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>> No. 8729 Anonymous
18th April 2021
Sunday 12:42 am
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Previously on Britfags: The Origin

It's exciting times as I've now saved up enough for a deposit on a small house for myself. It took 3 years of saving, living in a tiny flat, cutting corners where I can and corona-induced savings and market returns. Even chased meagre bonuses at work and sold holiday time.

Only no. In my excitement I forgot about all the other bullshit with surveyors, legal fees, any repair work etc. It looks like I'll need another £10k just when things are opening up again.

Is there a way out of this predicament? Looking at the market I'm about to be priced out of even a converted shed if I don't buy soon.
Expand all images.
>> No. 8730 Anonymous
18th April 2021
Sunday 12:49 am
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>>8729
There isn't a way out of that predicament; buying houses incurs a load of extra costs you aren't even thinking of yet, sadly.
>> No. 8731 Anonymous
18th April 2021
Sunday 1:13 am
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Now is a terrible time to buy a house. Estate agents are literally worrying that they might completely sell out of houses, the market is booming so obscenely. I have £35,000 sitting around, and with my annual income of around £28,000, that means I can just about buy a house for £160,000, which was the going rate round here until about six months ago. Now every house is £180,000, so I might as well have just blown it all on crack and lottery tickets for all the help I'm going to get.

Here's a fun anecdote: a house did go up for sale for £160,000 a few days ago ("full modernisation required"). I emailed the estate agent within 24 hours of it being posted, and they got back to me to say that so many people had enquired that they'd stopped taking bookings for house viewings. I couldn't buy the house even if I wanted to; they were refusing to let me even look at it. I guess I could bid on it without seeing it, but alternatively, maybe I should just do my best to lower house prices by starting fires and mugging people for a bit. These fuckers are mugging me, after all.
>> No. 8732 Anonymous
18th April 2021
Sunday 3:01 am
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Possible solutions:

Buy on shared ownership through a housing association. You buy 25% to 75% of the property and rent the rest, with the option to increase your share later. A smaller mortgage means a smaller minimum deposit.

Buy a new-build from a housebuilder. You need to go in with your eyes open because there can be issues with build quality and leasehold shenanigans, but you can buy with a reduced deposit through the Help to Buy Equity Loan scheme and many housebuilders will match your deposit or pay your legal fees.

Add the up-front fees to your mortgage. This is potentially an expensive option because you'll be paying interest on it for the life of your mortgage, but it can make a great deal of sense if you get a flexible mortgage and use overpayments to pay it off more quickly.

https://www.helptobuy.gov.uk/
>> No. 8735 Anonymous
18th April 2021
Sunday 10:15 am
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>>8732

Isn't shared ownership one of the worst financial decisions anyone can make, the kind of thing anyone with common sense would avoid like the plague and only vapid status-seekers would go for in order to get a house more impressive than they can really afford? I mean it sounds like an absolute mug's game to me but I am very tight.

>Add the up-front fees to your mortgage

I pretty much thought this was the norm, to be fair.
>> No. 8736 Anonymous
18th April 2021
Sunday 10:20 am
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DO NOT BUY SHARED OWNERSHIP - You would have to be a moron to do so.

Just keep saving and doing your research. There isn't any great crash coming but things will start to calm a little shortly, the market is insane at the moment.

Fee wise you'll.only need between £1500 and £2000 not 10k. Repairs/decorating depends on the property.
>> No. 8737 Anonymous
18th April 2021
Sunday 1:17 pm
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>>8735

>Isn't shared ownership one of the worst financial decisions anyone can make

Not really, no. The combined mortgage and rent payments are usually about the same as renting, but you're building some amount of equity. I'd be loathe to buy on a shared ownership basis from a commercial homebuilder because there are some really iffy contractual terms, but housing associations generally aren't going to try and screw you over. Properties sold on early shared ownership schemes could be very difficult to sell, but that has been largely resolved by mortgage protection clauses.

Shared ownership isn't perfect and you need to understand what you're getting into, but in a lot of the country it's one of the only reasonable ways of getting onto the housing ladder if you're not absolutely minted.
>> No. 8738 Anonymous
18th April 2021
Sunday 1:38 pm
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Not sure how it's going up north, but down here in the south west somehow ALL the houses are going, I don't know where these people are getting the money as some around here have gone for 25-50k over the asking price because there's been such fierce competition. By the time a house has gone online first thing in the morning it's already got a few offers by the afternoon, some people aren't even physically viewing these properties. Seems to be a lot of people coming down from London but even then, it's absurd right now.
>> No. 8739 Anonymous
18th April 2021
Sunday 1:52 pm
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>>8738

How far South are we talking?
>> No. 8740 Anonymous
18th April 2021
Sunday 2:21 pm
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>>8738
I'm doing some searches on the west commuter belt at the moment and seems to be much the case. You get a few houses that remain on but they're all quite sus like https://www.rightmove.co.uk/properties/102096470#/ is actually someone's back garden.

Swindon seems to have a lot on offer at the moment but it's Swindon and talking we're muck-up terraced houses from the 1920s that haven't been looked after.
>> No. 8741 Anonymous
18th April 2021
Sunday 2:53 pm
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>>8738

If it makes you feel worse my cousin in the North East just bought his first house at 24. Three bed semi with a garage for 105,000 all recently renovated, it just needed some light decoration/painting. My sisters partner bought his houae at 19, 120,000 for a three bed detached.

I really hope this wfh kicks off and I might just move back home.
>> No. 8742 Anonymous
18th April 2021
Sunday 2:53 pm
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>>8738

If it makes you feel worse my cousin in the North East just bought his first house at 24. Three bed semi with a garage for 105,000 all recently renovated, it just needed some light decoration/painting. My sisters partner bought his houae at 19, 120,000 for a three bed detached.

I really hope this wfh kicks off and I might just move back home.
>> No. 8743 Anonymous
18th April 2021
Sunday 3:56 pm
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>>8738
>Not sure how it's going up north

Two houses on my street went up for sale in the past ~three weeks and they're both already now listed as sold. I don't know how much they'll have gone for but one of them had loads of viewings and they were up for £230k and £220k each; I bought my house for £180k just under six years ago and it's arguably nicer than either of them.
>> No. 8744 Anonymous
18th April 2021
Sunday 4:01 pm
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>>8742
I reckon the North East will remain unviable for the simple fact that we will still need to spend a couple days in the office a week. Yes, I could live like a king on my wage in Newcastle but then my wages aren't paid in Newcastle - they don't even make Newkie Brown there.

