Don't Mention that you are losing faith in an HPC - part 2

HPC_Ghuol_Hunter

So I was perusing this board when I stumbled across an old blast from the past thead about a devout HPC devotee loosing their faith way back in 2011. His punishment for that crime was to have their thread hidden deep down into the cesspit and their account banned. Ironic in that his handle was 'CleverBear'.

Well it turns out that this bear was one smart cookie because if he did indeed back in 2011 we would be 6 years into paying down his mortgage, i.e. 1/4 way through to owning his own dream home. Meanwhile the loons who banned and denigrated him for his outlandish claims are 1/4 way through paying down their lanlords mortgage for them. :T :rotfl: :j

Cant post link but search this board for "Don't Mention that you are losing faith in an HPC" to reminisce. :money:

BobQ

Is this the one you mean?

https://forums.moneysavingexpert.com/discussion/3497997

So someone was banned on another forum and you want to complain about it?

What are you trying to say?

HPC_Ghuol_Hunter

Not complaining. Pointing out that this bear called it right.

Herzlos

I still can't quite follow the logic.

I can understand holding off buying if you think there's going to be a big drop in the near future, but to hold off for years is just stupid. For instance, I bought in July 2007, almost to the month of the market crashing. If I'd held on 6 months I could have probably saved a fortune (especially since I still lived with my parents), but if I was still renting 10 years later?

Mortgages are usually less than equivalent rents, interest rates are non-existant, so renting whilst saving to buy is pointless (you're putting less money away and it's not growing).

If you're relying on an interest rate rise to knock 30% off the house price, you're still going to be paying as much or more. Is it better to pay a 3% mortgage on a £300k house (£9k interest a year), or a 6% mortgage on a £200k house (£12k interest a year)?

At least if you buy, equity will increase and you'll be able to access better rates, sell up, or eventually pay the thing off.

There's people on there who sold up in 2007 in order to take advantage of the HPC. Those 10 years of renting could have paid half of their mortgage !

chucknorris

Herzlos wrote: »

I still can't quite follow the logic.

I can understand holding off buying if you think there's going to be a big drop in the near future, but to hold off for years is just stupid.

Mortgages are usually less than equivalent rents, interest rates are non-existant, so renting whilst saving to buy is pointless (you're putting less money away and it's not growing).

If you're relying on an interest rate rise to knock 30% off the house price, you're still going to be paying as much or more. Is it better to pay a 3% mortgage on a £300k house (£9k interest a year), or a 6% mortgage on a £200k house (£12k interest a year)?

At least if you buy, equity will increase and you'll be able to access better rates, sell up, or eventually pay the thing off.

There's people on there who sold up in 2007 in order to take advantage of the HPC. Those 10 years of renting could have paid half of their mortgage !

I believe some sold even earlier than 2007, in fact. Jonathan Davies who is a 'financial adviser', is reported to have sold to rent as far back as 2003! Although he did eat humble pie and buy again, I'm not sure when.

snickpan

" Is it better to pay a 3% mortgage on a £300k house (£9k interest a year), or a 6% mortgage on a £200k house (£12k interest a year)? "

I might have this tattooed on my arm

HPC_Ghuol_Hunter

chucknorris wrote: »

I believe some sold even earlier than 2007, in fact. Jonathan Davies who is a 'financial adviser', is reported to have sold to rent as far back as 2003! Although he did eat humble pie and buy again, I'm not sure when.

Oh my Lord, I think I have heard this gentleman on the TV or radio. Is he still doing guest slots trying to verbally force the HPC party line agenda down everyone's trout?

Edit: please tell me he is no longer a financial advisor!!! Renting since 1990's...

katebl

What exactly pushed you to look up a thread no one really cared about 6 years ago and repost it as if anyone would care now? Why in the last few years of prices increasing have you chosen to apparently lurk and only now that they are looking volatile chosen to mock? Seems a bit of a desperate attempt to keep people on side now the tide could be turning...

HPC_Ghuol_Hunter

This is a great forum where people gather to discuss a magnitude of interests. One interest for myself, and a good few others, is delving into the mindset of a rent forever loser (RFL) who would rather pay off their landlords mortgage than their own. It is a fasinating psyche to observe and study in the wild. This may not interest you personally however it is a mindset worthy of debate.

chucknorris

HPC_Ghuol_Hunter wrote: »

Oh my Lord, I think I have heard this gentleman on the TV or radio. Is he still doing guest slots trying to verbally force the HPC party line agenda down everyone's trout?

Edit: please tell me he is no longer a financial advisor!!! Renting since 1990's...

I don't think that he would have been renting in the 90's, but he sold his house sometime around 2003 to rent, believing that there was going to be a crash, thinking that he could buy back in much cheaper. Some on here will probably know better than me, but I think he bought back in again around 2010 to 2011, so had to pay more than he sold for, as well as stamp duty, solicitors fees, estate agents fees, plenty miscellaneous fees and of course all the years of rent.

chucknorris

ilovehouses wrote: »

Crashy Time's posting history suggests he's been renting since the late nineties - on purpose!

That is correct, I believe that he was in negative equity for a while and it worried him, so sometime in the late 90's when prices rose enough for him to sell without being in negative equity, he did. From the way he posts, it was obviously a traumatic time for him back then.