And another bear bites the dust... mbga9pgf's epiphany....

JonnyBravo

What's the interest on a £250,000 mortgage??

You seem to have gone from "safe as houses, money in bank, deposit waiting for the big crash or I'm emmigrating" to "worried self-assuring debt junkie" in the space of weeks.

BTW the interest and capital at 8% for standard 25yr (which you have planned for) is nigh on £2k/month.

Harry_Powell

Pobby wrote: »

Thanks Steve for putting me right on that. I didn`t read these posts and I now retract what I have said.

Top post Pobby. I'm not going to comment on this thread as I don't know mbfbff???? or his circumstances, but thought I'd say how much I admire people who are prepared to read other people's posts and alter their viewpoint accordingly, something that rarely happens on this forum, as in life.*

You seem like a really decent chap Pobby.

* p.s. I'm as guilty of this as the next man.

mbga9pgf

JonnyBravo wrote: »

But aren't you worried about the Alt-A timebomb that's heading our way?
It could decimate the economy.


As for, I might, I might not emmigrate, is it that easy eh? Just one day it's full steam ahead and the next it's off?
Fancy that.
The two families I know who've gone seemed to have to be quite one-minded about it. Not kind of flip-flopping about stuff all over the place.

What you talking about? Its already happening! Why do you think the government are going to try and dump RBS stock once they get in? The writedowns that Morgan Stanley are doing on residential and commercial paper is adding up to 60% at the moment, if that isnt a crisis, want to point out what is?

What's the interest on a £250,000 mortgage??

£225,000 actually. Its under a grand on a lifetime tracker at 2.49%. Rates can hit 8% and we can still afford it with our joint take-home.

If interest rates hit 8% in the UK, it will implode. I think we will have other concerns other than spending less that 50% of our joint salary if rates shoot up overnight. Which they might.

moggylover

Graham_Devon wrote: »

How on earth is this different to you wanting house prices to rise, to secure more HPI, at the misery of others!?

Seriously, how!?

The hypsocrisy here is simply mind blowing.

I think it is just the age old problem of gain needing pain, but everyone wanting the pain to be someone else's not their own:D

Personally, I don't think that there are many dear little old ladies in desperate need of massive HPI to pay for their retirement. If they have always been low earners they will probably be perfectly happy not having much in their retirement either (as my parents were) and if they have been high earners then they should have perhaps provided for their retirement by spending a little less and saving a little more. The old downsizing always worked before rampant HPI, as did having the next generation move in with you (which was just as prevalent for the middle classes as it was for the working classes).

However, there are still those that want to buy a mansion as FTBs, and they are just as non-sensical and overly greedy as the HPI crowd so not a lot to choose between the obsessives of whichever side on here:D

Nevertheless, anyone who thinks we are safely out of the mire now really must have blinkers and a foil cap:D

JonnyBravo

mbga9pgf wrote: »

What you talking about? Its already happening! Why do you think the government are going to try and dump RBS stock once they get in? The writedowns that Morgan Stanley are doing on residential and commercial paper is adding up to 60% at the moment, if that isnt a crisis, want to point out what is?

IT'S ALREADY HAPPENING????? :eek: :eek:

But I thought this was going to make the first crash look tiny?? I haven't even noticed it!

mbga9pgf wrote: »

£225,000 actually. Its under a grand on a lifetime tracker at 2.49%. Rates can hit 8% and we can still afford it with our joint take-home.

So 3x salary then. Not 3.5x.
Under a grand? Something wrong with my calculator. I make it £1120ish.....
Unless you've gone 30 years of course. But that's not very MSE.

mbga9pgf wrote: »

If interest rates hit 8% in the UK, it will implode. I think we will have other concerns other than spending less that 50% of our joint salary if rates shoot up overnight. Which they might.

See..... we can agree on things.

new_home_owner_3

mbga9pgf wrote: »

All incorrect. To be proved as soon as we complete.

