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First Time Buyer: ‘We beat the odds to buy, aged 20’


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Wight Flight
2 hours ago, Banned said:

Show them this article then maybe theyll thank you.

If they are still in their 20s shouldnt be a problem to wait. Id be 100% sure it'll burst within the next 3 years and i can see prices falling sharp and fast.

As ive an 8.5 year old kid i dont have that long to wait.

Why don't you have time to wait?

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10 hours ago, One percent said:

Remind me, how long have we been saying that?  

Since around 2000 when prices had doubled in a few years. Didnt realise itd takre demographics to fix it.

Its coming now though being as it the no1 political agenda for the under 50s. 

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9 hours ago, Cunning Plan said:

Why don't you have time to wait?

Need to move soon and want to have kid in 1 settled house for rest of her childhood.

Plus im buying with savings thus paying rent with savings.

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Austin Allegro
On 02/10/2018 at 21:03, One percent said:

Remind me, how long have we been saying that?  

Which bit is it?  Not that there are any nice bits, just slightly less edgy and enriched 

I started on TOS in 2006 and people were saying it then!

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17 minutes ago, Austin Allegro said:

I started on TOS in 2006 and people were saying it then!

And I/theyd have been correct but for the Labour party being in the pockets of the banks.

It really was beyond the logic and intellect of pretty much everyone to see the extent theyd go to to save the housing bubble and then reinflate it with FFL/ TFS and Help to Buy.

FFS we'd have had a house price crash by 2003 if the BoE had raised rates when house price inflation was at 25%

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Agent ZigZag

What I dont get is why are valuers valuing such flats at the agreed purchase price that through my observations are price fixed by the developer  significantly above the second hand sales market for an equally desirable/comparable property. A simple bit of due diligence on the part of the valuer must reveal such new build flats are clearly above market expectations. iF they valued accordingly then such flats would not sell as the buyers would fail to get the required mortgage.

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39 minutes ago, Agent ZigZag said:

What I dont get is why are valuers valuing such flats at the agreed purchase price that through my observations are price fixed by the developer  significantly above the second hand sales market for an equally desirable/comparable property. A simple bit of due diligence on the part of the valuer must reveal such new build flats are clearly above market expectations. iF they valued accordingly then such flats would not sell as the buyers would fail to get the required mortgage.

Because they work for the banks and the banks want to lend as much as possible

Have to factor in the fact the state pays 40%, via Help to Sell, mug punter pays a minimum 5% thus the bank are loaning about half the listed price.

Insane that you and I have such a huge punt on that flat thanks to the free market Tory party .. and people still see them as different to Corbyn ... even on here.

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2 hours ago, Banned said:

Because they work for the banks and the banks want to lend as much as possible

Have to factor in the fact the state pays 40%, via Help to Sell, mug punter pays a minimum 5% thus the bank are loaning about half the listed price.

Insane that you and I have such a huge punt on that flat thanks to the free market Tory party .. and people still see them as different to Corbyn ... even on here.

not quite right,they are both part of the system and im eternaly at war with it.if i can fuck it over,ignore it and not play by its rules or use it to my advantage i will,has an example 18-20 months ago i knew an unemployed lad i figured he would make a good lodger but he didnt have a job or car.i got him a job where i work then realised he couldnt get there if we were working different nights so i sold him my car ,took him awhile to pay me back for the debt he had with me but he did.now it even helps cut my fuel bills has we car share.he is now giveing me 220 a month and my house is generating free untaxable cash with which i overpay my morgage with

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Here is another one £285,000 or circa £9500 per m2 for a 31 m2 flat in Croydon (stab vest and rape alarm not supplied)

https://www.thesun.co.uk/money/7460838/first-time-buyer-285k-london-micro-flat-same-size-tube-carriage/

It's just one of the 7,800 tiny converted office space flats built across the UK in 2017 and are part of London Mayor Sadiq Khan's plan to inject the capital with 116,000 affordable homes by 2022.

My budget was around £290,000 and I bought the flat for just under that at £285,000. I also took out a £114,000 Help To Buy loan which was worth 40 per cent of the property value.

I put down around a 7 per cent deposit which was £13,000 and took out a two-year fixed-rate mortgage with Skipton Building Society for £158,000.

I pay £475 on my mortgage every month which is almost half of what I was paying to rent a room in London.

To be honest, I've not really got a huge plan of how I'm going to pay back the loan.

I'll probably just keep it and pay the interest on it after the five-year interest free bit is over and pay it back when I come to sell the house.

 

I despair i really do!

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Dont despair' Banned it is their choice, but I am angry that the system is set up the way it is and taking advantage of uneducated people.

