There will not be a crash

Generali

HelpWhereIcan wrote: »

I agree. There are things in the mortgage market that point to a downturn in prices and that the credit crunch is the major one.

UK resets I agree have yet to peak and some will suffer because of that. However, the 'Reset Shock' here in the UK is generally lower than in the US where average LTVs have been higher, teaser rates have been very low in recent years and where some have been on negative amortisation mortgages.

Just because I find myself somewhere between Assetz Plc and cgnao in my outlook for the housing market, does not mean that I don't agree there are dark days to come!!!

We'll see what happens. I suspect things are going to get very messy, a bit like Japan in the 1990s. I hope I'm wrong.

brit1234

HelpWhereIcan wrote: »

http://www.mortgagestrategy.co.uk/cgi-bin/item.cgi?id=159541&d=pnd&h=pndh&f=pndf



http://www.mortgagestrategy.co.uk/cgi-bin/item.cgi?id=148731&d=pnd&h=pndh&f=pndf



http://www.mortgagestrategy.co.uk/cgi-bin/item.cgi?id=156714&d=pnd&h=pndh&f=pndf
:eek:
http://www.mortgagestrategy.co.uk/cgi-bin/item.cgi?id=156001&d=pnd&h=pndh&f=pndf


http://en.wikipedia.org/wiki/Debt-to-income_ratio

To every quote their has been a mortgage strategy link to articles trying to undermine the quotes. However lets look at the dates of these publish articles.

1st link = Date: 01-Nov-2007 (hardly up to date)

2nd link = Date: 27-Aug-2007 (Find me a Delorean we are going further back in time)


3rd link = Date: 14-Jan-2008 (We have made it to this year apart from it is now March 21st)

4th link = 18-Dec-2007 (and we have gone time traveling yet again, better get the Christmas shopping done).

Sorry for being so blunt but things have moved on in the last 6 months in a major way and some more up to date criticism is required.

The_Dangerman

talksalot81 wrote: »

I dont know where exactly you are from, but the figures you quote are not typical. Even with doctorate level education, in my part of the country, one will be very very lucky to get the salary you quote. Beyond medics, legal professionals and the fortunate financial services professionals, there are literally handfulls of people earning this much.

There are plenty of people earning over 30k a year that aren't of the proffesions you quote, and that's not even in the South East.

pickles110564

talksalot81 wrote: »

I dont know where exactly you are from, but the figures you quote are not typical. Even with doctorate level education, in my part of the country, one will be very very lucky to get the salary you quote. Beyond medics, legal professionals and the fortunate financial services professionals, there are literally handfulls of people earning this much.

There are just over 3300 people working at the company we work for and there are only a few office staff that earn less than what i have quoted, the rest off us work a shift system 2 x 12hr daysthen 2x 12hr nights then 4 days off ( we then come in and do overtime on a couple of our days off).
As I said before this company is a brilliant one to work for and pays well but we do work very hard. All you need when you start is a clean driving license and our company trains us to very high standards in all areas of plant equiptment.
They also take graduates in at senior staff level and fast track them through the business, this then opens up loads of different career options and if you want you can transfer to overseas contracts within the organisation.

meanmachine_2

I follow an American-based forum quite avidly - more pop culture than moneysaving - and ALL the excuses they were making about why houses would never fall in value are being made here.

ALL of them.

Except they were making them 12 months ago, then had to stop making them when it all became apparent that the bubble was bursting.

It really is like going Back to the Past reading this thread.

And it's interesting - the only people desperately hoping are those who, quite absurdly, continue to claim that our market is in some way immune to the crash that's happening in the States.

I'm no mortgage expert, but I do know that our average wages are lower than in the States, we're taxed more, our house prices are far far higher, our homes are far smaller in sq footage and America views us as "the birthplace of the exotic home loan".

Any broker on here who claims that we've been somehow better behaved than the Yanks is seriously deluded.

pickles110564

There are still alot of us who will not be affected by a crash because we do not need to sell.
We have ridden out a crash before and will again.
As long as people who have bought recently have done their sums and are not needing to sell they will be fine.
Yes people who get divorced lose jobs etc may have to sell, but that is not everyone out there.
I just wish that people who have to sell dont get burnt to much and are able to do what ever makes them happy.
People like squatnow have to take out all their failings on others and try scaring everyone else with poppycock, just to try and make themselves feel better, however in the long term they will sit back all alone and will have a quiet moment and wish they had not tried to scare and wish misery on normal people just trying to carve out their little palace in this fine country we call England

There you go Carolt should be better now

pickles110564

talksalot81 wrote: »

I dont know where exactly you are from, but the figures you quote are not typical. Even with doctorate level education, in my part of the country, one will be very very lucky to get the salary you quote. Beyond medics, legal professionals and the fortunate financial services professionals, there are literally handfulls of people earning this much.

As Norman T once quoted get on your bike and find better paid jobs they are out there

HelpWhereIcan

brit1234 wrote: »

To every quote their has been a mortgage strategy link to articles trying to undermine the quotes. However lets look at the dates of these publish articles.

1st link = Date: 01-Nov-2007 (hardly up to date)

2nd link = Date: 27-Aug-2007 (Find me a Delorean we are going further back in time)


3rd link = Date: 14-Jan-2008 (We have made it to this year apart from it is now March 21st)

4th link = 18-Dec-2007 (and we have gone time traveling yet again, better get the Christmas shopping done).

Sorry for being so blunt but things have moved on in the last 6 months in a major way and some more up to date criticism is required.

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

That's right, claim that the info is outdated rather than blow me away with your knowledge of the US & UK mortgage markets.

Please provide links to your proof that the info about US lending policy I provided in my post by quoting the MS articles is incorrect, outdated or discredited.

ryandj

talksalot81 wrote: »

I dont know where exactly you are from, but the figures you quote are not typical. Even with doctorate level education, in my part of the country, one will be very very lucky to get the salary you quote. Beyond medics, legal professionals and the fortunate financial services professionals, there are literally handfulls of people earning this much.

I work in a lab and a salary of over £28K is not unbelievable. And I am not a manageer or anything. This is in the South East, no doctorate, I have a MSc. My girlfriend has similar. Most people I know are on a similar level, all graduates, not post grads.

Although I say that and I have just been made redundant so what do I know. And I know of at least 50 people at a very big supermarket chain head office who have been made redundant. And some Bear Stearns workers too surprise surprise. So redundancies are taking off in a big way, I have only started to see this in the last few weeks.

As for house prices dropping, sellers are not desperate yet so hanging on for higher prices I feel.

ryandj

And my electrician brother, and my mortgage adviser brother too. And my social worker mother, all above this £28K!