WE WERE SAVING 35K A YEAR! Our joint GROSS salary is 73K! :rotfl::rotfl:

Prices can rise nationally 10%, as soon as I complete, I will be able to show you all the details, with photographic evidence and a sign saying hamish and the bulls can go kiss my @rse... and I can guarantee that this is going through at 30% off initial list price. Only Surveyors valuation to go, we are due to complete in around 3 weeks from now.

I didnt want to start quoting and posting your old post's but here goes ill let other people make their own minds up, why did you post this on 09/02/2009??? if you both earn 70,000 pounds this must be incorrect?

http://forums.moneysavingexpert.com/showthread.html?t=1477277&highlight=soa


Quote:
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 2450
Partners monthly income after tax....... 1300
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3750

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 33
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 9
Mobile phone............................ 25
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 9
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 20
Car Insurance........................... 60
Car maintenance (including MOT)......... 33
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 4
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 42
Emergency fund.......................... 0
Total monthly expenses.................. 558


Assets
Cash.................................... 58000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 65000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 3,750
Expenses (including HP & secured debts). 558
Available for debt repayments........... 3,192
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 3,192

Personal Balance Sheet Summary
Total assets (things you own)........... 65,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 65,000

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
Just interested to see if I can cut down any more...

moggylover

Rinoa wrote: »

Where have I said I want prices to rise? I'm content for prices to stagnate whilst incomes increase and hopefully more houses are built to meet demand.

Most 'bulls' on here are anti falls rather than pro increases.

Let's face it, the only way you can have your wish for lower prices, without lots more houses being built, is for countless households to suffer a degree of hardship in one form or another.

I don't altogether agree with this. The only house-owners that might have suffered from falling prices were those who had only recently bought, and only then if they could not afford to continue paying their mortgage.

Those (like myself) who have had their home for a long time, and might have been thinking of downsizing after their family left home would have got less for their own property, but would have paid less for the one they were buying and thus I don't think they were actually going to "suffer" at all! Those who were looking to borrow against the value of their property to fund their retirement might also have "suffered" somewhat if they were still paying a mortgage because them had already ER'd along the line, but most would not have done so.

If the BTL landlords suffered then you will have to excuse me but I would have no sympathy whatsoever:D IMO they are the most to blame for the unafordability of ordinary housing, and I might even volunteer for the firing squad should it be decided that their immorality was deserving of such:D

I can assure you that those of us who have been sensible since we purchased our home and who have NO interest in living a rock star lifestyle post retirement would normally not have suffered at all from a drop in prices and I (for one) would have welcomed one for the sake of the youngsters (I'm just about a boomer myself:D) who deserve something better than lining the pocket of some BTL shyster to look forward to for their future.

Graham_Devon

I didnt want to start quoting and posting your old post's but here goes ill let other people make their own minds up, why did you post this on 09/02/2009??? if you both earn 70,000 pounds this must be incorrect?

It's not that far off actually. The wages add up to £45,000 after tax has been deducted.

Could have also excluded pension payments etc.

JonnyBravo

new_home_owner wrote: »

if you both earn 70,000 pounds this must be incorrect?

He said they earn £73k jointly. Not each. ie the two of them together.

However they did "well" to go from £58k saved on 9/2/09 to £105k saved last month. £47k in 14 months. Impressive stuff.


Unless the figures are out a bit.

new_home_owner_3

mbga9pgf wrote: »

All incorrect. To be proved as soon as we complete.

WE WERE SAVING 35K A YEAR! Our joint GROSS salary is 73K! :rotfl::rotfl:

Prices can rise nationally 10%, as soon as I complete, I will be able to show you all the details, with photographic evidence and a sign saying hamish and the bulls can go kiss my @rse... and I can guarantee that this is going through at 30% off initial list price. Only Surveyors valuation to go, we are due to complete in around 3 weeks from now.

you then posted on the 16/03/2009, if you had 30% then, why have you only still got 30 % now a year later, when you have been saving for a year?

http://forums.moneysavingexpert.com/showthread.html?t=1560959&page=3

mbga9pgf wrote: »

Well, yes, if you dont have a 30% deposit like me, it could be a problem!