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Fsa Mortgage Cap


shergar75
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Well, that's what happened last time...

Houses didn't go up hardly at all between 94-98, was only when Gordon promised "I will NOT LET HOUSE PRICES GET OUT OF CONTROL" that they went sky high.

And I'm sure they will.

But if you're still in negative equity 5 years after the Tories are elected, and no HPI is forthcoming, you'll be just as p1ssed of with them as you were with Labour. :lol:

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And I'm sure they will.

But if you're still in negative equity 5 years after the Tories are elected, and no HPI is forthcoming, you'll be just as p1ssed of with them as you were with Labour. :lol:

I will give you the "average" FTB. My daughter earns 35K. Her boyfriend about the same. They are both 26 years old, both just qualified in their jobs (accountant, surveyor), both have decent credit. They are buying an apartment (overpriced as far as I am concerned but there you go) at 116K. They have had to find 20% deposit as is the norm now. Where did it come from? 10% from them, 10% from me. They have struggled to raise the 10% I can tell you. Any young couple who don't have the help of parents is by and large screwed. As it happens 3X salary is more or less what she got so that wouldn't affect her. It's not the 3X salary in itself that will tank the market, it is the deposit for FTB's. The bottom rung is collapsing and the rest of the rotten maggot invested ladder will collapse. Some already on the ladder will fall to their deaths from a good height.
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This is a question for both you thecrutchster, and McSpamish.

What issues, personally, do you have with houses becoming more affordable?

I don't want you to give us a protracted, disingenuous argument, laced with dodgy statistics and anecdotes...

Just answer the question.

What issues, personally, do you have with houses becoming more affordable?

I Have no issues at all with house prices going down, in fact the opposite is the case the lower they go the better for me personally.

CCC Will confirm this, the type of business i do makes money when they go up, but as i have now found out to my surprise, it makes more money as prices go down.

Hope that clears that up for you.

Edited by thecrutchster
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In all fairness, I don't even think you'll need to wait 10 years. :lol:

3-4 years should do the trick, just long enough for the fuss to die down and sufficiently before the 2015 election as to give the govenrment of the day enough time to generate a feeling of prosperity in "middle england".

A government presiding over 5 million people in negative equity, without decent HPI, is a one term government!!!! :lol:

So basically: "The government won't let it happen". :lol::lol::lol:

As always Hamish, you're trotting out a bull meme thats about a year and a half out of date.

You really should have joined us sooner.

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McSpamish is very selective indeed.

He refuses to acknowledge that the UK is heading down the toilet into an era of austerity not unlike the 70's.

He is also on a one man mission to keep house prices criminally high and subject the citizenry of the UK to lives in penury.

Please just answer the question McSpamish....

What issues, personally, do you have with house prices becoming more affordable?

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I Have no issues at all with house prices going down, in fact the opposite is the case the lower they go the better for me personally.

CCC Will confirm this, the type of business i do makes money when they go up, but as i have now found out to my surprise, it makes more money as prices go down.

Hope that clears that up for you.

Not sure I can !! You never said over on JKB what you did regarding property. I am sure you said you were just buying a place for your son ?

I only know the business you are in from what you have said here. ;)

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Not sure I can !! You never said over on JKB what you did regarding property. I am sure you said you were just buying a place for your son ?

I only know the business you are in from what you have said here. ;)

I offered 75k for a one bed flat in Wheatfield Street i never got it, it sold for higher my offer was the lowest of 3, looking back now i am glad, as i think that offer was to high, that was about a year ago, i am still watching the area but not much in that price range. YET. :(

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Hamish

I see you have ignored posts #6 and #10 asking you direct questions. Typically, you have chosen to ignore them, presumably, because, you are unable to answer them. Accordingly it is very difficult to take you seriously.

I generally ignore trolls these days. And the questions have already been answered in numerous threads.

Repeatedly typing the same thing over and over again is a waste of time.

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Call us bears, bulls, satan, or saints....

But do not confuse us with what you are in essence. A ramping troll. Trolls give bad advice, put up endless provocative and controversial arguments. Hence why so many eat you alive in an open debate, with your thin skinned VI garbage that you so frequently spew here.

So what do you mean when you state:

Repeatedly typing the same thing over and over again is a waste of time.

You have never come right out an given anybody on here a straight answer as to why you are so dead against a market correction. Even with the current CRASH just beginning to gain speed, you still spend hours upon hours repeating your same tired numbers, anecdotes, dodgy statistics and biased argument. You have started numerous topics in the many forums with the simple intent of putting your house price crash is bad argument on public display!

