Fear of a HPC

cells

Another thread has reminded me of a view I posted on that HPC website almost a decade ago.

What I said to them was something along the lines of…..

If your only reason for not buying is a fear of a HPC, why not buy with a 0-5% deposit and if a 50% HPC does happen you can walk away from the debt and become a bankrupt (discharged in a few years). If on the other hand there is no HPC and prices go up then you won’t waste years waiting for a HPC that might never happen. Transferring a HPC risk from yourself to the bank.......

Were I a renter and if HPC was my main concern I would have done that 10 years ago....and would be some quarter of a million pounds better off (London). Were I a renter today and had a fear of a HPC that is probably what I would do now

I don't remotely expect a HPC. But if I did think it were a possibility I would just try to transfer that risk rather than cross my fingers and wait for a HPC to happen x years down the line and then buy at 50% off :cool:

Landofwood

Load of nonsense

Mallotum_X

Landofwood wrote: »

Load of nonsense

useful analysis... care to explain..

michaels

We are not in the US, can't just hand the keys back, they can come after your assets so unless you have no assets....

Landofwood

Mallotum_X wrote: »

useful analysis... care to explain..

What's the point? It's ridiculous

Graham_Devon

I like this post.

"Don't wait, buy it now - the worst that can happen is the minor inconvinience of bankrupting yourself".

Landofwood

Graham_Devon wrote: »

I like this post.

"Don't wait, buy it now - the worst that can happen is the minor inconvinience of bankrupting yourself".

It concerns me that he had this thought a decade ago, and still sees it as logical. 10 years years older, but no wiser.

padington

If you have nothing but a tiny deposit and you're currently renting, it's probably the best piece of advice you could be given on this whole forum.

ruggedtoast

Repos are rare now and if you really can't afford the mortgage you can move in a tenant and pretend to them that they aren't living in a residentially mortgaged house. No one cares about tenants and they don't have any rights anyway, so it's what everyone does.

Half the btl bozos on here are lying to their lenders. There would be some squeaky bot bots if banks actually started enforcing residential mortgage rules I can tell you. But they won't.

wotsthat

cells wrote: »

I don't remotely expect a HPC. But if I did think it were a possibility I would just try to transfer that risk rather than cross my fingers and wait for a HPC to happen x years down the line and then buy at 50% off :cool:

..but on HPC they do expect a crash so renting means they can buy cheap later with no risk of repossession. They don't think there is a risk to transfer.

Apart from the few long term posters HPC is just a site where people join to have a moan about house prices whilst they save up, buy a house and then leave.

ruggedtoast

The regulars over there come across as psychotic misanthropic woman-hating Doomsday cultists to me. I find it odd that that mods banned everyone normal and basically just left them

Considering they are obviously trying to make money from advertising (due to the proliferation of dodgy Philippine brides and Make ££££s Fast on Bulgarian Timeshare banner ads - and no its not my cookies), they might try and change their demographic a little.

What makes me laugh is the guys who claim to have deposits of £500,000 saved up while they live with their mums and wait for "value to return to the market", but can't actually spell "value to return to the market", or anything else.

Meanwhile anyone who tries to discuss housing gets banished to Anecdotals and then banned, unless they are announcing that they just signed a 15 year AST and their landlord is now paying them.