec/21/mortgages-homeowners-surveyors-borrowing
"Parkin says homeowners must accept a new reality: their homes aren't worth what they used to be. "People just don't like the idea that their homes are worth a lot less; people read about big falls elsewhere but always think, 'Well, that's a big loss but it still won't affect my house'."" :rolleyes:
"Parkin says homeowners must accept a new reality: their homes aren't worth what they used to be. "People just don't like the idea that their homes are worth a lot less; people read about big falls elsewhere but always think, 'Well, that's a big loss but it still won't affect my house'."" :rolleyes:
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HPC is taking it's normal well trodden path of taking many years to pan out, this is one of the reasons........... people readily accept 300% of free 'paper wealth' as prices rise, just try taking it from them when prices are falling, blood, stone etc.0
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This is a timely antidote to the "95%/100% mortgages are back" headlines elsewhere on the board.
Anyone who didn't have 40% equity in their house is likely to be clobbered in due course, as mortgages come up for renewal, by these lower valuations.0 -
baby_boomer wrote: »Anyone who didn't have 40% equity in their house is likely to be clobbered in due course, as mortgages come up for renewal, by these lower valuations.
Three words (or is it two?): long term fix.
I'm still amazed by the fact that it's considered completely normal in the UK to have two year fixes. Elsewhere in the world you fix for (most of) the term. Same thing with tracker mortgages. You buy something that is probably the most expensive thing that you will ever buy and you just hope that you can remortgage at a reasonable rate after the two years or that you tracker won't blow up in your face. Mind bogglingly risky.0 -
http://www.guardian.co.uk/money/2008/dec/21/mortgages-homeowners-surveyors-borrowing
"Parkin says homeowners must accept a new reality: their homes aren't worth what they used to be. "People just don't like the idea that their homes are worth a lot less; people read about big falls elsewhere but always think, 'Well, that's a big loss but it still won't affect my house'."" :rolleyes:
Probably cheaper on the svr anyway.0 -
mr.broderick wrote: »Probably cheaper on the svr anyway.
Most definately - mortgages very cheap right now. No wonder carol's looking for every crumb of comfort that allows her to feel as if she's made good decisions.
How are things anyway Mr. B?18 May 2007 (start of Mortgage):
Coventry Offset Mortgage £220800
Offset Savings: £0
Mortgage Balance: £220,800
14 Jan 08
Coventry Offest Mortgage: 219002
Offset Savings: 28200
Mortage Balance: £190802
And still chucking every spare penny into it!0 -
HammersFan wrote: »Most definately - mortgages very cheap right now. No wonder carol's looking for every crumb of comfort that allows her to feel as if she's made good decisions.
How are things anyway Mr. B?
Very well thankyou sir, did you read the "Why aren't prices falling fast enough thread"? Little gem in there from mr.b.0 -
How's things in the motor trade Mr B? We've just bought a new car and I am frankly quite bored of talk about torque and other things that seem to be of interest to those that care.0
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How's things in the motor trade Mr B? We've just bought a new car and I am frankly quite bored of talk about torque and other things that seem to be of interest to those that care.
What did you buy clobber?
December normally quiet anyway but we have done well.
Did you like my news headlines in the other thread?0 -
HPC is taking it's normal well trodden path of taking many years to pan out, this is one of the reasons........... people readily accept 300% of free 'paper wealth' as prices rise, just try taking it from them when prices are falling, blood, stone etc.
Indeed, my husband was talking about the economy with a friend of his recently. And was surprised when his friend told him he and his wife were alright because prices haven't dropped in their area, a grotty part of south London. The thing is they bought with 100% IO in 2006 and MEWed in late 2007, so I guess they just have to keep believing it or they would break down.
And yes the price matters to them as it's a tiny flat and they want to start a family in the next few years.0 -
Which particular grotty bit of SE London?...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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