Tank Slap - Motorcycle Forum

Speaking to a few people in the know they are expecting a huge price crash in 2020, BTL is going to be hit VERY hard by the looks of it due to increases in interest rates in the coming years coupled with new tax laws on landlords meaning there is going to be a flood of landlords offloading their properties as soon as they stop earning them money hence driving prices down, SE and London is obviously gunna be worst hit and main talk is more that its going to fall back in line with the rest of the country.

Me and the Mrs are thinking we would like to get a bigger place ready for if we have baby number 2 but with our fixed rate up in May I think just gunna secure another 2 year fixed for now and see where than land lies after that, plus its another 2 years of building equity in my place.

£26k aint as bad as some Ive seen here, had 1 that came back as £2k, all because the lender had stress tested them against the SVR of 5.5% as opposed to what her actual current rate is, that was a fun conversation

Our current mortgage is +0.75% over base rate, so I'm in no rush to pay it off. We do borrow against it from time to time but I make over payments when we do.

As soon as the interest rates start to go up I'll stop saving and use that money for over payments on the mortgage. I can pay it off within 18 to 24 months if I need to.

That's good, Big thing they have made almost impossible to do lately but not told anyone is the ability to consolidate other debts onto your mortgage now, its nigh on impossible to get them through nowadays, the FCA is really worried that people are literally building up debt with the mentality of they can just wipe it off every 2 years or whenever they re-mortgage and then just piling it all back on, so rather than come up with a way to help people not do that they are basically just outlawing debt cons.

I get where they are coming from, But a lot of advisers I have spoken to all say the same thing that they have gone about it the complete wrong way

Cavetroll87 wrote:Speaking to a few people in the know they are expecting a huge price crash in 2020, BTL is going to be hit VERY hard by the looks of it due to increases in interest rates in the coming years coupled with new tax laws on landlords meaning there is going to be a flood of landlords offloading their properties as soon as they stop earning them money hence driving prices down, SE and London is obviously gunna be worst hit and main talk is more that its going to fall back in line with the rest of the country.

Me and the Mrs are thinking we would like to get a bigger place ready for if we have baby number 2 but with our fixed rate up in May I think just gunna secure another 2 year fixed for now and see where than land lies after that, plus its another 2 years of building equity in my place.

£26k aint as bad as some Ive seen here, had 1 that came back as £2k, all because the lender had stress tested them against the SVR of 5.5% as opposed to what her actual current rate is, that was a fun conversation

BTL are already offloading properties in some parts of the country as they are overstretched now. By 2020 the prices will drop but not by too much as people tend to hold onto properties when prices start to drop restricting supply (in my opinion). The south has cooled significantly in terms of price and demand.

Had the BDM in from Barclays in this afternoon, they are raising their rates as of 5pm today

Cavetroll87 wrote:Had the BDM in from Barclays in this afternoon, they are raising their rates as of 5pm today

Bank of England said late last month to expect rates to start rising - perhaps by the end of this year. It will panic a few i imagine.

I see a few people from the football and they're in their 20s and 30s. Most of them are not long into their mortgages, leasing nice cars, going away to fancy places. You can't tell them not to do otherwise. They point out we've got 2 cars and 2 motorbikes. Yes pal, that's true, but they're paid for.

I own my bike outright, one of the reason I got rid of the trumpet, and me and the mrs share the cost of the car, biggest killer for us atm is childcare (and the Mrs trainfare of nearly £500 per month), we need to secure a fairly good new deal coz we don't have any spare money a month, at least I know Ive got just under a year of fixed costs to sort tings out depending on how much it rises. Havnt had a holiday in 3 years other than a cottage in Herefordshire, but at least I know I'm fairly secure

My bike is paid off as of the end of the year and I have about a grand on my credit card. Besides my mortgage, this is the only debt I currently have.

I'm going to be laying fairly low in terms of spending over the next couple of years anyway but I will be likely replacing the car in the next 3 years also (unless I can make it last more than 250k as there's currently 150k on the clock)

Kwacky wrote:I see a few people from the football and they're in their 20s and 30s. Most of them are not long into their mortgages, leasing nice cars, going away to fancy places. You can't tell them not to do otherwise. They point out we've got 2 cars and 2 motorbikes. Yes pal, that's true, but they're paid for.

Exactly - you own it all.

Our kids are just starting to see these pressures. Both are nearly mid twenties, trying to save and are generally very good, however loads of their peers are up to their eyeballs in loans etc etc - all dead money, but they have flashy cars, iPhones etc etc. The temptation to follow is huge.

We are proud that our kids resist and have seen what you can do by not borrowing - one of the reasons we live the way we do is to show them if you save and invest you can do very well. Or you can have everything now and be constantly close to the edge and work until your 80. They do thankfully get it.

That whole generation of society have grown up with easy money - i do fear it will be a big shock.

Looking for an electric car with 6 seats and a 200 mile range. Excluding the Tesla that I can't afford, it's not happening in 2017.

Good post Cookie

Like Kwacky says I know alot of people who spunk cash and have flash motors and gadgets on tick, which in reality they can't afford, but you can't tell them and the wouldn't listen anyway.

Like others on here we save our money and pay the old fashion way with cash.

You can't tell people but you only have credit once and then forever more your stuck in a trap settling debt unless you break the cycle.

People would have between 10 and 20% more wealth if they did nt have to pay interest on needless debit. No brainer for me, work hard, save hard and you can afford to play hard.

Emptying the entire contents of the downstairs of our house into bedrooms and the garage so we can live in a cramped mess whilst the builder replaces every single floor down stairs.

6 days of disruption they have got planned

Blade wrote:......6 days of disruption they have got planned

I'm sure it won't really be 6 days mate.










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.....That doesn't take into account all the hitches

Been waiting with the floor fitters for 5 hours for a courier to bring some resin so they can repair the subfloor I think we will be here at midnight tonight as no sign of courier yet

Ahh....the joys of installing wood flooring!

It's almost as bad as moving house, innit??
.....You're basically just missing out the kitchen/garage bits

Went to Thorpe Park fright night after my night shift. It was great although we left at around 1930 hours and it still wasn't dark! Queue times were around 30 mins or so, so we didn't have to wait for too long. Had a blast really. My partner saw loads of reality tv stars walking around the place as well...i think their all tw@s as all they have got famous for was for letting a camera follow them but each to their own!

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Now back to work tonight as their was over time going so decided to jump in

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My wife and kids went to Thorpe Park on Sunday. They enjoyed it but thought that the Park hadn't done much for the event.

Blade wrote:Emptying the entire contents of the downstairs of our house into bedrooms and the garage so we can live in a cramped mess whilst the builder replaces every single floor down stairs.

6 days of disruption they have got planned

Bloody hell mate, is there any part of that house that's hasn't been rebuilt since you bought it??