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About Me

Found 7 results

  1. https://www.bbc.co.uk/news/business-55736160 In early September last year, there were only 44 mortgage products available for those able to offer a 10% deposit. At the same time, first-time buyers putting money aside for a deposit were faced with pressures of poor savings rates and rising house prices. That choice has now risen to 197 products, according to the Moneyfacts figures, with some big lenders returning in recent weeks.
  2. Haven't sent a thread yet - But the BBC are stating that High Street banks approved 39,507 mortgages during the month, the lowest since August 2016. They are blaming it on the rise in interest rates........... http://www.bbc.com/news/business-42502610
  3. http://www.bbc.co.uk/news/business-41846330 https://www.moneysupermarket.com/mortgages/results/#?goal=2&types=1&property=400000&borrow=340000&page=1&periods=2 Interesting
  4. Some interesting stats and sentiment in this article.. http://www.voice-online.co.uk/article/outstanding-mortgages-hits-all-time-high-uk The average outstanding mortgage in the UK stood at an eye-watering £121,678 for August 2017 17/10/2017 08:00 PM CONTINUED GROWTH in house prices, along with a small decline in the number of outstanding home loans has led to the highest level of mortgage debt per household ever recorded. The October Money Statistics, produced by the Money Charity, have revealed that the average outstanding mortgage in the UK stood at an eye-watering £121,678 for the month of August, in 2017. This has increased on 2013, when the figure stood at £109,487, and is the first year where the average balance on mortgages has been pushed over £120,000. Driven by ever-increasing house prices, it is also fed by longer and longer mortgages repayment periods and larger loans – the amount of 35-year mortgage terms has increased from 2.7% in 2005 to 15% in 2017. Furthermore, as wages stagnate in real terms, the average first time buyer is borrowing 3.63 times their income. Therefore, with outstanding mortgage debt rising to new levels, and higher interest rates predicted in the next month, it could become harder for households to pay off such mortgages. However, the amount of mortgage accounts with arrears has remained largely unchanged, and payments due for loans in arrears have continued to increase over the past year. This is a knock-on effect from continued low interest rates. Steph Hayter, Acting Chief Executive of The Money Charity says: “The rising amount we owe on mortgages should be a concern to all of us. As interest rates seem likely to rise, people may soon begin to feel the effects on their wallets.” “Those with large outstanding debts, especially people with variable rate mortgages, should prepare for a time in the near future where monthly repayments will be higher.” Other key points from the October Money Statistics include: - The savings ratio recovered up to 5.9% in Q2 2017, up from 1.9% in the previous quarter, according to the Office for National Statistics. - Outstanding consumer credit per adult has increased by £369 in the month of August 2017. - 35% of households are believed to have no savings whatsoever in the UK.
  5. So, I guess we're all agreed on this forum that house price inflation began in late '90s and continued onwards due to deregulation of money creation by private banks. This includes Building Society de-mutualisation, and allowing banks into the residential mortgage market. I have since been following Prof Richard Werner, Prof Steve Keen and read Treasure Islands by Nicholas Shaxson. Also 'Debt: The First 500 Years' by David Graeber and 'Austerity, The History of a Really Bad Idea' is a great book too. There are 3 sources of creation of money: a) BOMD (Bank Originated Money and Debt) - i.e. when a bank creates your mortgage, all it is doing is buying a security from you, and changing a figure in your bank account to show your new debt. I.e. it has no money, no money changes hands. Watch: https://www.youtube.com/watch?v=EC0G7pY4wRE Govt runs a surplus - which really means pushing a) and c) offshore c) Govt spends more than it gets back in taxes And the clever bit is c). Because a govt has it's own bank (BoE), it can create money. And unlike private banks (BOMD) - it is created free of debt. Prof Werner speaks of bringing in 'guidance of bank credit' rules. So that we have the right amount of money created for investing in productive activities and can moderate that created for speculation / property. Also PositiveMoney.org has a lot of info and a rapidly growing base of activists.
  6. https://petition.parliament.uk/petitions/186565 Just as the title says - I think this is worth signing. OK, unlimited borrowing has created a mess in the past but the more the merrier and the nearer the crash in my eyes. Edited to correct typo.
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