House Price Crash Discussion Thread

dolce_vita

Kitchen - I have done the same as you albeit for a shorter time. But the point I was trying to make was that recent entrants into the BTL market have done so with the aid of rampant HPI which has enabled them to borrow money which they can use as deposits on new properties.

Without rampant HPI and the subsequent ability to borrow this money (the point we have now reached) their situation is perilous.
and it doesn't matter if you have 1 BTL property or 100, leverage is leverage and when the tide turns, if you're in too much debt, you're f*cked.

pickledpink

neverdespairgirl wrote: »

Why do you think I'm or we're desparate to buy? We aren't. We could have bought over the last fwe years easily, and could still do so now, as sadly, owing to OH's inheritance, we have a £400k deposit and good incomes.

Well that's not what you said in your very first post on this site!!!:rotfl: You said you and your fiance WANTED to get a mortgage but your poor credit rating let you down!

You're telling porkies again!


Nor are we saving like mad to get on the property ladder. We are saving, because our rent is so much lower than our mortgage, it makes perfect financial sense, and because living below our means and saving for a rainy day is a sensible, prudent thing to do..



Owning property has been fruitful, not is fruitful. Past prices are not necessarily a guide to future performance.



We aren't having to rent, we are choosing to rent, because financially it makes perfect sense. We are happy doing so. We rent a 3 bedroom place in central London, very close to our work, and as there are 3 of us (me, OH, our 2 year old son) it's a great property for us.







Why are you being rude to me?

I'm just being honest. Something you yourself should try doing!

WTF?_2

pickledpink wrote: »

I'm just being honest. Something you yourself should try doing!

I think you need to brush up on your social skills - repeatedly calling someone a liar because they have a different viewpoint to you is just plain pathological behaviour.

Nenen

pickledpink wrote: »

Well that's not what you said in your very first post on this site!!!:rotfl: You said you and your fiance WANTED to get a mortgage but your poor credit rating let you down!

You're telling porkies again!


I'm just being honest. Something you yourself should try doing!

If you are going to accuse someone of telling lies then I suggest you try reading more carefully first and don't twist someone else's words! See below for Neverdespairgirl's first post where she clearly states that she was concerned she had a poor credit rating purely because she did NOT have much credit and asked IF this would affect her chances of getting a mortgage! She did NOT say she couldn't get a mortgage or that she was desparate to! The other thing to note is that her first post was more than 18 months ago and, in case you are not aware, a lot can change in a person's life circumstances in 18 months! What anyone says 18 months ago could be perfectly true at the time and yet completely different now!


For those who are interested, this is Neverdespairgirl's first post... compare it to the way pickledbrain has reported it and judge for yourselves who you think is being more honest!

Neverdespair_girl wrote:

I checked my credit history on checkmyfile.com. It said there was a problem getting records from Experian and Equifax, but nothing to worry about, this happens 10% of the time and they'll sort it out. It showed my callcredit, I think it was called, file. That showed my Barclaycard, mobile phone, and a credit card I opened in Dec 2000 and shut in March 2003. It doesn't show another credit card I still have, an MBMA one I've not used for a while. It said that as I had zero credit searches on my account for the last year, this damaged by credit rating.

Why does this damage it? And what can I do about it? At the moment I just use either my debit card or my Barclaycard to pay for things (and pay the BC off every month). The file shows I pay my BC and mobile bill every month without fail, and also paid the now-closed credit card every month without fail apart from 1 late monthly payment 5 years ago. So doesn't this show I'd be a good risk for the mortage my partner and I are considering getting?

Any ideas? I would have thought not having much credit and paying off the ones I do have regularly was a good, rather than bad, thing!

toadstooltomato

It seems as though the talk is being generated by talk ,and what else? This is a genuine question! Where did all the talk come from? Is it just the NINJA mortgage fiasco and consequent credit crunch or are there other factors that are coming into play?
So of all the possible answers, which one factor is of most relevance. Talk aside, is there one thing to keep an eye on?

Our situation;

Bought and worked on a cottage, (Bought for 129K just been valued at 172k? Cannot really believe it-the price jump in only one year? Cannot be explained by our improvments alone....
We had 90K equity in it when we bought, so if we sold for 165K we'd end up with 125K equity? Right?
If we sold and sat on the money, interest might cover renting @ say 6K per year....
While prices drop?......
There's the rub.

neverdespairgirl

pickledpink wrote: »

I'm just being honest. Something you yourself should try doing!

I was going to quote from my 1st post, but I see others have very kindly saved me the trouble. I NEVER posted to say my partner and I were prevented from getting a mortgage by having a poor credit rating. We've never, in fact, applied for a mortgage. When I posted that first message, getting on for 2 years ago, we were considering it. We were concered that having very little outstanding credit could affect a mortgage application IF we made one. I also said in that post, as I've said more recently, that we had a substantial deposit, and decent (self-employed) incomes.

We then decided it wasn't financially prudent to buy at that time. A decision we don't regret.

I defy anyone to read that first message, and anything I've posted since, and point out a "porky" or lack of honestly. It just ain't there, sunshine.

m00m00

ignore pickledpink, neverdespairgirl

it's just an annoying troll who has nothing to value to say

strange that the last troll disappeared at the same time this one appeared.

ManAtHome

John_Pierpoint wrote: »

Why is it that nobody has the cojones (woops my spell checker does not speak spanish) to buy Northern Wreck? There was all this talk about the wonderful mortgage book it had?

Yes, a bit weird really, would have thought there would have been a long queue of HPIers just waiting to cash in - even the 125% LTVs must have been HPI'd out by now. Distinct lack of "walking the walk" - wonder why that could be..? (rofl).

Paul_N_4

http://uk.news.yahoo.com/pressass/20080106/tuk-house-price-fears-hit-rock-sale-6323e80_1.html

simon_w_3

I think it is important to know what type of property you want to buy. Flats are going through a 'correction' with many already 25% lower than spring 07. Other property types where there is still good demand will and are holding their own. There are generally very few properties on the market at the moment in most parts of the UK. New instructions are very very short in supply and my offices have just noticed a pick-up so it could change.