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Scotbot

Err who or what is MSM?

Crashy_Time

Men Selling Mortgages

Jack_Johnson_the_acorn

Crashy_Time wrote: »

Men Selling Mortgages

Take your pills and go for a nice lie down. You clearly need a rest. :rotfl:

glasgowdan

Scotbot please ignore that poster...he is the most clueless person on here and not a single member has a lot of respect for him sadly. He's a single 50-something paying off his landlord's mortgage destined to live in a flat forever.

Ozzuk

There are a group of people (we'll call them renters) who hope for a crash so they can...buy property. So they spread scaremongering around the net in vain hopes of influencing the market, similar to traders talking up or downplaying stocks.

And maybe their predictions will be right at some point, its easy to predict if you set no time limit, I predict for instance the sun is going to explode.

If the market crashes...what will happen? People will buy. Thanks to Sarah Beany and her ilk we're all desperate to develop properties, I started late, only done a couple but found that 'development' properties were fetching as much as finished properties, and now its even harder to find them.

So again, market crashes, people will buy. People buying push up demand (which is finite). Increased demand = increased price (or rapid market recovery). And who will be first in line to buy...CT. That assumes of course that they have managed any difference between rent and mortgage for saving capacity.

Dirty maths for example, property worth 200k, mortgage £690, 20 years remaining. Rent-able value, £650 (conservative). So in 20 years a renter will 'save' £9600, lets be generous and say 15k with interest. So they have £15k. Property owner, if the price drops to 150k they have 150k-15k, 135k more and can choose to live rent free (no mortgage) or even rent and realise the asset. The value is more likely to increase and could easily be closer to 250...300+. That obviously ignores any maintenance costs, but I think there is a big enough buffer there.

Renting is valid choice for a lot of people, more flexibility, easy to move etc, but lets not kid ourselves that it is a sound financial choice or that waiting for the next crash is a sound investment tactic.

Just my thoughts!

MobileSaver

Crashy_Time wrote: »

Do you have the numbers for sales volumes?

Sales numbers are clearly lower than they used to be. Does that change the fact that you and your HPC friends needs house prices to crash by 38% just to get back to where we were when the HPC cult started?

I've asked you this question before but strangely you never seem to want to answer, despite having an "IMO" on pretty much everything else...

You said it was "Crashy Time" in 2014 but that never happened,
Similarly no 50% crash in 2015... or 2016...

So when is "crashy time" going to happen? Not expecting a precise date but surely you can let us all know approximately? This year? Next year?

martinsurrey

Crashy_Time wrote: »

So you sold a flat at a nearly 20k loss on the 2006 price, and now you can afford a "nice big 4 bed"...not sure I follow the pattern there....and you have not been kicked out in 11 years, well neither have I, so what is your point exactly?

Lets say it was a £200k flat when it was bought (10% loss at the end), on a 90% mortgage.

lets assume a 4% mortgage to start but as the capital got repaid it went down to 2.5% 5 years through. (which is VERY prudent, it should have been MUCH lower!)

25 year term

in the first 5 years the OP would have paid £57k total.
£34k interest £23k capital.

in the last 6 years the OP would have paid £50k total
£17.7k interest and £32k capital

total over the 11 years
£51.7k interest and £55k capital

so a £18k loss on sale and they came out with £37k cash.

"rent" for the period was £51.7k for 132 months, or a little over £392 per month, which seems pretty cheap if you ask me.

now with thier slow rent, they will have been able to save more to afford the jump to the bigger house.

can you follow that pattern now?

martinsurrey

sorry got a number wrong in the above,

they came out with £57k cash, if you include their initial deposit.

martinsurrey wrote: »

Lets say it was a £200k flat when it was bought (10% loss at the end), on a 90% mortgage.

lets assume a 4% mortgage to start but as the capital got repaid it went down to 2.5% 5 years through. (which is VERY prudent, it should have been MUCH lower!)

25 year term

in the first 5 years the OP would have paid £57k total.
£34k interest £23k capital.

in the last 6 years the OP would have paid £50k total
£17.7k interest and £32k capital

total over the 11 years
£51.7k interest and £55k capital

so a £18k loss on sale and they came out with £37k cash.

"rent" for the period was £51.7k for 132 months, or a little over £392 per month, which seems pretty cheap if you ask me.

now with thier slow rent, they will have been able to save more to afford the jump to the bigger house.

can you follow that pattern now?

MobileSaver

Crashy_Time wrote: »

and you have not been kicked out in 11 years, well neither have I,

You may not have been kicked out but you have previously admitted you've had to move when your landlord decided to sell.

Eight times you've moved haven't you? That's six or seven more times than most home owners would be happy with in that time-scale. Quite apart from the financial costs of moving that's an awful lot of non-monetary costs; time, stress and hassle. From your description of some of the grotty places you've lived in I can see why you'd want to move but even so... eight times!?!?

jimbog

Crashy_Time wrote: »

Men Selling Mortgages

Why a need to differentiate between men and women who sell mortgages?