Nanny bans mortgages of more than 3 x income

>>>>

i have no time for 'feminists' i read what i read....you're not keen on the 'borrow-all-you-like' philosophy... ie, you're against individual freedom

so introduce a citizen's wage and stop trying to do things that experience tells you don't work people must be allowed to fail...it is the only way most people learn

let them build a shanty town in a suitable place...outside birmingham or in scotland

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We couldn't - that's how most of us young 'Albanians' ended up living in the Midlands. The only ones left (like my Mum and many of my siblings) live in council houses because. The residents are now mostly London City people. I don't know how those prices are holding up, but they still are even now. It looks the same as the street I live in now, where I have a

3 story 4 bed Victorian terrace for £115k (now 'worth' about £80k if that), and we are still only 50 minute train journey from London. The house prices in that street in the listing explain why my Grandparents were bullied so badly by their landlord, as he wanted them out of the house to split it into two flats.

Not really. Think of me as a libertarian who hopes the idiot lenders are in future sensible enough so that my life isn't impaired by the reckless lending and borrowing of others.

FoFP

The rich save their money, the poor pay the rich to borrow money.

The lower the interest rates, the better, as it reduces this subsidy.

Aren't they trying to forestall the next housing bubble rather than taking any action to mitigate the current bubble?

>

I would rather Mr Market took care of everything - why should prudent borrowers/lenders have to be regulated to control the excesses of a minority of lunatic housebuyers and lenders? They came a cropper - tough. Up until the past few years, lending *was* sensible, and without regulation. Sensible homebuyers/owners are now going to pay for years and years for a couple of years of excess that they didn't ask for and didn't join in. Bah.

>>>>>>>>

which prices are holding up?

repeat....if 'they' can't sell or buy at those prices...the prices will simply drop further....

sounds (to me) like it's time for you to hang on again keep ever in mind the clown is debauching the currency like there is no heaven or hell.... have you considered fixing your interest rates...if you can

are lodgers an option can your business weather the storms

regards

:-) why does it matter as long as you don't get caught up in the hysteria of the mob?

regards

So...

You're still as mad as a badger then...

You really think this is some sort of domestic UK problem don't you.

You're mad.

>>

it is in conditions like this the bargains come out to play

as a stock market saying has it...any fool can get rich in a bull market....

regards

i know very well it is....

that doesn't mean others aren't have little local difficulties....

storms come and storms go...that is the nature of the real world...only complete morons believe otherwise and whine outrageously when the barn burns down....

sane people clear up the mess.....rebuild the barn a bit better to prepare for the next storm.... and get on with living....

that from a fundamentalist socialist is amusing... keep it up...i like amusing

'Maria' wrote this:

>>>>>>>>

St Albans has always been a sought after place to live in Herts, so prices will hold up more than (say) Hatfield. Then you've got open countryside close by ...Sandridge etc.

I don't know if this is joint income or not - when I first bought in

1981, we were allowed 3 x main income, 1 x second income and had to have a 5% deposit.

The whole chain of prices will be affected by this, so existing buyers may not be in a position to go up the chain.

I couldn't have bought on my own - I had to have my husband's salary (3x his, 1 x mine), and we also lied about our salaries. Lots of people did or they wouldn't have been able to buy at all. (this was for a 1 bed back to back starter home, so nothing extravagant - we were homeless and desperation kicked in...)

It was a struggle for us - my entire salary went to pay the mortgage, even when the rates were lower and we had MIRAS.

I am happy to watch market forces take care of the problem - my objection is to Brown once again stepping in to dictate the rules.

>>>>>>>>>

My Mum lives in Sandridge. I don't know why it was so desirable - when I was a kid, it was just a normal market town with an Abbey and a few historical buildings. It does have Verulamium I suppose, but even so, when I was 18 and buying my first home, prices were twice what they were in Beds. It had the same clone high street with ad-hoc town planning for the buildings, nasty sink council estates all around and grotty underperforming schools. Now the prices are 5 times what they are in Beds. It's nothing special - I don't know why people like it so much. I miss it but only because my family is there and it was nice to walk 'down the lake' but that's about it. Oh and it has a good (proper) street market, but lots of towns did back then. Hatfield was and still is, AFAIK, a big ugly splodge, as is Hemel.

'Mark' wrote this:

Rotfl. Lots of people save money. The biggest group of savers are the older generation, saving for their retirement or using the interest to supplement a pension etc. Many of these cannot be described as "rich".

How you can claim that the poor pay the rich is beyond me...

Banks borrow money from savers and re-lend it at a higher rate to borrowers. The difference is their *margin*.

Interest rates for borrowers were not too high because the demand for loans was enormous.

Prior to this shambles, banks were paying (say) 5% to savers and re-lending at (say) 10%, giving a margin of 5%. The rates to savers were equal to or just above inflation, to attract deposits.

No deposits = no money to lend.

That represented free market economics.

Now we see savers getting ~1% - way below inflation. This has been deliberately engineered by Brown to discourage saving and encourage spending. But of course it ignores millions of savers who are older people and who need a monthly interest income to support their pension.

These people are now paying the mortgages of sub-prime borrowers, some of whom have seen their mortgage rates fall.

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In that street - they are selling. When a house comes up there, it's usually snapped up at any price, because people desperately want to live in that street. It's bizarre - it's just a narrow Victorian street with normal sized terraced houses with teeny tiny front and back gardens, referred to as a 'slum' when I lived there.

I'm happy here - I've only done 1980 miles in my vehicle in one year, and I have three supermarkets and town centre within walking distance, so it's saving me lots of money living here.

Mine are fixed at something below SVR - I couldn't afford to get the rate fixed at something above BR as they wanted a £1000 up front to get on that. I only have 11 years left, so we are just going to get rid of it.

lol...no we barely fit in as it is. We have four lummoxy boys in one bedroom, teenage girl in another, grown up idiot in another and us in the other.

Don't know - being an internet business, I can just leave it trundling along at low level until the 'recovery' if necessary. But actually I just want to leave now, and grow vegetables - I've had enough.

Funny how the 'toxic investments' are mostly of US origin.

But you think the sun shines out of their collective arse don't you.