Mad Moe
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Registered: 14th Jun 01
Location: Northumberland
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quote:
Originally posted by Russ
negative equity only really matters if your selling. If you don't plan on moving any time soon you'll be fine
Another problem is that some people coming to the end of their fixed rates can’t afford the hike in their monthly repayments and therefore have to sell; if these people currently have 100% Mortgages there is a very real possibility that negative equity could see those people making losses
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Tiesto
Member
Registered: 6th Jun 02
Location: Hinckley, Leicestershire
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Media bollocks, it would never happen....
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Mad Moe
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Registered: 14th Jun 01
Location: Northumberland
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How can you say it'll never happen? It happened before in living memory and the economy is getting weaker by the day
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Russ
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Registered: 14th Mar 04
Location: Armchair
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not saying it wouldn't happen, but media do blow things out of proportion all the time
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fazza
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Registered: 7th Feb 08
Location: Plymouth
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been looking this week at changing jobs. im guessing this isnt a good time to do this
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Mad Moe
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Registered: 14th Jun 01
Location: Northumberland
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I do agree to a certain extent that the media blow things out of proportion however the curent economic climate suggests it going to get worse before it starts getting better again. House prices are continuing to fall, cost of living is continuing to rise, this coupled with the fact that a lot of the big banks have still not disclosed their sub prime losses means the economy could quite easily plunge in to recession
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Mad Moe
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Registered: 14th Jun 01
Location: Northumberland
User status: Offline
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quote:
Originally posted by corsagsi16vplym
been looking this week at changing jobs. im guessing this isnt a good time to do this
Depends what you do for a living, if you work in the construction industry I'd suggest you hold on to your job until things start picking up again
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Phi
Member
Registered: 8th Jan 07
Location: South
User status: Offline
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quote:
Originally posted by Russ
but if you wanna send me out a load of free rep bollocks you can, the most random thing i've had is a woolly hat and a thermos cup from sombody hughes nhs suppliers
no but if you want to discuss a new contract with another printers then get them to call us   
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fazza
Member
Registered: 7th Feb 08
Location: Plymouth
User status: Offline
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quote:
Originally posted by Mad Moe
quote:
Originally posted by corsagsi16vplym
been looking this week at changing jobs. im guessing this isnt a good time to do this
Depends what you do for a living, if you work in the construction industry I'd suggest you hold on to your job until things start picking up again
im in sales, but used to be an electrician and looking to move back into that again
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Mad Moe
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Registered: 14th Jun 01
Location: Northumberland
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There are a lot of job cuts in the industry at the moment where I live however I certainly wouldn't let that put you off trying, just be prepared that there may not be that many opportunities arising as there was a year or so ago
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M2RTY
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Registered: 25th May 01
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My company is owned by the worlds 2nd largest private compay (Kock Industries) who are looking to invest a LOT of money over the next 12 months (basically buying things whilst they are cheap) such as poor performing companies
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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quote:
Originally posted by Kathryn W
Luckily i bought before the interest rates shot up again
Yes I would be over the moon if I had bought a house just before a potential recession 
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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quote:
Originally posted by Tiesto
Media bollocks, it would never happen....
Everything is "Media bollocks" these days. Ok the media may be over publicising this but the truth is it's a very real possibility.
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Dave A
USER UNDER INVESTIGATION - DO NOT TRADE
Registered: 10th Dec 03
Location: County Durham
User status: Offline
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quote:
Originally posted by James
quote:
Originally posted by Kathryn W
Luckily i bought before the interest rates shot up again
Yes I would be over the moon if I had bought a house just before a potential recession
its irrelevant, when you buy a house you dont actually 'buy a house' as such, you enter into a mortgage. Its the interest rate at the time of buying a mortgage that is crucial not the price of the house. Most mortgages are over at least 20 years so the only time the house price is affected is when you look to sell.
During a recession the only adverse effect on your mortage is the interest rate.
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James
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Registered: 1st Jun 02
Location: Surrey
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Yes but if your house drops from being worth £150k to £75k for example, even after the recession how long will it take to get back up to £150k?
