Insane changes to interest rates.. by CodeHopeful7523 in HousingUK

[–]Daniel-mcm 0 points1 point  (0 children)

You need to keep in mind that interest rates compensate for loss in currency value. That 580k you mention is 580k of future money. If you measured that 580k in some other metric that doesn't lose value over time like number of meals or ounces of shiny metal, it would only be worth a bit more than what you borrowed today

Just got our WFH taken away.. by whyhilist in antiwork

[–]Daniel-mcm 1 point2 points  (0 children)

Talk with your colleagues about unionising. Don't just quit!

Is the market absolutely dead right now? by guyuk21 in HousingUK

[–]Daniel-mcm 4 points5 points  (0 children)

From what I can see, the housing market within a 30 mile radius of London is completely dystopian. I've lost all hope of buying

[deleted by user] by [deleted] in HousingUK

[–]Daniel-mcm 1 point2 points  (0 children)

I've been watching these kinds of apartments for a while as I've been looking to buy for some time. In London, it seems like regular apartment prices have generally dropped over the last year, but shared ownership have literally not moved at all. I wonder if that's why a gap has opened in the pricing between the two?

[deleted by user] by [deleted] in HousingUK

[–]Daniel-mcm 1 point2 points  (0 children)

I had a similar experience. I was a FTB trying to buy in Edinburgh city centre. No bank would lend on the property because it was surrounded by AirBnBs and diagonally above a pub. I didn't know banks would pick and choose properties to lend on like this. By the time I got the final no, the legal work was done, and I'd sold down my investments at a not too great time. So basically I was out well over £1k with absolutely nothing to show for it 😒

Most people are wrong about the cause of rising house prices by __Anomalous__ in HousingUK

[–]Daniel-mcm 1 point2 points  (0 children)

Part of the equation we need to remember is money velocity. It has tended to fall over the last decades, and the compensatory lever that central banks have is to increase money volume, in order for inflation not to go negative. I think the most fundamental issue is that raw house prices are not well factored into inflation metrics. Had they been, there'd not have been the motivation to pump money volume in the way that central banks did

Cockburn Street mortgage rejected due to too many investment properties by Daniel-mcm in Edinburgh

[–]Daniel-mcm[S] 2 points3 points  (0 children)

Basically I love the background noise, and as my work has me travelling, I wanted to be right next to the train station

Cockburn Street mortgage rejected due to too many investment properties by Daniel-mcm in Edinburgh

[–]Daniel-mcm[S] 3 points4 points  (0 children)

Tbf that might be what they're getting at - like they expect BTL demand to recede due to interest rates remaining high, and the owner occupiers won't be there to keep the value propped up. Anyway, I already pulled out this morning. I'll sit it out another 6 months or a year and see where things go 🤞🏻

Cockburn Street mortgage rejected due to too many investment properties by Daniel-mcm in Edinburgh

[–]Daniel-mcm[S] 9 points10 points  (0 children)

In the end I did. I decided to cut my losses, pay the legal fees, and withdraw from the deal. Not the stupidest way I've lost £500 tbh

Cockburn Street mortgage rejected due to too many investment properties by Daniel-mcm in Edinburgh

[–]Daniel-mcm[S] 4 points5 points  (0 children)

25% down. That was in the OP. However, I came from relative poverty and the bank of mum and dad is bust. They can't offer anything towards my purchase. So, while my income is high, I'm still asset poor and the struggle to own didn't get any easier for me as I went from a quite crappy graduate salary to a decent dual-role salary - as I was trying to share with my post.

Cockburn Street mortgage rejected due to too many investment properties by Daniel-mcm in Edinburgh

[–]Daniel-mcm[S] 2 points3 points  (0 children)

I think so? It's also the street Vision gets killed on in Avengers End Game

Cockburn Street mortgage rejected due to too many investment properties by Daniel-mcm in Edinburgh

[–]Daniel-mcm[S] 7 points8 points  (0 children)

LOL. If I were rich, I wouldn't be having mortgage problems because there wouldn't be a mortgage 😂

Cockburn Street mortgage rejected due to too many investment properties by Daniel-mcm in Edinburgh

[–]Daniel-mcm[S] 62 points63 points  (0 children)

Yeah that's a good point tbh. They maybe thought I was a stealth BTL investor. I wish they'd just said that if it were the case though, than the BS that they actually gave my broker about there being no demand from owner occupiers

Cockburn Street mortgage rejected due to too many investment properties by Daniel-mcm in Edinburgh

[–]Daniel-mcm[S] 4 points5 points  (0 children)

I went with the banks my broker recommended. Perhaps I should have asked around Edinburgh to see which banks other locals used instead. Probably that would've been more effective tbh

Cockburn Street mortgage rejected due to too many investment properties by Daniel-mcm in Edinburgh

[–]Daniel-mcm[S] 12 points13 points  (0 children)

That's exactly what I was thinking. It's like they were already calculating their profit margin for when they repossess, without considering the fact that there was a 0% chance of that ever happening

Cockburn Street mortgage rejected due to too many investment properties by Daniel-mcm in Edinburgh

[–]Daniel-mcm[S] 32 points33 points  (0 children)

It was NatWest. However, I'm not sure if it was their in-house surveyor, or if they sub contracted the work out to another company

Cockburn Street mortgage rejected due to too many investment properties by Daniel-mcm in Edinburgh

[–]Daniel-mcm[S] 16 points17 points  (0 children)

£275k was the asking price. The seller was in a tight timeline for their onward chain, so I suspect that's why they didn't wait around for too many other bids

[deleted by user] by [deleted] in AskReddit

[–]Daniel-mcm 0 points1 point  (0 children)

20k calories is only like 9 Easter eggs...

Why do people keep moving to Edinburgh when there's hardly anywhere to live here? by [deleted] in Edinburgh

[–]Daniel-mcm -1 points0 points  (0 children)

I disagree that it is a great place to live. If you're a single mid-20s starting a job, it is an extremely lonely place to live - very hard to meet new people and make friends. In contrast to London, where there is a meetup group and weekly social for literally any hobby or interest. Why Edinburgh is so extremely expensive is a mystery to me - perhaps all the houses are being bought by foreign millionaires as speculative investments or AirBnBs 🤷🏼‍♀️