REPOSSESSION - collecting info

dopester

Dithering_Dad wrote: »

One day they'll get a girlfriend, have a couple of kids, get a larger house to accomodate them, realise that their salary stays the same but the demands on it go up, realise that jobs aren't quite as secure when you're over 35, realise that savings don't go so far when you have 4 mouths to feed, larger utility bills and a larger mortgage to pay and realise that comprehensive redundancy insurance that cover all outgoings and all eventualities are prohibitively expensive and usually only last 12 months.

All so easy. The nice ride you've had along the way with HPI helping you out every step of the way with your property.

The step one means buying a property which doesn't stretch me to service huge debt. Forget it. I've not paying current prices for property to satisfy boomers expectations.

We're not going to have kids and buy a property.. when buying that first property at current levels would stretch my affordability to stupid levels.

That would be irresponsible to my loved ones - putting us all in a risky position - and forcing me to work all hours to get income, rather than a fair work-home family life balance. No to debt slavery.

Darth_Marty

This thread has turned silly. Generalisations just dont work do they, we are all guilty of it but from my point of view its people who dont want to see the other side that cause the aggro.

I just want to make it clear that im full time employed and young! But I drive an Audi!!

Hapy christmas you miserable !!!!!!!s.

Dithering_Dad

dopester wrote: »

All so easy. The nice ride you've had along the way with HPI helping you out every step of the way with your property.

The step one means buying a property which doesn't stretch me to service huge debt. Forget it. I've not paying current prices for property to satisfy boomers expectations.

We're not going to have kids and buy a property.. when buying that first property at current levels would stretch my affordability to stupid levels.

That would be irresponsible to my loved ones - putting us all in a risky position - and forcing me to work all hours to get income, rather than a fair work-home family life balance. No to debt slavery.

How did HPI help me with my property? I did exactly what you are about to do. I bought a house at the end of the last crash (1995) for £40k, it didn't stretch me and I didn't pay daft boom prices. I bought a nice little 2 bed bungalow that was well within my price range.

I subsequently got married, had two kids and had to buy a larger house. Unfortunately this was in the middle of the boom (2003) and so we had to pay an awful lot for it. Don't tell me that HPI is a good thing.

I bought a more expensive (larger) house because 4 people cannot fit well into a 2 bed house. Perhaps with your 'work life balance' aspirations you'd somehow manage this?

dopester

Dithering_Dad wrote: »

How did HPI help me with my property? I did exactly what you are about to do. I bought a house at the end of the last crash (1995) for £40k, it didn't stretch me and I didn't pay daft boom prices. I bought a nice little 2 bed bungalow that was well within my price range.

I subsequently got married, had two kids and had to buy a larger house. Unfortunately this was in the middle of the boom (2003) and so we had to pay an awful lot for it. Don't tell me that HPI is a good thing.

I bought a more expensive (larger) house because 4 people cannot fit well into a 2 bed house. Perhaps with your 'work life balance' aspirations you'd somehow manage this?

You got a fair helping hand with the HPI from 1995 to 2003 to help towards the bigger house. 1995.. £40,000. I imagine 3.5 salary easily covered that for you.

At this moment that 2-bed house you suggest I could go for, would have to be in one of the much rougher areas - and even then I would not consider it any sort of value to local wages because of the ludicrous HPI of the last 11 years.

Dithering_Dad

Yes, but if there was no HPI, I'd have sold my house for what I'd bought it for and spent 80k to get my next one (that was the going rate then). HPI is proportonal. a 300% increase on a 40k home = £120k. A 300% increase on a £80k home is £240k.

So instead of paying an extra £40k for a larger home with no HPI, I pay an extra £120k with HPI.

Yes, HPI was a real help Dopester :rolleyes:

Pobby

Well, I kind of agree with dopester and DD. I wouldn`t want to pay a quarter of a million for anything although I guess dopester would find a lot cheaper. Having said that I still would not want to spend say a £100k plus to live in grots ville.

DD, you are right regarding the move you made upward. £40k becoming £120k. The " property ladder " really only worked when I was younger. Like this.

First property my wife and I bought we mildy struggled with Within 4 years my income had quadrapled due to wage inflation coupled with rapid promotion to being the youngest company director in our industry (aged 28 ). Ah they were the days....lol.

My wife had risen from secretary to p.a. in a huge computer firm. We sold original house for 10% above what we paid for and more than doubled our mortgage because our income had risen sharply. Houses were going up far slower than incomes. Some 4 years later we had accumalated savings that would have wiped our mortgage out.

Different times yes. You would have to be very fortunate/ clever for that to happen now.

chucky

Pobby wrote: »

Well, I kind of agree with dopester and DD. I wouldn`t want to pay a quarter of a million for anything although I guess dopester would find a lot cheaper. Having said that I still would not want to spend say a £100k plus to live in grots ville.

DD, you are right regarding the move you made upward. £40k becoming £120k. The " property ladder " really only worked when I was younger. Like this.

First property my wife and I bought we mildy struggled with Within 4 years my income had quadrapled due to wage inflation coupled with rapid promotion to being the youngest company director in our industry (aged 28 ). Ah they were the days....lol.

My wife had risen from secretary to p.a. in a huge computer firm. We sold original house for 10% above what we paid for and more than doubled our mortgage because our income had risen sharply. Houses were going up far slower than incomes. Some 4 years later we had accumalated savings that would have wiped our mortgage out.

Different times yes. You would have to be very fortunate/ clever for that to happen now.

Pobby, i don't think it's much of a different story to many people who bought in the past. Many families would not be intrested in HPI, just the interests and welfare of their families.

Things aren't much different now, as long as you buy well, at the right time, don't over extend yourself (too much) and work hard to achieve your goals - I really don't think there will be a problem for tha majority of families.

silvercar

dopester wrote: »

All so easy. The nice ride you've had along the way with HPI helping you out every step of the way with your property.

The step one means buying a property which doesn't stretch me to service huge debt. Forget it. I've not paying current prices for property to satisfy boomers expectations.

We're not going to have kids and buy a property.. when buying that first property at current levels would stretch my affordability to stupid levels.

That would be irresponsible to my loved ones - putting us all in a risky position - and forcing me to work all hours to get income, rather than a fair work-home family life balance. No to debt slavery.

Nothing wrong with working hard and stretching yourself initially. Delay having children until you can afford to live in a house that has room for them and you can afford to keep them.

RecoveringAlcoholic

Couples separating, businesses going under, redundancies, self-employed, anything to do with houses work drying up, illness, loss of overtime that was heavily relied upon - could you have allowed for that 2 years ago?

This has always happened.

The internet generation are just not aware that it has.

mummytofour

dopester wrote: »

Wow Pobby. A homeless person, who obviously has recently been made redundant, lost him home, and has zero other options but to sleep on the cold streets at night.

I guess his kids are at the back on him, over the small black iron fence, and down in the channel, huddled together to protect themselves from the icy winds.



In the last crash or the one before that or the one before that, were the streets full of homeless people in sleeping bags?

You make it sound like it is the end of the world losing your home. I've known it happen to others - successful people who took a risk too far with their business - who didn't die by living in trailer/caravans for 4 years as they got back on their feet. And in other instances there is the council to help house families.

I am normally such a nice calm person but you are really starting to get on my nerves.

I have been homeless with kids and its not something I want to happen again. It has to be one of the worst situations that can ever happen to not only a family but to children. Th upheaval and uncertinity is so very scary for all.


To all those folk who seem to lack human kindness I really hope you never face being down on your luck/homeless and jobless. Things are never as clear cut as they seem so please refrain from judging until you have walk in another's shoes.