If the economic activity of this country is about to shift Northwards then you're liable to see it's edge still being around Northampton as where people live. A perpetual midlands existence.
>> No. 8746 Anonymous
18th April 2021
Sunday 5:17 pm
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>>8744

Good. My big fear was a lot of people moving to the North East and stopping it becoming the land of milk and honey.
>> No. 8747 Anonymous
19th April 2021
Monday 1:35 am
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The government have just launched a mortgage guarantee scheme to increase the availability of 95% mortgages:

https://www.which.co.uk/money/mortgages-and-property/mortgages/getting-a-mortgage/95-mortgage-guarantee-scheme-awg6h3y9rcw3
>> No. 8748 Anonymous
19th April 2021
Monday 5:54 am
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>>8746

Southerners will never move up here, we will frighten them off when they visit to view somewhere and people keep saying 'hello' to them in passing or talking to them in shops.
>> No. 8749 Anonymous
19th April 2021
Monday 7:51 am
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>>8747

Deposits are not the problem. All this willndo is push prices up even further.
>> No. 8750 Anonymous
19th April 2021
Monday 7:51 am
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>>8747

Deposits are not the problem. All this willndo is push prices up even further.
>> No. 8751 Anonymous
19th April 2021
Monday 10:23 am
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>>8749
You make it sound like that's unintended.
>> No. 8752 Anonymous
19th April 2021
Monday 1:16 pm
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>>8747
I'm intrigued yet sceptical. Having crunched the numbers previously on this that extra borrowing and attached rise in the interest rate can be quite ruinous - or at least annoying. You'll own a home but it'll be like the ban has mandated that you always have hung up 'live, laugh, love' wall art.

>>87497
I agree that this could push prices up but I think the actual intention isn't to sooth the 5% market at all but encourage better offers in the 10% range.
>> No. 8859 Anonymous
14th June 2021
Monday 1:47 pm
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>>8777
Now I see why this policy is so good they must buy in pounds, borrow in pounds for incentive rates, why not? The houses will still be internally owned. I do see why this runs got legs
>> No. 8872 Anonymous
20th June 2021
Sunday 2:16 am
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>It is cheaper to rent a property than it is to buy a home for the first time in more than six years, says Hamptons.

>Research by the estate agency suggests that before the pandemic began in March 2020, people buying with a 10% deposit would have been better off than renters by £102 a month. But last month, it found the average private sector tenant was better off, spending £71 a month less in rent. There are now only four areas in the UK where it is cheaper to buy than rent. They are the North East, North West, Yorkshire and Humber, and Scotland.

>This is in contrast to May last year, when rental demand dropped as younger adults returned to live with their families during the pandemic and work and leisure restrictions made city living less attractive. In early 2020, it was cheaper to buy instead of renting in every nation or region in the UK. Hamptons says the switch comes despite a 7.1% rise in average rents over the past 12 months, as strong house price growth coupled with increases in higher loan-to-value (LTV) mortgage rates have added to the cost of buying and owning a home.

>As a result, a typical first-time buyer will now find it cheaper to rent than buy on a monthly basis, with a monthly average of £1,054 spent on rent compared with £1,125 on mortgage repayments - the first time since December 2014 that renting has been cheaper than buying.

>London has seen the largest shift since the start of the coronavirus pandemic. Falling rents there mean a buyer putting down a 10% deposit on a property in the capital will have gone from being £123 a month better off buying in March 2020, to spending £251 a month less on rent in May 2021, the report said. There are, of course, a host of other financial and practical factors which potential first-time buyers will consider when deciding to rent rather than buy, or vice versa, which are not captured in this research.

>Aneisha Beveridge, Hamptons' head of research, said the pandemic was responsible for reversing this six-year-long trend. "A year ago, lenders were either increasing their rates or withdrawing higher loan-to-value mortgages altogether. For first-time buyers in particular this pushed up the cost of paying a mortgage, if they could get one at all, to well above the cost of renting." Ms Beveridge added that it was likely that the balance would swing back somewhat towards buying, particularly as mortgage rates come down, but this would likely be partly offset by rising house prices.

>"And while interest rates are falling, they're still considerably above where they were pre-pandemic on higher LTV (loan-to-value) loans, despite this, we expect the gap between renting and buying to close over the remainder of this year, moving back towards longer-term levels in 2022."
https://www.bbc.co.uk/news/business-57464534

I don't know about all this lads, I see a coming bump in the interest rate is going to hurt a lot of first-time buyers if things are already looking bad.
>> No. 8877 Anonymous
20th June 2021
Sunday 6:33 pm
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>>8872

>There are now only four areas in the UK where it is cheaper to buy than rent. They are all the parts that aren't London.

Just how much is the malignant tumour that is The City distorting the figures here? Obviously it affects everywhere else in a gradual trickle down kind of way, but I reckon things would be a totally different picture if we weren't including London in with the figures for the country as a whole, because the divide really is that stark.

In a country like America, they can do big nationwide statistics and you can have the average of places like New York, Los Angeles, Chicago etc balance out against places like Detroit, Philadelphia, and what have you. But over here it really is just London and Everywhere Else, so I think it's difficult to get an accurate sense what things are like.
>> No. 8879 Anonymous
20th June 2021
Sunday 8:33 pm
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>>8877
You're forgetting the South East, South West, East Midland, West Midlands, Wales and NI. Typical Northern-centric thinking.

It's not a case of just THAT LONDON at this point but most of the country - and probably worthwhile also casting an eye to cities like Edinburgh that have the audacity to live in the same grouping as Highland shacks. The correlation being where housing supply has been severely constrained even before the pandemic and more broadly indicative of the coming reality where kids leaving school now will rent for the entire lives.
>> No. 8880 Anonymous
20th June 2021
Sunday 8:40 pm
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>>8879

I mean yes, but let's be frank: The entire south IS London, and I bet the midlands are nowhere near as bad. Even so my joke was more that they said "only" and then went on to list areas that make up approximately half the landmass of Britain.

I was thinking about this after reading through the lengthy debate earlier on in the thread. It's all well and good saying that there are places of good housing supply if you look for them and that people are just being somehow elitist not to want to move there. But it is asking a lot for people to move away from their friends and families is it not? People are being priced out of the very areas they grew up in and I don't think that can be right in anyone's book.
>> No. 8881 Anonymous
21st June 2021
Monday 4:52 pm
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>>8880
>The entire south IS London

Its not just the south London distorts, its anywhere you can commute to London from.

Around 15 years ago I knew someone with his own small building firm who was renovating houses, in of all places Newark on Trent, to a high standard to be marketed via a London estate agent to Londoners on the back of a 2 hour train journey to London.
Londoners couldn't believe how cheap the houses were while he was staggered how much Londoners were prepared to pay
>> No. 8882 Anonymous
21st June 2021
Monday 4:54 pm
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>>8881
I'd be staggered that people were prepared to put up with a fucking 2 hour commute. Do they have no self-respect?
>> No. 8883 Anonymous
21st June 2021
Monday 6:03 pm
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>>8882

Self respect?

For most of my working life my commute involved an hour commute via car, its not that bad.
>> No. 8884 Anonymous
21st June 2021
Monday 8:51 pm
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>>8883
That second hour fucks you up, though. And it's not like you live at the station. A few years ago, I had to go to Birmingham from Manchester, one day a month. Instead of cycling for 25 minutes, I had to get a bus for 20 minutes, then wait for a train, then get that train, and the train was only an hour and a half. I was getting up at 05:45 to arrive at 09:00. Maybe I'd have got used to it if I had to do it every day, but I hated it furiously. Even for double my salary, or more since I'm an oppressed peasant, I doubt I'd enjoy it.
>> No. 8885 Anonymous
21st June 2021
Monday 9:43 pm
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>>8882

It's worse than that, they simply don't have a life as best I can tell. Their existence revolves around acquiring the money at whatever job it is, and if that involves sacrificing every minute of free time in the day towards carrying out that job, so be it.

