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UK housing market 2008 and beyond .........
UK housing market 2008 and beyond .........
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chisel Joined: 19 Sep 08
Replies: 1531 07 Sep 10 10:11 The 70 year old chap bought a bungalow for 165k , which he could easily sell now for £195k. |
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chisel 08 Sep 10 10:38
I would admit it if I had unhappy customers. You openend your current seedy backstreet mortgage brokers in 2007 at the peak of the market and just before the credit market seized up , on your 'shop' window you have those cheap removable self adhesive stickers advertising for .... 1)Buy to let 2)First time buyers 3)Self cert mortgages A) Each of the above 3 categories you preyed on back in 2006-2007 are now now full of problem buyers who bought at or near peak and are now struggling with mortgages. B) You have repeated that half your business was BTL , many buying flats which last week you wrote that "flats are a BIG problem" , there are over 100 available to rent in your immediate location. B) Half the mortgages you sold were 'Interest Only' as that is all they could afford back then and now they have little or no equity so can't be helped when they come off a cheap fix rate now . D) You helped others release equity and so using their properties as cash machines many to buy consumer sh1t , many of these fools now have little or no equity left and cannot re-mortgage but still have their debt to pay back. E) You heavily promoted self cert at the peak , now exposed as liar loans but of course you checked every applicant's income that applied for one through you , just like you check your appalling spelling everytime you post on forums . It is obvious many of your customers are struggling , some have probably been repossesed whilst others no doubt are getting taxpayer help to pay their mortgages bought originally from you , how are your INTERSET ONLY customers going to pay back the loan as lets not forget SOLD prices are still 15% down from peak in your town , what about all those BTLers in your town who you helped buy flats that you now say are a "BIG PROBLEM" , you have many unhappy and financially £ucked up customers so don't say you don't. chisel 08 Sep 10 11:16 You probably claiiming job seekers allowance also? Never had it , but heres hoping your'll be claiming it soon  |
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JML
great find  yet another lie exposed by our 'honest mortgage broker' |
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Looks like he has made even more on it then boys doesnt it!! I will have a little look at his mortgage quote and get back to you .. I was only going by memory!
I can also categorically state that none of my customers have been repossessed and I do not know of any that are i arrears. I can also categorically state that there is nothing werong with Buy To Let mortgages, many borrowers are paying rates as low as 1% . We done very few self cert mortgages. Customers still needed to show affordability There is nothing wrong with someone releasing a little equity. It is after all not against the law!! Who are you two to judge people. It is up to thenm how much risk they take with their own money. Many have done very well out of lenders loose criteria of a few year back.. Taking the moral highground does not make you better people than anyone that took a self cert loan or a buy to let or took a little equity out of their property. |
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Customer did indeed buy property which was a two bedroom bungalow for £135k !! Even better than I had imagined. Those properties would fetch at least £195k in todays market
I will not give you house number but postcode was po21 4rz , and property was bought early 2009 |
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I do not know of any that are i arrears.
I think it's around 3% in arrears in the UK with millions more JUST getting by each month , so very close to the edge. I can also categorically state that there is nothing werong with Buy To Let mortgages, many borrowers are paying rates as low as 1% . Not that many are paying 1% . We done very few self cert mortgages. I'm beginning to think you didn't do very many mortgages at all ....... There is nothing wrong with someone releasing a little equity. Agreed , but far to many took to much it was like a drug to them and now their £ucked ...... It is up to thenm how much risk they take with their own money. Sure it is up to them how much risk they take , but when it all goes pop as it was obvious it would why should everyone else have to help these suckers pay it back . Many have done very well out of lenders loose criteria of a few year back.. Sure in the early years many would of done ok , provided they stayed sensible but then the property ramping , greed , profits and back street lenders like you appeared and it all got out of control. You didn't say how your INTEREST ONLY customers are going to pay back their loans , being that 50% or more of your business are these types of loans and the fact that property is 15% down in your area , how are they going to pay it back , and please don'y say the've all got repayment vehicles in place ..... |
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The house bought by the 70yo old was in much worst condition than any other in the same road.
One of the best examples has since sold for £195K since. Others have been marketed for less than £195K but have failed to sell. Just a few facts that Chisel failed to mention. |
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Oops.
