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There will not be a crash

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  • fc123 wrote: »
    Making 'it' is easier than holding onto it. Keeping it requires different skills.

    Very true, which is why I am going to continue to work hard.

    I tried to put a bit away for the long term (pensions), a bit away for the medium term (the possibility of a family, etc) and a bit for living now.

    It is too easy to save save save and forget to live a bit along the way. I'm not belittling saving, I wouldn't be in the position I am in now if I hadn't saved hard in the first place to get my first property but I don't want to wake up one day aged 40 and realise I've never "lived".
  • tomstickland
    tomstickland Posts: 19,538 Forumite
    10,000 Posts Combo Breaker
    I'm a bit of a student of bubbles and people always seem to look back to see what made the bubble burst. Lots of very clever people come up with lots of very clever explanations but the ultimate answer is usually, 'Nothing'.
    I like that. I guess it's just a property of the dynamic system that it responds to a load of inputs and then goes into decline. People like a single event cause to explain something.

    In the case of house prices, I'd argue that a lack of easy credit is a pretty major factor though.
    Happy chappy
  • Bear in mind that these are all asking prices. They will prob sell for less.

    Of course, but I think the initial asking price was too high anyway, and I suspect a bit of dodgy dealing going on like the poster who said they are delibrately advertised higher to get on the site.
  • I have to agree they are hardly a cool car, technically excellent but they have hardly changed in appearance for years. I don't drive any more living in London just broke my desire to drive.
  • SquatNow wrote: »
    You haven't accounted for the fact that the property you bought for £100k is now only worth £40k.

    Nor have you accounted for the fact that as soon as the value of the property drops, your bank will ask you maintain the LTV. You're on 80%LTV so if the proprety drops £10k in value the bank will send you a demand for £8000, payable within 30 days, or they'll reposess the proprety.

    I haven't because it's not.

    and

    Don't be silly.
  • I have to agree they are hardly a cool car, technically excellent but they have hardly changed in appearance for years. I don't drive any more living in London just broke my desire to drive.

    Yep London will do that to you! Thankfully I live just 5 mins from open country and the "B-road blasts" :D

    I find most women of my age think it's cool. Other than that, I ain't to fussed. I think the problem is too many old mid-life crisis men drive them. But I'm not old, or in a crisis, there's the difference. But meh, who cares, it's only a car!
  • Phirefly
    Phirefly Posts: 1,605 Forumite
    I don't like Nissan Micras particularly. If I was going to buy a small car I would have gone for a Clio.

    If I were in charge, Micras would be outlawed and their owners' driving licenses revoked. And I'm not even going to add a disclaimer apologising if that offends anyone.

    Mr Phirefly's the expert, but regardless of peoples perceptions of the Porche marque on the whole if you chose your model wisely, you get one of the best vehicles available today. Anyone who says differently simply hasn't the knowledge to comment.
  • Phirefly wrote: »
    If I were in charge, Micras would be outlawed and their owners' driving licenses revoked. And I'm not even going to add a disclaimer apologising if that offends anyone.

    Mr Phirefly's the expert, but regardless of peoples perceptions of the Porche marque on the whole if you chose your model wisely, you get one of the best vehicles available today. Anyone who says differently simply hasn't the knowledge to comment.

    Thank you, Phirefly. I must admit the built quality, reliability, durability, finesse, handling, have all seriously impressed me. It's a car you can use every day yet each time you drive it it still feels special, if that makes sense. Even driving to the supermarket is enjoyable!
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    SquatNow wrote: »
    LTV ratios must be maintained and the loan, including the value of the asset it is secured on, is reviewed annually. If the bank calculates that the asset value has dropped, and thus the LTV value increased, they will ask the debtor to pay off a chunk of the loan.
    One year from now, it could be argued that90% of new loans taken out in the previous 2 years would be in negative equity.

    Would the bank carry out the review then hold out for the money/repossess en masse?

    Or would they take a more orderly approach to it and analyse each situation/person individually?

    While they'd increase risk significantly by doing the latter, is there any benefit to insisting on the former?

    Hard choice.
  • SquatNow
    SquatNow Posts: 2,285 Forumite
    I haven't because it's not.

    and

    Don't be silly.

    Hasn't YET.

    And I'm not being silly. Do you not understand how your BTL loans work?

    Did you seriously sign a legal document without reading it first??? Jesus you must be a complete moron!
    Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.
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