Why? Why do you come to this website? We want a price correction here.

We see through your phoney baloney McSpamish....

Anyway, answer the question:

What issues, personally, do you have with house prices becoming more affordable?

If you can answer this question, honestly, maybe some of us might start to take your points of view seriously.

Edited by cashinmattress
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I generally ignore trolls these days. And the questions have already been answered in numerous threads.

Repeatedly typing the same thing over and over again is a waste of time.

OK Hamish, be a good chap and remind us where you've explained why you are so averse to house prices becoming more affordable and then we can go and look it up for ourselves.

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OK Hamish, be a good chap and remind us where you've explained why you are so averse to house prices becoming more affordable and then we can go and look it up for ourselves.

I own two properties, and I've frequently stated I am in exactly the same boat as the other 25 million plus adults who own property, we all want our values to be maintained.

Number of existing mortgage holders, 12,000,000

Number of property owners, 25,000,000 plus.

Number of HPC members, 20,000......

Fortunately, we live in a democracy, so no matter what temporary lip service may be paid to the extremist fringe views that are spouted by some little minority group like HPC, nothing will change over the long term.

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What issues, personally, do you have with house prices becoming more affordable?

I own property. It's obvious what my interests are.

The more relevant question is....

Why do you want to steal some poor granny's pension pot through a crash?

Pensioners, or those approaching retirement/downsizing, have to lose for you to gain, so why do you want to steal their money?

Other than because you were too irresponsible to plan properly for your own life and now need a crash for it to work out well for you, because that bits obvious.

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I own two properties, and I've frequently stated I am in exactly the same boat as the other 25 million plus adults who own property, we all want our values to be maintained.

Number of existing mortgage holders, 12,000,000

Number of property owners, 25,000,000 plus.

Number of HPC members, 20,000......

Fortunately, we live in a democracy, so no matter what temporary lip service may be paid to the extremist fringe views that are spouted by some little minority group like HPC, nothing will change over the long term.

:o

Hamish please step out into the real World and open your eyes and ears !!

I imagine literally millions of homeowners would love prices to drop 30-50% to affordable levels. Many have actually realised that high house prices are actually bad news for most in this country.

The main board is full of them in case you haven't noticed. People who own outright and are positively cheering on the crash so that their kids/grankids/future UK population can have a life without an insane reliance on a huge debt hanging around their neck.

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I own property. It's obvious what my interests are.

The more relevant question is....

Why do you want to steal some poor granny's pension pot through a crash?

Pensioners, or those approaching retirement/downsizing, have to lose for you to gain, so why do you want to steal their money?

Other than because you were too irresponsible to plan properly for your own life and now need a crash for it to work out well for you, because that bits obvious.

Honestly Hamish have a look at yourself. Most pensioners would be delighted that their granchildren may one day be able to afford a house. Most real oldies are actually rather unselfish people.

Their 'loss' was never there in the first place. The crazy gains of the last few years were simply on paper for most. They would not have happened without the crazy boom we have had. It is your own logic that property is a long term plan. So any short term 'loss' these grannies will suffer will be evened out by the long term gains over the years. THIS IS YOUR OWN LOGIC HAMISH. Not mine.

Wanting prices to drop to reasonable levels = stealing from grannies.

You have reached a new level with that one Hamish.

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Why do you want to steal some poor granny's pension pot through a crash?

Pot calling kettle black!

HPI has been robbing people of their pensions!!!! Instead of putting your money into a fixed pension plan, or into stocks yielding dividends, or buying precious metals, people have had to pay way over the odds for inflated property when they should have been using that extra money to finance their retirements!

Hand in cookie jar? Red faced?

My granny always said never to put all my eggs in one basket.

And... save for a rainy day.

And... never buy on tick.

And... your friends are a bad influence.

McSpamish, it seems that you have bought into the 'my house is my pension' idea that has been floating about Britain for the last decade. A house is your 'home' and not a piggy bank. When did you forget about this age old moniker?

I hope, for your sake, that you do have a pension or other income to fall back on, especially for your kids if you have them. To retire and expect to live by MEWing your future is mad, always has been. Who says that the world tomorrow will have any money at all to drive a speculative housing market inflation?

Hmm. I expect that if one were to go through your trash they might see 'Camelot PLC' on one of your old bank statements, seeing as you think that gambling with house prices is a sound retirement strategy.

Now, doesn't that feel better? Let out the anxiety and just take it on the chin like the rest of us.