It seems like madness to me, it's just giving your time away like a mug. If I was travelling four hours a day to an eight hour shift, that means I'm effectively working twelve hours and I'm only earning two thirds of it. You might as well just get a second job if you're already willing to give away all your free time.

I work actual twelve hour shifts in my current job, and you wouldn't catch me doing it were it not for the fact it realistically means I do a 3 day week. I would never voluntarily give up that amount of time the full 5/7. Half an hour's drive in each direction is my limit for commuting.
>> No. 8901 Anonymous
8th July 2021
Thursday 9:14 pm
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https://www.youtube.com/watch?v=effrcx7kAG8

If pensioners are getting a pay rise, shouldn't the rest of us all also be getting the same?
>> No. 8902 Anonymous
8th July 2021
Thursday 9:49 pm
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>>8901
Apparently it's derived from a predicted 8% wage rise this year. I'd call that a bit fucking spooky as the government has cancelled any civil service pay rise this year on the grounds that you lot are supposed to be hard up.
>> No. 8903 Anonymous
8th July 2021
Thursday 9:56 pm
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>>8885
12 hour shifts for a 3 day work week sounds pretty sweet. What line of work are you in?
>> No. 8904 Anonymous
8th July 2021
Thursday 10:03 pm
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Pasted image 1625476741307.png
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>UK housing boom may derail post-Brexit trade dreams

>History suggests Britain's house price surge could threaten hopes of post-Brexit export-powered growth, if finance minister Rishi Sunak uses the housing market to fuel the economy like his predecessors did. Stoked by his tax break on property purchases and a pandemic-driven rush for larger houses as more people work from home, house prices are rising at the fastest annual rate - at 13.4% in June - since 2004, lender Nationwide says. The housing market holds totemic importance in Britain as a driver of wealth. Adjusted for inflation, house prices in Britain have grown since 1980 by more than in almost any other advanced economy, according to the Bank of England. While the link between the domestic property market and international trade may not seem obvious, over the last 50 years there has been a reliable inverse relationship between house prices and the contribution of trade to economic growth, according to Reuters calculations.

>On the one hand, a roaring housing market helps to drive consumer confidence and household spending, boosting demand for imports which increases the drag on the economy from net trade. That adds to Britain's reliance on foreign investors to fund its balance of payments deficit. But less well known is its potential to crowd out manufacturing, which accounts for only about 10% of Britain's overall economic output but is crucial to exports. Balazs Egert, senior economist from the Organisation for Economic Co-ordination and Development, said this link was similar to "Dutch disease" - when a booming sector, often linked to the discovery of a commodity such as oil, drains resources from other sectors to the detriment of the overall economy. "If you have a housing boom, this will (put a) brake on export performance in an average country in which we observed this kind of boom in the past, looking at the 1990s and 2000s, then it's probably fair to say that if you have a booming construction sector and real estate sector, then certainly they're not very helpful for ... the manufacturing sector."

>In 2013, when the government launched its 'Help to Buy' subsidies for home-buyers and aimed for 1 trillion pounds ($1.4 trillion) of exports by 2020, the risks of over-inflating the market were apparent. House prices rocketed and exports fell some 283 billion pounds short of the target - even with a big post-Brexit vote drop in the value of the pound. "We keep repeating the same mistakes," warned former finance minister Alistair Darling at the time.
https://www.reuters.com/world/uk/uk-housing-boom-may-derail-post-brexit-trade-dreams-2021-07-07/

So the choice is either have homes you can't afford or wages in manufacturing that will not afford you a home. Fucking hell.
>> No. 8905 Anonymous
8th July 2021
Thursday 10:20 pm
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>>8904
Is some of the house price rise because a lot of the recent sales are from (old) people dying out of big expensive houses that haven't been sold for decades, and rich londoners buying rustic hovels for five times what the locals can pay?
Or not?
>> No. 8906 Anonymous
9th July 2021
Friday 12:26 am
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>>8905
It's endemic across the system and brought about by everyone's need to have a home while paradoxically living in a housing shortage. Yesterday's working class hovel becomes today's chic pad for professionals due to upwards pressure.

At the moment this has been compounded by high-rates of saving which makes you wonder whether the stamp duty holiday even matters. Just take a look on rightmove.
>> No. 8907 Anonymous
9th July 2021
Friday 12:32 am
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>>8903

I would reccommend it if you're a bit of wierdo who doesn't like contact with the public at large, or traditional office politics.

I wouldn't reccomend it if you can't stomach mindless, repetetive, utterly Sisyphean tasks for which nobody will ever thank you, and only even acknowledge your existence when something is wrong.
>> No. 8908 Anonymous
9th July 2021
Friday 12:50 am
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>>8905
Shit houses near my work are skyrocketing in price. I'm rich enough to buy a £150,000 house now, but they're all £180,000 now. I put in a bid of £160,000 for a two-bedroom house that is advertised for £170,000; they haven't accepted it but the mortgage advisor said that if they didn't sell it last month at that price, they won't sell it this month either, so you never know. Perhaps I could still get a house at last.

I got back into looking at houses when I saw that you can now borrow 5.5x your income instead of the previous 4.75x, subsequently reduced to 4.5x due to coronavirus. It turns out there is only one way of getting such a mortgage, and that's from Nationwide. It's called the Helping Hand mortgage, which is a patronising and insulting name, like you're begging them for charity, and I don't qualify for it because I make less than £31,000 a year. Fuckers. Imagine being too pathetic to deserve a handout. That's me, because I only have 35 grand in the bank like some sort of beggar. I'm so angry.

On a wider level, I think it's mostly rich Londoners more than anything. The house prices in London haven't gone up anywhere near as much as house prices in the rest of the country.
>> No. 8916 Anonymous
10th July 2021
Saturday 10:15 pm
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>>8905
Just before covid struck, in my area you could get a dilapidated but mortgageable old semi recently departed by some old folks for around £80-120K depending on what sort of state it was in. Now there's about an extra £30K being asked for houses in the same condition.
>> No. 8936 Anonymous
31st August 2021
Tuesday 9:40 pm
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I need some help from the Britfags mandem.

I wanted a house that wouldn't sell, but the sellers wouldn't accept less than the asking price, which I couldn't afford. But now, the house is being advertised at a lower price, which I still can't afford. But if it's still available, I thought I'd email the estate agents again to let them know my lower offer still stood. They came back to me, which they didn't before, asking for proof of financing and then we could discuss it. Yay!

BUT. These estate agents are thick twats. They can't spell or read. They don't come across as experts at all. But only they are selling the house, so I have no choice. I have been informed that getting multiple mortgages in principle is a bad idea; it fucks your credit rating right up. So these numpties might be asking me to get the mortgage in principle, only to immediately say "not enough lmao" and throw my offer in the bin, and then I'll need to do this again the next time I see a house for rock-bottom poverty prices. And then I'll get declined because I didn't use the previous one, or something like that.

