What has happened to this forum?!!!

Mr._H_2

Pobby wrote: »

This is annecdotal but you might like to hear it. A couple I know, both aged 50 are buying an ex authority house. A well known bank is advising. Because they have no deposit the bank has lent them 10% and is arranging a mortgage through a different lender over 20 years. Yep, even right now the banks are still trying to defy gravity.

If this is true then the advice being given by the bank verges on criminal IMHO. Giving a couple aged 50 a 100% mortgage with a term of 20 years? It's crazy.

Pobby

Mr. H, my feelings entirely sir!

barnaby-bear

Mr._H wrote: »

If this is true then the advice being given by the bank verges on criminal IMHO. Giving a couple aged 50 a 100% mortgage with a term of 20 years? It's crazy.

EX-council properties bought by their long term tenants are a weird data point, the tenant gets a discount so the purchase price can be significantly less than on the open market causing instant equity. They also tend to be be low value properties so quite an unusual situation.

Dan:_4

Mr._H wrote: »

If this is true then the advice being given by the bank verges on criminal IMHO. Giving a couple aged 50 a 100% mortgage with a term of 20 years? It's crazy.

Techincally they will have an unsecured personal loan (for the 10% depoist) and a 90% mortgage with another bank.

Pobby

barnaby-bear wrote: »

EX-council properties bought by their long term tenants are a weird data point, the tenant gets a discount so the purchase price can be significantly less than on the open market causing instant equity. They also tend to be be low value properties so quite an unusual situation.

No they are not long term tenants of the council. They rent it of a private individual and are paying £full market value less a few percent.

hev_2

I don't know enough to say what is going to happen to the housing market - I lurk on here occasionally and I have posted. People have been very helpful to me, and I really appreciate the advice.

As to the OP - someone who was a regular on MSE but not on this part of the forum posted a question here. Poor lad (or lady) got caught in the cross fire of the crash/no crash battle and went back to the MSE saying how tough it was on this part of the forum. They got flamed for buying a house :eek::p

For first time MSE posters, this is not an easy place to come, despite the many lovely people on here. There is a lot of money and people's homes and lives are caught up in the problems they put on here. Feelings seem to run very high, so it isn't what I would call a pink and fluffy board. It's not, however, as bad as the ebay board.

Lakey

I think you're quite right about this board not being pink nd fluffy. I think it's made me tougher because it was the first board i hit.
For a breather I pop over to the weddings board and have some lovely happy reads where people are sending each other cyber hugs.
I sometimes dread posting on here in case I get a backlash, but hey it's toughening up my skin.
Aint it a shame we seem to have lost our way as a society in so many ways, where's our camaradarie??:A

Pobby

Hi PasturesNew. See you are reading this board. here you used to live on the Cornish coast. So did I !!!!!

Lakey

:beer: :beer: :beer: :beer: :beer: :beer: :beer:

hev_2

There are such lovely people on here as well, but sometimes people get a bit carried away and if it is someone unfamiliar with the battle lines it must be quite daunting.

For pink and fluffy I definitely recommend the Old Style Board, they are brilliant on there!

All over the board there are some lovely people and I have had loads of really good help and advice. I have to admit to a time or two when I just walked away from MSE for a bit after a particularly bad set of exchanges, but when all is said and done this is not the real world. And as it isn't the real world, it doesn't really hurt to be nice to the people here.

Anyway, decking...