MORTGAGES!!!

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elliott
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Post by elliott » 08 Feb 2007, 14:42

been on one, drove one. both were boring as fuck. get me a speed boat anyday.

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Post by chippy » 08 Feb 2007, 14:55

i don't think living on a speedboat would be very practical
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Post by Jess » 08 Feb 2007, 15:00

Maybe a tree house instead?
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Post by garymcnally » 08 Feb 2007, 17:54

TobyDNA wrote:
garymcnally wrote:Im considering living on a house-boat, apparently its cheeper, and I love the idea of it.


Winter aint so fun on a boat but for the summer it would be awesome. I know a couple of people that have done that. Wouldn't want to do it in Stoke though.


There was a layer of frozen...well, er, shitty crud on the top of the canal this afternoon.

I read somewhere that apparently because it is such a small space, it is possible to heat a houseboat relativly cheep and easily and that it can REALLY warm in them.
Happy now? :'-(

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Post by Lord_Blacknose » 09 Feb 2007, 11:58

leeroy wrote:I could rent, but i cant justify throwing money down the drain. It is great having the independence, but if i rented, i would never be able to save as well. So i think im just gunna have to swallow my pride and stay with my parents a bit longer. But to be honest, i have it pretty easy at home. No women will ever make my lunches for me before work, wash clothes and be my personal bank?. oh i love my mum!!



Throwing money down the drain? Have you SEEN the property prices in West Berks? That's throwing money down the drain mate jesus...
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Post by metal_dave » 09 Feb 2007, 12:13

but at least you have something to show for it.
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Post by leeroy » 09 Feb 2007, 13:10

Exactly dave. The house is yours. If you want to rent and help some greedy landlord pay of HIS mortgage, then be my guest. It will be your loss when you want to get a bigger house and cant because you have no equity and savings beacuse you pissed it away paying someone else's debt

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Post by elliott » 09 Feb 2007, 15:16

Lord_Blacknose wrote:
leeroy wrote:I could rent, but i cant justify throwing money down the drain. It is great having the independence, but if i rented, i would never be able to save as well. So i think im just gunna have to swallow my pride and stay with my parents a bit longer. But to be honest, i have it pretty easy at home. No women will ever make my lunches for me before work, wash clothes and be my personal bank?. oh i love my mum!!



Throwing money down the drain? Have you SEEN the property prices in West Berks? That's throwing money down the drain mate jesus...


That's not money down the drain. That's investing. Houses will always make you profit. Why rent when exactly the same amount of money per month could be going into a decent property?

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Post by elliott » 09 Feb 2007, 15:17

leeroy wrote:Exactly dave. The house is yours. If you want to rent and help some greedy landlord pay of HIS mortgage, then be my guest. It will be your loss when you want to get a bigger house and cant because you have no equity and savings beacuse you pissed it away paying someone else's debt


well said.

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Post by garymcnally » 09 Feb 2007, 16:47

Houses wont allways make you money, at the moment yes, but if the property bubble bursts (which is quite possible) you could lose alot of moneyin the end.
Happy now? :'-(

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Post by monkey » 09 Feb 2007, 19:25

garymcnally wrote:Houses wont allways make you money, at the moment yes, but if the property bubble bursts (which is quite possible) you could lose alot of moneyin the end.


This is true, don't be fooled by the property prices at the moment. I doubt anyone here remembers the price crash at the start of the 90's. I own my house. However I am not going to keep it if prices look like they may crash. I personally don't think things will get as bad as they were 10 years ago. BUT I expect prices to rise this year then start to slow in 2008 and then have a small drop in 2009. However alot of this depends what happens with base rate between now and then.
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Post by Misc » 13 Mar 2007, 15:07

monkey wrote:
garymcnally wrote:Houses wont allways make you money, at the moment yes, but if the property bubble bursts (which is quite possible) you could lose alot of moneyin the end.


This is true, don't be fooled by the property prices at the moment. I doubt anyone here remembers the price crash at the start of the 90's.


The thing to remember is that houses will always make you money, if you wait for the right time to sell. If there's a crash, you need to be prepared to hang on to your property and weather the storm until things recover.

Prices have shot up recently - and Newbury is still one of the hotspots. I read somewhere that flats in the town went up by 17% in 12 months. That's a pretty decent return in anyone's book - certainly more than you'd make investing your money (unless you were really lucky on the markets).

When I was looking for my first flat, I saw a really nice one bedroomed place on the top two floors of the Granary (that tall building next to the swing bridge over the canal). I missed out on that one at £105,000, three years ago. I've noticed that it's back on the market now, with a sticker saying "Now reduced to £155,000" !

