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Mr Magnificent

Housing Market Crash - Covid19

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I have read several articles today saying there is going to be a housing market crash due to Covid-19 leaving millions in negative equity in the UK.

Also, some lenders are now asking for 40% deposits and are not taking new lender applications.

Worrying times...

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13 minutes ago, Mr Magnificent said:

Worrying times...

Not for those who are happy with their lot mate. If folks are thinking of moving they'll just have to delay.

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17 minutes ago, Mr Magnificent said:

I have read several articles today saying there is going to be a housing market crash due to Covid-19 leaving millions in negative equity in the UK.

Also, some lenders are now asking for 40% deposits and are not taking new lender applications.

Worrying times...

For people who have purchased in the last 5-10 years maybe. Over that i can't see a crash that big that it will affect them, I seriously hope it doesnt as nowadays since the crash of 2008 in particular, it has become so hard, almost impossible in some cases for younger people to buy their own homes. Hence the massive rise in those living in rented accommodation. On the positive side, those that have been saving for years who dream of owning their own home, might when and if the crash happens, be able to afford it. The housing always has and always will recover.

 

7 minutes ago, Harold said:

Not for those who are happy with their lot mate. If folks are thinking of moving they'll just have to delay.

Easy for you to say, you have a decent garden.

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1 hour ago, Mr Magnificent said:

I have read several articles today saying there is going to be a housing market crash due to Covid-19 leaving millions in negative equity in the UK.

Also, some lenders are now asking for 40% deposits and are not taking new lender applications.

Worrying times...

Fuck it, I've got a house!

Might end up in negative equity, this just means I have to stay in the house for longer. I bought it for 119,950 and have just under 70k left on it I think!! You never make money with houses anyway. If you house goes up, you sell the you buy another house which hs also gone up. You only really make money from housing if you have more than one!

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3 minutes ago, Mr Magnificent said:

Yeah I am not moving again until I stop work completely which will be a while so things should have bounced back. 

£120 grand doesn't buy you much in the Midlands mate. 

Rather live in the North than the Midlands!!! SAFEGUARD!!!

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8 minutes ago, boro_boy said:

Fuck it, I've got a house!

Might end up in negative equity, this just means I have to stay in the house for longer. I bought it for 119,950 and have just under 70k left on it I think!! You never make money with houses anyway. If you house goes up, you sell the you buy another house which hs also gone up. You only really make money from housing if you have more than one!

Ever considered overpayments on your mortgage fella? Even just £10 a month? Makes a massive difference.

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Just now, superally said:

Ever considered overpayments on your mortgage fella? Even just £10 a month? Makes a massive difference.

I pay the maximum I can, but most lenders penalise you if you overpay above a certain amount.

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3 minutes ago, superally said:

Ever considered overpayments on your mortgage fella? Even just £10 a month? Makes a massive difference.

Not at the moment, paying my Credit card debt off!! ha. Then once thats gone, I will be paying for the fucking wedding!!!

I suppose I could manage 10-50 quid a month extra on the mortgage! 

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1 minute ago, Mr Magnificent said:

I pay the maximum I can, but most lenders penalise you if you overpay above a certain amount.

That usually only applies to a fixed rate mortgage during the fixed rate term, which is a maximum of 5 years. Tho you may get an early redemption fee if paying off the full amount, that isn't usually a great amount, and would be nullified by the end of mortgage administration fee anyhow.

I paid off my first mortgage within 10 years, cost me £650 in fees. Long term monetary saving was several grand. Bear in mind, that was a long time ago, and house prices have probably quadrupled by now.

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8 minutes ago, Mr Magnificent said:

I pay the maximum I can, but most lenders penalise you if you overpay above a certain amount.

Yeah I know I can only pay £5000 extra per year, any more and you get charged!

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5 minutes ago, boro_boy said:

Not at the moment, paying my Credit card debt off!! ha. Then once thats gone, I will be paying for the fucking wedding!!!

I suppose I could manage 10-50 quid a month extra on the mortgage! 