Is it likely for any estate agent anywhere to be that incompetent? Surely house offers fall through all the time; if I get a mortgage in principle for one house, which I then don't buy, will that really bugger my credit rating? My credit rating in theory should be supremely solid, but I'm the invisible man and have only ever made one credit card purchase ever and the only regular payments I make are a £15 phone contract, so that could count against me and it's making me worried.

Would you do it?
>> No. 8937 Anonymous
31st August 2021
Tuesday 10:26 pm
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>>8936
>But only they are selling the house, so I have no choice.
Is there any particular reason people can't just see that a house is for sale, knock on the door then bang out a deal with the owners in person?
>> No. 8938 Anonymous
1st September 2021
Wednesday 12:19 am
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>>8936
>I have been informed that getting multiple mortgages in principle is a bad idea; it fucks your credit rating right up.

Depends on the detail the perform. Most will advertise the fact they don't do a credit check and just do what amounts to some fag-packet maths on what you give them for income and expenditure etc. you can always ask first if unsure but I know Barclays offers a 10 minute response.

Mortgages in principle aren't binding, can be extended and it's based on you so if you have an offer of x amount you can use it for browsing elsewhere.

>I'm the invisible man and have only ever made one credit card purchase ever and the only regular payments I make are a £15 phone contract, so that could count against me and it's making me worried

Banking-lad may have some insights but honestly this stuff is black magic if you ask me. It might be worth opting for a more detailed check anyway just to know for sure before you make any offers on a house. At any rate for future reference:

1. You can use your credit card online you' know, just set it to pay off every month to dodge interest.
2. There's a do-dad you can do with your landlord where the rent you pay is recorded. Google it.
3. £15 is well expensive.

Don't forget to leave out the coffee and sprouts for the ghost of credit worthiness!

>These estate agents are thick twats

Have you ever known someone working sales who wasn't a thick twat?
>> No. 8939 Anonymous
1st September 2021
Wednesday 12:26 am
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>>8937
I assume that when you sell a house, you sign an agreement that if the house sells at all, the estate agent gets the commission. But then some houses are being sold by multiple estate agents. In any case, this particular house has nobody living in it; it was rented out previously and the tenants have moved out so the landlord, landlady, landfamily, whatever, are selling it.
>> No. 8940 Anonymous
1st September 2021
Wednesday 1:04 am
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>>8938
Thank you so much for your assistance so far. I found something on MoneySavingExpert which might be a good mortgage for me (no initial fees, available from a bank that's near the house I want, costs about the same as all the others from what I can tell) and it performs a "soft credit check", which seems to be a credit check that totally counts, but is invisible and therefore doesn't count. If I trusted banks at all, I might be able to infer more information, but alas they are rattlesnakes so I'm left to my own devices.

>Have you ever known someone working sales who wasn't a thick twat?
There are plenty of people, including myself when I was younger, who are just shit at finding a proper job and wind up doing these things temporarily. But this estate agent, which is called [Company Name] Homes, replied to my email and didn't sign it with a name, and even wrote "[Company Name] Hoes" instead, like they deal in prostitutes or garden tools. I laughed for hours before remembering I need them for probably the most important transaction of my life.
>> No. 8941 Anonymous
1st September 2021
Wednesday 1:34 am
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I've just applied for a mortgage in principle aaaaaaaagghhhhhh

My strategy was to get this sorted tonight and then reply to the email and hopefully get in before anyone else offers the actual advertised price. TSB said they'd do it in 20 minutes. I blazed through it, handed over all my details so they can check me and wonder if I'm an undercover spy from Turkmenistan with no dependents or other loans, and the very last page said, "Thank you; one of our friendly agents will contact you within 48 hours."

Now I'm really wondering if it was the brilliant idea I thought it was to smash a triple measure of neat gin before I started this.
>> No. 8942 Anonymous
1st September 2021
Wednesday 12:34 pm
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>>8941

The most surprising part of this post is that anyone on .gs measures their gin. Good luck with the mortgage, potentialhomeownerlad.
>> No. 9216 Anonymous
31st March 2022
Thursday 1:04 am
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I have had an offer accepted! Homeownership, here I come! Now I need to arrange some solicitors. Looking online, pro tip #1 is to ask people to recommend someone. Pro tip #2 is to speak to three different ones and ask for quotes. But I know there must be homeowners here. Does anyone have any special advice about solicitors? The estate agent says they can help, but they could be just recommending their shady friends like they do with mortgage advisors.

For anyone else who's wondering: solicitors do all of it, while conveyancing people only do a bit of it for less money. Since I really wasn't expecting my offer to be accepted, I am clueless and will therefore probably need to go the full solicitor route. They're not something you can skip, like mortgage advisors seemingly are.

Are there any big national solicitors who are shit and must be avoided? Are there any words I can look online for, beyond "solicitor", "house buying", and "conveyancing"? If you've done this, did you get stung in any ways that you would like to warn me about? Help!
>> No. 9218 Anonymous
31st March 2022
Thursday 9:58 am
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>>9216
All I can say is that your solicitor is the only person (paid to be) on your side in this deal. The estate agent, seller and seller's solicitor all have interests that, at best, run in the same general direction as yours, and, at worst, are directly opposite.
I used a local licensed conveyancer both times I've bought, based on personal recomendations. No regrets on that front.

Good luck! Pay attention, don't assume competence (or evil), and try not to go completely fucking insane from the worry. At least you're not trying to sell a place at the same time, that multiplies everything. Also, pack your stuff up in plenty of time. Moving is a pain, and you're completely not in control on buying /moving day - other fuckers can fuck up the timings. Although if you're renting, can you manage some overlap?
>> No. 9219 Anonymous
31st March 2022
Thursday 2:39 pm
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>>9216

Do keep us updated on this ladm8, I'm heading for the same place myself soon.

I have a week off next week, so my plan is to get a mortgage in principle sorted first of all for as much as they'll give me, then smash out a load of viewings over the course of the week. I've seen a couple of places I like already of course, but I'm fully expecting the bank to shatter my dreams in terms of affordability, so I haven't let myself get too set on anything.

I'm living at the hotel of mum and dad at present so really I can afford to take as long as I like, but like anyone else it's something I'd like to get out of the way as fast as possible, so I can move on with my life. Everything feels like it's on hold while I'm living here.
>> No. 9220 Anonymous
31st March 2022
Thursday 6:17 pm
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>>9219
A mortgage in principle is a piece of piss; you fill out a load of forms and then get an email saying yes. You can have multiple ones and all sorts. They can also, sometimes, take a couple of days to reply to you, so I'd recommend getting one now. You don't even need to use it, although the forms are annoying enough to stop you doing them frivolously.
>> No. 9236 Anonymous
19th April 2022
Tuesday 2:35 pm
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Just had a chat with the bank about an agreement in principle and apparently their systems are only giving them an affordability of about £80,000 with a 15% deposit, but even the person I was talking to seemed confused and said that it should be quite a bit higher given my income.

