1.5m homeowners face 'disaster' if house prices keep falling, MPs warned

louiser123

i am sorry for being a bit dim!!

but wondered what mewing means?? it just helps to understand the posts when you understand the words!! lol

abaxas

louiser123 wrote: »

i am sorry for being a bit dim!!

but wondered what mewing means?? it just helps to understand the posts when you understand the words!! lol

MEW - mortgage equity withdrawl.

* usually practiced by people owning BMW X5s

mbga9pgf

abaxas wrote: »

MEW - mortgage equity withdrawl.

* usually practiced by people owning BMW X5s

And wall mounted 42" plasma tvs with sky in the bedroom!!!

chucky

mbga9pgf wrote: »

And wall mounted 42" plasma tvs with sky in the bedroom!!!

i don't own an X5.
i have Sky and also a plasma tv and have never needed to MEW to buy them.
I have MEWed to release equity and create liquidity, it's actually quite useful.

Really2

chucky wrote: »

i don't own an X5.
i have Sky and also a plasma tv and have never needed to MEW to buy them.
I have MEWed to release equity and create liquidity, it's actually quite useful.

Come off it chuky it is well known everone mewed 125% of there house value and spent it on "pic-and-mix" at Woolworths.
With mewing not really an option now the demise of woolworths was inevitable.:D

puddy

exactly, i take exception to this myth that people that borrow against their houses are !!!!less and irresponsible. i have already admitted elsewhere that i have borrowed, sometimes it was for other debts built up unecessarily, like holidays, shoes, stuff that i didnt need, and other parts of it was to go back to university, requalify, double glazing and rather large mantanence bills from the managing agent for large works.

housesitter

cheeky_lil_monkey wrote: »

It's very easy for those who have been holding out on this happening to say we all should have read the signs. I wonder if you'd be saying that if you were in the same position to us.

Doubtful because we are not and wouldn't have done so becasue we sensed a crash coming. That's the whole point.
You did, I didn't.
So I read the signs and you didn't.
It's that simple.

I'm not gloating, I'm sick of hearing people say things like "it's no fault of my own". erm, you made the choices, guess what...

However, looking at the price these places are selling at now, we could just about sell for the amount our mortgage currently stands at. We've lost about £30K in value.

You've lost nothing then becasue you never had the 30K, just wah the house might have been worth. Or in 3 years since getting the mortgage you paid off 30 grand of it? :eek:

Yeah, we could have sat there paying an extra £200pm which would have cost us about £7000 rather than losing the huge amount we have. However, things could have continued to go up for another couple of years, and renting would have had us worse off.

and that's the bet that those who have held off took. All the time being told they were just dreaming, HPI was here to stay and renting was dead money.

Don't tarr us all with the same stick. It's bad enough that we feel stuck and unable to move which limits our ability to start a family

Do you seriously think it's the right time to be thinking of that??

but on top of that there's always people spouting about how wonderful they are that they did the sensible thing and are in now way going to be close to negative equity or who have been renting waiting to pick up a bargain.

Conversely, there are those that prattle on about how much their house had increased in value.
Remember those you tread on on your way up the ladder.

When you do manage to get your bargain, will you wonder who lived there before and why got the house now rather than them!? Did they move, or where they kicked out for no fault of their own other than they bought inside this past 3yrs??

Probably. Whilst being irritated at poor DIY and decor, but not becasue their misfortune or failings caused them to sell their house for it's true un-inflated value.

It's not just those who IMO have taken far too big a risk by borrowing stupid multiples and having 95-110% mortgages etc. who are being hurt by this. Some of us are ordinary, hardworking people who are now suffering.

If you can't afford it now, then you over stretched and didn't think of contingency plan. As you should have been aware because enough people have said it in the past; circumstances change.
If you went for a short term mortgage, you chose cheap deals and affordability over long term plans and stability.

Those who fixed on 10year deals are rubbing their hands together with glee. Those on 2 year deals are worrying.


b0rker: not everyone who mewwed spent it on junk, but a great big chuck of the UK did. I've certainly noticed an awlful lot more "luxury" cars on the road over the last few years. Range Rover's outside the school gates instead of Vauxhalls.
Couple of people on my street have Porsche Cayenne's or a Range Rover. These are 3bed semi's circa 190K at peak. They don't suggest affluence. I live next door to a plumber and retired couple and opposite two nurses.

I find myself often in people's houses as I collect stuff bought from the internet. Old council houses full of tat with a plasma screen on every wall.
Draw your own conclusions.

PolishBigSpender

carolt wrote: »

This chap isn't in negative equity at all - he has £65K in a Polish property, but wants to run away and escape his £30K debt here rather than sell or remortgage his Polish property to pay off his NE here. :mad:

It's happening in Poland too. Many British buyers bought stupid off-plan developments in Krakow. The mortgages are in CHF - which has torn the PLN in pieces recently. So these Brits now cannot afford these sky-high mortgages on apartments that are simply undesirable - and they're simply refusing to meet their obligations.

Really2

housesitter wrote: »

. I live next door to a plumber and retired couple and opposite two nurses.

I am sure I saw a film about them:rotfl:

Really2

housesitter wrote: »

I find myself often in people's houses as I collect stuff bought from the internet. Old council houses full of tat with a plasma screen on every wall.
Draw your own conclusions.

Why as it got to be mew, not inheritance or hard work and happy in the house they are in. They could be millionairs for all you know the house they live in means nothing.

What is the point of saying draw your own conclusions, the point is you don't know so how could I.
The problem is people drawing there own conclusions from a situation.

More could be said about your veiw of material things and jelousy than I could of any of the people you have visited.