1 Month till the crash

[Danglekt]

Well, I first bought a property in 2008, about 8 weeks before "the crash". Lost a packet.

Fast forward nearly a decade of pain and much skintness - finally paid back everything that was owed on that horrorbox, and managed to save up a deposit too, so bought a house a month ago.

So, if history repeats itself we have about a month till it all goes horribly wrong.

Which by my maths is roughly the 23rd June 2016.

Can anyone think of any reason for a financial mess to start on the 23rd June....hmmmmm....

Nah, it be reet.

[diseasex]

Well, I first bought a property in 2008, about 8 weeks before "the crash". Lost a packet.

Fast forward nearly a decade of pain and much skintness - finally paid back everything that was owed on that horrorbox, and managed to save up a deposit too, so bought a house a month ago.

So, if history repeats itself we have about a month till it all goes horribly wrong.

Which by my maths is roughly the 23rd June 2016.

Can anyone think of any reason for a financial mess to start on the 23rd June....hmmmmm....

Nah, it be reet.

Nice date. Let me think what happens on that date.... hmmmm got nothing

[Support Monkey]

The only time you lose on a house is when you sell it, so unless your planning on moving

[BrilloPad]

Crash will only happen when AtW buys.....

[DimPrawn]

Crash will only happen when AtW buys.....

Oh Dear™

[filthy1980]

Well, I first bought a property in 2008, about 8 weeks before "the crash". Lost a packet.

Fast forward nearly a decade of pain and much skintness - finally paid back everything that was owed on that horrorbox, and managed to save up a deposit too, so bought a house a month ago.

So, if history repeats itself we have about a month till it all goes horribly wrong.

Which by my maths is roughly the 23rd June 2016.

Can anyone think of any reason for a financial mess to start on the 23rd June....hmmmmm....

Nah, it be reet.

i think my life mirrors yours, also bought first home at the beginning of '08 and fixed the rate for 5 years,

now about to complete on a new home, fearing the worst

[DimPrawn]

i think my life mirrors yours, also bought first home at the beginning of '08 and fixed the rate for 5 years,

now about to complete on a new home, fearing the worst

90% price drop for the next 20 years, what's the worry?

[Danglekt]

The only time you lose on a house is when you sell it, so unless your planning on moving

Yeah I know, but would still suck, as I could have bought at a lower price getting either more for my money, or having lower mortgage costs. So whilst I understand the long view, I would still be fuming.

Also, I took a massive one for the team back then, and paid every penny back (as we had to sell unfortunately) so I'd prefer not to be the poor schmo who cops it again.

Maybe some form of crash that only effects baby boomers would even it all up a bit.

[DimPrawn]

The only time you lose on a house is when you sell it, so unless your planning on moving

Actually, that's nots true. Ignoring the fact you could have bought the house at a much lower price, meaning your monthly payments would be lower, or for the same money you could have got a bigger/better house, there's one other big problem.

If you need to switch mortgage, your negative equity will mean other lenders won't touch you. Your current lender rate could be twice the better deals, but you will be stuck paying well over the odds on a terrible mortgage rate for a very long time.

And of course, you can't move, because your lender will deduct the negative equity from your deposit, meaning you don't have a deposit and therefore will not offer you a mortgage on a different property, meaning you are stuck in the house whether you like it or not.

[BrilloPad]

The government can't let house prices go down. It is all that is holding the economy up.