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Sharky
Ask me again in 25 years how interest Only borrowers are going to repay their loans. I am sure that their situation will be somewhat better than those that rent for 25 years!! I actually agree with some of what you wrote back then...Very humble of you ! Sharky Less that 3% of my clients are in arrears. I have never had one get repossessed, and have NEVER had a complaint..EVER Also you are right, I probably dont do too many mortgages. We do about 7-10 mortgages each a month. I am happy with that number. When/If the market picks up or Interst rates rise We will be doing a hell of a lot more. I have also advised you that we are not greedy!! I am happy that I have a decent job, close to home, that allows me to have a decent life with my family. There are many that spend little quality time at home and live under constant pressure due to work etc.. That is not for me JML Sure the property was in need of a bit of redecoration but not much... Are you still trying to suggest that my customer did not do well out of buying a 2 bed semi bungalow in a good location for 135k?? Amazingly, I actually think that he got probably one of teh best deals of anyone that bought a property in Bognor last year |
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Sure the property was in need of a bit of redecoration but not much...
How do you know how much needed doing to it? From the outside it looked as if it hadn't had a penny spent on it since it was built. In fact he probably didn't get the best deal in his street last year---there was a better example sold for £145K. £135K was not a bargain--it was a fair price. The asking price of £165K is just futher proof how clueless some EAs are. Looking at those bungalows has made me realise how crazy, house prices are. £195K for a dated 2 bed semi-detached bungalow!!!!!! Absolute madness. |
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Quick question for chisel or anyone?
If I was to say buy a house for 100k with a 15k deposit, that means I have 15k of equity in the house right?Would a bank then let you borrow against your housse, for an unsecured loan of 15k? Or perhaps just 5 or 10k? |
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chisel 09 Sep 10 11:33
Ask me again in 25 years how interest Only borrowers are going to repay their loans. So you can't answer my question and you clearly didn't give a thought and the consequences on how these maxed out Interest Only borrowers were going to repay back the loan when you sold it to them , you were just typical of a back street spiv just looking for the next mug to shaft for your commision. I am sure that their situation will be somewhat better than those that rent for 25 years!! I think your find all interest only homeowners are renting from the BANK many are in negative equity as they bought near or at peak prices they will be paying higher rates , full maintenance on their rented property and unable to move , many would be financially better off renting there home from a landlord and not a bank with no maintenance costs and the freedom to move whenever . |
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JML
You are absolutely wrong I am afraid. I know my local area very well and am able to tel customers if a property loks good value or not. The customer got a fantastic deal. I can absolutely assure you of that. In fact I could not believe he got a 2 bedromm semi bungalow for that money. Your comments really do make me laugh. Fisrst you call me a liar!! Then I prove you wrong, so you start to question somethong that you clearly now absolutely nothing about at all.. Stick to what you know an I will do the same Sharky You know exactly why those people will be better off in 25 years, you go on about it enough. IO suits some people and it doesnt suit others. As you are more than aware I am no backstreet anything. My last mug punter as you call them was on SVR with A & L at 4.99%. He has just remortgaged to a 2 year fixed at 3.19% .He had tried to get a mortgage with Coop and HSBC , both of which said he did not earn enough for a straight swap mortgage that would save hime £150 per month.. He must be really upset that he called me.. Oh and I changed hime to a Repayment mortgage from a part interest only one.. Another bit of poor advice backs treet lending!! I will state once more. I always do what is best for my customers. I NEVER charge a fee for anything. An I have never had a complaint. You know absolutely nothing about me, my family or my company. You also know nothing about the property market or the mortgage market. |
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You are absolutely wrong I am afraid. I know my local area very well and am able to tel customers if a property loks good value or not. The customer got a fantastic deal. I can absolutely assure you of that. In fact I could not believe he got a 2 bedromm semi bungalow for that money.
It's plain for anyone to see that the bungalow bought for £145K is in much better condition that the one bought by your client for £135K. Only 3 days ago you said I have made it clear on numerous occasions that I beleive people are capaable of making their own financial decisions You now contradict this by saying and am able to tel customers if a property loks good value or not On the other hand you must tell a lot of potential customers not to proceed due to poor value----helps explain the pitiful amount of mortgages you sell. Your comments really do make me laugh. Fisrst you call me a liar!! Then I prove you wrong, so you start to question somethong that you clearly now absolutely nothing about at all.. The fact that you're a liar is not in doubt---I've lost count of the number of times you've been caught out. How have you proved me wrong? Has your client managed to sell his property easily for £195K? |
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You know absolutely nothing about me, my family or my company. You also know nothing about the property market or the mortgage market.
YOU--an unpopular lying bullsh1ter full of self praise. WIFE--Works as an EA (glyn-jones) 2 children. Company--"your morgage centre" very poor turnover. Moved to bigger,better and more expensive office to coincide with the huge downturn in mortgage lending. |
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Quick question for chisel or anyone?