The lender I consider should also shoulder some blame. Why are they not asking the question of the borrower how they intend to pay back the Help to Buy loan.

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Long time lurking
On 02/10/2018 at 10:22, Thorn said:

Smells like a planted story I think.

Quote

The pair, who are originally from Ludlow in Shropshire, have known each other since they were five, and both work in property — Harry as a sales executive at another Taylor Wimpey development, 

Quote

We just couldn’t believe it! Having seen first-hand the build quality of Taylor Wimpey homes, I had every confidence in suggesting this as our first step on the property ladder. We chose a three-bed, top floor duplex apartment at Eclipse as we felt it offered very good value for money in an up and coming area and think it will be a great investment.’

Fill yer boots

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21 minutes ago, Agent ZigZag said:

Dont despair' Banned it is their choice, but I am angry that the system is set up the way it is and taking advantage of uneducated people.

The lender I consider should also shoulder some blame. Why are they not asking the question of the borrower how they intend to pay back the Help to Buy loan.

These 3 people have got almost a £1,000,000s worth of debt between them for 90m2 of property in some of the crappest parts of London.

And this is deemed a success in 2018  England, they will get slaughtered and so will taxpayers who are on the hook for much of  this debt

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3 hours ago, Banned said:

My budget was around £290,000 and I bought the flat for just under that at £285,000. I also took out a £114,000 Help To Buy loan which was worth 40 per cent of the property value.

I put down around a 7 per cent deposit which was £13,000 and took out a two-year fixed-rate mortgage with Skipton Building Society for £158,000.

I pay £475 on my mortgage every month which is almost half of what I was paying to rent a room in London.

To be honest, I've not really got a huge plan of how I'm going to pay back the loan.

I'll probably just keep it and pay the interest on it after the five-year interest free bit is over and pay it back when I come to sell the house.

Whaaa...?

It's... I... Sorry, I can't even. That's beyond my comprehension.

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8 minutes ago, kibuc said:

Whaaa...?

It's... I... Sorry, I can't even. That's beyond my comprehension.

Its Bricks'n'Mortar don't you know? Can't go wrong with Bricks'n'Mortar. House prices only ever go up!

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Subliminally planting the idea into the minds of any plebs with HTB loans who don’t know what to do when the teaser period is up: just kick the can aka pay interest only innit bruv.

social conditioning in action.

 

so these HTB taxpayer BUNGS to crappy new build developers get paid upfront by the taxpayer, then five years later these things turn into an open ended IO DEBT? Where do I sign up for this ingenious piece of financial fuckwittery/skullduggery?

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1 hour ago, kibuc said:

Whaaa...?

It's... I... Sorry, I can't even. That's beyond my comprehension.

You're obviously not a savvy investor.

She's from Dorset guaranteed the parents have made a killing in pwopertee ... and theyre not bright enough to see its a one off.

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10 hours ago, Banned said:

You're obviously not a savvy investor.

Obviously. I prefer shiny yellow bricks to the purple ones, and it hasn't been going too well so far.

I don't know what's worse:

1) The fact that "Lissa, who works in cinema sponsorship" whatever that means, aged 32, theoretically a grown-up, finds it a good idea to take on an insurmountable amount of debt, over 13 times her deposit which took her 7 years to save, admittedly with zero idea how to pay it off

or

2) The fact that collective forces of bankstery and government look at her and go "oh absolutely honey, have at it!"

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1 hour ago, kibuc said:

Obviously. I prefer shiny yellow bricks to the purple ones, and it hasn't been going too well so far.

I don't know what's worse:

1) The fact that "Lissa, who works in cinema sponsorship" whatever that means, aged 32, theoretically a grown-up, finds it a good idea to take on an insurmountable amount of debt, over 13 times her deposit which took her 7 years to save, admittedly with zero idea how to pay it off

or

2) The fact that collective forces of bankstery and government look at her and go "oh absolutely honey, have at it!"

World will always need cinema sponsors, probably win another couple of world wars and a world cup on the back of such innovation.

Id say the latter are much worse as they've created the situation, she's just some dumb bird who should be at home looking after a couple of kids whilst the husband pays for a house 3 times the size on an average wage. (or for the PC amongst us, she ought to be out at work whilst her husband looks after the kids)

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1 hour ago, Banned said:

World will always need cinema sponsors, probably win another couple of world wars and a world cup on the back of such innovation.

Id say the latter are much worse as they've created the situation, she's just some dumb bird who should be at home looking after a couple of kids whilst the husband pays for a house 3 times the size on an average wage. (or for the PC amongst us, she ought to be out at work whilst her husband looks after the kids)

Bit racist bit sexist mate

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