Everything is going to ruin in order to save the over indebted property bubble.

Kenny4315

The_Fox wrote: »

Exactly!!

Kenny pontificates the posting of rubbish, but along with his new little sidekick iveseenthelight they just !!!!! at other posters and get personal.:), so fake.

My posting was a statement of fact regarding my position with the housing market and it's effects on my circumstances, your post was a rant about BTLers being reptiles, drug dealers, council house rampers and a whole host of other general nonsense.

IveSeenTheLight

Graham_Devon wrote: »

Theres a professional I work with, divorced about two year ago and has given up trying to fight for the house, mainly for the kids, as he wants them living in their home, rather than being seen as chucking them out.

Very noble of him.
the kids should take priority and it's something I would do if in similar circumstances.

Graham_Devon wrote: »

Anyway, he's back to square one, and after dusting down, is ready to start again. And that really does mean, start again. He's on approximately 65-72k, that's the wage band.

He can't afford to buy. Granted, he does want a 4 bed house, but he does have his reasons, 3 of his own kids, and started a relationship with 2 kids in tow. So the old adage of "buy small" doesn't work here.

Essentially then, he's looking to pay for two large properties of his wage. I take it that the new relationship with 2 kids has no properties or their own?

Graham_Devon wrote: »

Anyway, that's my story for the day. He's now renting, but that's costing him, I would guess, based on what he's renting (needs to be in the immediate area cus of job, needs space cus of kids), it's probably costing him in the range of £1200 - 1700 a month.

£1700 per month is £20,400 per year.
That would equate at 5% being £408,000.

Of course it would be area dependent, but if he can afford £1700 in rent, he could probably afford a decent size place in many areas.

Graham_Devon wrote: »

I don't think he'd fall over himself to grab as much debt as he can, so he is probably wary of taking too much on.

That then becomes his choice.
As you said, he's effectively starting again.
He's essentially increased the demand on property (either rented or to purchase)

I'm fortunate that if I was in his position, I'd move into one of my BTL's, but it wouldn't be the 4 bed version, it'd probably be the 2 bed flat.
Why?, because after getting out of a long term relationship, I wouldn't be keen to jump into another. I'd want to put my kids first.
When I had the opportunity for them to stay over for weekends / holidays, I'd give them the bedrooms and sleep on the couch / sofabed. It would only be short term, so not a big deal.

Graham_Devon wrote: »

However, key to all this, is how his attitude has completely changed. I suppose it does when you find yourself at the peril of high prices, after having enjoyed the rise with little care for others.

For me, it does not sound like he's at the peril of high prices.
He's at the peril of wanting to provide for his own children and for his new relationship.
He's therefore trying to cover two families from his income.

IveSeenTheLight

The_Fox wrote: »

Kenny Kenny!!!

It's nearly possible to feel your blood pressure rising through the screen:)
Lets leave it now, i am sure most people on here believe you tales of wealth, and if it makes you feel better you are a far better person than me, using your form of measurement that is.

Strange, in you OP, you used three :mad: smillies, whilst Kenny has not used any in this thread.

It seems clear, who's suffering from frustration and rising blood pressure

Graham_Devon

IveSeenTheLight wrote: »

Very noble of him.
the kids should take priority and it's something I would do if in similar circumstances.



Essentially then, he's looking to pay for two large properties of his wage. I take it that the new relationship with 2 kids has no properties or their own?



£1700 per month is £20,400 per year.
That would equate at 5% being £408,000.

Of course it would be area dependent, but if he can afford £1700 in rent, he could probably afford a decent size place in many areas.



That then becomes his choice.
As you said, he's effectively starting again.
He's essentially increased the demand on property (either rented or to purchase)

I'm fortunate that if I was in his position, I'd move into one of my BTL's, but it wouldn't be the 4 bed version, it'd probably be the 2 bed flat.
Why?, because after getting out of a long term relationship, I wouldn't be keen to jump into another. I'd want to put my kids first.
When I had the opportunity for them to stay over for weekends / holidays, I'd give them the bedrooms and sleep on the couch / sofabed. It would only be short term, so not a big deal.



For me, it does not sound like he's at the peril of high prices.
He's at the peril of wanting to provide for his own children and for his new relationship.
He's therefore trying to cover two families from his income.

I'd hazard a guess that the house left had no mortgage.

She wanted the house and wanted to go as far as she can. She doesn't work. So how she thought she would keep the house and pay for it, I don't know, which leads me to conclude no mortgage.

We could go deeper into it, but I don't know his finances, I'm just using my noggin.

As I said, yes, he could afford a house, but he does need something more. The point was, he is on a very high wage, yet still finds himself stuck due to high house prices. On that wage, with his kids, I don't think the wanting for a 4 bed is too much to ask.

