The property boom is well underway now.

Conrad

Graham_Devon wrote: »

Maybe that's why I'm a bear. I just want to pay for my home, and then enjoy life.

I want the same. Lets say I want to retire to the golf on a take home pay of £3500 pm. The capital sum required to generate that is something of the order of £1m. Thats why people like Harry might be striving now to build that whacking great pile o gold.

I don't believe in pensions as they die when you do. I want to pass on ALL my wealth and be in full control.

nearlynew

Harry_Powell wrote: »

Sorry, but your entire post was about the failure of endowments to pay off interest only mortgages. .

Was it?

I think you ought to read it again...............

More importantly, it [IO mortgages] highlights the racket which is our modern banking system -

The bank creates the "money" from nothing, adds some figures to your account and then you are expected to find some real money to pay interest on the fictitious money that you have "borrowed"

Fantastic isn't it?

Harry_Powell

nearlynew wrote: »

Was it?

I think you ought to read it again...............

My mistake, after reading your re-post, I see that clearly your post didn't mention endowments at all! I wonder where I got that idea from?

nearlynew

I give up.

Graham_Devon

Really2 wrote: »

So a person on IO in the same house as you is better off in your senario as they "survive" on more money than you and are even less dependent on a higher wage?

I get what you are saying but you making out someone on IO was struggling more than you is completely wrong IMHO.

If I had made out someone on IO was struggling, I would accept your critism. But yet again you are just talking about something I never actually said or implied.

When_is_the_reset?

Conrad wrote: »

Graham, I never lie or fiddle. Here are my recent clients;

+ Miss utterly average, non to clever clothes shop supervisor on £19.5k buying 3 bed house in Kent for £94k. Deposit of 15%. Will turn the house into 2 flats and be left with a gross yield on total outlay of circa 10%.

+ Mr & Mrs self employed - salesman and hairdresser. 90%. Possibly borrowing some deposit on 0 card (shock horror - like I and mates did when young - we all survived - honest). Loan is £243k. 2 yr tracker 5.49% - well aware rates will rise but mindfull 99% of owners keep thier homes.

+ Police inspector £60k pa borrowing 85% at 3.99% from Accord. Recently divorced.

+ FTB accounts assistant - 90% offered by Scots Widows on a 2 yr fixed. Recently took a loan that happens to be 10% of property price - lender well aware but she signed a letter saying loan is for home improvements and parents supplying the deposit. I point out affordability and budgeting - she is perfectly happy to proceed. £15k income buying in Lancs.

+ Political speech writer - yes very middle class I'll grant you and inherited a £900k house recently:eek: Borrowing £200k to buy a development property to make money.

+ Builder with past credit probs following serious injury. Buying £430k home. Modest earnings but will do up home in 2 years and make it worth c£700k. Can always sell up if needs must. Had to put in Mums name (73) as a B2L. Lender is perfectly happy to lend to her even though she has no earnings. Sensible people - done things similar in past.


Majority of my clients have some challenging issues hence why they pay me juicey fees.

Note to self - never take mortgage advice from anyone called Conrad - ever.

nembot

I'd add that all estate agents look after number one, and that isn't you.

They will lie, mislead and do literally anything to make that percentage.


Hardly a trustworthy source of info, where house prices are concerned.

Thrugelmir

Harry_Powell wrote: »

Has it stopped in the last 1000 years? It might go a little quiet for a year or two, as it did in the last correction, but as we have seen this year, prices soon continue to rise and volume goes right back up.

Wonderfully optimistic I feel. A year or two for individuals, companies and governments alike to rectify their "balance sheets".

A mere "correction". Simplistically understated.

Thrugelmir

nearlynew wrote: »

I give up.

Don't give up. I'm finding the posting quite interesting. Particularly the tunnel vision approach of ignoring the hard facts.

Conrad

When_is_the_reset? wrote: »

Note to self - never take mortgage advice from anyone called Conrad - ever.

I do not give advice - my service is 'information only' (as per FSA service level options) so the clients make thier own decisions.

99% of mortgagees do NOT get repossessed - can someone let all the dailywail readers in on this