30% fall in property if no deal brexit

Autumn86

AFF8879 wrote: »

Do you think mortgage lenders will be happy to lend at current rates/ deposit levels to all these new eligible FTBs if prices crash 30% overnight?

What about people who have scrimped and saved for 10+ years to finally afford a little house/ flat recentlly? I guess they just deserve it too right?

Mortgage lenders will be desperate to get any business they can get during a property price crash/recession,
So cash-rich FTBs like me will be able to dominate.

~

But yes, those people deserve to pay the price for their economic foolishness & stupidity! :rotfl:

As they chose to get a mortgage during this unpredictable time, rather than waiting like smart people have done.

No-one is forcing them to sell at a loss now though,
they can just sit in negative-equity for the next 10-12year, maybe reflect on their foolishness. :money:

ess0two

Autumn86 wrote: »

Mortgage lenders will be desperate to get any business they can get during a property price crash/recession,
So cash-rich FTBs like me will be able to dominate.

~

But yes, those people deserve to pay the price for their economic foolishness & stupidity! :rotfl:

As they chose to get a mortgage during this unpredictable time, rather than waiting like smart people have done.

No-one is forcing them to sell at a loss now though,
they can just sit in negative-equity for the next 10-12year, maybe reflect on their foolishness. :money:

I admire your optimism, you'll probably find all the decent properties will be off the table, perhaps the odd distressed owner will need to sell.

spadoosh

Autumn86 wrote: »

Mortgage lenders will be desperate to get any business they can get during a property price crash/recession,
So cash-rich FTBs like me will be able to dominate.

~

But yes, those people deserve to pay the price for their economic foolishness & stupidity! :rotfl:

As they chose to get a mortgage during this unpredictable time, rather than waiting like smart people have done.

No-one is forcing them to sell at a loss now though,
they can just sit in negative-equity for the next 10-12year, maybe reflect on their foolishness. :money:

Speak to crashy.

Hes smart too. Hes been waiting 20+ years to buy...... :eek:

MobileSaver

Autumn86 wrote: »

Mortgage lenders will be desperate to get any business they can get during a property price crash/recession,

That's misguided wishful thinking. The main concern for any lender is risk and in a falling market that risk is increased which means it will be harder than ever to get a good deal on a mortgage.

Autumn86 wrote: »

No-one is forcing them to sell at a loss now though,
they can just sit in negative-equity for the next 10-12year, maybe reflect on their foolishness.

The irony is that you've identified the flaw in your own argument without even realising it...

Negative equity is only a real problem if you need to move/sell so for most people it is a complete non-issue, particular when almost anyone today can fix their mortgage at less than 3% for the next 10 years.

AnotherJoe

Autumn86 wrote: »

Mortgage lenders will be desperate to get any business they can get during a property price crash/recession,
So cash-rich FTBs like me will be able to dominate.
But yes, those people deserve to pay the price for their economic foolishness & stupidity! :rotfl:
As they chose to get a mortgage during this unpredictable time, rather than waiting like smart people have done.
No-one is forcing them to sell at a loss now though,
they can just sit in negative-equity for the next 10-12year, maybe reflect on their foolishness. :money:

All times are unpredictable. To think anything else is foolishness of the highest order.

mayonnaise

Autumn86 wrote: »

Mortgage lenders will be desperate to get any business they can get during a property price crash/recession,
So cash-rich FTBs like me will be able to dominate.

Yep, I can already see you dominating with your 20k savings.

Autumn86 wrote: »

I'm now in a position where I'm on a yearly salary of £28,600 + also have other cash income from a side-business, so total income of over 30k per year, plus have also saved-up over £20,000 cash now,

AnotherJoe

mayonnaise wrote: »

Yep, I can already see you dominating with your 20k savings.

Of which half were acquired via theft.

Autumn86

ess0two wrote: »

I admire your optimism, you'll probably find all the decent properties will be off the table, perhaps the odd distressed owner will need to sell.

I'm more hoping that lots of couples (primarily already pregnant/with kids) will need to upgrade to a bigger property due to family expansion, but unable to afford to do so within that area and/or struggling with job insecurity/redundancy, thus forcing them to sell, even if in negative-equity, just to be able to relocate to a cheaper area/back into rental accommodation funded by benefits,
Thus opening their property up as available for people like me to buy for a low price. :beer:

phillw

Autumn86 wrote: »

Mortgage lenders will be desperate to get any business they can get during a property price crash/recession,
So cash-rich FTBs like me will be able to dominate.

If there are cash rich FTB with mortgage offers in place then why do you think the prices will fall by 30%?

Those kind of drops will be in London on properties that people on MSE are unlikely to be buying.

Autumn86 wrote: »

I'm more hoping that lots of couples (primarily already pregnant/with kids) will need to upgrade to a bigger property due to family expansion, but unable to afford to do so within that area and/or struggling with job insecurity/redundancy, thus forcing them to sell, even if in negative-equity, just to be able to relocate to a cheaper area/back into rental accommodation funded by benefits,
Thus opening their property up as available for people like me to buy for a low price. :beer:

You're a real catch.

ess0two

Autumn86 wrote: »

I'm more hoping that lots of couples (primarily already pregnant/with kids) will need to upgrade to a bigger property due to family expansion, but unable to afford to do so within that area and/or struggling with job insecurity/redundancy, thus forcing them to sell, even if in negative-equity, just to be able to relocate to a cheaper area/back into rental accommodation funded by benefits,
Thus opening their property up as available for people like me to buy for a low price. :beer:

Is that scenario many will look to keep hold rather than sell and move to cheaper, SMI from the gov will be available.

You may drop lucky,but I think property choices will be limited?