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TheEmperorHasNoClothes

The Mail On Sunday Encourages Stretching Yourself

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I have just read an appalling article in the Mail which encourages you to take on as much debt as possible to get that first house, or climb a rung. Its says:

If you don't think you earn enough to borrow the money you need, try on of these wage-stretchers to win a loan

It goes on do describe 5 'stretchers':

1. Find a lender that offers more generous income multiples

2. Forget about income multiples althogether (i.e. mortage based on incoming and outgoings).

3. Take advantage of your job (i.e. mortgage based on potential increases in salary in the future)

4. Name your own salary using a 'self-sert' !!!!!!!

5. Bigger deposit

But 4 is illegal!! :blink:

I am a would-be FTB. I'm going for 5 + hoping that my number 6 (not in the mail) will help me:

6. House prices drop like lead in the South East

The point I am making is that there is still advice being circulated to encourage young people to get into unmanageable debt.

Shame on them!!!

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I was reading a 'Money' supplement from the Independent on Saturday and saw similarly misleading garbage from their financial journalist.

The situation was that a 27 year-old on £34K (works as a TV producer) in Manchester was wanting to buy.

She has £1500 in credit-card bills, which she could never clear.

She had £8K in student loans that still needed paying back.

After making some very boring comments about savings they still suggested she gets a 125% mortgage!!!

No mention of maybe waiting until she has a decent deposit etc. etc.

And they couldnt even give her sensible advice on the savings!

Get this. They suggested paying in £250 into an ISA and after 6 months withdrawing £1500 from the ISA to pay the credit-card bill. Thereby wasting £1500 of her ISA allowance for the year!!!

How can journalists be employed to write such ill-informed, ignorant garbage?!

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4. Name your own salary using a 'self-sert' !!!!!!!

5. Bigger deposit

But 4 is illegal!!

Isn't there some kind of law against inciting readers to commit a criminal act? Conspiracy to defraud or something?

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It really is shocking the crap that gets published. I'm glad I can make my own decisions, because all that gets printed is glorified adverts and advice from vested interests. I don't know how these VIs get so good at manipulating the media... i really don't.

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Isn't there some kind of law against inciting readers to commit a criminal act? Conspiracy to defraud or something?

Reading the Mail on Sunday is punishment enough; being made to write for them must be torture.

All this advice is great but eventually the market will even run out of these idiots, what next? Move onto tramps on the street as offering them 125% mortgages whilst encouraging them to lie about their income and obfuscate their outgoings on drink.

All pyramid schemes require exponential growth in the number of new hapless saps, we're on to the stage where the unknowing are unable and those in the know are unwilling. ;)

Edited by BuyingBear

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4. Name your own salary using a 'self-sert' !!!!!!!

But 4 is illegal!! :blink:

To give them their due they did talk about crafty ways to get around that small issue (illegality!). It was truly nasty. I just kept thinking 'exposure'...

EDIT: but this is the last gasp I reckon when a big daily actually suggest measures that are not even legal. I also kept thinking, but it the writing didn't have the desperation of about 18 months ago, when they were saying 'do anything, get your parents to pay' etc.

Edited by Elizabeth

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To give them their due they did talk about crafty ways to get around that small issue (illegality!). It was truly nasty. I just kept thinking 'exposure'...

And I thought you were nice and respectable Elizabeth, yet you read that filth, does your mother know? :P

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And I thought you were nice and respectable Elizabeth, yet you read that filth, does your mother know? :P

The daily mail has the best horoscope and its horse are as good as anyone elses. The broadsheets have rubbish racing pages so I boycott them on principle B)

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what next? Move onto tramps on the street as offering them 125% mortgages

Loans Fiesta

Loans Fiesta Offers loans for unemployed for UK residents at low interest rates

Added: (Fri Sep 23 2005

Unemployed loans are ideal for unemployed people for they are offered with low interest rates and other benefits. Loansfiesta offers special discounts and short repayment term and finance to suit your circumstance.

Loansfiesta offers loans for unemployed even to people with bad credit. Defaults, arrears, CCJs or any one who has been refused before – apply for unemployed loans.

PS. I Googled "unemployed offered credit cards" for a laugh, not thinking I'd get any results. I'm genuinely shocked! :o

Edited by IPOD

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The mail is read by people who are generally well off anyway, so its just some light reading for them.

The sunday sport is where you'l find some quality journalism.

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Guest Riser

Do you all remember the money saving expert who visited us here a few weeks ago?

I was driving up the M1 on Friday listening to Radio2 and he came on for an hour with a nauseating host.

A guy rang up saying his daughter and boyfriend were about to buy their first house and were looking at a mortgage of £120k , trouble was they had saved only 5k but were 1k short of the 6k deposit needed for a 95% mortgage.

I was shocked when the money saving expert dived straight into the significance of having at least 5% deposit to get a better mortgage deal. The father sounded like a right git when he refused to consider lending the couple the extra £1k they needed commenting they were on their own. The expert then advised that the couple should consider borrowing the £1k from a different lender or even putting it on a credit card.

At no point did the money saving expert advise that the couple should question if now is really the best time to buy as house prices can go down as well as up. He did mention that the couple should consider whether they could afford the repayments if interest rates went up by 3% but in my opinion he was acting irresponsibly buy not questioning the timing of the couples entry the housing market.

Edited by Riser

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Do you all remember the money saving expert who visited us here a few weeks ago?

I was driving up the M1 on Friday listening to Radio2 and he came on for an hour with a nauseating host.

Not Martin Lewis? Btw, you weren't over taken by a flash git in a blue 3 Series convertable were you? The film crew in tow is usually a dead giveaway.

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Do you all remember the money saving expert who visited us here a few weeks ago?

I was driving up the M1 on Friday listening to Radio2 and he came on for an hour with a nauseating host.

A guy rang up saying his daughter and boyfriend were about to buy their first house and were looking at a mortgage of £120k , trouble was they had saved only 5k but were 1k short of the 6k deposit needed for a 95% mortgage.

I was shocked when the money saving expert dived straight into the significance of having at least 5% deposit to get a better mortgage deal. The father sounded like a right git when he refused to consider lending the couple the extra £1k they needed commenting they were on their own. The expert then advised that the couple should consider borrowing the £1k from a different lender or even putting it on a credit card.

At no point did the money saving expert advise that the couple should question if now is really the best time to buy as house prices can go down as well as up. He did mention that the couple should consider whether they could afford the repayments if interest rates went up by 3% but in my opinion he was acting irresponsibly buy not questioning the timing of the couples entry the housing market.

Far less that there is a higher lending charge and / or higher interest rates if they don't have 10%. Good on the Dad. Never even heard the programme but I reckon he probably would have found the 1K if they had had 9% not 4%!

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Guest Riser
Far less that there is a higher lending charge and / or higher interest rates if they don't have 10%. Good on the Dad. Never even heard the programme but I reckon he probably would have found the 1K if they had had 9% not 4%!

I doubt it he was almost laughing when he said "they were on their own" I also don't remember the expert questioning where the couple would find £500 for a survey, £250 for sollicitors, £250 for searches etc

The expert also failed to suggest the couple consider renting and save the extra 6k needed to get a 90% mortgage with lower rates and charges.

Edited by Riser

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Ironically, the article also states

Unfortunately, it will take a lot more than two good years [pay increases] and a modest fall in prices to make homes seem affordable.

In otherwords, it'll take a house price crash, or high wage inflation to make houses seem affordable.

So there is a hint of a crash in this article which is also encouraging young people to get on the ladder.

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  • 301 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%



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