Kenny4315

The_Fox wrote: »

Kenny Kenny!!!

It's nearly possible to feel your blood pressure rising through the screen:)
Lets leave it now, i am sure most people on here believe you tales of wealth, and if it makes you feel better you are a far better person than me, using your form of measurement that is.

Anyway Foxy, I shall soon have to leave this debate, one of my kids has a swimming gala this afternooon and I promise I'd go. Privately educating my kids with my ill gotten BTL gains I'm afraid, at £4000 a term each it's all the rage for us BTLers. :money:

Hope you find an affordable house sometime soon. :money:

PasturesNew

Graham_Devon wrote: »

As I said, yes, he could afford a house, but he does need something more. The point was, he is on a very high wage, yet still finds himself stuck due to high house prices. On that wage, with his kids, I don't think the wanting for a 4 bed is too much to ask.

He just doesn't like the houses he can afford maybe. I just did an RM search for 4 bed houses up to £200k (3x his salary) within a 5 mile radius of Exeter (guessing/town in the middle of where I guess you are because of your name). £200k at 5.5% is £1200/month on a repayment.

If you give us the first part of a postcode I bet we could find lots of lovely houses that he could afford. A lot of people just get locked into the mindset that they can't afford .... but at £65k he's starting again from a point that most of us would never even reach.

The_Fox_3

IveSeenTheLight wrote: »

Strange, in you OP, you used three :mad: smillies, whilst Kenny has not used any in this thread.

It seems clear, who's suffering from frustration and rising blood pressure

:rotfl::rotfl::rotfl:

What is it with you obssessives on here, you act like "I'm on to something here" constantly, some would even say you are trying to hard.
Maybe it's because most of you so called "i am doing ok" brigade are really not doing as well as you say, and maybe the future is quite bleak for most of you, but who cares.

The angry faces were added to show Duhhh that i was angry at the subject i was posting about, being angry is not a bad thing you know.

Anyway i am off out for the afternoon, and later i will be back to do more ranting and moaning, you guys can continue to see if you can find something else to "get at me":rotfl:this afternoon.

IveSeenTheLight

Graham_Devon wrote: »

I'd hazard a guess that the house left had no mortgage.

She wanted the house and wanted to go as far as she can. She doesn't work. So how she thought she would keep the house and pay for it, I don't know, which leads me to conclude no mortgage.

We could go deeper into it, but I don't know his finances, I'm just using my noggin.

As I said, yes, he could afford a house, but he does need something more. The point was, he is on a very high wage, yet still finds himself stuck due to high house prices. On that wage, with his kids, I don't think the wanting for a 4 bed is too much to ask.

It will still cost him to support his wife and children.
I think this is somehwere in the region of 15% of take home pay.

If there is no mortgage on the 4 bed house, it's still circa £7,500 per year (£630 per month) towards the previous family.
Add that to the rent he's paying and about half his salary will be going to rent / previous family.

He's still going to have to pay utilities, food etc for his new family, so it's wuickly eating into his salary.

Your saying now he could afford to buy, but earlier you said he couldn't. Which is it?

IveSeenTheLight

The_Fox wrote: »

:rotfl::rotfl::rotfl:

What is it with you obssessives on here, you act like "I'm on to something here" constantly, some would even say you are trying to hard.
Maybe it's because most of you so called "i am doing ok" brigade are really not doing as well as you say, and maybe the future is quite bleak for most of you, but who cares.

The angry faces were added to show Duhhh that i was angry at the subject i was posting about, being angry is not a bad thing you know.

Anyway i am off out for the afternoon, and later i will be back to do more ranting and moaning, you guys can continue to see if you can find something else to "get at me":rotfl:this afternoon.

I'm not out to "get at you".
Your ranting and moaning naturally lends to people being realistic back to you.
Your ranting and moaning has shown that you contradict yourself, showing your frustration whilst trying to imply others are more frustrated than yourself

Enjoy your afternoon, maybe some time away will help you to calm down

The_Fox_3

Kenny4315 wrote: »

Anyway Foxy, I shall soon have to leave this debate, one of my kids has a swimming gala this afternooon and I promise I'd go. Privately educating my kids with my ill gotten BTL gains I'm afraid, at £4000 a term each it's all the rage for us BTLers. :money:

Hope you find an affordable house sometime soon. :money:

Wow!!

What an amazing guy you must be, seriously, i could not afford private education for my kids. And now i find it a struggle to buy an average property.

Looks like you have now proved beyond all doubt that you have won this argument(whatever you think it is).


What a Guy!!!!

Kenny Kenny Kenny