Is this what they call a gifted deposit?

Pobby

http://www.thisismoney.co.uk/mortgages-and-homes/buy-to-let/article.html?in_article_id=488240&in_page_id=56

mbga9pgf

Pobby wrote: »

http://www.thisismoney.co.uk/mortgages-and-homes/buy-to-let/article.html?in_article_id=488240&in_page_id=56

Poor bloke.

Thought he could get rich quick by pricing me and the missus, together with the rest of the younger generation out of a home.

My heart bleeds.

Mini_Bear

My favourite quotes:

"Philip was greedy and naive, probably"

there is no probably about it.

"The flat - built by Westbury, now part of Persimmon - was listed for sale at £356,976"

insane price for a 2bed flat in manchester at any time.

"Philip, 43, a degree-educated aviation electronics engineer from Bracknell, in Berkshire"

oh stop trying to make out he is innocent because he is educated. MPs are very highly educated and they are the biggest fraudsters around , or were until quite recently.

Like the previous poster i dont have much sympathy for these greedy old fools.

System

mbga9pgf wrote: »

Poor bloke.

Thought he could get rich quick by pricing me and the missus, together with the rest of the younger generation out of a home.

My heart bleeds.

You aren't priced out, most bears aren't.

mbga9pgf

My point was, we would have been if idiots like this had got their way and made a fast buck on property.

and as for priced out that is a matter of opinion. My parents have even come round to the idea prices are nuts and affordability has never been as bad.

Cleaver

Unless I’m mistaken he probably bought a flat the Leftbank development in Spinningfields. Spinningfields is one of these ghastly new areas of cities, where the hoardings around the new buildings say things like ‘lifestyle urban workplay enviros’ and have pictures of stupidly good looking people sipping cocktails and generally being c*cks. Underneath this gentleman’s flats are one of those complexes of identikit restaurants and bars that spring up all at once: Cafe Rouge, Zizzi, Yo! Sushi, Ha Ha Bar and Grill, Pizza Express. Basically, restaurants that serve a purpose but are just a bit corporate compound for businessmen to go because they can’t be bothered to find one of the thousands of decent, interesting, non-chain restaurants in Manchester.

The views from the flat will be of either Salford, the Manchester Ship Canal, RBS headquarters or (and I’m not joking) a modern office block designed to look just like a filing cabinet. And it really does look like a filing cabinet. I have no idea why you would it to look like a filing cabinet, but there we go. It’s a soulless, cardboard-esq area which looks as if it has all be thought of, designed by and created by a team of accountants. I walk through the area each day on the way to work, and when you come out the other side on to the vibrant roads just off Deansgate you feel like you’ve come out of a black and white movie and back in to reality, with smells, sights and sounds again. You may sense that I’m not keen on the place.

If he’d walked about 10 minutes over to areas like Whitworth Street or around Piccadilly he could have invested the same amount of money in two flats in a beautiful old building which, whilst they would still obviously drop in price, would at least be a desirable asset because people have been living there for years and years and people will always want to live there in years to come. Huge ceilings, stunning architecture and you have real life stuff around you, not spivs eating at Cafe Rouge and views of a giant filing cabinet.

Strange old world we live in.

Pobby

There is a development near the waterside where I live. It was where the ladies of the night would ply their trade!

They look horrible! I remember someone coming on here a while ago seeking advice as to buy or not.

On the ground floor they are all commercial units. Not one is occupied and I am not sure if anyone has bought any of the apartments.

barrooo

It was where the ladies of the night would ply their trade!

They look horrible!

Give them a break, they've probably had a hard life.

Back on topic though, most of the 'urban renewal' projects are now standing dormant, one I know locally has had the 'only a few remaining' sign up for a good 18 months:rotfl:

DaddyBear

Love the estate agent quote that his flat "might fetch £200,000". If an EA is saying "might" he's got no chance. This time next year flats like this will be lucky to fetch 6 figures. Poorly designed, poorly constructed, no soul and screaming social housing (if they even meet the social housing standards).

carolt

And how many, many more are there out there in this situation, yet unreported?

Crooks, the lot of them.

He had no idea he was committing fraud, my !!!!.

And all us lucky taxpayers get to bail him out. :mad:

JonnyBravo

carolt wrote: »

He had no idea he was committing fraud, my !!!!.

I can believe some people (maybe not him) had no idea.
There are some remarkably stupid people in the world and do stuff simply because someone seemingly "in authority" or someone "who knows what they're doing" tells them to do it.

Mugs.