Paying it off is the only sensible option
which is why this interest-only tale whiffs so strongly of BS.
( Dr. Shambolic je suis charlie, Fri 1 Mar 2013, 14:11, 1 reply)

To he honest, I was going to join in on this one yesterday
but I couldn't be arsed .. but now some proper people are playing, actually (although you're right about the retarded maths) the biggest hole in this one would be how the second mortgage was obtained. Because no-one apart from "Big Vern" is going to lend you money for a buy to let mortage simply on the affordability basis that you currently pay zero on your main mortgage as the interest rate is nowt. Especially not in the middle of the greatest economic crash of our generation. So I can only conclude one of three things: This is total Accord, or our lovely protagaist lied through his balls on his mortgage apps, or actually he's much richer than he says, in which case why the need to do all this fannying when he could just be being sucked off by supermodels on a yacht somewhere. All are equally possible.
( the mighty badger Aphrodite, on a bar stool, by your side, Fri 1 Mar 2013, 14:44, closed)

No part of the story stands up to any scrutiny
I can't believe the mods have let somebody lie on qftw. Sad times indeed.
( Dr. Shambolic je suis charlie, Fri 1 Mar 2013, 15:12, closed)

Bored as I am explaining the basics of percentages to an apprarent mathematics PHD,
I'll also humour you with a reply, seeing as you've so kindly jumped on the bandwagon.

When my monthly outgoings dropped to £0.00 I was far more liquid. The same bank my mortgage was with allowed me to borrow a smaller amount on a buy-to-let mortgage, which means the payments are covered by the rental income. It only required a small deposit too. This, backed up by a strong credit rating and a consistent, dependable income, made me a good risk for the lenders.

Times have changed now, I agree - but back in 2008 mortgages, especially buy-to-let types, were far more freely available and required less down-payments. They screw you on the rates (6.2% for my first buy-to-let) - so these are profitable products for the banks.

Now with my Ltd Co vehicle, I can show strong profits and a healthy, never-defaulted payment history, I'm not getting the cheapest rates on the high-street, not by a long shot - but the huge increases in values of my properties (not one has not gone up by less than 18%), means my LTV is strong and my equity is increasing all the time.

The trick is to sell (which I am currently doing with my first two), which will give me a £50k profit on each, AFTER paying off their respective mortgages. So now I can place £50k on another two properties in a more sought after area. It doesn't matter that I'm not paying off capital by using interest only products - as the increase in property values is more than covering this (as long as I sell at the right time).

Not a whiff of Honda Accord. More a low-key investment success story, more of a Nissan Micra.
( Albert Marshmallow is a completely irredeemable cunt, Fri 1 Mar 2013, 15:16, closed)

Bless.

( Dr. Shambolic je suis charlie, Fri 1 Mar 2013, 15:32, closed)

I prefer to think that you obtained mortgages through deception
it's much more fun to have a frisson of illegality, don't you think?
( the mighty badger Aphrodite, on a bar stool, by your side, Fri 1 Mar 2013, 17:45, closed)

Also, you can go on explaining the way interest rates works all you like
you're still wrong. And my doctorate is only in a fairly obscure but somewhat critical field of medical engineering. I'm nearly a maths retard and I know you're wrong. IMAGINE.
( the mighty badger Aphrodite, on a bar stool, by your side, Fri 1 Mar 2013, 17:49, closed)

I particularly like his ability to use a calendar.
The interest rates dropped to 0.5% in March 2009 allowing him to save up some money for a deposit on buy-to-let property that he buys in 2008. It's no wonder he's a property mogul ... fucker's got a time machine.

I'm also fascinated by the fact that yesterday one of his properties was on sale "for a £100,000 profit" but today he has two properties on sale for "£50k profit each". You'd think a financial whizzkid would be able to remember what he wrote barely a day ago. Or perhaps he used his time machine to go back and divide the property into flats.
( Dr. Shambolic je suis charlie, Fri 1 Mar 2013, 18:27, closed)

How dare you suggest that he's making this shit up!
You terrible troll!
( Dr. Shambolic je suis charlie, Fri 1 Mar 2013, 18:33, closed)

Next thing you'll be pointing out with basic arithmetic what an 18% increase making £100k profit means about the initial property value and what that means for a 6.2% interest only mortgage.
You horrible horrible bully. You must be stopped!
( Dr. Shambolic je suis charlie, Fri 1 Mar 2013, 18:38, closed)

( Dr. Shambolic je suis charlie, Fri 1 Mar 2013, 18:39, closed)

Easy now.

( Dr. Shambolic je suis charlie, Fri 1 Mar 2013, 18:53, closed)

Seriously?
Go and stalk someone else. You're becoming a tad obsessive. I'm sure someone's made a spelling mistake on Mumsnet, go and give them the full force of your PHD, you superhero.
( Albert Marshmallow is a completely irredeemable cunt, Fri 1 Mar 2013, 22:08, closed)

Yeah. Soz. I'll prolly stop some time next Thursday.
You're right though. Repeatedly pointing out that you've posted a convoluted and inconsistent (and yet bizarrely tedious) fantasy life on a comedy website probably falls within some broad definition of "stalking".

Guess you're going to just have to get used to it.

edit: would it make you feel better if I cross posted to talk or offtopic or links then more people can point at you? or would that make it worse?

edit edit : no ... wait ... what if I just posted it direct to mumsnet? would that work? that would work, right?
( Dr. Shambolic je suis charlie, Fri 1 Mar 2013, 22:16, closed)

Ooops!
More thread deletion.
Don't tell me you thought I'd made you look like an idiot.

Only idiots delete their posts to try and not look like idiots!
(Misery McUglywife an attention seeking sociopathic fuckstain., Sat 2 Mar 2013, 21:41, closed)

*yawn*

( The Mock TurtIe ™ --- Thinks you are a cunt, on, Sat 2 Mar 2013, 0:52, closed)

Big Vern.
Watch aht Ernie, 'es got a shoota!
( Ken Oath, Sat 2 Mar 2013, 13:35, closed)