Something to cheer the renters up

m1ntie

Cells

Have you any conception of how thoroughly unpleasant and compasionless your posts on this thread make you appear.

Hector-The-Inspector_2

m1ntie wrote: »

Cells

Have you any conception of how thoroughly unpleasant and compasionless your posts on this thread make you appear.

Thank god his mum shouted, "Cells get off that computer, remember you've got school in the morning"

OLS

Am I one of the few who reads this as her NOT doing it for monetry gain i.e being greedy? Maybe Im missunderstanding something but surley if she was doing it for money and greed she would have got the BTL and be planning on selling it in a year or so and reaping the 'profit' she made from it, from what Im reading her kids are young and she was wanting to get a house to give to them when they finish UNI which Im gathering will be about 10 years (more for her youngest 8yrs old) so that THEY had their foot on the ladder, so reading between the lines she would be signing the house over to them at this point therefore gaining no profit from the property - its just unfortunate for the OP they can't afford the mortgage on the SVR

Maybe Im reading it wrong

Hugs to OP though and hope you figure it out soon - all I can suggest is going to Debt Advice or CAB and see what they advise - Oh and the best advice I can offer is to ignore Cells as he is coming accross as a !!!!!! and TBH I think he is doing it for the attention!

gallygirl

Geenie wrote: »

My dear Cells....am I meant to be impressed? Would be more awe inspired by someone who had achieved 3 C's in A-level math, B in physics and chemistry but had attained an A in manners, social kindness and common sense......plus an ability to spell research!

:rotfl: :rotfl: :rotfl: Quite right Queenie, who says educational standards have not fallen .... a Masters & still can't spell his own job :rotfl: :rotfl: :rotfl: .

Edit: _pale_ crikey, just had a look at the housepricecrash site _pale_. What a bunch of truly nasty, vindictive people they are, oh and they can't spell either .

Pete0926

There are some evil people who post on here,MSE needs to be careful about people actualy taking some of the "advice" given, and then going after this site when it all goes pear shaped.

beingjdc

OLS wrote: »

Am I one of the few who reads this as her NOT doing it for monetry gain i.e being greedy? Maybe Im missunderstanding something but surley if she was doing it for money and greed she would have got the BTL and be planning on selling it in a year or so and reaping the 'profit' she made from it, from what Im reading her kids are young and she was wanting to get a house to give to them when they finish UNI which Im gathering will be about 10 years

Well, most BTLers claim to be 'in it for the long term', someone planning to sell within 12 months is more likely to be a flipper.

I think expecting your children to be homeowners when they're 18 is fairly greedy, even if it's greedy on their behalf.

Students should be writing essays, getting drunk, and sleeping around, not paying a mortgage and drawing up tenancy agreements for their spare rooms.

People buying multiple houses that they don't need is part of what has led to them being at an unsustainably high price. Doing so with borrowed money at a teaser interest rate is gambling, pure and simple.

So the OP has been very very stupid, but I think they've got the message now, and are after some practical help. Honestly given their circumstances I can't see any. Sell if they can, but since they're in negative equity on the second home that's only going to be possible if they have enough equity on their main home and can borrow to get the LTV down.

If they can do that, they may even be able to remortgage and keep the BTL, though it won't be profitable in capital or cashflow terms anytime soon.

Jarvissa

I don't know which makes me the more frustrated... that spiteful tool "cells" or 'dopestar' who thanks his every idiotic post.

ncooper1974

Rick62 wrote: »

Remortgage your own house to raise enough to pay off the BTL mortgage altogether. So long as you keep a clear audit trail it is still tax deductible, the rate should be better however (and save on fees).

You're saying that anyone, not just the OP, can clear a BTL mortgage and still claim relief on the interest element as if the mortgage was still in place?

beecher

The only real option is to sell the house, take the hit and move on - trying to keep paying the SVR would be madness as house prices are only going to go down. On the positive side, house prices will be cheaper in relative terms once your children grow up so they will hopefully be in a position to buy and stand on their own two feet to do so, which in my opinion is the best possible start in life. I've seen too many people fall back on the Bank of Mum and Dad as a first resort, and they tend to be incapable of independent living as a result.

gingin_2

What frustrates me most about the current (perhaps I should now refer to it as past) housing bubble, is that no one involved in the hype has really considered the next generation. The biggest culprits being the Government. I am willing a crash because otherwise in 20 years time we will be in a mess that is far, far greater than this. All I hope is that at best, in 15-20 years time my 8 yr old son can afford a 1 bed flat located close to his work at a cost that is no more than 4 times his income multiple. I can't feel too sorry for the OP because her mentality in wanting 3 extra homes combined with others of the same opinion, is one that would strip the opportunity of home ownership away from "normal", hardworking kids.

I do however hope it works out for you OP as having that sort of stress hanging over you cannot be good. I too would sell up and cut your losses.