All she could think of was "if it's something I've left off the form", but there's nothing to leave off. It tells you not to put "normal expenses" like TV, phone, internet etc, doesn't even ask you about your credit history, and I'm living at my mum and dad's with basically no expenses to speak of anyway. I've had a credit card for the past couple of years I've been paying off in full, and I've got about twelve grand sat there between my ISA and savings account.

Not really sure what to do ladm8s.
>> No. 9237 Anonymous
19th April 2022
Tuesday 3:29 pm
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>>9236
What's your annual income, not including bonuses and tips and other stuff that could disappear? Now, what's that x4.5? Your mortgage in principle should be that much. Everything else is pretty much bollocks as far as I can tell. However, I did have an experience recently where my new online mortgage in principle was declined for no reason at all, and when I spoke to someone on the phone, they said, "Yeah, it does that sometimes." This bank was NatWest, by the way, so if that's the bank you spoke to, it might be worth just trying again.
>>9236
>> No. 9238 Anonymous
19th April 2022
Tuesday 3:34 pm
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>>9237
Sorry for the double-quote, by the way. It's a really handy way yo be able to see your posts here if you're posting on a phone. That's a pro tip for all of you, if anyone else needs it.
>> No. 9239 Anonymous
19th April 2022
Tuesday 3:41 pm
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>>9237

By the looks of it, I'm just getting dicked because on paper, my basic wage is quite low, coming out as £1694 per month before tax, (or about £21,000 per year). But I literally get about £500 on top of that as pay enhancement for doing evenings and weekends (which won't be going anywhere because they're part of the job), so my true salary is more like £25k, I just can't declare it as that.

I tried just resubmitting a new one online, and it soft-declines ("We'll need you to speak to an advisor") if I tell them I have a social life when it asks about other expenses, but passes through fine if I just ignore that. And to be fair it's not like that's a lie, I've been living like such a hermit in order to save this money up that there are months on my bank statement where literally my only outgoings are car insurance, petrol, the occasional Just Eat.

Aren't the mortgage advisors you actually speak to supposed to be able to use more nuance than just putting the numbers into a computer? What's the fucking point of them otherwise. Bollocks anyway.

I can tell this isn't the angriest I will be getting throughout this process.
>> No. 9240 Anonymous
19th April 2022
Tuesday 9:15 pm
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>>9239
>Aren't the mortgage advisors you actually speak to supposed to be able to use more nuance than just putting the numbers into a computer?
lol

They're absolutely pointless. They take your annual income, multiply it by 4.5, and anything else they can do, they certainly haven't done for me at any point. I'm the poster who had an offer accepted on a house recently, and my most recent adventure, today, was pure comedy gold.

I shopped around a little bit on my own, and decided that all mortgages are almost identical, but Natwest had the edge. I phoned their mortgage advisor that I spoke to a couple of years ago, and she immediately put the hard sell on me. But I was going to do it anyway, so I just wanted the damn mortgage. Turns out I can't get it from her; I need an "appointment" with someone else. So this woman's getting commission for doing absolutely nothing. But other banks had told me I'd have to wait two weeks to speak to someone, so speaking to my Natwest contact immediately would help me get in before they increase their interest rates. Nope; I had to wait two weeks with them anyway. But that's fine, because I can only afford this house with my new increased salary, which comes into effect at the end of this month, meaning I currently have no wage slips to prove that it exists. So I need to stall for time a bit. But the Charlatan Mortgage Lady said that I could probably get the mortgage anyway on my lower salary, as long as I take it for 30 years instead of 25 years. And I can upload a letter from my employer onto their online portal to confirm that I will be getting a raise, and then I don't need wage slips yet. Just upload the old ones for the past three months, and that'll be fine. Thanks, Charlatan Mortgage Lady!

It was a bit of a pain getting that letter from my employer. Proper Mortgage Lady rang me today, before my phone conversation with her that will finally take place tomorrow. She has the exact same voice as all women who speak on the phone for a living; she greeted me with "Hey-yaaaa" and her name is obviously Gemma. And she's looked at all my documents I've uploaded, and she's read the letter from my employer, but it doesn't apply because even though it confirms the raise, I haven't been paid yet.

So why in the piss-fucking dick-bastarding fanny-fuck-facing cocking hell did they ask for the fucking letter in the first fucking place then?

Also, I can't get the mortgage on my current salary because my current salary is less than 4.5x what I have asked to borrow. All this about taking a 30-year mortgage instead of a 25-year mortgage is totally untrue, according to Proper Mortgage Lady.
>> No. 9246 Anonymous
23rd April 2022
Saturday 1:15 am
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>>9240
It turns out that Proper Mortgage Lady might actually just be Charlatan Mortgage Lady II. As part of the preparations for my telephone appointment with her, I need to confirm I have read some terms and conditions. Those terms and conditions state that she will only be recommending Natwest-brand mortgages to me. Almost like she's, you know, just another mortgage advisor. And she's certainly continuing the sales bollocks: after cancelling my appointment with her, she has very conveniently had a "cancellation" that will enable her to speak to me tomorrow. This happened on the very same day that her "boss" said it was okay to "make an exception" for my salary status.

Also, the emails she said she'd send on Tuesday, she only sent today. And one of them says I'm going to have to do the whole thing over Zoom. I was genuinely counting on just waking up when the phone rings and I answer it. Nobody had told me about this. I accept I might sound like an inept layabout, because I am, but that doesn't mean that Natwest's utter incompetence so far hasn't shocked me. They're fucking abysmal.
>> No. 9247 Anonymous
23rd April 2022
Saturday 11:51 am
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>>9246
Yep. Confirmed. So so far, I have looked at a couple of mortgage providers who each told me I'd need to wait weeks and weeks to speak to anyone. So I cut that out by speaking to the person at Natwest and just telling her exactly what I needed. I couldn't get it from her, so I had to speak to her colleague to actually get the mortgage. The colleague cancelled on me once, spoke to me today, and confirmed that I don't get the mortgage until I've had the proper conversation with a third "Heyaaa" telephone woman next week. However, that woman will recommend what mortgage I should get, which sounds like I'm not done yet. However, I am not legally obligated to do anything yet, so I guess I have another week to ring round other providers and see if they can just hand me a bloody mortgage.

Interestingly, interest rates are shooting up, so the longer they put this off, the higher the rates they can charge me. They were the best deal three weeks ago, but that might have changed. But that can't possibly be why they are dragging their feet so much.
>> No. 9248 Anonymous
23rd April 2022
Saturday 1:00 pm
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>>9246
>>9247

I think this might be one of those cases where you have to Karen it up a bit. Maybe they'll pull their finger out if the branch manager knows they're fucking you about when they could be securing a customer.

