Does anyone know of any way to get a mortgage

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kallis3

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Post by kallis3 » Wed Sep 22, 2010 6:27 pm
I'm glad we were homeowners. I love my house, the location, and all of my neighbours. It's one of the reasons we didn't choose bankruptcy.

Ours is a home, not an investment.
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Skippy

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Post by Skippy » Wed Sep 22, 2010 8:21 pm
Our house is our home, but I still don't want it to fall into negative equity as we eventually want to move from this area.

We had no choice but to buy when house prices were high as we wanted to move, and to be honest I can't see prices falling too much in the South East.
 
 

kallis3

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Post by kallis3 » Wed Sep 22, 2010 8:32 pm
I think we will be ok in the long term Skip - might just take a few years!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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Broke of London

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Post by Broke of London » Wed Sep 22, 2010 9:00 pm
I live between London and Kent and house prices are far beyond the reach of first time buyers...the average house price is more than 10 times the average salary. And its become common for groups of friends to buy together.

House prices are over-inflated and do need to come back to a reasonable level. I wouldn't wish negative equity on anyone but fairs fair, everyone deserves a chance to own their own home.
 
 

Shining

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Post by Shining » Wed Sep 22, 2010 9:07 pm
Mine is definitely a home as nobody else would choose to live here and it certainly can't be called an investment as it's falling to bits! It'll be nice when it's finished, if I had a pound for everytime I heard that I'd have it renovated by now! 1800's house!

Bought for £39k in 1995, worth a lot more now! They've not dropped around her but more and more people are moving her from down south as so easy to commute. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Olivia.dg

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Post by Olivia.dg » Thu Sep 23, 2010 10:35 am
Thanks everyone. Well all i want is to stay in my home. So i guess
i will have to keep my husbands name on the mortgage. I love my
house and i really hope my IP can sort out our IVA as i want so
much to keep the house and not go bankrupt. At least i have juggled bills so that i can afford the house and bills on my own.
 
 

nomoremoney

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Post by nomoremoney » Thu Sep 23, 2010 11:27 am
General House prices should be affordable and should not be used as a speculative vehicle for making money...[you can go to the Dragon's Den for that and get rich].

Remember in the 70s when the ratio of your earning was 1 to 5 to that of an average house price. Now it's 1 to 8. And salaries aren't rising and will freeze, reduced or be cut...[redundancy]So if average house prices keep going up overall then how would that be good for the industry?

The fact is, the industry only grows significantly by new players taking out NEW AFFORDABLE HOUSING LOANS not those just remortgaging! You may have heard the concept of net lending....well that isn't getting larger.

The irony is with rock bottom low interest rates, there is actually now less home purchase lending than before when interest rate was on average 5% FOR A TRACKER? People cannot afford the cheap loans...house price must come down....the only level left to pull to affect change

It's not about wishing Neg Eq'on anyone, there is a bigger picture as I have just touched upon - the common good.
Last edited by nomoremoney on Thu Sep 23, 2010 11:35 am, edited 1 time in total.
 
 

rayb

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Post by rayb » Thu Sep 23, 2010 11:31 am
Got to agree with Nomoremoney on this one. I am 33 years old earn a decent salary but have no chance of ever getting on the property ladder while prices are as high as they are. A realistic price for any standard 2/3 bedroom home should not be anymore than £150K full stop regardless of where it is.

I live on an ex-council estate and there is a 3 bedroom house which is up for £250K and that is simply ridiculous.
 
 

kallis3

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Post by kallis3 » Thu Sep 23, 2010 11:37 am
House prices by me are pretty static at the moment. Some properties are selling quite quickly, some not. It's all down to how they pric them.

The industry will pick up at some point, it always does. I bought property mid 70's with no problem and twice during the 80'I lived through the negative equity of the early 90's and came out the other side. I'm still going.

I may have an IVA but my house now has equity.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

nomoremoney

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Post by nomoremoney » Thu Sep 23, 2010 11:47 am
Yes Jan,1970...cheap houses then....no problem.I agree with you. But what if you were buying one now and with big deposit?

1.House price will only pick up,if employment rises..unemployment is now 8%.....going to rise thanks to the Coalition.
2.Public confidece improves with new net spending on big ticket items
3.Public and private Debts reduced and paid off
4.More growth with new private sector jobs created. Coalition will remove 1 million public sector[and police] jobs in existence
5. Home loans for people in IVA.....I though I put that in.

I give it 8 years....if we are lucky for those conditions to be met.
 
 

Skippy

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Post by Skippy » Thu Sep 23, 2010 5:10 pm
I agree that housing should be affordable, but something (and I don't know what) needs to be done to ensure that that those of us who had no choice but to buy when prices were high don't suffer if we have to or want to move.
 
 

kallis3

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Post by kallis3 » Thu Sep 23, 2010 6:24 pm
We're not talking about the 70s anyway.

We've been here before, and will no doubt will be again.

Let's concentrate on now, and how it will affect people.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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