TheCountOfNowhere Posted October 7, 2015 Share Posted October 7, 2015 (edited) hypothetical but serious question, imagine China invades Russia then marches on into Europe. they'll expect us all to go out and die so a tiny minority can keep their position. however, one little problem, all the young people are mortgaged up to the hilt. however, the army needs men. what happens. do the freeze the interest? i guess it wouldn't matter if the Chinese won, to the Victor the spoils and all that. totally hypothetical of course. Edited October 7, 2015 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted October 7, 2015 Author Share Posted October 7, 2015 IIRC the base rate was higher throughout the whole of the second world war and the period leading up to it than it is now. Most people rented and few had 'investment' properties or property portfolios and in any case today the ones who would do the fighting (20 to 40 year olds) don't own or have mortgages as they can't afford too and are renting. maybe that's part of the plan Quote Link to comment Share on other sites More sharing options...
Guest_northshore_* Posted October 7, 2015 Share Posted October 7, 2015 Housebuilding immediately slows. Government issues pensioner war bonds to finance mortgage arrears for ownership stakes in otherwise foreclosed properties. There's an epic promotion of 99% LTV IO remortgaging. Those that return get to live alone or with family as tenants and start the process over. Young veterans are berated for wasting money on anti-depressants, lectured about the lack of supply and planning restrictions, and reminded how it was all much harder back when. Quote Link to comment Share on other sites More sharing options...
Guest_northshore_* Posted October 7, 2015 Share Posted October 7, 2015 How is this different from the last few years? It seems pretty much what we have today if you substitute QE and HtB for war bonds apart from the young wasting their money on iPhones. You think? Ok maybe Government could also offer tranches of the war bonds to Chinese investors... Quote Link to comment Share on other sites More sharing options...
South Lorne Posted October 7, 2015 Share Posted October 7, 2015 hypothetical but serious question, imagine China invades Russia then marches on into Europe. they'll expect us all to go out and die so a tiny minority can keep their position. however, one little problem, all the young people are mortgaged up to the hilt. however, the army needs men. what happens. do the freeze the interest? i guess it wouldn't matter if the Chinese won, to the Victor the spoils and all that. totally hypothetical of course. ..we'd start again and like Churchill build prefabs ....most of the banks are nationalised and the mortgages would become part of the national debt....if we are still independent ... Quote Link to comment Share on other sites More sharing options...
Habeas Domus Posted October 7, 2015 Share Posted October 7, 2015 All home/building insurance specifically excludes acts of war. So if your house is blown up by a bombing raid, tough luck, and if you have a mortgage on it the bank will still expect it to be repaid. This is why during WW1 and WW2 many rich people sold their houses (often for a poor price) and moved into a hotel. Quote Link to comment Share on other sites More sharing options...
South Lorne Posted October 7, 2015 Share Posted October 7, 2015 All home/building insurance specifically excludes acts of war. So if your house is blown up by a bombing raid, tough luck, and if you have a mortgage on it the bank will still expect it to be repaid. This is why during WW1 and WW2 many rich people sold their houses (often for a poor price) and moved into a hotel. ..if there is a war and bombing ..there would be no hotels or banks left...and any survivors would most likely live underground ....no records of mortgages or debts ....back to the stone age.... Quote Link to comment Share on other sites More sharing options...
RichB Posted October 7, 2015 Share Posted October 7, 2015 Well...I would imagine that a war with China would be bad for HSBC. It would be a patriotic duty not to pay the mortgage.... Quote Link to comment Share on other sites More sharing options...
Guest Posted October 8, 2015 Share Posted October 8, 2015 Government introduce conscription, but pay your mortgage for you when you're serving. They call it "Help to Die". Or is that Dignitas motto? Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted October 8, 2015 Share Posted October 8, 2015 Won't these soldiers have life insurance? Quote Link to comment Share on other sites More sharing options...
anonguest Posted October 8, 2015 Share Posted October 8, 2015 (edited) All home/building insurance specifically excludes acts of war. So if your house is blown up by a bombing raid, tough luck, and if you have a mortgage on it the bank will still expect it to be repaid. This is why during WW1 and WW2 many rich people sold their houses (often for a poor price) and moved into a hotel. Really? IF so I find that reason would have been uncharacteristically stupid - even for the more dimwitted toffs. Perhaps it was as much that they couldn't handle living without their servants/staff catering for their needs? So a hotel provided some semblance of pre-war lifestyle? Edited October 8, 2015 by anonguest Quote Link to comment Share on other sites More sharing options...
anonguest Posted October 8, 2015 Share Posted October 8, 2015 (edited) ..if there is a war and bombing ..there would be no hotels or banks left...and any survivors would most likely live underground ....no records of mortgages or debts ....back to the stone age.... You beat me to it. Honestly. Sometimes some of the, even hypothetical, threads do make me laugh. Some one woke up depressed this morning that's for sure. LOL There wouldn't be any conscription a la WW2 or WW1. Only an impending threat of Chinese Peoples Liberation Army troops massing a Calais in barges poised for invasion would ever bring about anything resembling mass enlisting of manpower to fight off such an enemy. IF an when there is again a global conflict (as opposed to 'local' and more 'contained' wars, such as Vietnam, Korea, Iran-Iraq, Falklands, etc) it will be very short! With little left standing. Paying the mortgage will be the last thing on peoples minds or of the authorities, as they then seek to 'conscript' whatever able bodied manpower is available to perform essential work to reconstruct some semblance of working society. Edited October 8, 2015 by anonguest Quote Link to comment Share on other sites More sharing options...
Snugglybear Posted October 8, 2015 Share Posted October 8, 2015 Do the Chinese do military invasions outside the immediate vicinity of their borders? Culturally, I mean. They never used to. Quote Link to comment Share on other sites More sharing options...
Sandwiches33 Posted October 8, 2015 Share Posted October 8, 2015 It is waaay more likely we will have some sort of catastrophic banking failure leading to civil unrest than a chinese or russian bogeyman. Who would want to invade here? its F**ked Quote Link to comment Share on other sites More sharing options...
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