I dunno mind you, I'm just hoping I don't have the same experience with Halifax when the time comes to it. I'm under the impression that I have to go with them to get the bonus out of my HtB ISA, but I could be wrong about that.
>> No. 9249 Anonymous
23rd April 2022
Saturday 1:20 pm
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>>9248
That would be a braindead scheme design even for our government. You are wrong.
>> No. 9252 Anonymous
25th April 2022
Monday 12:05 pm
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Today's house search annoyance is how many listings I've come across with this "Comitted Buyer Process" shite, where they try and make it sound like they're doing you a favour ("Committed Buyer is a new, innovative and pioneering process for buying and selling property" my fucking arse, jesus motherfucking christ), when they're really just asking for an extra three grand just to reserve the place, on top of the deposit and solicitor's fees and surveyors and shit you're already paying for.

If I didn't know better it just seems like another way to keep ordinary people out of the market and keep it ring-fenced for investors, who can afford to drop an extra few grand for a guaranteed sale, whereas for an ordinary first time buyer that extra three grand might be another six month's saving on top of the deposit they already had to spend years scraping together.
>> No. 9253 Anonymous
25th April 2022
Monday 12:53 pm
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>>9252
WTAF?
https://yopa.gotoproperties.co.uk/content/themes/350/documents/committed-buyer-guide.pdf
you have to pay a substantial lump, non-refundable, before surveys, to have the vendor make a half-hearted promise not to sell to anyone else within a short period? Fucking hell, this is the end game. This level of insanity says nothing but run awaaaaay, with a late 80s vibe.
I really feel sorry for you poor bastards trying to buy somewhere. Stuck between a rock, hard place and a load of larcenous cunts.
>> No. 9254 Anonymous
25th April 2022
Monday 1:02 pm
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>>9253
Thinking more about this, I should advertise my house with one of these, and then just refuse offers that come in. A few £3K payouts a year would be nice. Maybe I should advertise other peoples' houses, too. When you understandably pull out because it's not mine to sell, well, fuck you, I've got your £3k.
This time next year, I'll be a miwwionaire.
>> No. 9255 Anonymous
25th April 2022
Monday 1:10 pm
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>>9252
This situation won't get better until you start kidnapping and liquidating the jefes at companies at Persimmon, Barrat and any estate agent you see.
>> No. 9256 Anonymous
25th April 2022
Monday 1:23 pm
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>>9253

Exactly. It sounds dodgy enough to me I wouldn't touch it with a barge pole, the trouble is there's some really nice looking places and they're all using it.

Entire fucking game is a scam for robbing bastards at this point.

>>9254

They only take the fee if you accept the offer, in fairness, so you can't just refuse the offer and get a free three grand. But interestingly, nowhere does it state the seller is obliged to sell to you, even once you've agreed to the contract and paid the fee. It's merely that they agree not to sell to anyone else.

Definitely looks like a scam of some sort to me anyway.
>> No. 9560 Anonymous
31st October 2022
Monday 2:18 pm
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I went to the bank today to pay for my house. All my money in the world, £44,000 of it, got transferred. I have a couple of gripes. Firstly, my lawyers initially said there would be a £30 charge to let them transfer my money to the sellers. Fair enough, if it means I don't have to do it. Then, last week, they sent me The Big Bill with all their charges plus the deposit for the house, and they've bloody put the £30 on there again. That, or the prices have gone up to £60. So I was faintly peeved about that. But on top of this, I still need to transfer the money to the lawyers myself; I'm only paying them to pass it on to the sellers after they've hung onto it for a couple of days. So I had to go to the bank anyway. Worst of all, at the bank, because I was sending it to Barclays or something like that, I had to pay a £23 charge to pay the lawyers £44,060 which includes the two charges I had already paid for this exact service.

I wonder if anyone pulls out of a house purchase at this exact point.
>> No. 9561 Anonymous
31st October 2022
Monday 2:32 pm
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>>9255
Now we're getting somewhere.
>> No. 9562 Anonymous
31st October 2022
Monday 4:07 pm
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>>9252
Who do these people think they are, landlords?
>> No. 9663 Anonymous
18th May 2023
Thursday 7:05 pm
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I think the Australians might have us on the satire front.
>> No. 9664 Anonymous
18th May 2023
Thursday 8:34 pm
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>>9663
Those videos are always surreal; the women are lip syncing their dialogue and they're not great at it.
>> No. 9665 Anonymous
18th May 2023
Thursday 8:47 pm
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Ahh. Funny to read back through this thread when it contains all the posts from the beginning of my First Time Buyer Home Buying Journey.

If only I had known back then how I'd only just have moved in nearly a full fucking year later, all the unbelievable ballache I would have gone through on the way, how many more people I would wish death upon as a result... If I'd known all that back then, I think I'd have just stayed living at my mum and dad's frankly. I mean. Fuck's sake. It really is impressive how between them, the banks and solicitors manage to nickel and dime you out of every fucking spare penny you have, no matter your best intentions. Almost like it's all set up that way on purpose.

Anyway it's recently come to my attention that my solicitors didn't even finish the job- And that's on top of them having been so slack they cost me an arm and a leg by missing my first mortgage offer's deadline. Is there a no-win no-fee kind of company that specialises in suing useless conveyancers for compo?

The service mine gave me was seriously so awful there's no way I'm not entitled to take some form of action against them; problem is I'm fucking skint now aren't I so.
>> No. 9666 Anonymous
19th May 2023
Friday 12:05 am
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>>9665
Wait until everything falls apart! I was the other house-buyer, and I keep receiving bad news. I think all the random DIY catastrophe posts this year have all related to my house, and I haven't even mentioned that my roof is apparently full of birds yet.
>> No. 9667 Anonymous
19th May 2023
Friday 1:40 am
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>>9665
>>9666
How much has it cost you both now? I hope you got a good surveyor to look at the foundation at least.

My parents had the opposite story over the past year. They moved to a small town on the coastline but found out that they hate living there, only now they can't sell their house and had a similar story relayed to them from the old woman they wanted to buy a house from. It's all people who cancel house viewings, pull out at the very last minute or investors making insultingly low offers as they buy up the local area for holiday lets.

I'm dreading the day I'll have to try and sell the place and have to choose between maintaining it and hoping someone buys or settling for some scummy arseholes offer. I could torch it of course but my brothers would whinge.
>> No. 9668 Anonymous
19th May 2023
Friday 6:48 am
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>>9667
Your house shouldn't be worth as much as you think it is.
>> No. 9669 Anonymous
19th May 2023
Friday 10:46 am
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>>9668
And you shouldn't be up at 10 to 7 on a Friday.
>> No. 9670 Anonymous
19th May 2023
Friday 2:12 pm
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The UK 10 year gilt yield is now back above 4%. Unlike last October, it is likely to remain there, too. Mortgage rates will follow and we will finally have a 90s-esq house price crash.

