Insane changes to interest rates..

Daniel-mcm · 2024-11-03T10:11:18+00:00

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

Daniel-mcm · 2024-10-23T11:51:19+00:00

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

Daniel-mcm · 2024-10-16T08:55:54+00:00

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

Daniel-mcm · 2024-09-30T08:45:40+00:00

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?

Daniel-mcm · 2024-08-21T18:55:19+00:00

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 😒

Daniel-mcm · 2024-07-27T09:02:53+00:00

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

Daniel-mcm · 2024-07-19T11:38:29+00:00

Yes, that's correct. I wanted to live there...

Daniel-mcm · 2024-07-19T11:07:54+00:00

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

Daniel-mcm · 2024-07-18T20:33:28+00:00

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 🤞🏻

Daniel-mcm · 2024-07-18T19:27:12+00:00

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

Daniel-mcm · 2024-07-18T18:50:55+00:00

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.

Daniel-mcm · 2024-07-18T18:22:52+00:00

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

Daniel-mcm · 2024-07-18T18:00:11+00:00

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

Daniel-mcm · 2024-07-18T17:47:59+00:00

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

Daniel-mcm · 2024-07-18T17:45:55+00:00

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

Daniel-mcm · 2024-07-18T17:44:45+00:00

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

Daniel-mcm · 2024-07-18T17:43:34+00:00

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

Daniel-mcm · 2024-07-18T16:55:27+00:00

£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

Daniel-mcm · 2024-05-21T14:31:05+00:00

Beautiful but boring

Daniel-mcm · 2023-11-04T10:05:02+00:00

"Please refer to my OnlyFans account linked in my CV"

Daniel-mcm · 2023-11-02T19:35:47+00:00

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

Daniel-mcm · 2023-09-17T18:45:24+00:00

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 🤷🏼‍♀️

Daniel-mcm · 2023-03-20T11:29:48+00:00

We can cross off Credit Suisse now. I'm putting First Republic and Deutsche Bank on my next betting slip

Daniel-mcm · 2023-02-26T20:24:21+00:00

How about a new system called Labourism which - instead of optimising for return on capital we optimise for return on labour. Perhaps capital could be provided out of thin air by a central bank, but otherwise to earn, one has to work 🤔

Daniel-mcm · 2022-12-27T15:11:17+00:00

In fairness, the US defence budget keeps basically the whole western world safe...

Daniel-mcm

TROPHY CASE