is it a Crashy wind up ?

Crashy_Time

Jack_Johnson_the_acorn wrote: »

Maybe I don't wear the same foil hat. Because the idea of my own space / freedom was a massive incentive.

How did that morph into being a lurker on a hidden forum that exists for people banned from the rest of the internet.....:rotfl:

Crashy_Time

Anyone else here into house prices when they were 16?................................thought not..............:rotfl:

PeterPanic

Crashy_Time wrote: »

Anyone else here into house prices when they were 16?................................thought not..............:rotfl:

Nope, I was too into playing computer games when I was 16, then getting into debt to own the fastest car I could when I started work. People were telling me to buy a property when I first started work but I thought houses were boring and I wanted to drive a nice car.

It wasn't until I was 27 that I suddenly realised that owning a house was probably a good idea, and even in 2000 it was still relatively easy to buy a house. I put the 5% deposit on my credit card and the mortgage was approved with no issues (even with a £15k car loan as well).

I now earn well over double what I did then and have a 6 figure deposit with no debt and getting a mortgage to buy a house last month was incredibly difficult.

Without the bank of mum and dad I don't know how anybody (especially in the SE) can afford to be a first time buyer.

economic

PeterPanic wrote: »

Nope, I was too into playing computer games when I was 16, then getting into debt to own the fastest car I could when I started work. People were telling me to buy a property when I first started work but I thought houses were boring and I wanted to drive a nice car.

It wasn't until I was 27 that I suddenly realised that owning a house was probably a good idea, and even in 2000 it was still relatively easy to buy a house. I put the 5% deposit on my credit card and the mortgage was approved with no issues (even with a £15k car loan as well).

I now earn well over double what I did then and have a 6 figure deposit with no debt and getting a mortgage to buy a house last month was incredibly difficult.

Without the bank of mum and dad I don't know how anybody (especially in the SE) can afford to be a first time buyer.

i do see a lot of young people put all their savings into their home and put down 20-25%. sounds a bit silly. i personally have 40% of my net worth in my home as equity and my LTV is 45%.

economic

Crashy_Time wrote: »

Says the person who bought back into the bubble, in one of the most expensive parts of London...:rotfl:

the rent for my place im guessing conservatively is around £1600pcm. i dont hve to pay this to live where i do. my mortgage a month is £700 of which half is interest. i receive £700 a month from my spare room. on a montly basis i MAKE 0.5*1600 + 700 - 350 = £1,150. on an annual basis thats £13,800 and as a percentage of the equity/costs i have put in it comes to 4.2% TAX FREE. what investment gives you this sort of return tax free nowadays?? i dont care about my house value. it doesnt matter to me at all. i am earning 4.2% on a large sum of money absolutely tax free!! whilst you are losing money every day on rent.

economic

the key thing here is i am paying only 350 in interest and receiving about 1500 pcm in rent i dont have to pay. big differential. its a no brainer to buy. rents are forecast to go up and rates are not.

Crashy_Time

economic wrote: »

the key thing here is i am paying only 350 in interest and receiving about 1500 pcm in rent i dont have to pay. big differential. its a no brainer to buy. rents are forecast to go up and rates are not.

Really? :rotfl: You sound like you can`t quite convince yourself of that.

economic

Crashy_Time wrote: »

Really? :rotfl: You sound like you can`t quite convince yourself of that.

what do you mean?

Crashy_Time

economic wrote: »

what do you mean?

You are in denial about where the PTB want to go next, they don`t have your back anymore as a mortgage holder, they gave you an eight year window for that, that was your chance to cash London bubble money and sit it out in a cheap cottage somewhere. Banks need higher rates sooner rather than later and there is more political risk now in keeping the Ponzi going, the Brexit and Trump votes have underscored that.

westernpromise

I was interested in house prices when I was 16. I didn't get along with my parents and dreamed of moving out to my own place.

I was so gagging to start work that at university I proposed to my director of studies that I drop out early because I was sure I could get a job without a degree. He talked me down and I have done pretty well out of having M. A. (Cantab) after my name. But yes, aged 16 I was reading the property section of newspapers to understand how to buy. I had to wait till I was 22 to do so but not doing so would have been unfathomable.