There will not be a crash

SquatNow

pickles110564 wrote: »

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.

As stated, what I am refering to applies to BTL loans not residential "owner occupier" mortgages. Banks do not normally begin reposession on residential mortgages until you are a full 2.5 months behind with payments... and even then, if you catch up to be less that 2.5 months behind they have to abort the reposession. Repo and eviction can take upto 6 months anyway.

pickles110564 wrote: »

Like I said before squatnow is just a sad and bitter loser

If you have nothing helpful to say then !!!!!!.

The_Dangerman

SquatNow wrote: »

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

But did you READ the contracts?



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



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.

Apology gladly accepted, now lets get back to business.

I am disputing the likelyhood of the lender asking me to caugh up to meet the LTV ratio. I'm not saying it can't happen, I'm saying it's so unlikely it just doesn't even come close to blipping the old worry radar. I worry more about about a pack of rabid ferrits muching on my testicles(sorry, nicked from Life On Mars) than I do about maintaining my LTV ratios.

As for what to call it, EVERYONE I know in the industry (and thats a lot) call it a mortgage, that may not be what it actually is and yes, there are of course differences, but I will continue to call it a mortgage. Simply because people understand what I mean. But I like the idea of of calling it a badger:rotfl: I can picture it now "Doug, what's the best badger you can get me out this house" :rotfl:

SquatNow

subjecttocontract wrote: »

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 The market has been replaced by property investors.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.

I hate the concept of what he just said.

I also agree 100%

Welcome to serfdom everyone.

pickles110564

SquatNow wrote: »

If you have nothing helpful to say then !!!!!!.

You dont like it when we fight back,
Did you get bullied at school?
If you need a hug give me a call.
I like taking on hopeless cases.;)

Jorgan_2

SquatNow wrote: »

As stated, what I am refering to applies to BTL loans not residential "owner occupier" mortgages. Banks do not normally begin reposession on residential mortgages until you are a full 2.5 months behind with payments... and even then, if you catch up to be less that 2.5 months behind they have to abort the reposession. Repo and eviction can take upto 6 months anyway.

Sub prime lenders will usually start repossession proceedings when a borrower is three months behind with payments. High street lenders usually start after six months, I have known cases that have gone twelve months without payments before proceedings have started.

SquatNow, I'm curious as to where you get the information that you post on here. Is it from your own experiences or something you have read?

ryandj

There is obviously an economic slow down at the moment - when places like Tesco are making sweeping redundancies, as well as many many other companies, you know there are problems.

House prices are listed as roughly the same in my area, but then none have really sold.

I think if people cannot get a mortgage, or its harder to do, its going to be harder to buy a house. And if people lose jobs, they will lose their house a lot of the time.

I still think though house prices do always go up in the end. Compared to say the big crash of 87 prices are higher.

I don't know about that in real terms comparing with wages and inflation etc?

Prices for houses have been ridiculously high for a while now, meaning people are really having to stretch themselves to buy one. The slow down in the whole economy is a result of all this excessive borrowing.

ryandj

Addy1 wrote: »

No they aren't, I am one!!

FTB - me too!

We bought last year.

fc123

geoffky wrote: »

ha ha loser car salesman and three kids i retired at 35 and you call me a loser, 3 kids is for poor people.

:eek: That's soooo 80's.
The posts in the last few pages are taking me back in time 20 years......a whole new generation who think they invented 'I got rich coz I'm smart' not due to a set of economic circumstances. And a Porsche? :rotfl: :rotfl: :rotfl:
A true sign of status amongst men )OMG):rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

fc123

The_Dangerman wrote: »

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".

I wasn't referring to saving, I was commenting on keeping a business model sustainable + profitable over a few decades.

and one can wake up @ 40 and find it all vanished too.

BobProperty

SquatNow wrote: »

Hasn't happened since the early 90s, when it was common.....

You on about this and margin calls again, Squatter? You were still at school in the early 90s, I owned several properties and worked at a Building Society. I do not recall ANY instance of this happening. Please show some proof of this and your margin call theory or !!!!!!.

To add to what Jorgan said. IIRC the law allows repossession to take place if two months payments are missing. Sub-prime, second charge types will start proceedings quicker than mainstream BSs and banks. Most mainstream BSs and banks will try and work with residential borrowers to do deals to keep mortgages going. How different that will be for BTL remains to be seen. Most will not be subject to margin calls (despite what SquatNow says) as the main lenders in the market don't have them in their conditions IIRC.