Will there really be a crash?

scd3scd4

Crashy_Time wrote: »

Why doesn`t she just stop paying the mortgage then?

She did 10 years ago!! That's what happens when the mortgage comes to an end. lol

My reply was to people implying you don't own your home. Of course the bank has an interest while you have a mortgage but that's not the end game obviously!

Maybe next time read what I replied to, then you won't be all confused.

adindas

jane101q wrote: »

I think I would get a mortgage, I'm currently putting down more than 10% and have a good credit rating. I have no other debt than my student loan which gets deducted monthly automatically. If I go on with this house my payments monthly are £620.

LTV 90% LTV sounds good at the moment but might not go far if there is the credit crunch where the value of property keep falling risking negative equity for the home owner.

In credit crunch there is a good chance that the lender need a much lower LTV rather than simply 90% to cover the risk of defaulting with negative equity.

Living_proof

triathlon wrote: »

Sentiment with you and the people YOU know I am willing to bet is low. Sentiment with myself and the elite people I knock about with is sky high. If I was you I would try and read up on self fulfilling prophecies and you then might understand how so many people are living great lives and others not

Plonker of the first order. First, get yourself an education and learn to use the language correctly otherwise your sense of elitism is wildly misplaced. As someone with a first class honours degree still working in a 6* ultra luxury product environment I guarantee the people I know wouldn't !!!! on you if you were on fire. Apart from being a total wally you have no empathy or compassion and whatever great life you are leading I doubt very few people on this forum would want to be involved in it.

triathlon

Living_proof wrote: »

Plonker of the first order. First, get yourself an education and learn to use the language correctly otherwise your sense of elitism is wildly misplaced. As someone with a first class honours degree still working in a 6* ultra luxury product environment I guarantee the people I know wouldn't !!!! on you if you were on fire. Apart from being a total wally you have no empathy or compassion and whatever great life you are leading I doubt very few people on this forum would want to be involved in it.

Yep, and another bitter renter

They always have to make it aggresively personal as well, all that hate and anger inside them I suppose. Anyway, you have a nice day, I am off to diner tonight with several people in a lovely big house right on the river nene who are in the property speculation business, you enjoy your McD

Oh and four of the wives and GF attending diner are ex models

Sapphire

triathlon wrote: »

Oh and four of the wives and GF attending diner are ex models

And?

Are you sure they aren't just blow-up dolls (many certainly look as though they are)? They are probably after fat old men with money. If those are the sort of people you aspire to mingle with (and think it's some kind of an honour to do so), I truly pity you. All sounds rather ghastly.

Anyway, have fun in your world. I'll stick to mine, thanks. :T

HPC_Ghuol_Hunter

triathlon wrote: »

Good man.

Tell me this HPC and be honest as I know you are in most of your posts
Of all the tenants you have and had, is there any of them you would ever want to socialise with, and I already know the answer
Was driving all over yesterday, looking at some property deals in the pipeline, and was listening to Radio 4 & 5, all day they sent out the message "social housing is nothing to be ashamed of if you live it".. Translated = If you live in social housing you are at the bottom of the food chain.
And also tell me this doom mongers praying for a vengeful drop in house prices, as a working paying renter why would you want to be living with all this housing benefit types that never pay a penny, and we all know what type of people most are them are like

No I do not socialise with my tenants, even if some of my female students are rather attractive. My moto is never get your honey where you earn your money.

HPC_Ghuol_Hunter

triathlon wrote: »

I have hired dozens of people in my life, and only one has ever been someone who rented a property. The atmosphere in all of the places where my employees work is fantastic and most would admit to having a very high regard for me, love me even. Work place happiness is so important to me and I will never have renters and more so angry renters bringing in their negativity into my work place, granted some do not mean to, but they just cannot help it, faces like miserable as sin.

Are you 100% positive that they were unhappy because they were renters, or some other unbeknownst issue in their lives? From my experince renters by and large lead unfullfilled, chaotic, unsettled lives with very little foundation or security, so they are more likely to have suffered troubled unhappy experiences, possibly from birth. It is thoses experiences that will make those types of renter unhappy, not the actual fact of renting.

phillw

lookstraightahead wrote: »

I'm still not sure why owners think they are more successful than renters. I'm bemused by the amount of homeowners who take out massive loans for stupid cars. There's a new estate by us full of tiny four bed houses and sitting in the drive are brand new shiny 4x4s, presumably on the never never, Debt debt and more debt. Makes the money saved on buying a house pale into insignificance.

It depends on how you measure success. I know someone who makes a lot of money who rents, it funds his lavish lifestyle renting expensive properties and leasing expensive cars.

I think he's mad, but he's an IFA and his legacy trail commission for doing no work is way more than I have ever earnt in a year.

So I've gone for the safer long term option of buying.

I agree that getting a car on PCP is not a safe long term choice.

Computer_Beginner wrote: »

Property may be a market, but it's certainly not a free market.
It's completely manipulated by the govt, via the planning system.

You don't own a property you have a mortgage on.

It's mostly local councils that prevent planning. My sister had some houses built near her (she refused to sell her garden, but her neighbours did). The council refused planning permission for 10 houses, the builder appealed to government and they said they had to build 12 on the plot.

You do own a property you have a mortgage on, the loan being secured on the property just makes it legally easier for the mortgage company to recover their money if you stop paying. If you owe anyone money to anyone and refuse to pay them, they can make you go bankrupt and have your possessions taken away to pay for it. So by that logic, nobody can ever own anything as you never know if you might owe someone money in the future.

andrewf75

triathlon wrote: »

I have hired dozens of people in my life, and only one has ever been someone who rented a property. The atmosphere in all of the places where my employees work is fantastic and most would admit to having a very high regard for me, love me even. Work place happiness is so important to me and I will never have renters and more so angry renters bringing in their negativity into my work place, granted some do not mean to, but they just cannot help it, faces like miserable as sin.

Are you for real?!

Renters are angry for a reason. Because they get utterly screwed over in this country. Few people choose to rent.

No bitterness here as I own my house, but I do have some empathy for those less fortunate. I find it incredible that someone can be so lacking in that!

phillw

andrewf75 wrote: »

Few people choose to rent.

Some do, most make choices which mean they are going to have to rent.

I have sympathy because I made a lot of the same choices, but I turned myself around in time to buy.

It's impossible for everyone to make the right choices, it's a zero sum game.

jane101q wrote: »

It is a one bedroom house so I won't have the advantage of renting out a room if money ever becomes a issue post crash. Do you think this drop will be more likely a stagnation of prices or a full blown crash like in 2008.

Nobody can predict what kind of effect it will have as prices are driven by peoples desperation to sell. Mortgage companies have learned not to repossess houses quickly and flood the market. People have learnt not to sell their second properties in a fire sale just to offload them before they become worthless etc.

Waiting might save you money, but it might also mean the market dries up so you can't buy a property you like. It might also mean that no mortgage company is willing to lend you the money. It's a gamble.

I personally wouldn't buy a one bedroom house or any kind of flat, unless maybe it was in London. Those are the properties you struggle to shift in a downturn. But if you love the property then buy it.