General News

[MPH]

3 hours ago, Daggers said:

😂

 

 

thats not real surely?

[Spiritwalker]

1 hour ago, David Hankey said:

Had the Government of day concerned themselves with the antics of Northern Rock and the like things would have been a lot better.

 

Anyway you carry on believing what you think.

I’d suggest you watch a film called The Big Short if you are really interested in what caused that financial crash.

[The Hitman]

The biggest frustration for me is that this all appears to mean that interest rates will stay higher for longer.

 

I come out of a 5 year fix in August and was hoping I’d got lucky avoiding most of it. It sounds like it’ll still be at 4% by my renewal date now. 

 

A lot of people have had it worse with with over 5% but it’s really giving me the jitters with how much it will go up, hundreds a month. 

Edited 1 November 2024 by The Hitman

[leicsmac]

12 minutes ago, Spiritwalker said:

I’d suggest you watch a film called The Big Short if you are really interested in what caused that financial crash.

Margin Call is also excellent from a smaller scale view of the matter.

[kenny]

25 minutes ago, The Hitman said:

The biggest frustration for me is that this all appears to mean that interest rates will stay higher for longer.

 

I come out of a 5 year fix in August and was hoping I’d got lucky avoiding most of it. It sounds like it’ll still be at 4% by my renewal date now. 

 

A lot of people have had it worse with with over 5% but it’s really giving me the jitters with how much it will go up, hundreds a month. 

I suspect you will be looking at more like 6%.

[Trav Le Bleu]

56 minutes ago, MPH said:

 

thats not real surely?

If you can't live a comfortable retirement off that kind of money, then my thought is there's no helping you.

 

I really hope it's made up, but it also wouldn't entirely surprise me.

[urban.spaceman]

4 hours ago, Daggers said:

😂

 

Someone needs to tell them they can exchange 5 of those houses at a time into a hotel instead. 

[Salisbury Fox]

13 hours ago, Spiritwalker said:

I’m not sure inheritance tax on farms is fair, then again the majority of farmers 

voted for the Tories and Brexit which are the major causes of the economic crisis 

so maybe they should take some of the pain.

 

Well I suppose that’s ok if you feel that the second and third order effects of this don’t seriously have an adverse affect on things like food security etc. Appears to be ill thought out to me. Looks like there are going to be some protests which could become interesting if they gain enough support: https://www.farminguk.com/news/farmers-across-uk-to-rally-in-london-against-devastating-budget_65568.html. Not sure if it’s true that agricultural equipment is exempt ULEZ 

[StanSP]

2 hours ago, grobyfox1990 said:

Just shows that money does not give you brains or the ability to effectively control said money. You were born in the greatest generation ever, have built up that portfolio, but have to work at 77?! 

How dumb must these people be. Still, people like this wasting their money on things like cars on finance or unable to structure their leverage efficiently is what keeps the economy running. Now shut up and get back to work John and Julie.

 

60 properties though!! 

 

Surely over time they must be sitting on an absolute fortune, but they're choosing to go to work? Given how cheap some of the properties they acquired back in time. 

 

Even selling one for now must be able to tide them over? Even selling 10 must net them some kind of decent dough. And they'd still be left with 50

 

[Lionator]

4 hours ago, Daggers said:

😂

 

It’s all very funny but people like this carry a lot of power in society. The newspaper owners, the corporate property owners, the landlords. They can dictate policy, and we all have relatives that are on lower incomes, maybe even state pensions, that are sympathetic to people like the above for inexplicable reasons. You never hear from the ones that have no power. Homelessness will reach its highest ever number in the country at some point next year, where are those who are struggling getting their telegraph article? 

[leicsmac]

4 minutes ago, Salisbury Fox said:

Well I suppose that’s ok if you feel that the second and third order effects of this don’t seriously have an adverse affect on things like food security etc. Appears to be ill thought out to me. Looks like there are going to be some protests which could become interesting if they gain enough support: https://www.farminguk.com/news/farmers-across-uk-to-rally-in-london-against-devastating-budget_65568.html. Not sure if it’s true that agricultural equipment is exempt ULEZ 

Tbf there are far greater threats to food security out there (which the farmers do take seriously, but I'm not sure how many of other talking heads regarding this policy do).