Every tenner will save you £25 minimum. and get rid of the feckin credit card FFS. I have always had one, tho never used it once. Not sure why but, I have always given my sister the money to book a lot of our holidays on her card, just for the insurance.I just don't ever want to use it.

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9 minutes ago, boro_boy said:

Oh I have more than one 😞, but they are 0% and there is a plan to pay them all off.

Bit of advice fella, well in my opinion anyhow- Credit cards encourage people to buy thing's they often dont  need, just because they can finance it. If you cant afford it don't buy it. If you really really want something, make a few sacrifices elsewhere, save a few quid when you can, don't be wasteful, and you will eventually (sooner than you think) have the cash for it. Also you will appreciate whatever it is you have purchased all the more. Just my view on it, but hey ho.

I remember my daughter getting a Barclaycard, and me having to pay £1500 to clear her debt for her. Still fuming about it all these years later.

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4 minutes ago, superally said:

Bit of advice fella, well in my opinion anyhow- Credit cards encourage people to buy thing's they often dont  need, just because they can finance it. If you cant afford it don't buy it. If you really really want something, make a few sacrifices elsewhere, save a few quid when you can, don't be wasteful, and you will eventually (sooner than you think) have the cash for it. Also you will appreciate whatever it is you have purchased all the more. Just my view on it, but hey ho.

I remember my daughter getting a Barclaycard, and me having to pay £1500 to clear her debt for her. Still fuming about it all these years later.

Hahah just get over it,

Yeah I regret spending on the cars but shit happens. I haven't spent on my credit cards for a while

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9 hours ago, superally said:

Bit of advice fella, well in my opinion anyhow- Credit cards encourage people to buy thing's they often dont  need, just because they can finance it. If you cant afford it don't buy it. If you really really want something, make a few sacrifices elsewhere, save a few quid when you can, don't be wasteful, and you will eventually (sooner than you think) have the cash for it. Also you will appreciate whatever it is you have purchased all the more. Just my view on it, but hey ho.

Gotta agree with that....neither the missus or myself have had or will get a credit card. Whatever others want to do is purely up to them but credit cards are not for us.

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11 hours ago, superally said:

Easy for you to say, you have a decent garden.

I suppose it is mate....plus we are also mortgage free (thank fuck). House next to us was sold a few weeks (before this virus kicked off here) ago by a young couple but no sign of them moving in yet...they initially said May but possibly earlier.

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10 hours ago, superally said:

Bit of advice fella, well in my opinion anyhow- Credit cards encourage people to buy thing's they often dont  need, just because they can finance it. If you cant afford it don't buy it. If you really really want something, make a few sacrifices elsewhere, save a few quid when you can, don't be wasteful, and you will eventually (sooner than you think) have the cash for it. Also you will appreciate whatever it is you have purchased all the more. Just my view on it, but hey ho.

I remember my daughter getting a Barclaycard, and me having to pay £1500 to clear her debt for her. Still fuming about it all these years later.

It's only common sense mate.
Don't spend money you don't have.

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34 minutes ago, Harold said:

I suppose it is mate....plus we are also mortgage free (thank fuck). House next to us was sold a few weeks (before this virus kicked off here) ago by a young couple but no sign of them moving in yet...they initially said May but possibly earlier.

They will probably be in negative equity before they move in. 

I guess if they stay there a while it will bounce back. 

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28 minutes ago, Mr Magnificent said:

They will probably be in negative equity before they move in. 

I guess if they stay there a while it will bounce back. 

Haven't a clue what they intend to do but the lassie was speaking to my wife a while back just after the were looking at it and she said they were looking for an older house with a large garden (christ knows what for) & they've got that certainly so who knows. Hopefully they keep the garden tidy.

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11 hours ago, superally said:

Every tenner will save you £25 minimum. and get rid of the feckin credit card FFS. I have always had one, tho never used it once. Not sure why but, I have always given my sister the money to book a lot of our holidays on her card, just for the insurance.I just don't ever want to use it.

I got my first credit card 4 yrs ago as it was the only way those cunts UEFA would accept payments for our Euro 2016 tickets....was hoping to use it again for Euro 2020 as last night we would havr beaten our close neighbours in the play off final at Windsor

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