Something to cheer the renters up

kazd

Curious_Moose wrote: »

I read the first 2 pages of this thread...and then jumped to page 8, so not sure if this has been suggested or not but could you change your mortgage to interest only for a few years to improve your cashflow?

I would rather not change to interest only, our cashflow on a normal monthly basis will stay the same, just the money I would normally save will be used to pay the extra mortgage. I don't want to give the impression that we are destitute but nor are we rich, neverthless it still has been an ernormous blow.

Life is like this isn't it, we saved for our deposit on our house, we then spent for a year to furnish the house, we then saved before trying for our first child to ensure we had money for me to give up work. About four years later we had still managed to maintain the same amount of savings they went up a bit and down a bit but remained fairly level over the period. One day my hubby came home and said the money just sits there, so we went out and bought a brand new family car, very exciting never had a new car. Five weeks later our second car got written off and we had to use the rest of the savings to buy another second car.

Its just lifes ups and downs, I am sure we will come out the other side okay but wiser.

thanxabunch

kazd wrote: »

We wanted to buy three houses, one for each of our children to enable them to get on the property ladder

I wanted to buy houses for my children, but prices had been pushed so high by buy-to-letters that I couldn't afford it. Guess I'll just have to wait until yours is repossessed and then snap it up at auction at an affordable price.

kazd wrote: »

have now been told by NR that all products have been removed, house is worth less now than when we bought it so stuck with NR on SVR, we are going to have to find an exta £420 per month to cover mortgage.

Problem is that it's taxpayers money that is baling out NR. So long as you can keep paying the extra then it's a good deal for taxpayers. But if you default then taxpayers are left with the bill...

Lakey

you really don't need to justify yourself to these people. You do not need to explain anything to anybody. From the tone of the replies on this thread I think I would suggest that you are not going to get many more constructive replies, and that maybe you don't continue to subscribe to this. If it was me I think I would have jumped off a bridge knowing that there are so many negative people around who cannot accept that we are in a capitalist society and yes, dare I say this, most of us want to make money rather than give it away.
Isn't that why martin has his money saving tips, to help us make more of what we have.
I understand that certain market forces have forced up house prices, and I have kids that will have no chance to buy, the same as the present HPC's, but that does not make me venomous towards people like yourself.
I think it took a lot for you to ask for help.
Good luck to you.

borntobefree

Hi kazd,

TBH I'm not sure property does make a very good "investment". It's not very "liquid". When the market turns to a bear you can lose everything. If you hold a big pile of shares and the market tanks, but you need some money, you can just sell a few shares at a loss and wait for the market to rise before you sell the rest. With property when the market tanks, and you need money you have to sell the whole shebang and take a hit on the lot. It does feel like a gigantic scam IMHO.:rolleyes: I'm sure there are better & safer ways to make money.

neas

Its funny but.... everyone has a vested interest.

The people on HPC (me included) would easily think about snapping up a BTL property if they had just come out of a crash.... during the next boom it would be a good investment. So in general blaming he OP for trying to invest her money isn't the best way because given a role reversal some of us would've done the same thing (except at a different state of the BOOM).

For example HPC... STRers have realised their profits.. by passing on a stupidly high house to some naive FTBer.... out of greed so they can 'cheat' the system and gain an extra bedroom for no effort/work.

Everyones got their own agenda and I take with a pinch of salt anyone trying to pretend they are morally 'clean'.

Lakey

thanks neas
we're all on this earth trying to look after ourselves and our own, you said what I tried to say about what goes around comes around.
ta.:T Please say your post has turned this thread around and starting again on a more positive note.....

dopester

neas wrote: »

For example HPC... STRers have realised their profits.. by passing on a stupidly high house to some naive FTBer.... out of greed so they can 'cheat' the system and gain an extra bedroom for no effort/work.

I wouldn't call it greed. Remember Krusty telling everyone how daft it was to STR not long ago... how they would be the losers.

It wasn't greed or cheating the system - it was pure superior intelligence - of actually recognising the fundamentals involved - or not limiting their research to Phil and Krusty and property !!!!!! TV where house prices always go up forever and you can make a £££££££ killing. Superior intelligence and education deserves to win out against lazy greedy sheepism.

scorpio_princess

kazd wrote: »

Can I just say that I spent my early years out of my parents nest in a country where it was the norm to rent and not buy so I also tend to view renting a bit differently. I see it from both sides of the coin and indeed my nephew is the same, has no desire to tie himself to a particular place in the country and just rents wherever he happens to be working.

What's this? Someone actually CHOOSING to rent? Surely not...

A few people who have got on their high horses about people like the OP pricing poor innocent renters out of the market seem to forget this very valid point. SOME PEOPLE CHOOSE TO RENT. It might not make very good financial sense to people who are obsessed with money, but what about if you are young and not yet settled? What if you're building your career and don't know where you'll end up? If there were no private landlords, what would these people do?

When my parents were born in the 50s and 60s, hardly ANYONE owned their own home - everyone rented. It's the same story in a lot of European countries. Why is it now deemed to be some kind of right to own your home in Britain? Yes, it sucks that as a renter i'll never have knowledge that I can stay there forever, but then again is owning that different? As many people are finding out now, they're having to sell up because they can no longer afford the mortgage -this is after forking out a fortune on buying a house, plus all the mortgage payments that they won't get back. Hmm, same as renting really isn't it?!

To get back to the point about the OP wanting to secure her children's future by helping them to have somewhere to live when they're older (because lets face it, no-one knows what prices will be like in years to come), I can't see that as a caring parent wanting the best for her kids that she's done anything that heinous. Any parent out there that says they wouldn't do the same if they had half the chance is not being honest. My own parents said they would have done the same if they could have afforded it - believe me, they did look into it.

Whatever happens in this crazy country, I can't worry about it. I have my health and my family and friends, which is more than what many people have. I refuse to get bitter and fretful about everything. Life is for living!

neas

True in a capatalistic system theres winners and loosers.. the winners are those that read the market signs and buy low sell high... this is true of any market (stocks and commodoties etc).

Just was pointing out some peoples post, probably cells... were ripping into the OP for being immoral. When we are all the same and the only difference between the OP and the rest of us is a combination of the following:

- Age and position to buy a BTL ( Im too young so am immediately negated)
- Market Intellect (some people jump in without thinking.. i.e buying off-plan and trusting estate agents who sex markets up)

Still... we all fundamentally want to 'gain' money and this HPI is down to the greed emotion but also the drive to better ones self... get rich schemes are popular because... they require minimal effort for maximum gain... the HPI provided this for many people... and if I had the position and chance back in 1999-2002 I'd have probably bought a couple BTLs myself... Of course it is a risk i'd have accepted that... some people would want to play it safe and not even think of this (which is majorit of people in britain).

I work with a lot of smart people, well payed people but most have 1 property and missed out on the BTL thing because it never even crossed their mind... they lived comfortable lives and to them a house was a home. Its when homes get turned into investments that problems arise.

Geenie

neas wrote: »

Its funny but.... everyone has a vested interest.

The people on HPC (me included) would easily think about snapping up a BTL property if they had just come out of a crash.... during the next boom it would be a good investment. So in general blaming he OP for trying to invest her money isn't the best way because given a role reversal some of us would've done the same thing (except at a different state of the BOOM).

For example HPC... STRers have realised their profits.. by passing on a stupidly high house to some naive FTBer.... out of greed so they can 'cheat' the system and gain an extra bedroom for no effort/work.

Everyones got their own agenda and I take with a pinch of salt anyone trying to pretend they are morally 'clean'.

This is a great post :T