If I was to say buy a house for 100k with a 15k deposit, that means I have 15k of equity in the house right?Would a bank then let you borrow against your housse, for an unsecured loan of 15k? Or perhaps just 5 or 10k? So like 100% loans you want to buy the house with no money down? I heard people doing this 30 years ago but what has gone on in the world of finance i doubt any lender will g for this. Like many lenders now, They want the big deposits, one to safe guard themselves for further drops in property value and for you to take the HIT First. |
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Bullion:
I meant secured loan btw, not unsecured. My question is do they check the equity on the home or just that you have a home and mortgage? I would be putting 5k down, just wandered if I'd be able to borrow it back if I thought there was something more worthwhile I could do with it. Like make the repayments  |
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chisel 10 Sep 10 13:00
You know exactly why those people will be better off in 25 years, you go on about it enough. No i don't know how these people will pay off their IO loans in 25 years time , i assume your expecting their property value to go up by 300% , 400% , 500% in 25 years time . I NEVER charge a fee for anything. So your kinda like a mortgage advising charity . You know absolutely nothing about me, my family I know plenty about you Christian , one of your favourite subjects is talking about yourself , also there's no need to bring your family into the debate , although i expect your 2 kids are fed up with you and your estate agent working wife banging on about the housing market. |
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My last mug punter was on SVR with A & L at 4.99%. He has just remortgaged to a 2 year fixed at 3.19% .He had tried to get a mortgage with Coop and HSBC , both of which said he did not earn enough for a straight swap mortgage that would save hime £150 per month.. He must be really upset that he called me.. Oh and I changed hime to a Repayment mortgage from a part interest only one.. Another bit of poor advice backs treet lending!!
ZZZZZZZZ it's no good cherry picking one of your IO customers to use as a example or just simply making something up . Bottom line is interest only mortgages are dangerous for the majority they were heavily promoted in the boom years as thats all they could afford to pay , i told you over 2 years they were a ticking time bomb and finally those r-soles at the FSA have realised the same thing ....... http://www.mortgagestrategy.co.uk/regulation/fsa-could-kill-off-interest-only-warns-cml/1018095.article CHISEL ....HERE ARE SOME POINTS OF NOTE FROM THAT ARTICLE .......... "Some lenders have announced they will no longer offer them to first-time buyers" "The FSA’s current view is that interest-only should be used only where there is a “genuine” repayment method in place," "The CML says: “The approach described in the FSA paper is likely to lead to interest-only mortgages being withdrawn from the market." JML , good profile , one more point to add to the bullshysters profile ....Form of transport - push bike |
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Looks like Chisel also bought near the top of the market.
An end of terrace sold earlier this year for a only a little more than the Chisel paid for his terrace(next door). Having seen the state of his car,it's no surprise he cycles to work. |
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JML
What are you going on about mate? And Grey Shark your ignorance is an absolute joke. For the record, I have necver claimed to be a millonaire. I ride to work because I live less than a mile from my office. My office costs me £500 per month, and I can assure you that we can just about afford it. I do not live in an end terrace house JML, and we have a Picasso as a family car. I also bought my property 7 years ago , so I can assure you that I DID not buy near the top of the market. In any case, it really would not matter if I did. There are many that bought at the top of the market and it is just one of those things. It would cost nearly £1000 a month to rent a home like mine, and I have a mortgage which is just 0.75% above teh Base rate with Coventry B.S for teh entire mortgage term. I DO NOT have an Interest only mortgage I will make no apologies for not having expensive tastes. In fact I would usualyy expect the likes of Grey Shark to commend me for not being flash. Anyway Sharky. Lets talk about what level of income the Tax Credit people take from you before they work out your payment. As you know, if your income is low(you have no PAYE salary to speak of), and spend tiome dabbling on betafair. You arte playing the system mate.. I know what th elikes of you get in tax credits if you show a VERY low level of ioncome and have children. My wife and I work hard to provide for our family, and I assure you my children are not interested in what Daddy does for a living. I have better things to talk to my wife about than mortgages and house prices. I can also confirm to you that she does not work for Glyn Jones. Although they are a very nice little Estate agent. Finally Sharky.. I really do not know why you attemp to demonstarte that you know anything about the mortgage market. Your knowledge is laughable, and quoting what the FSA is considering is not sensible, given they discuss almost every issue under the sun!! I will fill in the gaps for you. Lenders are happy for FTB to take INterest Only mortgages, providing they are backed by an investemnet plan. Some lenders allow borrowers 85% . at 75% most lenders will allow Pure Interet Only which means they do not require a payment vehicle to be in place. At loan to values above 85% lenders only allow Repayment . It DOES not matter if they are FTB, or homemovers. Sharky renting is like paying Interest Only , but having the double whammy of inflation to deal with. |
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Grey Shark seems like an unstable kettle of fish imo.