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I own property. It's obvious what my interests are.

The more relevant question is....

Why do you want to steal some poor granny's pension pot through a crash?

Pensioners, or those approaching retirement/downsizing, have to lose for you to gain, so why do you want to steal their money?

Other than because you were too irresponsible to plan properly for your own life and now need a crash for it to work out well for you, because that bits obvious.

I think the fact you have no children plays a major part in moulding your views of the property market. You could not give 2 hoots about future generations.

As for old grannys - Mine both live in fully paid off houses and couldnt give a toss what the value of it was.

My parents - again fully paid off farm and would actually welcome a property crash so their children can buy decent house in the area they grew up.

I'd suggest that your wish for property prices to carry ever onwards and upwards is not shared by the majority of home owners (not mortgage holders).

When property prices return to a more sensible income multiple and I buy-in, they can stay at that level indefinitely as far as I am concerned. Equity should be achieved through paying your mortgage principal off.

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HPI has been robbing people of their pensions!!!! Instead of putting your money into a fixed pension plan, or into stocks yielding dividends, or buying precious metals, people have had to pay way over the odds for inflated property when they should have been using that extra money to finance their retirements!

B0LL0X.

Let's examine that idiocy.

Pension plan-poor returns, most have been decimated by the recession, taxed heavily. Good way to defer retirement for a decade at the moment.

Stocks- I'm sorry, have you been living on Mars? Stock market down 50% from peak, yields laughable, lot's of people utterly wiped out..... you'd quite literally have been better off in BTL, with far less risk.

Precious metals. Gold up but risky and volatile, Silver volatile and not doing much in terms of real gains, Platinum down, physical possession and secure storage difficult and carries expensive premiums for all of the above bar silver, and if TSHTF they'll be useless anyway. You can't eat or live in a small lump of metal. I own some Gold and it's done well, but it's not a viable option for most.

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Too bad it's not working out of for you; as property nosedives and banks are being forced to restrict lending.

Nae luck.

The Turner report today DID NOT impose a cap on mortgage lending after all.

And the very concept of whether there even should be a cap on either LTV or LTI has been downgraded to a topic for "further discussion"....

Edited by HAMISH_MCTAVISH
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And I'm sure they will.

But if you're still in negative equity 5 years after the Tories are elected, and no HPI is forthcoming, you'll be just as p1ssed of with them as you were with Labour. :lol:

But if you buy at the bottom of this crash Hamish you will not be in negative equity. Do you think only people buying in the last seven years vote?

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Do you think only people buying in the last seven years vote?

Not at all, I just know they vastly outnumber the people who will buy in the next few years.

Check out the transaction number differentials in the last crash, now check out the transaction number differentials today. :lol:

10-1 is probably a conservative estimate!!!!!!!!!!!!!!!!

I suspect the FSA got an almighty kicking over the last few days from those that know the political and economic reality, NO GOVERNMENT will survive without HPI, which is why the abrupt U-Turn on mortgage limits. :lol::lol::lol::lol:

Edited by HAMISH_MCTAVISH
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Besides, I have no idea why any of you thought this would make a difference in Scotland anyway.....

From the CML's Scotland factsheet for 2007 (peak) mortgage lending in Scotland.

2007 housing and mortgage market facts for Scotland

Average age of a first-time buyer 28

Average first-time buyer income £28,611

Average first-time buyer income multiple 2.96

Average first-time buyer advance £83,240

Average age of a home mover 37

Average mover income £41,829

Average mover income multiple 2.81

Average mover advance £112,989

% of first-time buyers as a total of all house purchase loans 35

Average house price £159,157

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Nae luck.

The Turner report today DID NOT impose a cap on mortgage lending after all.

And the very concept of whether there even should be a cap on either LTV or LTI has been downgraded to a topic for "further discussion"....

Don`t you get it yet? The global collpse in credit markets means there is a cap? If there wasn`t we would have the same housing casino as 2007? They have done the right thing today, they have floated the idea of caps to be further discussed in six months time, leaving it open, it may be kicked into touch , it may be enforced. That is Government speak for "you have a window of opportunity, start cutting your selling prices, or we may have to take further action to " bring stability" (i,e get it moving) to the market. Simple brutal logic. Much as it would have been cheered on here, they can`t really just come out and say "as of today, mortgages are capped, if you have not sold yet, tough, your equity is gone" they can`t just do that, they have to be slippery. This summer is the summer when millions of sheeple wake up to the smell of strong coffee.

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