Multi layered question

[spygirl]

2 hours ago, Noallegiance said:

It's big. About 160k. But the impact is noticeable. It's not just the banks. There is a main road that had 10-15 large office blocks with various companies occupying them for years. Since 2000 the companies have disappeared and the offices converted into living spaces.

Seems like lots of places to live but fewer jobs to pay for them. The nail bars, barbers, tattoo parlours and coffee shops only cover so much.

The road down from Bmouht trainstation to town was a pure play on gormless financial product providers.

I think it was some sort of ground zero for underperfoming endowments.

I guess it was the late 80s move everything outside of London. Bmouth is ~100m on the train.

I used to have to to Bmouth inthe mid 90s. Huge number of companies.

Theres a few places left now but the bulk is JPMorgan, slightly.

Bmouth was very very very lucky that their last remaining finsec compnay didn ot bet the farm on subprime/junk. And thats was just by luck ratehr than judgement.

2 hours ago, Noallegiance said:

It's big. About 160k. But the impact is noticeable. It's not just the banks. There is a main road that had 10-15 large office blocks with various companies occupying them for years. Since 2000 the companies have disappeared and the offices converted into living spaces.

Seems like lots of places to live but fewer jobs to pay for them. The nail bars, barbers, tattoo parlours and coffee shops only cover so much.

Well..  that places Ive know about used to work along liens of -

Just need a gcse passes in maths  n  english h to get a job.

Once you had foot in, with a bit of application you could work up, getting on a pretty good salary by mid 30s.

Then some managed to get into realms of management, earning 60k+, all on a couple of crappy gcses.

Of course, most were selling total junk and went out of business as soon as the rules on omission changed. Poof! Virtually overnight.

 

 

[sancho panza]

On 27/07/2019 at 09:41, spygirl said:

Misses the major factor.

The UK finsec, from bank branches to investment banks, is still in a process of decimation.

Retail banks, life insurers, back offices - gutted. Be it software, bent orgs, higher capital.

London n Se had the most exposure. Indeed, it was not unsual to go to regional towns in south where 50% of private employment was finsec. These jobs, in the main, have gone.

There was no plan B in these towns.

Add to that stuff like MMR which hammers people with high travel costs.

Chuck in congestion  struggle.

Firend of mine used to work for a big bank brokerage in NYC ten years back.Even then they had half the floor empty in some expensive real estate.

All brokers now going automated,more efficient,less mistakes,cheaper for clients.

The days of Finsec back office jobs being well paid are dying.

[sancho panza]

On 26/07/2019 at 15:38, A_P said:

Of course. I personally think it's important though to try and look beyond what we are programmed to. I myself tend to have contrarian tendencies but am trying to be pragmatic and open to other possibilities. I think it's far too easy to get suck(er)ed into looking for patterns and information that match one's hardened beliefs. 

I don't mind you asking, I've certainly not hid the fact we were relocating (from the SE) to buy, reduce hours, improve worklife balance for the missus and hopefully setup a business in the not to distant future. Offer accepted in June.

A_P,if you don't mind me asking,if you got a mortgage,how did you find the MMR process?Was it rigorous?Or open to getting around?

 

[sancho panza]

4 hours ago, Talking Monkey said:

I wonder how long all those nail bars and coffee shops will survive

A lot aren't making money but are tax credit farms for want of a better phrase.Understanding LL who'd rather have someone paying something than nothing etc.Most local high sts ceased to make a profit for tenant shopkeepers 4/5 years ago.It's jsut getting worse.

[A_P]

Just now, sancho panza said:

A_P,if you don't mind me asking,if you got a mortgage,how did you find the MMR process?Was it rigorous?Or open to getting around?

 

Not at all. Yes we got a mortgage and found it surprisingly easy, considering what i read on here and general conversations from people who have gone through the process. I guess we're not particularly normal though as no debt and a healthy deposit.  Also we managed to negotiate a decent reduction on the price/EA valuation on the house as vendors were after a quick sale (although their solicitor hasn't been particularly fast )so assume it was quite an easy decision for the bank on that basis alone. 

Ended up doing it in the Mrs' name only as we're using her LISA so we can keep mine and another FTB'er should we need in the future. Went with the institution she banks with who are known as one of the tougher/more rigorous lenders. Application done online and approved the next day. Had to upload payslips and copy of contract as a recent change of employer. MMR aspect was really straight forward. They use a figure themselves for most expenditure so we only had to fill in ground rent (nominal amount, common over here in NI) and transport costs (which we over egged). There were no further requests for information which i thought they might have asked for considering there are barely any transactions on the account. Almost all of them are on my amex or bank account.

[A_P]

I guess as well just to add. On the initial decision in principle they offered exactly 4.75 x income. However on the firm mortgage offer it says they could lend an amount at at 95% LTV which equates to x 4.5 

[sancho panza]

On 28/07/2019 at 15:18, A_P said:

Not at all. Yes we got a mortgage and found it surprisingly easy, considering what i read on here and general conversations from people who have gone through the process. I guess we're not particularly normal though as no debt and a healthy deposit.  Also we managed to negotiate a decent reduction on the price/EA valuation on the house as vendors were after a quick sale (although their solicitor hasn't been particularly fast )so assume it was quite an easy decision for the bank on that basis alone. 

Ended up doing it in the Mrs' name only as we're using her LISA so we can keep mine and another FTB'er should we need in the future. Went with the institution she banks with who are known as one of the tougher/more rigorous lenders. Application done online and approved the next day. Had to upload payslips and copy of contract as a recent change of employer. MMR aspect was really straight forward. They use a figure themselves for most expenditure so we only had to fill in ground rent (nominal amount, common over here in NI) and transport costs (which we over egged). There were no further requests for information which i thought they might have asked for considering there are barely any transactions on the account. Almost all of them are on my amex or bank account.

Thanks for explaining.

I suspect that is the case. re no debt/low LTVHowever,it's interesting to hear your experience as you've been through it first hand .It may also have helped that you went with her primary bank as they'll have been well aware of her credit history.

 

It appears that if you're in a strong position re LTV/income ratios,then MMR doesn't really seem to matter.Be interesting to know what it's like lower down the food chain.

iirc NI is pretty good value in terms of price off peak.

[A_P]

44 minutes ago, sancho panza said:

Thanks for explaining.

I suspect that is the case. re no debt/low LTVHowever,it's interesting to hear your experience as you've been through it first hand .It may also have helped that you went with her primary bank as they'll have been well aware of her credit history.

 

It appears that if you're in a strong position re LTV/income ratios,then MMR doesn't really seem to matter.Be interesting to know what it's like lower down the food chain.

iirc NI is pretty good value in terms of price off peak.

Yeah I think NI on the whole is good value, well in comparison to the SE. Belfast seems to be heating up again. Definitely a demand for decent property, anything that doesn't need much work/priced right will sell very quickly.

I'm not even that convinced MMR has that much of an impact for the people that are close to the limits, as they're allowed to extend the term to bring affordability in-line. It's only to stop people at the very limit.

 

[King Penda]

On 28/07/2019 at 09:33, Talking Monkey said:

I wonder how long all those nail bars and coffee shops will survive

Don’t forget the vape shops a few of all the above have gone locally but they would not even have opened without tax credits staff 😀 3 people shareing one job