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Another Collapsed Chain
superted
Posts: 30 Forumite
Just found out the chain of 4 houses i am in has broken!!
the bottom house the person buying it can't afford the morgage!
So it has gone back on the market.. Are house was the next one up..
the question i have is :-
Do we consider staying where we are now for a few months until the housing situation improves? Will it improve? How long will it take to improve.. any suggestions ?
Or do we hold on in there... and pray they sell quickly!!!
We do like the house we have put an offer in on but it wouldn't be the end of the world if we stayed put!
thanks for listening..
B:rotfl:
the bottom house the person buying it can't afford the morgage!
So it has gone back on the market.. Are house was the next one up..
the question i have is :-
Do we consider staying where we are now for a few months until the housing situation improves? Will it improve? How long will it take to improve.. any suggestions ?
Or do we hold on in there... and pray they sell quickly!!!
We do like the house we have put an offer in on but it wouldn't be the end of the world if we stayed put!
thanks for listening..
B:rotfl:
0
Comments
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Over the next few weeks, almost all chains will collapse for a number of reasons:
- People's mortgage offers will expire and when they try to renew them the bank will refuse or change the terms.
- People will notice that due to falling prices they can get a better deal elsewhere.
- People at the bottom of the chain (FTB/BTL) will get nervous due to falling prices and pull out.
- People will notice that the house they made an offer on a few month ago has now dropped in value - instant negative equity
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.0 -
Yeah at the moment I'm hearing lots of chains are collapsing. I have even people at work now finally putting off buying and waiting for prices to fall.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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By the end of May, all the chains should have collapsed.
it's very simple... if you don't complete by a certain date you have to renew your mortgage offer. You go back to the bank and ask them to renew it and they say "yes sir, certainly, not a problem. Just one thing... under our current terms you'll need to increase your deposit by £10,000". And BANG the chain is gone.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.0 -
By the end of May, all the chains should have collapsed.
it's very simple... if you don't complete by a certain date you have to renew your mortgage offer. You go back to the bank and ask them to renew it and they say "yes sir, certainly, not a problem. Just one thing... under our current terms you'll need to increase your deposit by £10,000". And BANG the chain is gone.
All sounds like alot Squattie? More sweeping statements from the master himself.0 -
Not all Squatnow..
Some people are porting mortgages to move apparently the quickest way!!
and guaranteed for 6 months0 -
In the last house price crash, house prices fell for six consecutive years (from 1990 to 1996). The current crash will last for years rather than months.Just found out the chain of 4 houses i am in has broken!!
Do we consider staying where we are now for a few months until the housing situation improves? Will it improve? How long will it take to improve.. any suggestions ?
By all means stay where you are if you are happy there. Alternatively, try again with another property/chain (and move quickly)! You might well gain from the house price fall if you are trading up (the loss of value on your current property will be more than offset by the fall in the price of the property you're moving to).0 -
In the last house price crash, house prices fell for six consecutive years (from 1990 to 1996). The current crash will last for years rather than months.
By all means stay where you are if you are happy there. Alternatively, try again with another property/chain (and move quickly)! You might well gain from the house price fall if you are trading up (the loss of value on your current property will be more than offset by the fall in the price of the property you're moving to).
What current crash ?0 -
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