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how many REALLY think there'll be a crash rather than a stabilisation ?
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Jeez my spelling is poor when i multi taskMost people overlook opportunity as it comes dressed in overalls, and looks like hard work.0
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Correct me if I'm wrong, but I think there are people with far more than £100,000 of mortgage. My 2-bed flat sold for £155,000, supposedly its a prime FTB property, meaning the mortgage would be nearer £140,000. With that their repayments would go from £746.80 to £912.64. Now, that is looking tight!
Exactly. They might be able to just about get by at the moment but when they need to get something repaired what do they do .
If the press is correct rates are still set to have at least 2 more upward movements before the end of the year.What are they going to do then.
How will the fact of our exchange rate now above 2 dollars to the pound effect us please?0 -
Where did Pension, and student loans come from in my example.Most people overlook opportunity as it comes dressed in overalls, and looks like hard work.0
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albacore1854 wrote: »
No one is going to stand by and loose their home, they would use loans/shift cards about etc. Realistically how long could they hold out for.
And so continues the spiral of debt.
(assuming these hypothetical people will be able to get further credit)0 -
albacore1854 wrote: »Where did Pension, and student loans come from in my example.
They didn't come into your example, that was the point. So many FTB's have student loans, I don't know anyone who didn't take student loans who I went to University with. Because the average FTB now has to earn £34,000 or whatever that figure was, it's a fair assumption that most are graduates (We already showed earlier that the average FTB is not the average earner and so therefore probably a graduate with debts). Therefore paying back the loans has to be a factor.
Of course pension contributions should be in there, or if not pension then some form of investment for the future.
Thats why your £1800 take home has been altered to £1600 for the example in question.I can take no responsibility for the use of any free comments given, any actions taken are the sole decision of the individual in question after consideration of my free comments.
That also means I cannot share in any profits from any decisions made!;)0 -
I fear that you may be manipulating the figures to bolster your case.
Why would most FTB be graduates, 34K, is only 700 quid a week, not out of reach for quite a few I would imagine.
Why on earth do pension contributions have to be in there. they would be the first thing to go, most would worry about the here and now rather than 20/30 years time, given the choice between keeping their home and losing it.Most people overlook opportunity as it comes dressed in overalls, and looks like hard work.0 -
Im sorry I agree with albacore on the whole student loans thing.... I can think of many examples of people earning 34k+ who do not in any way have student loan debts. An accountant who qualified in practice out of A levels.... and I know several tradespeople (plumber and a builder for example). They all earn well in excess of 34k and dont have student debts even though they are not quite late 20s yet.
None of these people have 5% pension contributions either. The accountant has company paid pension and the tradespoeple to be fair I dont know their plans but they dont pay 5% in.0 -
FWIW I feel there will be a correction, not sure why though, other than logic would suggest it is unsustainable.
What I'm looking for is a reasoned argument in layman's terms.
Yes we all know rates will stretch the purse strings, and those that are highly geared may come unstuck.
However, for it to really bite the cosy middle England have to suffer, and before that happens, they have to max out their credit to the point the banks pull the carpet, and force the house sale.
What I don't understand, and am missing out on currently is, at what point that happens.Most people overlook opportunity as it comes dressed in overalls, and looks like hard work.0 -
Also the typical age of a FTBer is 29, that means the majority will be coming to the end of their student loan repayments, if they have any."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
wecanhelpu wrote: »Who the hell is Evan Jones?
He is the bloke who presents "Dragons Den" so he must know all about the housing market - how stupid of you to question the financial credibility of one of the BBC's finest hacks.0
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