Jump to content
House Price Crash Forum
Sign in to follow this  
interestrateripoff

Will Ponzi Brown Now Get His 30yr Mortgages?

Recommended Posts

As Ponzi Brown is quickly acquiring bigger and bigger stakes in our banks how long before we see them giving out 30 yr mortgages at 2-3%?

Didn't Ponzi Brown state previously he wanted the banks to offer long term loans as this would make the economy more stable? Try not to laugh please.

Now he's going to get the best chance ever to put his theory into practice. So how long before we get the banks offering long term loans at low fixed rates? This is what he wanted and now he can personally deliver it. Yes I know there could be some technical problems like banks lend long and borrow short but what if the BoE offers 30 year terms for borrowing from it?

I know if I could get a mortgage at this sort of rate I'd switch immediately it would save me a fortune.

So will we now get 25yr-30yr mortgages now? Or will this be another little idea Brown has forgot about he has spouted that many he may have forgot what he said previously.

Edited to add more into title

Edited by interestrateripoff

Share this post


Link to post
Share on other sites
As Ponzi Brown is quickly acquiring bigger and bigger stakes in our banks how long before we see them giving out 30 yr mortgages at 2-3%?

Didn't Ponzi Brown state previously he wanted the banks to offer long term loans as this would make the economy more stable? Try not to laugh please.

Now he's going to get the best chance ever to put his theory into practice. So how long before we get the banks offering long term loans at low fixed rates? This is what he wanted and now he can personally deliver it. Yes I know there could be some technical problems like banks lend long and borrow short but what if the BoE offers 30 year terms for borrowing from it?

I know if I could get a mortgage at this sort of rate I'd switch immediately it would save me a fortune.

So will we now get 25yr-30yr mortgages now? Or will this be another little idea Brown has forgot about he has spouted that many he may have forgot what he said previously.

Lets hope so!

If the fix is right, why the hell wont u buy.

\

Share this post


Link to post
Share on other sites

Agree with the above post heartily; a home should be a big expense, like paying off a sports car... not something you pay off the rest of your life.

One of my friends has a 30 year mortgage - d'oh.

Share this post


Link to post
Share on other sites
Let's hope not!

We need to see a more French style mortgage market where 15 year loans are typical and repayments are capped to 1/3 of take-home pay.

why? whats wrong with paying for housing for the length of your working life (ie 40 years)? or do you suggest that everyone has 3 mortgages throughout their life, on 3 increasing properties?

Share this post


Link to post
Share on other sites
Lets hope so!

If the fix is right, why the hell wont u buy.

\

Well, I don't wanna be tied into even a 25 year loan, letalone a 30 year one. I would like the idea if you could redeem early/overpay. Otherwise it's just slavery for 30 years to buy an average house (prices would stabilize/rise again probably).

As others have pointed out on here, the solution is not more borrowing to buy overinflated assets. How about we actually produce something useful instead (altnerative energy tech etc)? Think of what all this bail out money could have done if invested wisely. So utterly utterly stupid are our leaders.

Share this post


Link to post
Share on other sites
why? whats wrong with paying for housing for the length of your working life (ie 40 years)? or do you suggest that everyone has 3 mortgages throughout their life, on 3 increasing properties?

The point is that it places a limit on how much people can borrow that is linked to their income. This prevents house price inflation from getting out of control which increases economic stability and reduces the amount of 'dead money' people spend on property.

Edit: Your suggestion about 'paying for housing for the length of your working life (ie 40 years)' also has the serious flaw that people would need to take out their 40 year mortgages with their first jobs. How on earth is that possible with house prices as high as they are?

Edited by thecrashingisles

Share this post


Link to post
Share on other sites
The point is that it places a limit on how much people can borrow that is linked to their income. This prevents house price inflation from getting out of control which increases economic stability and reduces the amount of 'dead money' people spend on property.

Edit: Your suggestion about 'paying for housing for the length of your working life (ie 40 years)' also has the serious flaw that people would need to take out their 40 year mortgages with their first jobs. How on earth is that possible with house prices as high as they are?

If I had my time again, I would have gone for a 15 year mortgage 10 years ago allowing me to pay it off around the time my son starts school. Then I could send him to a good private school, or downshift job and spend time educating him myself (if the local state offering has not bucked up by then). Hindsight is a wonderful thing. I hope houseprice mania is finished for good in this stupid country.. Bloody disaster.

Share this post


Link to post
Share on other sites
As Ponzi Brown is quickly acquiring bigger and bigger stakes in our banks how long before we see them giving out 30 yr mortgages at 2-3%?

I wonder what the average period of home ownership is? We live in London and even in 1995-1997 FTB could not afford 3 bedrooms semis etc and there was 2 or 3 steps on the property ladder.

Although I would be tempted to buy a house with a 30 year mortgage at 2-3% (although I hate the idea of a mortgage you can't pay off early) I don't think this is the answer as FTBs especially in London are generally buying something suitable for 5 years.

I would also add that stretching yourself to the limit only makes sense if its a house that you are never going to move up from.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.