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Guy at work.. Should i tell him?
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I got you all wrong. When it goes wrong for this poor man, I suggest you stand there and laugh yourself silly, while pointing an accusatory finger, and saying "ner ner ner ner ner, I told you so."Well if house prices had rose he would have made an easy 5k.. to help pay for a deposit or pay off his student loans.
He gambled on houses always rising. He doesn't understand the severity of his decision hes just a pup and has made the biggest decision of his life... he made this decision when houses were rising and now he finds himself at the top of the big dipper... about to go for a big rollercoaster ride that will teach him about life.Been away for a while.0 -
BallandChain wrote: »I think it's fun watching the house prices drop month on month. I suspect those who don't like the stark facts are home owners who regularly researched when their house prices were shooting up.
Exactly its just vested interest coming into play :P, I'm giving people cold hard evidence of house prices dropping 4-7% in my area... and they call me antisocial even though i got a fiancee... go figure some people.
I love property bee, i dont need to listen to newspapers i see cold hard evidence of people desperately reducing their houses... too late
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I know a student interm at work (2 years into his uni degree with 1.5 years left as a student) who managed to get a joint mortgage with his partner... he is at uni and on 650 interest free mortgage. His 2 year fixed rate deal (at about 5%) is gouing to expire in about a years time. He thinks he is going to make 5k on the original price of the property... He knows theres problems with the financial market as adviced me to 'wait a few months' before trying the house market... he is only 20 but he has made one of the biggest financial decisions of his life to buy at the top of the market... with no income. His partner will obviously be servicing alot of the debt.
His idea was to get an interest only mortgage and then turn to a repayment mortgage once he gets a full time job after being a student. He expects it to to rise by 5k... I didn't dare break his heart by suggesting his house might be worth less 20%... so he will be in negative equity... And... when he thinks he will be able to remortgage he will be forced onto a higher SVR pushing his mortgage up to 1000+ per month because he is in negative equity and can't pay the shortfall. He even accepted he couldn't service anymore than a 150 jump. He intends to just "sell up" once he moves after graduating.
Its a 1 bedroom flat in Exeter... worth about 120-150k...they put down about 10k deposit.
Do i break it to him or just let him delude himself? Of all the people inflating the housing market this guy I feel the worse for because he is only young... and prob has just taken a 30-40k hit on an unsaleable property
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What do i do?
Sounds like he's made up his mind and is committed to buying. No point creating bad feeling by harping on about the mistake he's made.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Tit tit tit...you sound like one.Exactly its just vested interest coming into play :P, I'm giving people cold hard evidence of house prices dropping 4-7% in my area... and they call me antisocial even though i got a fiancee... go figure some people.
I love property bee, i dont need to listen to newspapers i see cold hard evidence of people desperately reducing their houses... too lateBeen away for a while.0 -
at present buying a flat in the city centre houses have risen by 0.4% in the last quarter and althought houses in general in the greater manchester area are down by 1.1% in the last month this does not seem to be reflected in the prices of appartments .Your going to buy now? !!
hehe do more research... What area do you live in? Majority of areas have started to drop.
Manchester is currently going through regeneration meaning that houses in these areas are also rising .
I am not a fool and the descision to buy is a long one i have not made and will not make any complete descision till im aware of all the facts .
Slimming world start 28/01/2012 starting weight 21st 2.5lb current weight 17st 9-total loss 3st 7.5lb
Slimmer of the month February , March ,April
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Requoted for any tits who like laughing at other peoples' misfortune.guess you right... I dont believe what i read. I research my areas property prices... using property bee...
Just a question though, do you own more than 1 property?
Want some stats? Every day i check changes on rightmove.. every day 10 new houses reducin their prices by 5k+ nobody is increasing their prices... :P
dateevent18th Mar 2008- Price changed: from '£174,950' to '£169,995'
- Title changed: from 'Plymouth, Devon' to 'Widewell, Plymouth'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£174,995' to '£169,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£172,950' to '£167,995'
- Price changed: from '£174,950' to '£172,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from 'Guide Price £165,000' to 'Guide Price £159,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£164,950' to '£159,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£154,950' to '£150,000'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£153,000' to '£149,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£149,950' to '£145,000'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£149,950' to '£142,950'
- Title changed: from 'Plymouth, Devon' to 'West Park, Plymouth, Devon'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£142,500' to '£139,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£139,950' to '£135,000'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£139,950' to '£134,950'
- Initial entry found.
dateevent17th Mar 2008- Price changed: from '£140,000' to '£134,950'
- Initial entry found.
dateevent14th Mar 2008- Price changed: from 'Guide Price £137,000' to 'Guide Price £132,950'
- Initial entry found.
dateevent13rd Mar 2008- Price changed: from '£124,950' to '£119,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£119,950' to '£116,950'
- Initial entry found.
dateevent18th Mar 2008- Price changed: from '£109,995' to '£104,995'
- Initial entry found.
. So prices arent dropping? the FTSE isn't dropping? USA isnt in a recession? Uk isnt heading for a recession? Northern Rock didnt loose !!!! loads of money? US Bear Bank didnt loose !!!! loads of money?
Ok bury your head in the sand them my friend... guess you have a vested interest in property otherwise you'd see the signs.. like all the nation.. god even he sun newspaper is reporting this.Been away for a while.0 -
Neas Please remove my words from your signature /
I have not given you permission to use them
Slimming world start 28/01/2012 starting weight 21st 2.5lb current weight 17st 9-total loss 3st 7.5lb
Slimmer of the month February , March ,April
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No im saying i do not want him to use it for his signature .....
Slimming world start 28/01/2012 starting weight 21st 2.5lb current weight 17st 9-total loss 3st 7.5lb
Slimmer of the month February , March ,April
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Why? I'd be flattered if someone quoted me in their signature. I thought Neas was female....0
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