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Anyone purchase a house from auction before ?

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Ste
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PostPosted: 23:39 - 15 Jul 2017    Post subject: Reply with quote
-Monty- wrote:
I'll eat my shit.*

*I will actually eat my shit.

https://www.google.co.uk/search?q=100%+mortgages
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-Monty-
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PostPosted: 23:48 - 15 Jul 2017    Post subject: Reply with quote
M.C wrote:
-Monty- wrote:
But it's not the same thing. You've just been told that. Have you tried applying for a mortgage recently? In days gone by, banks were handing out 100%+ mortgages. If you can find a mortgage lender doing that now, I'll eat my shit.*

You're right, this time when it goes tits up they won't be able to drop interest rates to save everyone.

https://www.telegraph.co.uk/personal-banking/mortgages/lenders-offer-100pc-no-deposit-mortgages/

Post evidence please Thumbs Up


That's not actually a 100% mortgage though, is it? The loan used as the deposit is still used when calculating what you can borrow, meaning someone on low earnings is still unlikely to be able to get a mortgage. Someone on high earnings but little/no deposit could get a mortgage under this. But, because of the high earnings they are obviously much less likely to default.
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M.C
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PostPosted: 00:37 - 16 Jul 2017    Post subject: Reply with quote
I think someone has to tuck into a shit sandwich Wink
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Alpineandy
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PostPosted: 14:30 - 17 Jul 2017    Post subject: Reply with quote
M.C wrote:
I think someone has to tuck into a shit sandwich Wink

I'd guess monty is sleeping it off after eating all his shit in the form of 'Hash' brownies ... Laughing

Having said that, it doesn't actually help your argument when they clearly state 'The lender factors in the loan in the affordability assessment, limiting the buyer's borrowing power as the cost of the loan each month would be taken into account in the same way as other borrowing.

This method is therefore useful for high earners with little capital - but won't help anyone whose income restricts what they can borrow'.
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Alpineandy
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PostPosted: 14:58 - 17 Jul 2017    Post subject: Reply with quote
I've had this discussion for years with my brother, who was a very successful estate agent for a few years a long time back, but hated having to shed his skin on a regular basis (like many other reptiles).
He's right that "this property spiral can't continue" but still hasn't managed to tell me why.
Oddly I kind of agree with him, but I can't see how it can really stop either.

Yes there will be blips but it's difficult to see how it can out-run the basic 'supply and demand' issue of too many people wanting to live in too few properties in a relatively small part of the country.
As long as a fair portion of the people buying property can afford the repayments, it'll continue, and the affordability requirements suggest that 'A fair portion' is becoming a much higher proportion.
On top of that, I think in the near future (at least) they'll become much more flexible with people that are having problems with repayments (provided they are trying to pay).

Although IMO the lenders are aware of how shit things COULD go short term due to Brexit, and are desperately trying to cover themselves.

So will the market collapse ?
The answer IMHO is possibly, but it's unlikely.
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colink98
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PostPosted: 15:09 - 17 Jul 2017    Post subject: Reply with quote
the house next door to us currently provides residence for 6+ eastern European couples. Even room that isn't either the kitchen or bathroom is now a bedroom.

Maybe that's helping to driving the continual rise in houses prices in Londinistan.
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M.C
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PostPosted: 15:23 - 17 Jul 2017    Post subject: Reply with quote
Alpineandy wrote:
M.C wrote:
I think someone has to tuck into a shit sandwich Wink

I'd guess monty is sleeping it off after eating all his shit in the form of 'Hash' brownies ... Laughing

Having said that, it doesn't actually help your argument when they clearly state 'The lender factors in the loan in the affordability assessment, limiting the buyer's borrowing power as the cost of the loan each month would be taken into account in the same way as other borrowing.

This method is therefore useful for high earners with little capital - but won't help anyone whose income restricts what they can borrow'.

He wanted proof of 100% mortgages, nothing was said of affordability.

Alpineandy wrote:
I've had this discussion for years with my brother, who was a very successful estate agent for a few years a long time back, but hated having to shed his skin on a regular basis (like many other reptiles).
He's right that "this property spiral can't continue" but still hasn't managed to tell me why.
Oddly I kind of agree with him, but I can't see how it can really stop either.

