How I intend to make £'000s

Gorgeous_George

btloptingout wrote:

It should be noted that the majority of debt companies advertising on TV target home-owners....but hey "Life is for living" as Carrol Voderman tells us on her Ad.

:rotfl:
Are you suggesting that this is because homeowners have more debt than non-homeowners?



GG

btloptingout

Gorgeous_George wrote:

:rotfl:
Are you suggesting that this is because homeowners have more debt than non-homeowners?



GG

No, they are targeting the OO sector because they see it as a great sector to offer loans to. Many in this sector (happy in the illusion their future is provided for through their home) are keen to secure debt for holidays, plasmas, cars etc against the money they have "made" on their home.

Should there be a downturn in the property market the "victims" will be those that saw their property as some sort of giant ATM.

cwcw

btloptingout wrote:

You seem adamant that:

• "People who believe houses are too expensive" are the same people who "squander all their money"
• "People who own a house" are the same people who "manage their finances very well"

A blinkered view i'm afraid...there are many other types of people including but not limited to:

• "People who believe houses are too expensive" who also "manage their finances very well"
• "People who own a house" who also "squander all their money"

The latest MEW figures seem to indicate that it is this last section of the community that is responsible for the countries consumer realted growth i.e. spending on non-essential goods and services:
http://money.guardian.co.uk/property/mortgages/story/0,,1979922,00.html

It should be noted that the majority of debt companies advertising on TV target home-owners....but hey "Life is for living" as Carrol Voderman tells us on her Ad.

That's not what I was saying... AT ALL. Read the words "SOME people.." in my post that you quoted and proceeded to incorrectly interpret.

cwcw

Alan_M wrote:

What's playing by the book? What Book? Who says what's right and what isn't?

Lets take another point of view. Just for the sake of balance.

Buying at the highest level of house prices in history is dumb in the extreme, I'll sit tight and wait and see what happens because it's not beyond the realms of possibility that prices could drop. Anyone who's bought in the last 12 months or so deserves everything they get for being short sighted.

This statement is no less bigoted than yours, but equally valid.

Obviously touched a raw nerve here. I will refrain from posting my feelings in future. Instead, I will wish all those out there moaning about high prices and being unable to afford to buy (yet wasting more than enough money to be able to, just not being prepared to make any sacrifices or compromises and expecting everything to fall into their lap) all the best of luck in their hopes for a crash. And to all those who, like me, have managed to save and made the sacrifices, tough s**t - happy negative equity. Yes, it's New Years Day and I'm tired and cranky, but please..

meanmachine_2

cwcw wrote:

Obviously touched a raw nerve here. I will refrain from posting my feelings in future. Instead, I will wish all those out there moaning about high prices and being unable to afford to buy (yet wasting more than enough money to be able to, just not being prepared to make any sacrifices or compromises and expecting everything to fall into their lap) all the best of luck in their hopes for a crash. And to all those who, like me, have managed to save and made the sacrifices, tough s**t - happy negative equity. Yes, it's New Years Day and I'm tired and cranky, but please..

Isn't 10 YEARS of above inflation gains enough for you?

What more do you want?

We'd all prefer the market to go up sensibly in line with wages, but every year that it overshoots makes a reversion or correction that much more likely.

By the way, those who I know with a drink problem all have mortgages. So where does that leave your argument?

And which one of us appears to be suffering the after effects of NYE?

Not me. I don't drink. Nor do I have an Ipod.

Sorry. Don't appear to fit your neat little stereotype.

franklee

cwcw wrote:

No, it just annoys me that some people squander their money and yet complain that house prices are high. They are the very same people who will benefit the most if house prices crash. Their luck would be very much undeserved, IMO, whereas those of us who have "played by the book" are punished the most. C'est la vie.

I think that it's people borrowing too much to buy property at arguably the peak of the biggest housing bubble in history that are the ones squandering money. Whatever you think may happen to house prices it is abundantly clear that housing is over priced by all the usual measures. Therefore any buyer should have factored possible house price falls and interest rate rises into their decision and should be able to ride out any negative equity. It is people irresponsibly borrowing too much that has pushed prices up to the detriment of many. What puzzles me is that in these days of the internet and good communications how can so many be blind to the very real risks they are taking?

As for those like me who think prices will go down, for me it's not a case of wishing them down, it's a case of monitoring the market and thinking they will go down and acting accordingly. If it comes to what I would have wished for it would be to have avoided the bubble in the first place but obviously we all have to play the cards we are dealt not the ones we would wish for.

meanmachine_2

Yes, those who are squandering money are the ones able to take out dodgy mortgages or borrow 125% of the property.

SO in a way I agree that people should knuckle down and be forced to save their 10%+ deposit.

Then, when a property comes up for sale I wouldn't be competing with...

A baby boomer BTLer
A single guy with no savings on a 100% mortgage
A single guy with help from parents who are guarantor or have remortgaged their unearned equity
A couple who have borrowed 5 times their joint income, even though she's about to fall pregnant

etc etc

In the "good old days" banks behaved, and prices didn't get too silly.

The greatest squanderers of money are those hard drinking ipod playing recent homeowners with their dodgy mortgages.

The same ones who'll plead for compensation if/when the market runs out of fools and tanks.

Don't blame me for that.

jamesd

meanmachine, don't worry too much about it, you're also competing with me and a savings rate that's been 63% of net income for the last six months.

Alan_M_2

cwcw wrote:

Obviously touched a raw nerve here. I will refrain from posting my feelings in future. Instead, I will wish all those out there moaning about high prices and being unable to afford to buy (yet wasting more than enough money to be able to, just not being prepared to make any sacrifices or compromises and expecting everything to fall into their lap) all the best of luck in their hopes for a crash. And to all those who, like me, have managed to save and made the sacrifices, tough s**t - happy negative equity. Yes, it's New Years Day and I'm tired and cranky, but please..

No raw nerve at all, I fit into neither of your categories, I choose not to buy right now because I feel property is enormously overpriced, but my "Deposit" is invested elsewhere and generating enough income to cover my current rent.

I was merely pointing out how ignorant you original post was.

meanmachine_2

jamesd wrote:

meanmachine, don't worry too much about it, you're also competing with me and a savings rate that's been 63% of net income for the last six months.

Good man.

Now that's a fair fight.