how will the recession affect you personally ?

Z

z106

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How will the recession affect you personally?

As in - in your day to day living, how will you lose out?

Personally - i have some properties which i was hoping to remortgage to use to put forward to pay towards other properties which i have paid a deposit on that are not yet completed.
Looks like I may lose teh deposit on those if i can't flip them.

Also - I am an IT contractor - unquestionably there are fewer contracts around now.
(Then again - teh credit crunch is a contributing factor there. On teh other hand maybe the recession is partly a symptom of the credit crunch?)

And even if i do get one when my current contract ends (which i certainly would hope/expect) - i reckon the daily rates will be less. Maybe i'm wrong on that one though.
 
Well iof I were you I would prefer to lose the deposit rather than having to complete on residential property at this moment in time. Have you exchanged contracts yet ? You will have difficulty walking away if you have
 
mercman said:
Well iof I were you I would prefer to lose the deposit rather than having to complete on residential property at this moment in time. Have you exchanged contracts yet ? You will have difficulty walking away if you have
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Have paid the 10%.

Will be dodgy on getting teh mortgages.

If i could flip one it would sort me out for teh other one though.

Time will tell.

May well lose teh deposit on both.

1 is in london - the other poland.
 
Don't know anything about Poland, but the London market is in a worse state than the Irish market. It is really heading for ti.mes which should be taken very carefully. Saying that depending on the location in London, you should be able to let it out
 
mercman said:
Don't know anything about Poland, but the London market is in a worse state than the Irish market. It is really heading for ti.mes which should be taken very carefully. Saying that depending on the location in London, you should be able to let it out
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Renting it out ouldn't be a problem - it is in canary wharf.

The problem lies in that teh bank will only give me 75% of teh value prior to cpompletion - which is 3 years from now.

If the price sinks in teh meantime i will have to come up with teh 25% of the then value plus any drop in price between now and then.
 
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Ah you're 3 years away. The whole market will have changed again by then. Of course the Banks wouldn't give you the money now. Are you looking for charity ?? Bloody good deal to get 25% now if you can.
 
I'm aware they won't give me the money now.

They will only give out a mortgage maximum 6 months before completion.

However - my point was that by the time i do look for a mortgage, the value will probably be less than it is now.

Who knows thoiugh. Maybe i'm being pessimistic.
 
Well i've never heard of a Bank giving out mortgage money before completion and I deal in property.
 
mercman said:
Well i've never heard of a Bank giving out mortgage money before completion and I deal in property.
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Mercman - i hear ye !

I'm agreeing with you.

I don't think i ever said anything to suggest otherwise.

What i'm sayinbg is a bank will sanction a mortgage depending on teh value of the property.

The banks in teh uk allow a valuation hold for 6 months.

So - if you get a valuation on a property that is more than 6 months away from completion any morgtage that gets sanctioned becomes redundant.
 
Ok - i have re-read my posts and realise i worded it incorrectly.

Suffice to say mercman - i agree with you.
 
qwertyuiop said:
How will the recession affect you personally?
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Not gloomy yet. This feels like the calm before the storm. No real pain yet other than an expected slower pay rise. Welcoming the property price correction.

No lifestyle cut-backs. Still planning to change car next year.
 
Working in property so was already hit at the start of the year by this so no big news to me!! Have had to make a few lifestyle changes in the short term but I am confident business will still be coming in from other angles besides residential sales in the next few months.
 
leesider - I hope you are right !! I do think that when the US turns the corner and Commodity prices ease, little Ireland should gain a steady momentum again.
 
recession usually means we do better in healthcare as increased funding in downturn but with our behemoth (HSE)............WHO KNOWS!!
 
Big Changes for me, working as a construction Professional, I have provisionally accepted a post in Dubai working on a major project, can't wait to get out off Ireland, Its a scary place right now, I see this recession getting very bad by the turn of the year!
 
ninsaga said:
Jeez - enough of this 'George Lee' thread..... the end is nigh and all that
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I don't get this attitude, which you hear all the time these days. If you address a problem you at least have some hope in dealing with it. If you stick your head in the sand, you are only going to get hit worse.

ccbkd said:
Its a scary place right now, I see this recession getting very bad by the turn of the year!
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Your industry has had the largest boom in our economy, it's only natural that you will see the worst of the recession. I wouldn't be so bleak about the rest of the economy (not saying we will avoid it).
 
qwertyuiop said:
Also - I am an IT contractor - unquestionably there are fewer contracts around now.

And even if i do get one when my current contract ends (which i certainly would hope/expect) - i reckon the daily rates will be less. Maybe i'm wrong on that one though.
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My hubby is an IT Contractor, he says daily rates are down a bit, less contracts out there but the credit crunch will ultimately lead to an explosion in that sector. We lived through a similar thing in the UK a few years ago. He reckons we just need to ride it out.
 
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