Guy at work.. Should i tell him?

Jorgan_2

Doesn't it say somewhere about being nice & courteous to other money savers or did I dream it?

neas

Nevermind mate, my first post was a rhetorical question... hence why i only stated a 22k salary there... to prove a point of afforability. Even on my salary I don't want to buy a house yet that would be stupid.

tomatopuree

neas wrote: »

Your so clever Gaz...

Not really. I gave you the reason and you tried to show me up lol.

Rub those two brain cells of yours together and think about it . I'm creating a thread about how i can't 'afford' house prices :P... so naturally if i said my salary was higher I wouldn't get as good a response. I stated the salary I got when i graduated... graduate engineers start on 22k... I've been in business for 2.5 years. That thread was aimed at representing all those graduates who dont get enough cash to buy a house and have enough dignity to not leech off their mummy and daddys pension

Hows living at home with the parents mummys boi?

Does another thread have to descend into petty name calling?

BallandChain

I thought Gaz said he lived at home with his parents, now he says he has his own home with his g/f.

neas

It was troll bait for me.

JoJoArmani

neas wrote: »

Nevermind mate, my first post was a rhetorical question... hence why i only stated a 22k salary there... to prove a point of afforability. Even on my salary I don't want to buy a house yet that would be stupid.

If you don't even want to buy a house yet then there is no point wasting your time looking at them really. You will drive yourself insane with too much info!

Just chill. Save your pennies and take a look in a few months/years time when you decide the time is right.

To be honest I don't think you are going to see the massive price tumble you want...but I could be wrong.

If you can afford a mortgage like you said - then why not buy? You intend to live there for a good few years I imagine? During that time you will be happy in your home and not giving a fig about property prices...

Good Luck either way. But complaining to the forum will not change anything.... make a decision...

jmoid

First post from me, so hello.

Personally I think there's nothing wrong with offering advice to people, if you think it'll be helpful, and you ask if they don't mind a bit of advice first. If you're motivated by genuine concern then why not? In this situation though I'm not sure what talking to him would do, other than prepare him for the fall that he might be in for?

Incidentally I always find it slightly distasteful when people seem to think that anyone who makes a naive or uninformed decision somehow deserves to live in misery. This guy sounds like he just fell for what everyone was being told recently, that you had to completely over-reach yourself to ever get property, and that if you did you you'd have a pot of gold waiting for you in a few years. It's silly and naive, but hardly worthy of punishment by bankruptcy.

PasturesNew

Back in "my day", it used to be 3x single salary or 2.5x joint salaries or (3x higher + 1x lower) I think was the 3rd option.

And a deposit. Non-negotiable.

And you had to go in on bended knee and beg for the money even if the sums did mean you could afford something, which I never could.

I remember the rules being this stringent even as recently as 2000-2002.

Then ... somewhere along the lines ... when I wasn't really taking any notice whatsoever, the world went completely bonkers. And now, here we are today.

owitemisermusa

neas wrote: »

Its not clever how the BTL market has priced me and many others out of the market. So when this guy is trying to make a 'quick buck' his greed has clouded his judgement. Should i be sorry for all the BTL kings who start making losses when their houses drop in value? or they can't remortgage?

When ultimately its their 'ilk' that have been speeding some of the house price inflation. My colleague at work is young... but also thought he was well enough informed to make this decision. I did feel sorry for him at the start until he mentioned he wanted to BTL as " the rent pays for the mortgage". This philosophu has 'stolen' many a home from potential FTBers priced out of the market. Investing in property is just taking money from the poor FTBers... and making a quick buck.

for a FTB with a 90% LTV mortgage if the house falls >10% then he we will be in negative equity correct?. House prices in my local area have started to drop down. I love how people argue that houses aren't dropping . Like blinded by the headlights... don't see it until its too late.

Live and let live, mate.

No-one priced you out of the market, you couldn't afford it at the time, simple as. The whys and wherefores are immaterial. Please move on.

My sincerest hope and desire is that you'll be able to afford your dream house when you're ready - just don't keep wishing ill on others to achieve it.
I hope your 'friend' at work does ok - you should too.

Live and let live.

OWM

Walter_J

Gorgeous_George wrote: »

Errrr, no it hasn't.

Maybe about 18 years ago it happened once i.e., 1990 but not on the scale predicted now (by some). But in 1972, 1954, 1936, 1918, 1900, 1882, 1864, 1846, 1828 and 1810, did we really have noteable house price falls?

I don't think so.

GG

I don't know about the other years - I wasn't born - but there was definitely a house price crash in 1972.

However, no-one noticed! House prices stayed static through the mid 70's while inflation reached 24%. That equated to a price fall in real terms of over 20% per year for 3 or 4 years.

Which is pretty much what I would expect over the next few years!