I used to rent a flat with my girlfriend while I was at Uni in London - it makes me sick to think that we were shelling out £475 every month to a useless landlord who wouldn't even let us paint the drab pink walls. That's more than £17,000 that sad tosser had off us over three years...

:nuts:

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Post by elliott » 13 Mar 2007, 16:06

monkey wrote:
garymcnally wrote:Houses wont allways make you money, at the moment yes, but if the property bubble bursts (which is quite possible) you could lose alot of moneyin the end.


This is true, don't be fooled by the property prices at the moment. I doubt anyone here remembers the price crash at the start of the 90's. I own my house. However I am not going to keep it if prices look like they may crash. I personally don't think things will get as bad as they were 10 years ago. BUT I expect prices to rise this year then start to slow in 2008 and then have a small drop in 2009. However alot of this depends what happens with base rate between now and then.


i heard there's a possible crash towards the end of the year if things keep on going on the way they are so im getting prepared. possible?

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Post by monkey » 14 Mar 2007, 09:26

Elliott read this article it explains many of my reason for believing we probably won't have a major crash anytime soon. The worst / best that will happen is a small correction probably somewhere in 2008 or 2009 (in my humble opinion) http://news.bbc.co.uk/1/hi/business/6382399.stm

Misc- I agreed with everything you have said there prooperty will always go up if you hold onto it. The problem you have is when you get a crash people end up in negative equity and then get repossesed as their rates have been put up. And yes paying someone elses mortgage is both a pain in the arse and highly upsett8ing when you work out the full cost.
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Post by elliott » 14 Mar 2007, 09:29

cheers boss :thumb:

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Post by chippy » 14 Mar 2007, 09:35

i'm just gonna re-iterate just how much monkey knows what he's talking about.
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Post by chippy » 14 Mar 2007, 09:36

monkey wrote:And yes paying someone elses mortgage is both a pain in the arse and highly upsett8ing when you work out the full cost.


ah well at least i'll be paying yours now.
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Post by monkey » 14 Mar 2007, 10:04

chippy wrote:
monkey wrote:And yes paying someone elses mortgage is both a pain in the arse and highly upsett8ing when you work out the full cost.


ah well at least i'll be paying yours now.


:chuckle: your actually more convering my maintenence payments but yes I see what you mean. Also thank you, not many people tell me I know what i'm talking about alot of the time.
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Post by chippy » 14 Mar 2007, 10:16

that's because you don't most of the time :D
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Post by monkey » 14 Mar 2007, 16:18

Your probably right. I fail most of the time in not talking crap but when you gve me crazy financial things I can sort it out. Still makes no sense but then I don't really know how I ended up with this job, oh well I seem to be good at it.
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Post by garymcnally » 14 Mar 2007, 17:02

Someone was telling me how (in some round about way) that Americas trade deficeit with China is going to cause a huge recesion. You heard anything about that Duncan?

How many thousands of unoccupied buildings are there in Britain does anyone know?

Im seriously considering living in a boat or having some caravans.
Happy now? :'-(

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Post by monkey » 15 Mar 2007, 15:44

It's not going to cause a huge recesion. Basically the stock market is held up by belief and rumours. Basically if you believe a company is going to do well you will be willing to pay more for it's stock thus increasing the market value of the company.

However, many things will effect this value as it is all based on the belief that a company will be profitable. This can be seen over the past 2 weeks with the global sell off of stocks on rumours of China introducing CGT (Capital Gain Tax) on gains made in the stock market.

Still over the last couple of days stocks have fallen on news that the US economy as a whole and the sub-prime mortgage sector in particualr are having problems. However stock prices will recover and I son't really see a major crash like that seen in the late 90s when the dotcom bubble burst.

Sorry for the rambling nature of this post I hope I have covered everything I meant to.
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Post by chippy » 15 Mar 2007, 15:59

Nintendo made a key speech last week where they were going to make all sorts of cool announcement but then they weren't allowed to because the government forbade them to say anything that would raise their stock price, or something.
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Post by monkey » 15 Mar 2007, 16:35

Which government forbade them? Normally it is announcments like that, that do raise stock prices in the short term it's normal market activity. I would be interested to see the reason behind such a ban as it doesn't really make sense.
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Post by chippy » 15 Mar 2007, 16:49

i'm not actually sure, i can't find the thread of something awful where I saw it. hang on.
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Post by chippy » 15 Mar 2007, 16:53

ignore me, it was due to some unrelated stock deal they were doing, i read it all wrong.
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