Charlotte Posted February 4, 2007 Share Posted February 4, 2007 I think there will be crash on market soon - people should realise in year or two, that they cannot afford to buy house, more and more people getting bankrupt, also house are repossesed by banks - this is all country today - living on credit... There is still no where near as many repossessions as there was in the early 90s. Although bankruptcy has increased as people see it as an easy way out. Quote Link to comment Share on other sites More sharing options...
Pabs Posted February 4, 2007 Share Posted February 4, 2007 From the people "in the know" that i've been talking to, so far everyone thinks there will NOT be a crash in the market. At least not where i live/intend to live. They seem to think prices have held off for a bit, but will steadily start to climb again in mid 07-early 08. Quote Link to comment Share on other sites More sharing options...
Charlotte Posted February 4, 2007 Share Posted February 4, 2007 Supposedly houses work in a cycle of 7 years, so that would make sense. Quote Link to comment Share on other sites More sharing options...
Guest GirlRacer! Posted February 4, 2007 Share Posted February 4, 2007 £1,100 for me (ok, that's scary seeing it written down!) ...... but I love my place - 3 bed semi, garage, garden... not bad for a 25 year old secretary I guess!!! and the village I live in is gorgeous too... and I'll be mortgage-free in 35 years so it's all good!! Can't believe so many of you are all paid off / nearly all paid on your mortgages!! AND you can afford to pay for and run beautiful Supras!!!!!! I'm in the wrong business obviously! Quote Link to comment Share on other sites More sharing options...
DaveK Posted February 4, 2007 Share Posted February 4, 2007 I recall a conversation with him about property developing so I was wondering. It's a good tax free income if you're savvy about it. I'm not sure how it becomes tax free. You pay tax on rental income, and you pay CGT when you sell it. Quote Link to comment Share on other sites More sharing options...
VELOCITY Posted February 4, 2007 Share Posted February 4, 2007 £1250 for our first flat! I am so jealous of you guys who pay less than a grand Quote Link to comment Share on other sites More sharing options...
Guest Nicholas Posted February 4, 2007 Share Posted February 4, 2007 £1,100 for me (ok, that's scary seeing it written down!) ...... but I love my place - 3 bed semi, garage, garden... not bad for a 25 year old secretary I guess!!! and the village I live in is gorgeous too... and I'll be mortgage-free in 35 years so it's all good!! Can't believe so many of you are all paid off / nearly all paid on your mortgages!! AND you can afford to pay for and run beautiful Supras!!!!!! I'm in the wrong business obviously! There all old not like us young ones Quote Link to comment Share on other sites More sharing options...
Charlotte Posted February 4, 2007 Share Posted February 4, 2007 I'm not sure how it becomes tax free. You pay tax on rental income, and you pay CGT when you sell it. You pay CGT on a second or third property, if you were doing 'a' property to develop and sell on then the profit you make is yours. Quote Link to comment Share on other sites More sharing options...
DaveK Posted February 4, 2007 Share Posted February 4, 2007 You pay CGT on a second or third property, if you were doing 'a' property to develop and sell on then the profit you make is yours. Ah ok - if you do it one by one, and use it as your main home. Quote Link to comment Share on other sites More sharing options...
Charlotte Posted February 4, 2007 Share Posted February 4, 2007 Ah ok - if you do it one by one, and use it as your main home. Yeah. Although a LOT of people still manage to make it a tax free income even with more properties, see it at work all the time. Quote Link to comment Share on other sites More sharing options...
Suprasteve Posted February 5, 2007 Share Posted February 5, 2007 I think there will be crash on market soon - people should realise in year or two, that they cannot afford to buy house, more and more people getting bankrupt, also house are repossesed by banks - this is all country today - living on credit... "they" have been saying that for a very long time, you'd think that the bubble has got to pop eventually...we'll see though Quote Link to comment Share on other sites More sharing options...
osso Posted February 5, 2007 Share Posted February 5, 2007 Just under 400 quid a month, bought 4 years ago and house prices have trippled. Now planning to get somewhere bigger, but at the stage where I dunno which is the best mortgage to go for.. usually prefer fixed repayment, I get confused with trackers and discount mortgages so perhaps a question for u steve, whats the best type of mortgage to go for these days? im guessing fixed repayment is still probably the best option with a view that interest rates are going to continue rising for the next 2 years no doubt. Quote Link to comment Share on other sites More sharing options...
