The property boom is well underway now.

Graham_Devon

Conrad wrote: »

The 73 year old case has been accepted just now. It's for her FTB son. She did as B2L with a dependant relative as the tenant. In thier minds its his home. Mortgage in her name as couldn't be done in his. Don't for a second read too much into official stats on FTB's - they are half baked.

Personally, I believe you are making all of this up.

You are on dodgy grounds and you know it. But how you can say property is booming, when you are having to go to these lengths to provide a mortgage as a mortgage advisor is beyond me.

I've seen your posts in discussion time and they seem to be worded to get a rise in a lot of cases. Personally, I feel this is the same.

The_White_Horse

hahahahahahahahaa this conrad is quite the comedian. he cracks me up with his jokes about property booming, and how he is a life long Tory but will be voting for the most incompetant despised lying spinning govt ever seen this side of zimbabwe.

you vote labour and enjoy your propery boom. hahahahahahahaha

keep em coming. maybe the pound is on the march? will be 2 dollars to the pound in a few weeks? hahahahahahahhaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

ruggedtoast

Conrad wrote: »

It seems to be. I was honest the last 2 years that business was well donw, I have no reason to start exagerating now.

ANOTHER ANGLE - People who can't borrow are asking people like me to buy the home with them. I had this one in today;

£50k property bought at auction
Cannot raise finance fast enouhg as wasted 2 weeks already - in any event no lender will lend to him
Needs 25k
Wife wont let him use thier £300k home
Target property worth £75k if decorated - £15 k total costs I reckon inc selling fees

If I buy property by providing the £25k in cash (not mortgage) I take a cut of the sale price and there will be a legal agreement property must be marketed within 3 months or my percentage of profit goes up.

I've had to dip into savings 4 months in the last 2 years, so Im pertty shocked how quickly things are tunring about:A

I am going to send you a PM. I cant say too much but my cousin works for the Bank of Nigeria in Lagos and he's found a forgotten client reserve account from someone who died in a plane crash with no family and...

Yakubu22

Conrad wrote: »

Well there's less than 1% chance of repo - not bad odds. Almost everyone fares well out of property long term and it gives them a shelter!

So on my (and my missus') combined Salary of £50k, and a £30K deposit. I could borrow £250k and only ever have a 1% chance of losing my house?

In that case, where do I sign?

Conrad

nembot wrote: »

Sorry that's some wishlist, hope it comes true for you.

Because frankly, hope is all you have.

I fail on 10% of cases. Some take many goes before I get them through - thats why I'm expensive and not MSE tire kicker fodder:D

Conrad

ruggedtoast wrote: »

I am going to send you a PM. I cant say too much but my cousin works for the Bank of Nigeria in Lagos and he's found a forgotten client reserve account from someone who died in a plane crash with no family and...

Too late - he's already a client.

Seriously though I did have a bunch of African diplomats that wanted to pay me a ton of money to get them mortgages but I declined, which I later regretted actually. I was concerned about money laundering. Anyway some guy in HSBC did the business for them :eek:

ruggedtoast

You'd have got a ton of something from those diplomats alright.

Conrad

Yakubu22 wrote: »

So on my (and my missus') combined Salary of £50k, and a £30K deposit. I could borrow £250k and only ever have a 1% chance of losing my house?

In that case, where do I sign?

Depends on your priorities. Some people function perfectly well with 8 x income, others wouldn't countenance more than 3x. Were all different. I love those red faced dailymailers that bang on about risk whilst at the same time themselves never taking excercise and eating a dog poo diet (sausage, pork pie and ham types - little fressh fruit n veg). They fail to spot the irony.

Most people I see want interest only, whereas the more cautios types that borrow 'sensible' sums tend to go C&I.

Thrugelmir

Conrad wrote: »

£50k property bought at auction
Cannot raise finance fast enouhg as wasted 2 weeks already - in any event no lender will lend to him
Needs 25k
Wife wont let him use thier £300k home
Target property worth £75k if decorated - £15 k total costs I reckon inc selling fees

Wife obviously has business sense!

If people are buying property they cannot afford to buy (for cash).

Shows that they are still lessons to be learnt for many.

£50k purchase price
£15k costs.

£75k selling price.

£10k net profit, before tax and cost of capital injected.

Is it worth the risk?

Stick to the dayjob, though many gave them up to join the property scene.

Harry_Powell

Conrad wrote: »

They don't trust pensions, and long term they plan to downsize at retirment and release Tax free main resi accumulation.

This is only going to get worse if the mainsteam parties decide to get rid of higher rate tax relief on pensions (they have already done so for people earning over a certain amount, £150k I think). High earners will look around for more tax efficient investment vehicles and you simply can't beat the zero capital gains on a main residence.

You have to pay stamp duty on purchase, but even then, the rich don't have to pay this due to a loophole - I saw an article where people buying houses worth over £500k don't pay stamp duty.

Whether the bears like it or not, the British public's love affair with property is still continuing, especially as so few have had their houses reposessed and so many are benefitting from record low interest rates.

Pensions have already had a knock from Brown's tax raids, increases in the minimum retirement age and caps on maximum savings. I think the withdrawal of higher rate tax relief and tighter legislation around annuities will ring their death knell. ISAs only allow £10k per year to be invested, so where else will people with decent incomes invest?

The only answer can be property.