Yes there will be blips but it's difficult to see how it can out-run the basic 'supply and demand' issue of too many people wanting to live in too few properties in a relatively small part of the country.
As long as a fair portion of the people buying property can afford the repayments, it'll continue, and the affordability requirements suggest that 'A fair portion' is becoming a much higher proportion.
On top of that, I think in the near future (at least) they'll become much more flexible with people that are having problems with repayments (provided they are trying to pay).

Although IMO the lenders are aware of how shit things COULD go short term due to Brexit, and are desperately trying to cover themselves.

So will the market collapse ?
The answer IMHO is possibly, but it's unlikely.

All I'm doing's pointing out we're at the same point (wages vs house prices) as in 2007/08. AFAIK it wasn't irresponsible lending that caused the slump in the UK, it was all that sub' prime bollocks.

With the right trigger, could be Brexit that's part of the reason I voted for it Dance!, I think we're poised for a housing market crash. I doubt the Tories will pump money into the economy like Brown did, and as pointed out earlier they can't drop interest rates.

It'll be shit for people with mortgages* but personally I think if you pay 250k for a flat you're a bit of a moron anyway. The people who have paid off their mortgage will be in the same situation as they always are when house prices rise/fall (it's relative).

*I know someone who bought a flat for 100k in '07 and sold it a year later for half that. To bring this back to topic, Sammy has to consider whether it's a good time to buy at (what could be) the height of the market. Main argument for buying's what the availability of mortgages will be like if there's a crash.

ColinK98 wrote:
the house next door to us currently provides residence for 6+ eastern European couples. Even room that isn't either the kitchen or bathroom is now a bedroom.

Maybe that's helping to driving the continual rise in houses prices in Londinistan.

Subletting's big business, especially when you don't bother passing on the rent.
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Alpineandy
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PostPosted: 16:24 - 17 Jul 2017    Post subject: Reply with quote
M.C wrote:
He wanted proof of 100% mortgages, nothing was said of affordability.

Yes, I understood that. But was pointing out that it wasn't really relevant to your original argument...
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Alpineandy
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PostPosted: 16:34 - 17 Jul 2017    Post subject: Reply with quote
M.C wrote:
With the right trigger, could be Brexit that's part of the reason I voted for it Dance!,

That's rather a case of cutting off your nose to spite your face.
If the property market does collapse (rather than 'blip') and isn't bailed out to some degree then you'll have much bigger things to worry about over the possibility you could afford to buy a cheap property...

M.C wrote:
To bring this back to topic, Sammy has to consider whether it's a good time to buy at (what could be) the height of the market. Main argument for buying's what the availability of mortgages will be like if there's a crash.

I really can't see Stoke being affected to a great degree by anything other than a complete market collapse, and if he 's looking for a place long terms then gambling on it could cost him if the prices rise whilst he's still thinking about it...
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M.C
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PostPosted: 17:04 - 17 Jul 2017    Post subject: Reply with quote
Alpineandy wrote:
M.C wrote:
He wanted proof of 100% mortgages, nothing was said of affordability.

Yes, I understood that. But was pointing out that it wasn't really relevant to your original argument...

My argument was that they're lending increasing amounts of money to people despite wages remaining somewhat stagnant. Surely a zero deposit mortgage ties into that? Thinking

Alpineandy wrote:
That's rather a case of cutting off your nose to spite your face.
If the property market does collapse (rather than 'blip') and isn't bailed out to some degree then you'll have much bigger things to worry about over the possibility you could afford to buy a cheap property...

https://s-media-cache-ak0.pinimg.com/originals/51/08/8b/51088be48b9362211eb031932ff12bc2.jpg

Quote:
I really can't see Stoke being affected to a great degree by anything other than a complete market collapse, and if he 's looking for a place long terms then gambling on it could cost him if the prices rise whilst he's still thinking about it...

I disagree. London was relatively sheltered from the financial crash in terms of property prices. Other parts of the country felt it a lot more, the example I gave (of the guy losing 50%) was in Liverpool.

