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Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.Have i offered too much?
Comments
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Crashy_Time wrote: »
Ignore this muppet, he sold years ago as he was sure prices was about to crash, and now he is on here in some vain attempt to get other people to get in the same position as him...
Prices can go up and go down, but remember you only lose if you sell, you cannot predict what prices will do, if you wait prices could go up and you will pay more rent, or prices could go down....
Remember if you have offered too much and the property is not worth that amount then the bank will flag this up as they will not want to lend on a property that is not worth what you are paying as it would increase their risk.
So ignore my comment about banks willingness to lend...and then give the same advice? :rotfl:0 -
Crashy_Time wrote: »
So ignore my comment about banks willingness to lend...and then give the same advice? :rotfl:
No yours was sentiment and banks willingness to lend, my point is banks tightened years ago, they are willing to lend... My point was that if the OP thinks they have offered too much then it will show up in the valuation.
Obviously banks won't lend you £400k against a house only worth £200k but they are willing to lend, this is shown by the reduction in rates recently of a lot of banks even with an interest rate rise.0 -
Crashy_Time wrote: »
No yours was sentiment and banks willingness to lend, my point is banks tightened years ago, they are willing to lend... My point was that if the OP thinks they have offered too much then it will show up in the valuation.
Obviously banks won't lend you £400k against a house only worth £200k but they are willing to lend, this is shown by the reduction in rates recently of a lot of banks even with an interest rate rise.
That is "desperation" to lend, not "willingness", big difference.0 -
Crashy_Time wrote: »0
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Crashy_Time wrote: »
Banks are not willing to lend but they are desperate to lend... There is logic there somewhere.
Willingness to lend is - We have a ton of money to lend, and plenty people who want it, you can have some, at a price, IF you pass some of our criteria.
Desperate to lend is - We have a ton of money to lend, but less people seem to want it, so if you pass some checks of ours then we can do you a deal to get you in the door, we can`t control interest rates down the line, but that will be your problem, please just borrow something.
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Crashy_Time wrote: »
Willingness to lend is - We have a ton of money to lend, and plenty people who want it, you can have some, at a price, IF you pass some of our criteria.
Desperate to lend is - We have a ton of money to lend, but less people seem to want it, so if you pass some checks of ours then we can do you a deal to get you in the door, we can`t control interest rates down the line, but that will be your problem, please just borrow something.
So what your saying is now is a great time to buy if you lock into a long term deal. Agh yes that mythical interest rate rises like the dead cert may interest rate rise, that you creamed your pants about which is now not looking likely.0 -
Crashy_Time wrote: »
So what your saying is now is a great time to buy if you lock into a long term deal. Agh yes that mythical interest rate rises like the dead cert may interest rate rise, that you creamed your pants about which is now not looking likely.
No, because the deals are there to encourage people to keep buying over-priced houses, if sentiment keeps changing as it is against the idea of buying over-priced houses and/or interest rates rise, any future buyers are going to be very unwilling or unable to match the bubble price that you paid. This should be obvious from reading the increasing number of threads on here about houses priced at a mark up to a few years ago and getting no interest?....And that is even before rates rise!0 -
Crashy_Time wrote: »
Willingness to lend is - We have a ton of money to lend, and plenty people who want it, you can have some, at a price, IF you pass some of our criteria.
Desperate to lend is - We have a ton of money to lend, but less people seem to want it, so if you pass some checks of ours then we can do you a deal to get you in the door, we can`t control interest rates down the line, but that will be your problem, please just borrow something.
To55er0 -
Crashy_Time wrote: »
No, because the deals are there to encourage people to keep buying over-priced houses, if sentiment keeps changing as it is against the idea of buying over-priced houses and/or interest rates rise, any future buyers are going to be very unwilling or unable to match the bubble price that you paid. This should be obvious from reading the increasing number of threads on here about houses priced at a mark up to a few years ago and getting no interest?....And that is even before rates rise!
Where are you getting this sentiment rubbish from? You have so little facts to back up your argument you rely on sentiment? The UK's fascination of home ownership is far from over even people that cannot buy are still obsessed about when and if they can buy, your living proof of that.
You say I bought at bubble prices, the properties I bought have increased by 40% over the last 6-7years, you think there will be 40% crash in prices?
I do believe estate agents are still trying to fight against each other to get the business trying to talk up a lot of markets then get people to reduce prices soon after. Prices are stagnant, we will likely see house prices fall in real terms over the next few years but unless we have some catastrophe leading to high unemployment and forced sellers I don't see a crash on the horizon.0 -
Crashy_Time wrote: »
Where are you getting this sentiment rubbish from? You have so little facts to back up your argument you rely on sentiment? The UK's fascination of home ownership is far from over even people that cannot buy are still obsessed about when and if they can buy, your living proof of that.
You say I bought at bubble prices, the properties I bought have increased by 40% over the last 6-7years, you think there will be 40% crash in prices?
I do believe estate agents are still trying to fight against each other to get the business trying to talk up a lot of markets then get people to reduce prices soon after. Prices are stagnant, we will likely see house prices fall in real terms over the next few years but unless we have some catastrophe leading to high unemployment and forced sellers I don't see a crash on the horizon.
A spike in rates changes the UK property game dramatically, for better or worse, depending on your point of view.
https://www.bloomberg.com/news/articles/2018-05-08/hasenstab-joins-dimon-betting-treasury-yields-poised-to-hit-40
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