[leicsmac]

1 minute ago, Lionator said:

It’s all very funny but people like this carry a lot of power in society. The newspaper owners, the corporate property owners, the landlords. They can dictate policy, and we all have relatives that are on lower incomes, maybe even state pensions, that are sympathetic to people like the above for inexplicable reasons. You never hear from the ones that have no power. Homelessness will reach its highest ever number in the country at some point next year, where are those who are struggling getting their telegraph article? 

The greatest trick those who benefit most from gross inequality ever played was convincing enough people that it's a good thing to make that inequality democratic political policy.

[urban.spaceman]

17 minutes ago, StanSP said:

60 properties though!! 

 

Surely over time they must be sitting on an absolute fortune, but they're choosing to go to work? Given how cheap some of the properties they acquired back in time. 

 

Even selling one for now must be able to tide them over? Even selling 10 must net them some kind of decent dough. And they'd still be left with 50

 

Why do that when you can remain absolutely ****ing greedy and get your face in the papers?

[grobyfox1990]

3 hours ago, StanSP said:

60 properties though!! 

 

Surely over time they must be sitting on an absolute fortune, but they're choosing to go to work? Given how cheap some of the properties they acquired back in time. 

 

Even selling one for now must be able to tide them over? Even selling 10 must net them some kind of decent dough. And they'd still be left with 50

 

Logically true but honestly the amount of people you meet that cannot handle their affairs or structure themselves efficiently. Bet they've got a few German mid-range sports cars cars on finance deals, over levered on each property via a UK high st bank, a jacuzzi, a caravan, a pointless timeshare in Spain or some other nondescript European dump. It's amazing how low-IQ people can fritter their money away.

As I said before these people keep the economy running which is great.

[StanSP]

39 minutes ago, grobyfox1990 said:

Logically true but honestly the amount of people you meet that cannot handle their affairs or structure themselves efficiently. Bet they've got a few German mid-range sports cars cars on finance deals, over levered on each property via a UK high st bank, a jacuzzi, a caravan, a pointless timeshare in Spain or some other nondescript European dump. It's amazing how low-IQ people can fritter their money away.

As I said before these people keep the economy running which is great.

True. Perhaps not as money-savvy as initially first thought.

 

60 properties though. They must be raking it in on rental income. Even a generous average of £750 a month nets them £45k/m. Obviously there's other costs associated going out the other way of various factors (taxes, mortgages, insurance, maintenance) , but it staggers me someone could own that many properties, have a potentially steady flow of income and still not be financially secure for their retirement. 

[kenny]

5 minutes ago, StanSP said:

True. Perhaps not as money-savvy as initially first thought.

 

60 properties though. They must be raking it in on rental income. Even a generous average of £750 a month nets them £45k/m. Obviously there's other costs associated going out the other way of various factors (taxes, mortgages, insurance, maintenance) , but it staggers me someone could own that many properties, have a potentially steady flow of income and still not be financially secure for their retirement. 

Assuming they owe 70% on those, to an amount of £5m in mortgage, that would give an interest only figure of £18-20k per month.

 

Then they will be paying £18-20k per month in tax.

 

This leaves them £5k to cover maintenance, insurance and salaries for themselves.

 

This all assumes they have amassed this 'empire' in the daftest way possible.

 

On the positive side, they are housing 60 families/people and are paying just under £500k a year in income tax. They are the real heroes here.

 

 

[urban.spaceman]

 

The silver lining of this evil **** getting into parliament is twofold: 1, the decline he's complaining about is directly a consequence of Brexit and policies he championed and his voters should be regularly reminded of that; and 2, he's so far down the list of MPs to make statements or ask questions that the chamber is practically empty by the time he does it. 

 

[JonnyBoy]

26 minutes ago, StanSP said:

True. Perhaps not as money-savvy as initially first thought.

