Should have listened to the bears.... My story

chucky

MORPH3US wrote: »

You so full of bulls*it spurs_nut, you can't even give us a figure.

Well let me do some sums for you then....

Average wage in London = £46,000 (http://news.bbc.co.uk/1/hi/england/london/7802792.stm)

Assuming you have no "other half" and earn average salary - then 6 x £46,000 = £276,000 for your house.

20% falls from peak = £56,000 down....

Over 2 years you would have paid aproximately £12k of capital + your imaginary £40k = £51,000

So you are still in £5,000 negative equity.....

Have I missed anything

not so sure about that comment - most of London is at 2007 prices now :cool:

mewbie_2

spurs_nut wrote: »

http://www.dailymail.co.uk/property/article-1194626/Desperate-lenders-offer-25-000-mortgage-away-rival-bank-bid-balance-debt.html

Thanks for the link. I had completely forgotten this, although the funny thing as my wife just reminded me, we made a fortune ourselves. We were up to our necks in BTL properties, and then got a cheque for I guess a hundred grand, plus managed to sell them at a profit (arf, arf) and now we are sat in the Crayman Islands enjoying a saurkraut and chips. I do like listening to the Polynesian steel band, and then wandering up to the harbour for some freshly caught veal.

nollag2006

Cleaver wrote: »

Are you ten years old? The guy is clearly a moron.

Yup - explains why I have a healthy property portfolio, and you are still living in rented

Oh dear !!!


:j:j:j

Cleaver

nollag2006 wrote: »

Yup - explains why I have a healthy property portfolio, and you are still living in rented

Oh dear !!!


:j:j:j

Why does it matter whether I own a property or not?

fc123

StevieJ wrote: »

I think I have are London prices down 20% from peak?

Pretty much about right for the suburbs.

Ogliarchland and BankerLand (Westminister/Chelsea and Notting Hill/Shad Thames for example) may be different, but Ordinary Joe Land....roughly 20% off now. Bordering with Dodgy Land that didn't quite Up and Come in time...a bit more off...say 25%.

OP...A made up tale is soooo transparent whereas the link you gave to the other thread...well....spot the difference. 99% Of people on here can spot a tale a mile off (not all but most:D).


Personally, good luck to them...take the £££ and get a mortgage with a High St type place. All sharks in the pool, I admit, but some a bit slower at swimming than others.

I was bowled over when I read a thread (not on MSE) of an NR csutomer who had been repo'd and gone BR. They offered her the house back on the old loan amount....despite now being BR. She decided not to due to her work being a bit tricky but...I had never heard of anything like it before.

fc123

Cleaver wrote: »

Why does it matter whether I own a property or not?

Obviously Cleaver.....it's a badge of Now. Owning A House.
PS; try doing both.....get's confusing.

mewbie_2

House owners are a bit more trustworthy in their postings, and I believe an inch or so taller on average than a renter. Comes from not living in damp conditions I think.

Thrugelmir

Cleaver wrote: »

Are you ten years old? The guy is clearly a moron.

That's a rather harsh comment. Financially ignorant is a more polite term.

Anyway while we'll are enjoying a comfortable retirement this guy will still be paying off his mortgage. Thats if he still owns a house and not renting.
As over the next few years he may wish he used his cash to reduce his still high LTV and salary multiple mortgage.

Thats if he has found someone to take his mortgage which he hasn't yet confirmed. :rolleyes:

Cleaver

Thrugelmir wrote: »

That's a rather harsh comment. Financially ignorant is a more polite term.

No, I think moron was correct. I would maybe use 'financially ignorant' to describe someone who didn't have a grasp of basic finances, but was polite and pleasant. This person clearly has no economic clue and is quite rude as well. Thus, a moron.

Cleaver

mewbie wrote: »

House owners are a bit more trustworthy in their postings, and I believe an inch or so taller on average than a renter.

I've heard that many homeowners give 17% more to charity than your average renter. And they are better lovers - the security allows them to relax more and 'concentrate on the job in hand'.