tbourner Posted February 5, 2007 Share Posted February 5, 2007 £1,100 for me (ok, that's scary seeing it written down!) ...... but I love my place - 3 bed semi, garage, garden... not bad for a 25 year old secretary I guess!!! and the village I live in is gorgeous too... and I'll be mortgage-free in 35 years so it's all good!! Can't believe so many of you are all paid off / nearly all paid on your mortgages!! AND you can afford to pay for and run beautiful Supras!!!!!! I'm in the wrong business obviously! Bloody hell girly, can you get my missus at job at your place!!! She's only just got a big pay rise up to £14k! Which is pants TBH. Mind you it's NHS medical secretary - I'm trying to get her into a technology company but it's no go. We are struggling with our 830 a month mortgage, and we live in a crap town!! Quote Link to comment Share on other sites More sharing options...
martin_a Posted February 5, 2007 Share Posted February 5, 2007 Mine's currently £500 but that's because i'm over paying from £440 although it is scheduled to go up. Do have several other debt out goings though so in total i lose about £800 from wages to the banks! Bought the flat on my own just over 3 years ago and since then it has gone up in value by a third so that's not bad at all. The mrs is a student so once she starts earning we'll probably move to a nice house but keep the flat and rent it out. Buying a place is the reason i moved from london to scotland. I was paying about the same to share a house in london with 3 other people so financial insanity. m. Quote Link to comment Share on other sites More sharing options...
Suprasteve Posted February 5, 2007 Share Posted February 5, 2007 so perhaps a question for u steve, whats the best type of mortgage to go for these days? im guessing fixed repayment is still probably the best option with a view that interest rates are going to continue rising for the next 2 years no doubt. a while back Trackers and Discounts were a couple of base points lower than the best fixed rates on the market that made the gamble of going with a tracker less risky, however now it seems theres less margin and people are put off by this and generally going for the fixed rates. If you have a large enough deposit Abbey have a good capped rate so best of both worlds. With regards to future rate rises, if i had a crystal ball i'd be a very rich man. It really depends on which news paper you read... Quote Link to comment Share on other sites More sharing options...
Guest GirlRacer! Posted February 5, 2007 Share Posted February 5, 2007 Bloody hell girly, can you get my missus at job at your place!!! She's only just got a big pay rise up to £14k! Which is pants TBH. Mind you it's NHS medical secretary - I'm trying to get her into a technology company but it's no go. We are struggling with our 830 a month mortgage, and we live in a crap town!! You're right - pants! I'm sure she's worth loads more than that, but people only pay you what they think they can get away with I guess. Tell her to go legal, not medical for the big bucks! (my salary now starts with a "2"! YAY!!!) Hopefully they'll carry on with big pay rises for her... fingers crossed! To be fair, I was really lucky with my place... my boss left just as the top-bloke-MD was looking for a new PA! Cue me!! heehee! I'm sure your town's not crap really...? Look for the good stuff mate! Quote Link to comment Share on other sites More sharing options...
veilsideTT Posted February 6, 2007 Author Share Posted February 6, 2007 my boss left just as the top-bloke-MD was looking for a new PA! Cue me!! Quote Link to comment Share on other sites More sharing options...
Guest GirlRacer! Posted February 6, 2007 Share Posted February 6, 2007 HEY!!!!! what are you suggesting?!?! That I'm not completely fabulous, brainy, hardworking and deserve my promotion????? Quote Link to comment Share on other sites More sharing options...
Pete Posted February 6, 2007 Share Posted February 6, 2007 a while back Trackers and Discounts were a couple of base points lower than the best fixed rates on the market that made the gamble of going with a tracker less risky. Another thing about this is that it costs £XXX to set up the mortgage. I worked out that by changing to a fixed rate offer after the previous one finished was costing more than it was worth doing it at one point! Perhaps not with the long term ones (10 years) The tracker I setup didn't cost and there were no tie in penalties or anything. Face it - it's all a gamble and it's nearly always the banks that win. Quote Link to comment Share on other sites More sharing options...
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