Member Info for 67Sam

Has anyone heard of these, sold by BoC at end of nineties. Glad i didn't get one.

https://www.theguardian.com/money/2023/may/27/uk-mortgages-loan-debt-bank-of-scotland

They indicate 170 clients, I wonder how many of these mortgages they actually sold and what the damages are likely to be? Appreciate the clients were all "advised by an IFA", but what a monumentally crap deal it turned out to be.

Anyone know if the UBS driver gets the day off today with admission of new shares?

"only way to get rich"

I just want to own my house and retire by 65. I never pursued life wanting to be rich; leveraging is not for me. Looked at CfD's once, scared me to death.

"not a thing I have done in 36 years"

Letting it compound by reinvesting dividends would also be my ideal scenario. With Lloyds giving over 5% and some other stocks higher, I understand it makes more financial sense to reinvest, than it does withdrawing dividends to reduce a loan which attracts 1.09% interest. I do get that.

But you can't cost everything in currency. Right now I need to reduce that debt as much as I can. Reducing future liability is my main driver for good mental health right now. I just want rid - so I am overpaying each month as much as I can. I have been quite open in the past that holding Lloyds in an ISA was a five year gamble, with that purpose in mind. However 25% of my total Lloyds holding is compounding in a SIPP.

You did very well to have invested and reinvested over such a long period, while presumably acquiring a home and eliminating any debt at the same time.

"Anyone had their dividend payment yet?"

Yes, in my HL ISA account this AM. Withdrawn and showing in my current account by midday, and then transferred as a credit against the mortgage balance by 3pm.

Div. payments are one thing Ive always found HL to be quite good at.

"I'd love to know the maths behind it"

and me and a few others. it shows enormous restraint and manages to always avoid creating very much increase in the average price paid, which has continued to reduce throughout the period so far.

"passing the 2 Billion mark"

just about made it today, but the drivers being very cautious

"maybe forcing smaller landlords out of the sector"

agree, I think less money to be made from owning a single buy to let as many people did for a pension supplement. Also rents are very high and supply is quite low and I would support a move to higher standards - I think they are already required to reach C on an EPC.

Lloyds seem quite canny and are going for a particular slice of the rental sector targeting white collar professionals and middle class families.

Build to let does seem to have captured the interest of many big financial players particularly Legal and General.

"general consensus on citra living"

doesn't get discussed often, my view is positive though their rhetoric of big ambitions hasn't been matched by the volume of property acquired so far. Partnering developers to buy new builds in high demand areas sounds ok to me for a long term diversified income stream that also has potential to reach tenants with other financial products or deals.

"I will not be having any sleepless nights about any potential repossessions that may happen" No, me neither, if I was losing sleep just because I was worried over lloyds, I would sell.

"why is that?" A strategy of buying new build only, in quantity, on the same site, suggests they will have low initial maintenance and they will achieve economies of scale when repairs or refurb is needed. Or bringing it up to relet standard after making condition checks when tenants vacate. All requires time and money. Acquiring ad hoc repos in various locations in variable condition doesn't seem like a sound plan to me. Although I agree seeking a possession order should only be a last resort for the lender, there has to be some kind of limit put on arrears building up for both parties sake.

Im not especially forecasting more repos, but the original article highlighting the demographic impact did interest me, as it is a factor I hadn't previously considered in prices over the next 5-10 years. I would not personally choose to move now, so prices are fairly irrelevant. I don't think the implications will bad news for me, or for Lloyds, particularly as Citra hasn't expanded rapidly and Lloyds loan book is very good quality.

''but would still be required to renovate it first.''

??

where its not to a lettable standard

"every let property is individual"

costs are far cheaper when individual properties occupy shared sites. it would be totally at odds with citra's stated aims to do what you are suggesting, but not impossible. agree repo is worst scenario to be avoided wherever possible for both the owner and lender.

"I cannot see why any repossessed property that also is in negative equity should be sold, crystallising a loss"

Because they are a landlord buying new build efficient homes built at scale near employment centres. It's more efficient to send the repo's for auction in this market, than incur costs to renovate and let individual properties. It would also create a very hybrid kind of portfolio. I suppose they could offer to relet to the previous owner, but would still be required to renovate it first. Plus a requirement of any repossession order will be to vacate premises.

Skier

https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/internationalmigration/bulletins/longterminternationalmigrationprovisional/yearendingjune2022#:~:text=Net%20migration%20for%20the%20UK%20in%20the%20year%20ending%20June%202022&text=This%20was%20estimated%20to%20be,compared%20with%20YE%20June%202021.

Net migration estimate of 504,000 for 21/22. Higher than in the previous years, but this figure includes planned resettlements from Hong Kong and Ukraine, so is unlikely to continue at that level.

"A million new buyers and renters are pouring into the UK every few months"

?

"The 2019 mid-year population estimates release showed that the population of the UK reached 66.8 million, up from 66.4 million in mid-2018. This population growth marks an increase of 0.5%, or an additional 361,000 people, between mid-2018 and mid-2019. Growth in the year mid-2018 to mid-2019 was slower than in any year since mid-2004. The UK population is projected to increase further; our 2018-based principal national population projections suggest the UK population will surpass 69.6 million by mid-2029 and reach 72 million by mid-2041 – increases of 4.2% and 7.8%, respectively, from mid-2019"

https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/articles/overviewoftheukpopulation/january2021#the-uks-population-continues-to-grow-but-at-a-slower-rate-than-previously

"hysterical doom-loop"

Or in this case a demographic observation based on the ending of a generation with unequal wealth and assets. A higher property disposal rate at a time when younger generations remain priced out at existing levels. What will happen? It could also be wrong. Boomers may well continue to outlive their forecast life expectancy.

"House prices will continue trending up for decades to come"

Over a long enough time line that is all but guaranteed.

"the UK housing market will not decline in any significant way"

Would be very unusual for prices to never decline again. That would mean demand had remained just as strong as in previous years when interest rates, energy and food costs were all significantly lower.

"House prices face a looming hit – from the baby boomers who got rich off property

A flood of homes going up for sale risks a total rebalancing of the property market"

thought this was quite an interesting perspective in the telegraph today

https://www.telegraph.co.uk/business/2023/05/13/house-prices-property-market-supply-baby-boomers/?WT.mc_id=e_DM148003&WT.tsrc=email&etype=Edi_Edi_New_Reg&utmsource=email&utm_medium=Edi_Edi_New_Reg20230515&utm_campaign=DM148003

"Can someone summarise Chids post?"

I resent benefits for poor people. It’s so unfair, all my savings get so little interest. I resent giving migrants anything, as it might leave me with less personally. On top of that, I might have to pay for my own care too. I also resent the unemployed. All working people also resent the unemployed. I also resent people who have a lot more money than me.

I don’t trust these Lloyds buybacks either, I blame the directors. A few people try and argue with me here, but they are too stupid to see we are being robbed. I know I’m right because Directors have been selling shares when the SP was high. I saw further than everyone else, everything in UK politics is rigged and I am the champion poster.

Thanks hardup. I'm hoping the UBS driver will put his foot down while we're still in the mid 40's.

gaz/chid
yes its subject to a notified and agreed residence in the property by the child for 12 months prior to tenants death. likewise in england, proof of residence needed for min 12 months.
https://www.gov.scot/publications/scottish-secure-short-scottish-secure-tenancies-assignation-subletting-joint-tenancies-succession-guidance-social-landlords/pages/8/

"a way to generate more income may be to rent out your house"
yes a way that probably requires family around you. I hope it works out if and when the time comes, but it doesn't sound imminent. And who would be in a rush?