Negative Equity

beecher

I understand your point, I just don't agree with it. Bad luck for not picking Natwest 2 years ago, but it is hardly Abbey's fault. If I'd picked a lender other than Halifax I'm sure I'd be able to get a better, cheaper deal than I can at the moment - that's life.

System

Yes, I shouldn't direct my anger at Abbey, although how much of it is their fault we will never know. They are backed by Santander which is one of the least affected banks in this crisis as I understand it. it rubs it in when their homepage splashed their enormous profits into our faces.

I have anger and nowhere to direct it, ARGH

Dan_1976

Abbey have not been backed by Santander that long, so its not there fault.

Abbey have been making iffy lending decisions for some time, from the old shabby abbey days when £50 would get you a mortgage through the branch manager or underwriter! allegedly!!!

However, on all KFI's it shows the payment at 1% higher and at the SVR, if you read this and still go for it you cant complain. Yes the banking system, FSA and government have failed us, however since the stock markets and financial systems were born there has been a boom and bust or up and down or whatever you call it.

Ps. You should have started your own thread, the OP's thread will be lost now!

System

Dan_1976 wrote: »

Ps. You should have started your own thread, the OP's thread will be lost now!

Maybe not, the OP is with Abbey and in the same situation, maybe some of it will be interesting to him/her as well.

Sorry macdonald if this is way off what you wanted in your thread

Dan_1976

SOrry Joeskeppi, its just bad manners to invade another op's thread. Forum rules I think. I am also getting old and grumpy LOL I am sure no harm has been done, but next time I will send you a displeased post, a bit like the FSA's firm please dont do it again, to the banking sector LOL

Conrad

Why did people buy property in 2006 - 08?

I was on this very forum back in 2006 argueing with people I termed 'happy clappies' (Mortgage Moma for example), that property would crash and borrowing was out of control, yet I'd say 95%+ people dismissed me as some doom monger.

I'm sorry if people are in negative equity, but really all they had to do was engage thier brains rather than buying into that whole group think thang where everyone said prices would keep rising because we had a property shortage.

I recall even last year at freinds gatherings I was still the only person saying property was falling.

Fast forward, and now those very same people say things like "it was obvious it would happen".

People are just so very odd. I actually think a lot of us don't know our own brains.

The really funny part is people never learn to see above this group think thing.

I've also long argued we should not appoint MDs on the basis of thier charisma and so called leadership skills. These prats dont know what it means to listen, they are so full of thier own bull. Thats why big Banks and others have got us into this mess, because the nodding donkeys are so in awe of these charismatic prats.

For my part I am not at all impressed by loud charismatic types, indeed if Im down the pub I make sure I have nothing to do with them.

Sorry, rant over.

Dan_1976

Nice rant Conrad, I dont know if I am getting old, wise or what, but since I joined this forum in 07 (I think) I have agreed with more and more of your posts! Pretty sure I used to try to wind you up when I first joined but hey!

You are very right about the people we admire and listen to, look at the celeb culture for a start!

I have a friend/colleague from when I was brokering who has the very same issues with his brain!

beecher

Conrad wrote: »

Fast forward, and now those very same people say things like "it was obvious it would happen".
.

The ones I know then say 'but then I'm okay, because my house is the best in the street'. There's still a level of denial out there.

I am opting out of talking about house prices to the friends I have who bought between 2006 and 2008 as they didn't listen to me when I told them they should wait, so I'm not getting involved when they realise the situation they're in.

silvercar

conrad wrote:

Why did people buy property in 2006 - 08?

I bought in 2006 because I wanted a home with a big garden while my children were of an age to enjoy it. By the time the experts say "now is the time to buy", my kids will have flown the nest.

A house is a home not a money machine.

Dan_1976

silvercar wrote: »

I bought in 2006 because I wanted a home with a big garden while my children were of an age to enjoy it. By the time the experts say "now is the time to buy", my kids will have flown the nest.

A house is a home not a money machine.

I agree, but peolple buy them as money machines, that why it has gone wrong!