I agree seeing as if prices did rise then Smiler could find himself unable to obtain a mortgage. I'd make my decision based on other factors rather than trying to predict the housing market, the cost of renting vs buying, whether I wanted to be tied down to a mortgage, how quickly I could realistically pay it off etc.
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Alpineandy
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PostPosted: 18:32 - 17 Jul 2017    Post subject: Reply with quote
M.C wrote:
My argument was that they're lending increasing amounts of money to people despite wages remaining somewhat stagnant. Surely a zero deposit mortgage ties into that? Thinking

Without having any clue what the affordability requirements are (other than they still insist upon them), no that doesn't tie into it at all...
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Alpineandy
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PostPosted: 18:39 - 17 Jul 2017    Post subject: Reply with quote
M.C wrote:
I disagree. London was relatively sheltered from the financial crash in terms of property prices. Other parts of the country felt it a lot more, the example I gave (of the guy losing 50%) was in Liverpool.

I agree seeing as if prices did rise then Smiler could find himself unable to obtain a mortgage. I'd make my decision based on other factors rather than trying to predict the housing market, the cost of renting vs buying, whether I wanted to be tied down to a mortgage, how quickly I could realistically pay it off etc.


How would you compare Stoke with Liverpool.... or London... Confused
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Ste
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PostPosted: 18:52 - 17 Jul 2017    Post subject: Reply with quote
Right then, the auction was today so how much did the house sell for?
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Alpineandy
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PostPosted: 18:55 - 17 Jul 2017    Post subject: Reply with quote
M.C wrote:
https://s-media-cache-ak0.pinimg.com/originals/51/08/8b/51088be48b9362211eb031932ff12bc2.jpg

If it gets that bad then you may not be the one watching but could become one of the people trying to extinguish their own burning trousers.... Laughing
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TheSmiler
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PostPosted: 19:23 - 17 Jul 2017    Post subject: Reply with quote
Ste wrote:
Right then, the auction was today so how much did the house sell for?


The auction was at 6:30pm I haven't checked yet; didn't go as I didn't want to risk getting involved in the house if it has red ash leadin to more expense. Sold for 75k.
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Kickstart
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PostPosted: 20:15 - 17 Jul 2017    Post subject: Reply with quote
TheSmiler wrote:
I've already checked with the mortgage as long as I can do the 10% deposit I could still get the mortgage for the remainder.

.............

Went quite well really I've got an agreement in principle of up to £100k with a £15k deposit. So whilst I leave this one to sit I've got another viewing for two more properties next week; with a third possibly waiting on images (should be monday).


If you have £15k and can get a mortgage with a 10% deposit then you are pretty close to being able to get something like this:-

https://www.rightmove.co.uk/property-for-sale/property-49114671.html

Alpineandy wrote:

On top of that, I think in the near future (at least) they'll become much more flexible with people that are having problems with repayments (provided they are trying to pay)


I suspect realistically mortgage rates will go up within a year or so, which will likely weed out anyone who is touch and go at affording properties.

All the best

Katy
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TheSmiler
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PostPosted: 20:20 - 17 Jul 2017    Post subject: Reply with quote
Kickstart wrote:
TheSmiler wrote:
I've already checked with the mortgage as long as I can do the 10% deposit I could still get the mortgage for the remainder.

.............

Went quite well really I've got an agreement in principle of up to £100k with a £15k deposit. So whilst I leave this one to sit I've got another viewing for two more properties next week; with a third possibly waiting on images (should be monday).


If you have £15k and can get a mortgage with a 10% deposit then you are pretty close to being able to get something like this:-

https://www.rightmove.co.uk/property-for-sale/property-49114671.html


All the best

Katy


Yes I could possibly go up to that amount but I'd rather spend less to get something decent pay a good chunk off and then be secure. Than stretch myself and end up with possible mortgage payments that might be too high.
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Kickstart
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PostPosted: 20:30 - 17 Jul 2017    Post subject: Reply with quote
Hiya

No problem, but just an example. Quite a few under £100k straight though estate agents in Stafford.

All the best

Katy
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TheSmiler
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PostPosted: 20:59 - 17 Jul 2017    Post subject: Reply with quote
Kickstart wrote:
Hiya

No problem, but just an example. Quite a few under £100k straight though estate agents in Stafford.

