There will not be a crash

Phirefly

The_Dangerman wrote: »

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!

Yinnah how you said you quite fancied a Clio - well Francoise the 02 plate Dynamique is sat outside, only 2 lady owners and the bonnet catch hasn't attempted to kill me yet - fancy a swap?

The_Dangerman

SquatNow wrote: »

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!

Why call me a moron? What exactly have I done to offend you personally?

Of course your being silly. If the value of the property drops, the mortgage company is going to find it difficult to make a profit on repossesion themsleves.

I can stake my house(well, you can have a different one since the if your right I would lose that one :rotfl: ) that if I continue to pay the mortgage on a house where the LTV ratio has slipped the won't demand any money or reposse me.

Trust me!

Anyway, relax!

PasturesNew

meanmachine wrote: »

Do people still drive porsches?

To be honest, the only people I've seen in them are men in their 60s.

Hardly a cool car.

I'd think much more of you if you went around in a Nissan Micra and scruffy clothes, but were still worth a fortune.

why? cos that would show *confidence*

You'd like me then.

The_Dangerman

Phirefly wrote: »

Yinnah how you said you quite fancied a Clio - well Francoise the 02 plate Dynamique is sat outside, only 2 lady owners and the bonnet catch hasn't attempted to kill me yet - fancy a swap?

Much as I would love to take you up on your generous offer I will pass!

I forgot about those killer bonnet catches :eek: Almost as dodgy as those Vauxhalls where the handbrake doesn't work properply! Although I think a lot of cars suffer from that with the fact disc brakes all round are common. A reason I always leave in gear!

SquatNow

PasturesNew wrote: »

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?

They don't have any choice!

Banks will have done one of 2 things with the loan:

1) Sell the Loan - if they've sold the loan on then the T&Cs of that sale will require them to follow the T&Cs of the loan to the letter. If they don't follow the T&Cs, the bank will be forced to buy back the loan and the risk from whoever they sold it to.

2) Insure the Loan - if they've kept the loan on their books they will have insured it against default, but the terms of the insurance will require the bank to follow the T&Cs of the loan to the letter, or they'll invalidate the insurance.

Basically, as long as they stick to the T&Cs of the loan, the bank is free and clear... if they don't follow the T&Cs they end up with the risk/liability.

SquatNow

The_Dangerman wrote: »

Why call me a moron? What exactly have I done to offend you personally?

My appologies, no offense was intended, but you've signed a contract without reading it? Doesn't suggest you're the sharpest tool in the box!

The_Dangerman wrote: »

Of course your being silly. If the value of the property drops, the mortgage company is going to find it difficult to make a profit on repossesion themsleves.

Correct, which is why they will reposess sooner rather than later.

This isn't some secret, this is exactly what happened in the last crash and people were saying exactly what you're saying, and they still lost everything.

The_Dangerman wrote: »

I can stake my house...

You already have mate!

The_Dangerman wrote: »

I can stake my house(well, you can have a different one since the if your right I would lose that one :rotfl: ) that if I continue to pay the mortgage on a house where the LTV ratio has slipped the won't demand any money or reposse me.

MORTGAGE! BTL loans aren't mortgages, they are commercial loans!!! You are correct that banks can't call in residential mortgages, but as stated, BTL is totally different.

You really need to go away and read your contracts before wandering around online gloating about how big your portfolio is.

pickles110564

Did you seriously sign a legal document without reading it first??? Jesus you must be a complete moron!

The_Dangerman wrote: »

Why call me a moron? What exactly have I done to offend you personally?

Of course your being silly.

Anyway, relax!

Dont worry about squatnow he is just a sad and bitter individual that preaches things but has not got the *alls to follow through.
He just trys to pick fault at others when he is to scared to realise he will amount to nothing.

Datasafe_2

TBeckett100 wrote: »

I am getting a little fed up with HPC threads and doom and gloom.

LOL see you on the other side.................

The_Dangerman

SquatNow wrote: »

My appologies, no offense was intended, but you've signed a contract without reading it? Doesn't suggest you're the sharpest tool in the box!



Correct, which is why they will reposess sooner rather than later.

This isn't some secret, this is exactly what happened in the last crash and people were saying exactly what you're saying, and they still lost everything.



You already have mate!



MORTGAGE! BTL loans aren't mortgages, they are commercial loans!!! You are correct that banks can't call in residential mortgages, but as stated, BTL is totally different.

You really need to go away and read your contracts before wandering around online gloating about how big your portfolio is.

Again, I politely ask that you refrain from personal insults, since I won't direct them at you, so I ask them same in return.

I'm not disputing what you say, I'm disputing the likelyhood of it happening. Of course I have staked the house, it was a bit of joke! You don't get anywhere in this life without a bit of risk. Besdies, just think to yourself "Dr Pepper" (whats the worst that can happen) and you'll look a life different. If I lost everything I would still have my health, and a good job, which without giving away too much personal information, is exceeding unlikely I could lose, even in a major recession. But I never say never.

I call it a mortgage, my broker calls it a mortgage, everyone I know who also deals in BTL calls them mortgages. Calm down dear, it's just semantics

EDIT for some bad spelling
EDIT With risk to Without Risk. (I really should slow down a bit, sorry)

The_Dangerman

pickles110564 wrote: »

Did you seriously sign a legal document without reading it first??? Jesus you must be a complete moron!



Dont worry about squatnow he is just a sad and bitter individual that preaches things but has not got the *alls to follow through.
He just trys to pick fault at others when he is to scared to realise he will amount to nothing.

It's a shame really because he's made some valid point, but just think they have been blown way out of propotion.

It's a sad fact that in this country people almost WANT you to fail, instead of making a sucess of your life.

If I fail, I fail, I don't expect anyone else to pick up the pieces, but neither do I expect this onslaught for voicing a different opinion.