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John
Member
Registered: 30th Jun 03
User status: Offline
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How many people stay in houses for 20 years?
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ed
Member
Registered: 10th Sep 03
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Media bollocks. Why can't journalists in this country relay some simple facts without putting spin on a story? What they tried to say is if the current economic situation carries on for a futher three months the country will be in what is categorized as a recession.
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Colin
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Registered: 4th Apr 02
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Great time for a property investment if you have cash!!
Great time to buy off a builder if you dont have somewhere to sell & can get a mortgage no probs.
Very bad time to sell.
Im going to wait 6 months & see what happens before even thinking of a move.
Though America has been in the shits for a couple years now....we could be the same.......?
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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That assumes that they go that far.
And the prices will come back up. You just need to pay the mortgage and not move while they do.
I also think the media does a lot to further the problems. The interbank borrowing crisis was significantly worse after media exposure. They also promoted fuel shortages.
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ed
Member
Registered: 10th Sep 03
User status: Offline
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If you buy now and wait until 2010 you should make a tidy profit.
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Dave A
USER UNDER INVESTIGATION - DO NOT TRADE
Registered: 10th Dec 03
Location: County Durham
User status: Offline
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quote:
Originally posted by James
Yes but if your house drops from being worth £150k to £75k for example, even after the recession how long will it take to get back up to £150k?
does it matter? If one house price drops they all drop so if you move in 5 years the house you buy will have the same relative value as the one you sell.
Its when you sell up completely at the end of the mortgage that counts, who knows what the house prices will be in 20 years? who cares? its irrelevant. The important thing is that you can afford the mortage and you are happy in your home. The actual value is not the mythical figure attatched to it but the value you hold in it yourself. If my house dropped 50k in value tomorrow I wouldnt care at all. as the drop in price doesnt mean anything as I am not looking to sell up. and if I was then the house I buy in its place will have also dropped by the same relative value.
When prices on items or objects rise and fall its only a concern if it is a disposable or consumable item that constantly needs replacing such as food or petrol.
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loo_goblin
Member
Registered: 14th Jul 04
Location: Horsham, West Sussex
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if you can get a mortgage i would advise buying now, as like ed says they will go up eventually!
we are noticing, especially the customers we deal with ( mostly builders merchants, scaffolders and brick hauliers ) that every one is on min spend and things are like its just fallen offf a cliff.
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Colin
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Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by Dave A
quote:
Originally posted by James
Yes but if your house drops from being worth £150k to £75k for example, even after the recession how long will it take to get back up to £150k?
does it matter? If one house price drops they all drop so if you move in 5 years the house you buy will have the same relative value as the one you sell.
Its when you sell up completely at the end of the mortgage that counts, who knows what the house prices will be in 20 years? who cares? its irrelevant. The important thing is that you can afford the mortage and you are happy in your home. The actual value is not the mythical figure attatched to it but the value you hold in it yourself. If my house dropped 50k in value tomorrow I wouldnt care at all. as the drop in price doesnt mean anything as I am not looking to sell up. and if I was then the house I buy in its place will have also dropped by the same relative value.
When prices on items or objects rise and fall its only a concern if it is a disposable or consumable item that constantly needs replacing such as food or petrol.
Isnt it that the real panic starts if your on a tracker type mortgage (opposed to fixed rate) & the interest rate goes up in numbers, like in the late 80's when maggie was in power & interest rates were like 19%
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gavin18787
Premium Member
Registered: 22nd Feb 05
Location: Basildon, Essex
User status: Offline
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quote:
Originally posted by Russ
i work for the NHS and its wank. they want us to pay for car parking now, although were already 280k better off this year than we thought we'd be. wankers.
As of april we have to pay parking now  £10 a month isnt too bad but its still £10 I could have NHS FTL 
Drives supercharged Tec with torque 
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John
Member
Registered: 30th Jun 03
User status: Offline
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People that had bridging loans in the 80's are still paying them off.
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