1 million in negative equity

[RobM]

Thank you. Common sense reigns at last!

 

[Firestorm]

Perhaps if, a few years ago, everyone had not been going on about free banking and no bank charges etc, the Banks may not have had to rely on risky investments to make a profit.

just a thought

 

[graysblue]

Perhaps if, a few years ago, everyone had not been going on about free banking and no bank charges etc, the Banks may not have had to rely on risky investments to make a profit.

just a thought

to be fair the banks were posting massive profits and then pure greed took hold.

when bush and blair thought it would be decent to pile into the sub prime market thus allowing virtuall every world bank to plunge billions into this reckless scheme it had to end in tears.

 

[Napster]

to be fair the banks were posting massive profits and then pure greed took hold.

when bush and blair thought it would be decent to pile into the sub prime market thus allowing virtuall every world bank to plunge billions into this reckless scheme it had to end in tears.

This started before Bush/Blair - blame it on Clinton.

http://www.reclinercommentaries.com/2008/10/bill-clinton-and-fannie-mae.html

 

[graysblue]

This started before Bush/Blair - blame it on Clinton.

http://www.reclinercommentaries.com/2008/10/bill-clinton-and-fannie-mae.html

as i understant it,clinto was the instigator whilst bush was utterly reckless,blair was bushes poodle and he followed siut.

hence why this goverment bailed out northern rock,this bank from what a couple of estate agents told me were lending to ANYONE/EVERYONE at times 6 times salary,was this bank directed by the goverment??

 

[RobM]

Six times, yes they did.

 

[Clarky_Blues]

Housebuilders are bending over backwards to sell properties. I have just secured a plot with £55k off the asking price, stamp duty (3%), carpets, sale of our current house with all the associated costs and they will even send a removal company around on the day we complete to pack up our house!

 

[graysblue]

Housebuilders are bending over backwards to sell properties. I have just secured a plot with £55k off the asking price, stamp duty (3%), carpets, sale of our current house with all the associated costs and they will even send a removal company around on the day we complete to pack up our house!

if i were you mate, speak to your lawyer/builder and try and retain 10% for future snagging work.

trust me there will be many snags which builders once paid are very relunctant to put right.

 

[MrB]

I remember when I bought my place 4 years ago, we met with the Mortgage Adviser at the Estate Agents and he took down our details to establish what sort of mortgage we could get. We gave him our basic salaries and he asked whether either of us got bonuses, I said I did but that it could fluctuate hugely from year to year. His reaction was that as long as you can prove you got one last year, he could find a lender that would give a mortgage based on that as income and started quoting some crazy numbers at us. Luckily we weren't that stupid but there must have been plenty of people out there who'd suddenly think 'Ooh, maybe I can afford that 5 bed detached house after all!'

Scary stuff.

 

[Mad Cyril]

if i were you mate, speak to your lawyer/builder and try and retain 10% for future snagging work.

trust me there will be many snags which builders once paid are very relunctant to put right.

Also, if you ask them to leave six bags of hardened cement in your back garden I'm sure they will be happy to oblige.

 

[graysblue]

Also, if you ask them to leave six bags of hardened cement in you back garden I'm sure they will be happy to oblige.

haha spot on.


the chafford estate in grays is shoddy to say the least,some of the things i have seen are plain mental.

1 couple paid 400k for their brand new gaff,the kitchen floor ad 100mm drop,1 cupboard would not open and both loos did not flush,in addition there was an almight crack running through the garage wall which is part of the house.

seen many more.

 

[MK Shrimper]

Chafford Hundred is built on a landfill site. Unlike my good ol' Victorian built house them places ain't gonna last 130+ years!

 

[graysblue]

Chafford Hundred is built on a landfill site. Unlike my good ol' Victorian built house them places ain't gonna last 130+ years!

very true MK,

my gaff was built 1910 and should last another 500 years.

in all honesty i would not buy any new build UNLESS it was to my own spec.

 

[Clarky_Blues]

This will be our third new build and we have never had any problems...fingers crossed!

 

[MrB]

This will be our third new build and we have never had any problems...fingers crossed!

You've keyed into the fact that the trick is to keep moving!

 

[DTS]

my advice,

wait a year and then find a gaff at the auction,REMEMBER TO HAVE A SURVEY DONE 1ST AND NEVER BUY BLIND.

As an experienced broker I would say this is pretty poor advice.

Auctions by there nature can be very complex. They need completion is 28 days and therefore the people that are buying at auction are often cash buyers or bridge the finance.

Auctions can be good to get a bargain but if you dont know what you are doing they could prove to be like buying a pig in a poke.

In the current declining markets bargains can be had via estate agents or by haggling with builders laiden with stock they cant shift.Auctions are more for developers due to the risks involved.

 

[graysblue]

As an experienced broker I would say this is pretty poor advice.

Auctions by there nature can be very complex. They need completion is 28 days and therefore the people that are buying at auction are often cash buyers or bridge the finance.

Auctions can be good to get a bargain but if you dont know what you are doing they could prove to be like buying a pig in a poke.

In the current declining markets bargains can be had via estate agents or by haggling with builders laiden with stock they cant shift.Auctions are more for developers due to the risks involved.

hence why i did state never buy blind and get the survey done.

the auction can possibly offer a further 10/15% saving from market values.
with the market being flooded with snatchbacks this means good stock will be going into the auction house,as banks just want to recoup some of their money.

get the info pack and read carefully,find the gaff get the survey sorted and stick to your price limit.

 

[Berrichonne shrimper]

Chafford Hundred is built on a landfill site. Unlike my good ol' Victorian built house them places ain't gonna last 130+ years!

I thought and i may be wrong that chafford hundred is built in the old chalk dig outs that i used to play in as a kid and not built on landfill,but i may be wrong even though i know im not but i may be.

 

[Clarky_Blues]

You've keyed into the fact that the trick is to keep moving!

Certainly have and all been purchased off plan with a very nice profit made on each. The new one has a 10 year shelf life - I have been instructed!

 

[sufcintheprem]

in an ideal world i would agree,yet bankers have preyed upon people by throwing cash at them.

...and yet, I would be outraged if the government was telling me how to make my own financial decisions with money I have earned in the provate sector just as I would be if the government told me what I could and couldn't eat or drink.

If they were to offer a prescriptive risk to liquid asset ratios and a way people could measure it it might be more useful