I’m still looking to buy though, because rents are rising fast, and likely to continue going that way in the short term (high immigration, land lords selling up or turning to holiday Lettings, wage inflation).
>> No. 9671 Anonymous
19th May 2023
Friday 3:11 pm
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>>9670
I've noticed from keeping an eye on Rightmove that houses are staying listed for much longer, very few are getting sold and there's far more reductions in price going on.
>> No. 9672 Anonymous
20th May 2023
Saturday 7:06 pm
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>>9671
Give it a year or so and us plebs might actually be able to afford to buy one.
>> No. 9673 Anonymous
20th May 2023
Saturday 8:33 pm
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>>9672
Your rent will have gone up so much by then that you won't. Also, if plebs like you can afford a house, then this will mean that old people's pensions have become worthless. I forget why this is a bad thing exactly when my own pension is already worthless, but someone will be able to explain it.
>> No. 9674 Anonymous
20th May 2023
Saturday 9:48 pm
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>>9673
Depends when they last increased it. If you're on a fixed tenancy it can't be increased, and if you're periodic it can only be increased once in 12 months. If your landlord tries either, you're legally allowed to hunt them for food, or something like that.
>> No. 9675 Anonymous
21st May 2023
Sunday 9:05 am
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>>9673
>Also, if plebs like you can afford a house, then this will mean that old people's pensions have become worthless.

The fuck it does.

This is one of my main gripes with spending time on any left-leaning online community. It's always the blind leading the blind with almost anything to do with finance, so people make up half-baked nonsense because they saw someone else make up half-baked nonsense and there's hardly anyone around who knows better to correct them, which will then get gobbled up and parroted around by someone similarly ignorant. It's endless Chinese whispers and it invariably boils down to "I don't understand something, look at this sinister thing I've made up which shows how the people I don't like are complete bastards; you'll eagerly accept this as fact because you also want for those people to be utter bastards."
>> No. 9676 Anonymous
21st May 2023
Sunday 9:56 am
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>>9675
Well, thank you for correcting him and enlightening us all, you fat Tory pig.
>> No. 9677 Anonymous
21st May 2023
Sunday 10:07 am
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>>9675

There's quite enough disingenuous rightoids around here to balance it out, mate.

What the right and left have in common is that neither of them are actually interested in grappling with economic truth. The left wants to pretend the economy is all made up so it can do what it wants and everything will be fine because they say so, while the right wants to pretend it's a transcendent, fundamental natural force of the universe and there's nothing we can do about it, so it can do what it wants and it's fine because The Market made them do it.
>> No. 9678 Anonymous
21st May 2023
Sunday 10:36 am
9678 spacer
>>9676
I didn't realise I was on /pol/.

>>9677
I think the rightoids on here only really come out of the woodwork when there's the opportunity to hate on women.
>> No. 9679 Anonymous
21st May 2023
Sunday 11:06 am
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>>9678

Respecting women is a fundamentally libertarian right position.
>> No. 9680 Anonymous
21st May 2023
Sunday 12:14 pm
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>>9675
Pension companies buy up a lot of housing because it's such a good investment. It is, in fact, safe as houses. If house prices go down, then the value of the assets held by pension companies will be going down, and when the times comes to pay out on pensions, there won't be enough money. Of course, maybe house prices are going down because the pension companies have all decided to sell every single house they own all at the same time, but that too would be indicative of catastrophic trends in the economy.

Now that I've bought a house, I'm happy for the prices to continue at their ridiculous levels forever, but I would also like wages to go up so houses become more affordable anyway. The way to achieve this, I'm afraid, is quite clearly through left-wing means, because surely everyone can see that neowhateverism really has not helped the people.
>> No. 9681 Anonymous
21st May 2023
Sunday 12:33 pm
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>>9680

Do pension funds literally own houses, though, or do they own a stake in the mortgage liquidity of a combined leverage portfolio of etc etc financial mumbo jumbo?

Not that I dispute it makes much of a difference to the outcome, just seems a bit odd to me when the vast majority of houses are, surely, owned by either the people that live in them, or a landlord. We don't really have huge commercial landlords (yet) in this country, and they are mostly private individuals and BTL ponzi investors. So where is all the housing stock pension funds are supposedly all over?
>> No. 9682 Anonymous
21st May 2023
Sunday 1:18 pm
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>>9681

>Do pension funds literally own houses, though, or do they own a stake in the mortgage liquidity of a combined leverage portfolio of etc etc financial mumbo jumbo?

Both. The key piece of financial mumbo jumbo that has allowed pension funds to invest directly in property is the REIT, or Real Estate Investment Trust. You can buy shares in an company who just buy and own property on behalf of their investors; the share price of that company is dictated by the value of their property portfolio and dividends are dictated by rental income.

REITs have traditionally invested mainly in commercial property like office buildings and shopping centres, but a number of REITs now mainly invest in residential property. This is convenient for pension funds, who aren't allowed to directly own residential property. An interesting example is Civitas Social Housing Plc, who were founded in 2016 to buy up the existing housing stock of housing associations - Civitas own the bricks and mortar, but the housing association continues to manage the tenancy. Housing associations are up for it because it allows them to free up capital to re-invest in new property, but it creates the obviously dodgy situation in which corporate investors are earning returns from housing benefit being paid to ostensibly not-for-profit landlords. Since Civitas proved the model, there are a number of other REITs doing the same thing. There are also several REITs that specialise in owning the bricks and mortar of care homes, hospitals, GP surgeries and pharmacies.

The closer you look, the dirtier it gets.
>> No. 9703 Anonymous
12th July 2023
Wednesday 5:50 pm
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You lot aren't angry enough lately for my liking.

>Generation Rent has forgotten how lucky it is

>Given the constant outrage over Britain’s inflated housing market, you could be forgiven for thinking that renting was simply a hopeless spending spiral of despair. Would-be buyers are condemned to be tenants forever as rent drains all of their spare cash, it takes 200 years to pull together a deposit, saving is futile and aspiration is a non-starter. Meanwhile, landlords and homeowners are laughing all the way to the bank.

>It is true today’s tenants are feeling the squeeze as they face sharp rent rises and fierce competition for properties, but it is not all doom and gloom, and things are certainly not rosy for landlords and homeowners. Renters could consider themselves lucky when compared to those their age who have recently stretched themselves to get on the ladder at the peak of the market – and are now left to face punishing mortgage rises alone.

>In the early days, homeownership can be an overbearing burden. The bulk of monthly mortgage payments go towards paying off interest rather than capital and you live with the threat that prices could come crashing down. Capital growth is no longer guaranteed. Property prices are wobbling and could take years to recover thanks to the inevitable end to cheap borrowing.

>Yet renting is largely risk and responsibility-free. If your oven breaks or the roof starts leaking, the landlord has to pick up the bill. There’s no home insurance to pay and all you stand to lose is your deposit if you burn the house down. Rent allows tenants to live in places they could not possibly afford to buy. And renters are free to move at a moment’s notice – allowing them to pursue better, higher-paid jobs.

>It is naive to think that landlord profits are all that is at risk from the mortgage crisis. If rents do not rise many honest landlords will be forced out of the market – worsening the rental squeeze. Housing has got more expensive for everyone, so tenants should have to pay more. I’m not saying renters are better off than homeowners, but the property ladder is not the only path to prosperity. Owning a home is not the be-all and end-all, house prices are not guaranteed money-makers, and as we are about to find out, the heavily-mortgaged might wish they were renting.

