There will not be a crash

Jorgan_2

Addy, the bank will only repossess if you can not keep up the repayments on the mortgage. If you owe £100k and the property is worth £50k and can keep paying the mortgage, they will not repossess.

SquatNow

The_Dangerman wrote: »

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 appologise. (Not often you'll here that from me...)

But did you READ the contracts?

The_Dangerman wrote: »

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!

Which part don't you think will happen and why?

The_Dangerman wrote: »

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

I'm sorry, but no, in this case you are gravely mistaken. A BTL loan and a mortgage are COMPLETELY different. You can call it a badger if you want, it's still a comercial loan on commercial loan terms.

You need to go away ASAP and read the terms of your contracts... if you don't you could end up totally and utterly screwed with no warning.

SquatNow

Jorgan wrote: »

Addy, the bank will only repossess if you can not keep up the repayments on the mortgage. If you owe £100k and the property is worth £50k and can keep paying the mortgage, they will not repossess.

Yes that is correct for a residential

M O R T G A G E.

BTL loans are not residential mortgage, they are a commercial loan.

Do NOT confuse the two, which is what most BLT landlords have done.

zarazara

Houses are too expensive for first time buyers , ergo the chain will grind to a halt until people can afford to buy = crash immenant.

pickles110564

Addy1 wrote: »

Can someone OTHER than Squatnow please tell me if it is true that the bank will repossess asap if you get in negative equity? (presuming you don't want to sell and can meet repayments)?

I have not heard this before, I thought as long as you stayed put, you were fine.

Or is he/she just trying to scare people?

In all the years I have never heard of banks repossessing when property is in negative equity and have known loads of friends etc who have been in this position and some who have missed several payments.
Like I said before squatnow is just a sad and bitter loser

Addy1

zarazara wrote: »

Houses are too expensive for first time buyers , ergo the chain will grind to a halt until people can afford to buy = crash immenant.

That is a bit of a blanket statement, there are FTBs who can afford to buy. Especially in a couple. It depends where you live and how much you earn!

pickles110564

SquatNow wrote: »

Yes that is correct for a residential

M O R T G A G E.

BTL loans are not residential mortgage, they are a commercial loan.

Do NOT confuse the two, which is what most BLT landlords have done.

Stop SHOUTING no one wants to listen to your rubbish

mstar

so am i sick of these people keep putting negative stuff on this board on house prices, come on guys give us a break

pickles110564

zarazara wrote: »

Houses are too expensive for first time buyers , ergo the chain will grind to a halt until people can afford to buy = crash immenant.

A bit off topic, but why do you need to save up for a tiler?
One of the easy jobs you will ever find when doing up your home.

subjecttocontract

Addy1 wrote: »

That is a bit of a blanket statement, there are FTBs who can afford to buy. Especially in a couple. It depends where you live and how much you earn!

But there haven't been any FTB's for at least the last couple of years other than a very few who can afford to buy......and who may shortly be repossessed. The market has been replaced by property investors.

Property investors ARE the future. Residential FTB's are an extinct animal.......never to be seen again.

All property will eventually be owned by property investors and everyone else will rent from them.

Whatever changes have or are happening.....the shortgae of FTB's is nothing new.......does it really matter ?