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chisel 13 Sep 10 10:05
I have necver claimed I ride to work I live less than a mile from my office. My office costs me £500 per month I can assure you that we can just about afford it. I do not live we have a Picasso I also bought my I can assure you I DID not buy I did. I have a mortgage I DO NOT have an Interest only mortgage I will make no apologies I would usualyy expect I know what th elikes of you My wife and I I assure you I have better things my wife I can also confirm I really do not know I will It really is all I , I , I , I , ME , ME , ME , ME , with you ......... |
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you're obsessed greyshark.
What was your prediction for the housing market in 2009? What was it in 2010? What is it for 2011? |
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UTI 13 Sep 10 14:12
you're obsessed greyshark. Think your the one obsessed with over 7,000 posts in less than 6 months on the forum , i reckon you need to get out more . Anyway whats your other forum names ? What was your prediction for the housing market in 2009? It was the same as chisels original prediction , we were both wrong as we failed to facter in the extreme length's of government intervention . What was it in 2010? The market was clearly being manipulated and tampered with so there was little point in predictions imo. What is it for 2011? Havn't got one yet , whats yours then ..... |
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I think house prices will end 2011 within 1 or 2% of what it starteed at.
I hardly ever post on tradefairs, but when I do you're always banging on at chisel and you're often quite personal about it. Seems a little unfair to me. All the others join in too, which seems quite weak of them. |
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UTI Sep 10 14:41
I hardly ever post on tradefairs, I know you don't post much on Tradefair but i suppose if your averaging over 40 posts a day you just can't do everything. but when I do you're always banging on at chisel Chisel sells debt products to the public which imo is dangerous , it is mindsets like chisels that help create the mess and state the country is in . All the others join in too, which seems quite weak of them. Terrible isn't it , big bunch of girl's blouse's arn't they ..... |
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Despite you all being glorified guessers I am probably more on your side, economically, than chisels. I've never owned a house so astronomic price rises never did me any good. But I don't see massive falls in the next year or two.
Some of your personal insults at chisel are a bit pathetic imo and they are going on virtually EVERY time I come on this forum. You're obsessed imo. |
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UTI 13 Sep 10 15:22
You're obsessed imo. Name ......... UTI Joinend ...... 27 March 2010 {170 days} Posts ........ 7196 170 days - 7196 posts - average of 42.3 posts a day = obsessed . |
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I'm lucky enough to have a job with (almost) my own office, so I can get away with a lot of messing about on the internet.
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UTI,
How do you think up 42 interesting things to say each day? |
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Contrarian Joined: 19 May 03
Replies: 303 13 Sep 10 18:34 UTI, How do you think up 42 interesting things to say each day? He does nt |
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UTI sufferers need to piss 42 times a day.
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grey shark - your original post and opinions were pretty good. Subsequently you have turned into a perpetual chisel basher and a perennial bear on all property and anything remotely tied to the economy. Your cu-dos has completely evaporated and you have become the broken watch which is right twice a day. I sincerely suggest that you crawl back into your rented shoebox and rethink your life, forum posts and career path...
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GS, EO, Charlatan and all the other housepricecrash.com supporters
Where is the Property crash and when will it happen ??? Property up 200% since 1997 ....even after debatable falls Chisel is right ...owning better than renting imo |
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14 Sep 10 08:10
Where is the Property crash and when will it happen ??? Your repeating yourself as you've asked this question numerous times on this forum over the last few weeks. Property up 200% since 1997 ....even after debatable falls We know this as you keep telling us , perhaps you should tell all those who strectched themselves to buy property in 2006 , 2007 , and 2008 that property is up 200% as all 3 main housing index's have SOLD prices at mid 2006 levels , we are not interested in 1997 only from 2005 when it was obvious it was all out of control. |
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skipp 14 Sep 10 08:10
Where is the Property crash and when will it happen ??? Actually the Halifax survey is showing under Sept. 2005 prices .... Jul 10 £167,425 Sep 05 £168,299 here is the peak of the Halifax survey - Aug 07 £199,770 .... oh sh1t !! |
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http://www.guardian.co.uk/money/2010/sep/14/house-prices-fall-mortgage-lending
http://www.telegraph.co.uk/finance/personalfinance/8000177/Home-owners-must-reduce-prices-by-10pc-to-sell-properties.html |