All the best

Katy


Yup I'm looking at two properties tomorrow, followed by a third on friday and possibly a fourth that hasn't sold at the auction. Just waiting to see if it is re-offered again. The one that I'm waiting for the auction to finish is below; not sure why it didn't sell. Might be going into middle management from next year which increases the amount of cash I'll have to pay off the mortgage.

https://www.buttersjohnbee.com/property-for-sale/house-semi-detached-for-sale-in-fenpark-road-fenton-stoke-on-trent/5722
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M.C
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PostPosted: 21:25 - 17 Jul 2017    Post subject: Reply with quote
Alpineandy wrote:
M.C wrote:
My argument was that they're lending increasing amounts of money to people despite wages remaining somewhat stagnant. Surely a zero deposit mortgage ties into that? Thinking

Without having any clue what the affordability requirements are (other than they still insist upon them), no that doesn't tie into it at all...

They weren't high roller mortgages, they were can't afford a deposit but still want a house (Rolling Eyes), and maybe mum and dad will help type products. F**k knows why you'd want to get involved with a mortgage if you can't even save a deposit.

Alpineandy wrote:
M.C wrote:
I disagree. London was relatively sheltered from the financial crash in terms of property prices. Other parts of the country felt it a lot more, the example I gave (of the guy losing 50%) was in Liverpool.

I agree seeing as if prices did rise then Smiler could find himself unable to obtain a mortgage. I'd make my decision based on other factors rather than trying to predict the housing market, the cost of renting vs buying, whether I wanted to be tied down to a mortgage, how quickly I could realistically pay it off etc.


How would you compare Stoke with Liverpool.... or London... Confused

It was an example of how bad the housing 'slump' was outside London Neutral

Alpineandy wrote:
M.C wrote:
https://s-media-cache-ak0.pinimg.com/originals/51/08/8b/51088be48b9362211eb031932ff12bc2.jpg

If it gets that bad then you may not be the one watching but could become one of the people trying to extinguish their own burning trousers.... Laughing

Nope, survived the last recession on student loans then jobseekers. I have no major outgoings, I'll be just fine if when it all goes tits up again Thumbs Up
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Alpineandy
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PostPosted: 04:18 - 18 Jul 2017    Post subject: Reply with quote
M.C wrote:
Alpineandy wrote:
If it gets that bad then you may not be the one watching but could become one of the people trying to extinguish their own burning trousers.... Laughing

Nope, survived the last recession on student loans then jobseekers. I have no major outgoings, I'll be just fine if when it all goes tits up again Thumbs Up

The last recession.... if you mean 2007/8 then you should really be made aware that it can get a whole lot shittier than that blip...
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M.C
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PostPosted: 15:11 - 18 Jul 2017    Post subject: Reply with quote
...I'm up for a history lesson providing you don't go full on Tef' Razz I remember being really poor as a kid under the Tories (early nineties recession), but I thought that was normal for working class families under Thatcher/Major.
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Kickstart
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PostPosted: 23:09 - 18 Jul 2017    Post subject: Reply with quote
M.C wrote:
...I'm up for a history lesson providing you don't go full on Tef' Razz I remember being really poor as a kid under the Tories (early nineties recession), but I thought that was normal for working class families under Thatcher/Major.


Not really. Was a recession then, but for most people probably quite mild compared to the early / mid 1980s.

All the best

Katy
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Alpineandy
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PostPosted: 13:08 - 19 Jul 2017    Post subject: Reply with quote
Kickstart wrote:
Not really. Was a recession then, but for most people probably quite mild compared to the early / mid 1980s.

And pretty much all of the 70s.

The point is that people that want chaos rarely (if ever) actually enjoy it when it happens... It tends to effect everything, even the things we take for granted.
It's unlikely we'll have the power cuts of the 70s and a 3 day working week sounds great except when it effects your own salary.

It is an extremely remote possibility, but IMO no one that really understands what it can mean, wishes for it to happen...
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sickpup
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PostPosted: 14:17 - 19 Jul 2017    Post subject: Reply with quote
M.C wrote:
Nope, survived the last recession on student loans then jobseekers. I have no major outgoings, I'll be just fine if when it all goes tits up again Thumbs Up


If you are referring to 2008 or thereabouts you are in for a big surprise when a proper sustained recession happens.
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