>Homeownership is truly only a blessing when you finally become mortgage-free. If house prices do crash and the great property correction comes, it will be Generation Rent laughing all the way to the bank.
https://www.telegraph.co.uk/property/renting/generation-rent-has-forgotten-how-lucky-it-is/

Do you consider yourself lucky, rentlads?
>> No. 9704 Anonymous
12th July 2023
Wednesday 5:59 pm
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>>9703
>If your oven breaks

Well, I, for ∞, do not even own an oven. The fucker who designed my kitchen to fit into a trapezium-like floorplan didn't consider if I would like to have both a standard fridge-freezer AND a way of properly cooking the contents of it at the same time. The space for the fridge is just about sufficient for a wine cooler, and I am not sufficiently poncey enough to afford one of those. So stick that in your oven and bake it. If you are poncey enough to have a properly designed, beautiful kitchen.
>> No. 9705 Anonymous
12th July 2023
Wednesday 6:01 pm
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>>9703

This stuff is so obvious now it just doesn't even elicit a lazy twinge from my knob. An article about feminism in a videogame publication might warrant a roll of my eyes and a tut of exasperation but these just don't even touch me.

It's not even that I think it's too blatant ragebait- It might even be- It's just that the people coming out with stuff like this are on the other side of a divide so vast, a gulf that leaves them so alien to me, they may as well be on Neptune. Of course they don't get it. It's like I have no idea what it was like to fight in Vietnam.

Granted I don't rent any more, but I'm certainly a millennial which is what they mean, and I'm just as fucked with the rates and what have you. We'll all be generation move the fuck back in with our mum and dads before long, rent or "own". And they'll say it was our faults.
>> No. 9706 Anonymous
12th July 2023
Wednesday 7:00 pm
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>>9703
I actually agree with that article and have been saying much the same for fucking years. Bank of England said today the average increase for most people with mortgages will be £500/month, thats the average and I have heard of plenty of people with more - calculate that out, £6k per year, which is like losing £10k off your paypacket.

Also, I rent and have done for years and will continue to.
>> No. 9707 Anonymous
12th July 2023
Wednesday 7:20 pm
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>>9706

Is a lot though innit. Boggles the mind how the maths works out that a few quarters of a percent means everyone's suddenly paying double. Does that mean I've paid for my house three times over by the end of the mortgage or what?

No wonder everyone thinks banks are a Jewish conspiracy and all that shit. You know when something is a con in the pit of your stomach, and something like this very much feels like it, except all the fancy men in suits go along with it and you have no say because you're a scummy peasant who scraped together for ten years to get a deposit to save on rent, then no sooner you manage to buy the Mad Hatter tells everyone to get up and fuck you specifically in the arse.

Am I mad for thinking there should be a way to target all this kind of thing specifically at the people who need to be made poorer, and not the people who were already only just holding on by their fingernails?
>> No. 9708 Anonymous
12th July 2023
Wednesday 7:56 pm
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>>9707
>Does that mean I've paid for my house three times over by the end of the mortgage or what?

If you had a mortgage of £100,000 for 30 years at 5% interest you'd repay a total of about £193,300.
>> No. 9709 Anonymous
13th July 2023
Thursday 6:15 pm
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>>9708

This sort of maths is not really sensible though. A mortgage lasts 25 years and a pound at the beginning is worth far more than a pound at the end.

Interest rates are still below CPI and also wage inflation, which arguably makes them very good value!
>> No. 9710 Anonymous
13th July 2023
Thursday 6:19 pm
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>>9709
>A mortgage lasts 25 years

Boomer spotted.
>> No. 9711 Anonymous
13th July 2023
Thursday 6:39 pm
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>>9709
>which arguably makes them very good value!
In the same you could argue pissing yourself is a good way to keep warm.
>> No. 9712 Anonymous
16th July 2023
Sunday 4:23 pm
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Right I bartered a property right down and the seller reluctantly accepted.

Talking a good 12% shave or something off the price here. Him accepting my offer now makes me think this is not the right way to do it given where we're headed.

Any thoughts?

it was about £420k and I'm getting it for abut £370k.
>> No. 9713 Anonymous
16th July 2023
Sunday 4:51 pm
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>>9712
Well if interest rates rise to 7% for about a year will you be able to afford it? What about 10%?

Worst comes to it you end up underwater at the start but if anyone tells you house prices are going down and staying there then you've likely found someone about to try and sell you gold.
>> No. 9798 Anonymous
30th January 2024
Tuesday 1:26 am
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>A Tory MP said he quit his ministerial role because he could not afford to pay his mortgage on a salary of £118,300.
>Mid Norfolk MP George Freeman resigned as science minister in November. In a blog post, he said he stood down: "Because my mortgage rises this month from £800pcm to £2,000, which I simply couldn't afford to pay on a ministerial salary." Mr Freeman, who resigned amid Rishi Sunak's cabinet reshuffle, added: "We're in danger of making politics something only hedge fund donors, young spin doctors and failed trade unionists can afford to do."
>He said he would stand for re-election at the general election this year, but said: "It looks very like that we're going to have a Labour government."
https://www.bbc.co.uk/news/uk-england-norfolk-68133873

Strange, strange days. Do you reckon the housing market will get better some day?
>> No. 9799 Anonymous
30th January 2024
Tuesday 1:47 am
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>>9798
Keir Starmer will turn Labour into the Conservatives. Then, homeowners will be natural Labour voters. Then he'll be able to build more houses without creating people who vote against him. Keir will save us all. Then people who own five houses already will vote against him, and the Conservatives will get back in power in 2029 on a manifesto of puritanism and sharia law and I can't see further into the future than that because it's all in Chinese.
>> No. 9800 Anonymous
30th January 2024
Tuesday 10:52 am
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>>9798

If my calculations already correct that's just a bit over six grand per month, after tax. If he can't afford a two grand mortgage on that I would suggest he is simply unwilling to live within his means.

Most of us dream of only spending one third of our take home pay on housing. Maybe if he wasn't spaffing so much up the wall on flat screen tellies, fags and booze he'd be alright. I mean honestly that's over three times what I earn and I still have money left over for cocaine every month.

I mean he is right, housing is fucked and Labour are going to win, but I can't take what he's saying seriously.
>> No. 9801 Anonymous
30th January 2024
Tuesday 12:23 pm
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>>9800

He's got an ex-wife with two kids in private school, so he's probably paying more than half his salary in maintenance. I don't think he's exaggerating at all when he says that he can't afford to pay his mortgage. World's tiniest violin and all that, but you an imagine that a lot of natural Tory voters are feeling a similar kind of pinch now that mortgage rates have gone through the roof.
>> No. 9802 Anonymous
30th January 2024
Tuesday 1:27 pm
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>>9801
>He's got an ex-wife

It's scary how pervasive divorce is as something that utterly breaks people. Getting divorced from about your mid-life on seems like one of those risks you can basically do nothing about, or where mitigation can make it even more likely, but also your quickest way to end up kipping on a mates couch.

He also mentions having to support his aging parents too which doesn't sound too fun. Life just doesn't fucking end does it.

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