Repossession Town - Would you live here?
25 February 2008, 09:57 AM
#2
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Not for much longer perhaps
25 February 2008, 10:20 AM
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I can only assume its the more recent mortgages that people have taken out plus the extra £££ to buy the X5 or some other posh looking car.
Main reason is that for the last 5 or 6 years many have bought houses on Buy to Let basis. Reason being there are 3 oil refineries close to the town and one has been turned into an LNG processing plant. The houses were boguht for the LNG boys but now thats near completion they are moving back home and the houses are not being occupied.
Suprising really because housing is relatively cheap down here but as with everywhere salaries haven't grown to match and those on quite high salaries are contractors for the refineries so the money doesn't stay down here.
Main reason is that for the last 5 or 6 years many have bought houses on Buy to Let basis. Reason being there are 3 oil refineries close to the town and one has been turned into an LNG processing plant. The houses were boguht for the LNG boys but now thats near completion they are moving back home and the houses are not being occupied.
Suprising really because housing is relatively cheap down here but as with everywhere salaries haven't grown to match and those on quite high salaries are contractors for the refineries so the money doesn't stay down here.
25 February 2008, 10:42 AM
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25 February 2008, 10:48 AM
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Originally Posted by BBC News Reporter
Charities have previously warned about some homeowners using credit cards to pay their mortgages, but with credit increasingly difficult to come by, many have been struggling to meet repayments.
Originally Posted by BBC News Reporter
One of the biggest factors behind the rise, according to Citizens Advice, was tenants who initially bought their homes under right to buy legislation re-mortgaging, with sub-prime mortgages or loans from non high-street lenders.
Darwin's finest! A couple of years and it's back in to clean-up.
25 February 2008, 11:02 AM
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25 February 2008, 12:37 PM
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Tudor Gardens are new-ish properties but are in a poor location. Theres nothing within walking distance and if walking you have to cross a bypass to get into town.
Haverfordwest - 3 bed Semi - Detached House
This is at the end of my street and much better located for the town etc. They are ex-RAF houses which were bought in bulk, renovated and then sold on. We paid £99 deposit and only had to find a 95% mortgage. The rest was "all in" deal.
We had no money, the misses was pregnant and I just lost my license for 12 months. Needs must so we bought one. Granted they don't look very posh but the area is whisper quiet, my work and town centre is 1.5 miles and my daughters school is 1 mile away.
Its so quiet when my wife went in to have our daughter in the panic we left the front door open all day. A neighbour shut it for us and let us know the next day when we returned as 3
We are just sitting tight until the eventual correction and as JTaylor says, buy back in.
Haverfordwest - 3 bed Semi - Detached House
This is at the end of my street and much better located for the town etc. They are ex-RAF houses which were bought in bulk, renovated and then sold on. We paid £99 deposit and only had to find a 95% mortgage. The rest was "all in" deal.
We had no money, the misses was pregnant and I just lost my license for 12 months. Needs must so we bought one. Granted they don't look very posh but the area is whisper quiet, my work and town centre is 1.5 miles and my daughters school is 1 mile away.
Its so quiet when my wife went in to have our daughter in the panic we left the front door open all day. A neighbour shut it for us and let us know the next day when we returned as 3
We are just sitting tight until the eventual correction and as JTaylor says, buy back in.
Last edited by EddScott; 25 February 2008 at 12:39 PM.
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25 February 2008, 12:53 PM
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Sad but true: People should not buy what they can't afford.
And afford meaning money in the bank, and what proportion of their income they can sacrifice on a loan/mortgage/CC and still be able to live their current lifestyle (factoring in safety margins for unforseen circumstances).
Which is not the maximum amount the lender will allow you to borrow.
Seems these people in trouble didn't comprehend that basic bit of common sense - or were somewhat unrealistic with the numbers tapped into the calculator - more the fool them.
It does concern me on what impact this will have on the economy. And I think lenders should also be taken to task on a goverenment level at not fully assessing customers when giving them loans due to the pound signs obstructing their foresight. As its also incompetance on their behalf as well as the borrower. But then, the lenders will suffer for their actions - as they aren't going to get the expected return on their lending charges.
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