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Debate House Prices
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Repo's to rise in 2011.
Comments
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Hype, panic and pressure are just three reasons why buyers are struggling to keep their homes afloat. Lots more reasons, but hype was a big one for me anyway - this caused panic and pressure to get on the housing ladder, buying at over-inflated prices because they thought if they didn't jump on board they might just miss the boat.
Lynsey
So sorry to hear that Lynsey - how can people have known what to believe and what to do for the best? Just look at all the conflicting opinions on this board.
I wish you all the best.
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Ah the market's working correctly now is it?
That's funny as I thought the agenda was that houses are unaffordable and the market's been artificially propped up.
Oh well, at least I can celebrate that none of you doomers can afford a house, nor do you have the 'right' to own one because you currently can't afford it.
Why are you saying ths housing bulls (the doomers) cant afford a house?0 -
Well you certainly seemed to be popping your cork at predicted reposessions increasing.CRASH_BANG_WALLOP wrote: »dont be stupid old boy
Why would there be an increase in reposessions? Possibly due to increased unemployment.
Sad really.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
How many people do you think would go into buying a property, spending time, effort, money and their emotion on making it their home, if they thought they were going to have to lose the lot further down the line?
There are many reasons that people have got into this situation and many of them cannot fairly be said to be their fault.
As I say its fair enough that not everybody in trouble is to blame and as I say everything should be done to help people back onto there feet but there has to be a line.
Yes it may not be peoples faults they can no longer afford there mortgage, but likewise its not my fault I was born in 1983 so have to pay a lot more for a house than the boomers before me, in both cases up your game or admit defeat.
Who said life is fair?Have my first business premises (+4th business) 01/11/2017
Quit day job to run 3 businesses 08/02/2017
Started third business 25/06/2016
Son born 13/09/2015
Started a second business 03/08/2013
Officially the owner of my own business since 13/01/20120 -
I do agree it shouldn't be 1 missed mortgage payment and you are out, what would you say is a resonable time scale (or amaount of arrears) before action is taken?
There are many options to explore before you get to this stage.
1) You could adjust / reset the amortization period, thus reducing the monthly costs
2) You could move on to Interest only
3) You could agree with the lender to take holiday period. i.e. you have 80% equity and the bank agree to allow a holiday period, increasing the remaining amount by the agreed interest meaning for example when you are in a position to restart repayments your equity is lower
Of course these all add to the long term costs of the property but could be explored as a temporary stave.
The timeframe therefore is very specific to the individual situation.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
IveSeenTheLight wrote: »There are many options to explore before you get to this stage.
1) You could adjust / reset the amortization period, thus reducing the monthly costs
2) You could move on to Interest only
3) You could agree with the lender to take holiday period. i.e. you have 80% equity and the bank agree to allow a holiday period, increasing the remaining amount by the agreed interest meaning for example when you are in a position to restart repayments your equity is lower
Of course these all add to the long term costs of the property but could be explored as a temporary stave.
The timeframe therefore is very specific to the individual situation.
Scrub that. There is only one answer
1) Use the rainy day fund.
If you 'own' a house and dont have one, which wall did you urinate it all up.0 -
I'd lick the poo off Gordon Brown's bottom to put food on my table and keep shelter over my head.
Only at weekends though
Im sure there are many more inovative and less intrusive options that could be explored first:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
Scrub that. There is only one answer from a narrow minded perspective
1) Use the rainy day fund.
If you 'own' a house and dont have one, which wall did you urinate it all up.
Sorted that for you:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
IveSeenTheLight wrote: »Sorted that for you
I'm sorry, but if you have already spent it. Why should I pay for it?
I'll say again, if you can afford to buy a 'home'. You should be able to pay for it.0 -
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