 

60 properties though. They must be raking it in on rental income. Even a generous average of £750 a month nets them £45k/m. Obviously there's other costs associated going out the other way of various factors (taxes, mortgages, insurance, maintenance) , but it staggers me someone could own that many properties, have a potentially steady flow of income and still not be financially secure for their retirement. 

 

Valid point but not as much as you think, we make a whole profit of about £70 a month on our rented property after mortgage (interest only mortgage) agent fee's, landlord insurance, maintenance etc. A Broken boiler that costs 3 grand wipes out three years "profits" for us. A lot of people assume landlords make a killing, Yes they probably do dependant on location and number of properties but i would be surprised if they are earning near 45/m. Probably more than enough for them to put food on the table though... 

[grobyfox1990]

1 hour ago, StanSP said:

True. Perhaps not as money-savvy as initially first thought.

 

60 properties though. They must be raking it in on rental income. Even a generous average of £750 a month nets them £45k/m. Obviously there's other costs associated going out the other way of various factors (taxes, mortgages, insurance, maintenance) , but it staggers me someone could own that many properties, have a potentially steady flow of income and still not be financially secure for their retirement. 

£45k would go in tax, maintenance, upkeep etc. And guessing by the type of people they appear they likely donate money to a property mgr at 10% pm. Property market has fundamentally changed, most people can’t manage a decent yield on one rental property post covid, never mind 60. They’d be better off getting exposure to UK housing via an etf 

[urban.spaceman]

Oh no

[Trav Le Bleu]

45 minutes ago, grobyfox1990 said:

£45k would go in tax, maintenance, upkeep etc. And guessing by the type of people they appear they likely donate money to a property mgr at 10% pm. Property market has fundamentally changed, most people can’t manage a decent yield on one rental property post covid, never mind 60. They’d be better off getting exposure to UK housing via an etf 

But surely selling 60 house... even with only a small amount of equity in each... is going to give them several hundred thousands of pounds, not to mention selling their boat (which must be substantial if they were seriously considering sailing the world), not to mention state pension too.

 

It's hard to see that they'll struggle to survive. Struggle to maintain a lavish lifestyle, yes, but nobody's guaranteed anything. They will seemingly have more than most to fall back on.

[Dahnsouff]

9 minutes ago, urban.spaceman said:

Oh no

Do you think everyone who works in London is an aristocrat or something? Weird post.

[grobyfox1990]

13 minutes ago, Trav Le Bleu said:

But surely selling 60 house... even with only a small amount of equity in each... is going to give them several hundred thousands of pounds, not to mention selling their boat (which must be substantial if they were seriously considering sailing the world), not to mention state pension too.

 

It's hard to see that they'll struggle to survive. Struggle to maintain a lavish lifestyle, yes, but nobody's guaranteed anything. They will seemingly have more than most to fall back on.

Yeh dunno, if they’re over levered, sell and have to pay an ERC to their high st mtg provider, cgt, break clause to their agent, break an AST if the buyer doesn’t wanna keep the tenant in situ. Not saying you’re wrong but can see how people get themselves into this pickle then blame it on someone else when it doesn’t pay off  

[leicsmac]

50 minutes ago, Dahnsouff said:

Do you think everyone who works in London is an aristocrat or something? Weird post.

I'm going to go ahead and consider that the aim isn't at everyone working in London, but rather the ones rich enough to afford a nanny and yet are still complaining in their overweening self interest about paying about a fortieth of that nanny's salary extra to help other people.

[Dahnsouff]

1 minute ago, leicsmac said:

I'm going to go ahead and consider that the aim isn't at everyone working in London, but rather the ones rich enough to afford a nanny and yet are still complaining in their overweening self interest about paying about a fortieth of that nanny's salary extra to help other people.

Do not dispute that, but we do not live in each others lives and individuals outgoings are neither known nor understood by observers. Look, I am sure @urban.spaceman meant nothing by it, but over 10 years ago it cost us over £1500 a month for childcare for single child in the only place we could find a space and we are not even in London, so such comments are uninformed I would argue. However, I am sure it was in jest, so I retract the snotty nature of the original comment. Sorry Urban.