Boomers at my work boasting of property wealth

Loughton_Monkey

greenface wrote: »

I hate braggers . In fact I was saying this only last weekend at the Lamborghini owners club. x . I think only 2 of my close friends know I own my house . Even 2 of my brothers don't know . You lot know more about me than the people I work and live with. I like it like that.

A very humble attitude I must say. I shall applaud you at the next Lamborghini dealers association convention in Bali. As I told them last week, my brother only knows about 3 of my houses, and when the Duke of Westminster came round for a gin & tonic the other day, I didn't brag to him either.

seven-day-weekend

Loughton_Monkey wrote: »

A very humble attitude I must say. I shall applaud you at the next Lamborghini dealers association convention in Bali. As I told them last week, my brother only knows about 3 of my houses, and when the Duke of Westminster came round for a gin & tonic the other day, I didn't brag to him either.

I shall tell every one of the directors and shareholders in my Lamborghini factory about your modest and humble attitude. I wish my butler had your outlook. He is always bragging about my riches whenever he is at the Lamborghini Museum, located in Sant'Agata Bolognese, between Bologna and Modena, where I also have my mansion. I do wish he wouldn't as none of the European Royalty know how much I am worth as I never brag about my wealth.

lisyloo

Hi Conrad, thanks for your points. I do agree with you that those who want to run a property business and can buy anywhere in the country can certainly make money.
I was mainly talking about people buying in their own locality for their own residence and in most cases outside London they aren't making a packet on capital growth doing that.
I do believe that fortune favours the brave and by and large things do work out.

As an example last year I put solar panels on my roof.
I heard about the risks on here that they could fall off, stop working and I might move.
Yes I said - I felt the fear and did it anyway.
Guess what - it stayed up there, it worked and "bank of roof" just stays quietly generating money without spontNeously combusting.

The fact is though most people don't live in these niche areas outside London or want to move/work there and want to buy a home near their job and family, so that's what I was referring to.

Cyberman60

Conrad wrote: »

They are overly strict given that even in the teeth of the worst recessions only around 0.2% of owners get repossessed. The downside to the current lending regime is that many that could sustain a home are forced into the sickly embrace of the landlord. Most people would at least like to be given the chance of ownership knowing there is an overwhelming likelihood they will sustain the mortgage.


Overly stiff regulations as ever have many downsides.

There is another motive in these criteria though and that is that the banks have only a certain amount to lend, as they themselves have their own problems with capital requirements, much stricter since the banking crash, so they might as well only go for the better quality of customer to lend to.

http://www.bankofengland.co.uk/research/Documents/workingpapers/2014/wp486.pdf

k12345678

lisyloo wrote: »

Where do you get a 4 x salary mortgage today?
Credit is very tight right now.

Not really if you have a good history.

I recently borrowed 5x combined salary of me and the wife.

chucknorris

k12345678 wrote: »

Not really if you have a good history.

I recently borrowed 5x combined salary of me and the wife.

I didn't realise such products were available, I'm not in the market for a mortgage, but as a potential seller, I would be interested to know what the interest rate and LTV was (if I'm not being too nosey in asking)?

k12345678

chucknorris wrote: »

I didn't realise such products were available, I'm not in the market for a mortgage, but as a potential seller, I would be interested to know what the interest rate and LTV was (if I'm not being too nosey in asking)?

Complicated as im still in the fixed period of my current mortgage so ported that one and topped it up with a second one. Think the overall interest rate is 3.something combined.

LTV 80% however will be down at 60% once I remortgage (when the original fixed one runs out) at the end of this year due to adding savings.

chucknorris

k12345678 wrote: »

Complicated as im still in the fixed period of my current mortgage so ported that one and topped it up with a second one. Think the overall interest rate is 3.something combined.

LTV 80% however will be down at 60% once I remortgage (when the original fixed one runs out) at the end of this year due to adding savings.

It seems like a good rate for such a high multiplier, I was expecting it to be a bit higher. When we bought our last house, we got a 0.38% over the BOE base rate 25 year tracker mortgage. My other mortgages (also trackers) were 0.68% over base, I would have switched, it was still worth it after all the fees, but I was tied in for another 6 months, then the product was withdrawn. But obviously I am happy enough with 0.68% over base.

lisyloo

Not really if you have a good history.

I recently borrowed 5x combined salary of me and the wife.

Are you saying this is widely available?
i..e. nothing special about your circs.
I am suprised.
Like chucknorris I didn't think this was widely available.

k12345678

lisyloo wrote: »

Are you saying this is widely available?
i..e. nothing special about your circs.
I am suprised.
Like chucknorris I didn't think this was widely available.

Nothing particularly strange I dont think? Didnt even come up as a discussion point. Perhaps because I already have a mortgage with them?


We do only have normal household bills however. No dependents and no loans/direct debits with reasonably high household income (£90k)