teddyboy Posted October 24, 2005 Share Posted October 24, 2005 On the back of http://www.andrewsonline.co.uk/images/ads/searchgen1.gif and http://www.housepricecrash.co.uk/forum/ind...pe=post&id=1774 I awoke this morning to a Radio advert on "Radio City" for the Mortgage Point. The advert went as follows. (Ed Byrne I think does the voice-over) 100% Mortgage - What does it mean? Well exactly what it says, It means you can borrow 100% of the value of the house. Its advantage is, you can borrow 100% of the value of the house, even if you find it impossible to get a deposit... WTF!!!! If they cant save a few grand for their deposit how the Feck are they supposed to pay the F***ing Mortgage!!!! :angry: :angry: KNOBS!! Quote Link to comment Share on other sites More sharing options...
theChuz Posted October 24, 2005 Share Posted October 24, 2005 Now now, dont be angry, chances are they cant afford a mortgage and will simply be a repo stat in the future. Fear not, it has no choice but to correct. Quote Link to comment Share on other sites More sharing options...
dog Posted October 24, 2005 Share Posted October 24, 2005 WTF!!!! If they cant save a few grand for their deposit how the Feck are they supposed to pay the F***ing Mortgage!!!! A point well made. I am sure we will see some big lenders in very severe difficulties when the chickens come home to roost. Quote Link to comment Share on other sites More sharing options...
MarkG Posted October 24, 2005 Share Posted October 24, 2005 I am sure we will see some big lenders in very severe difficulties when the chickens come home to roost. Not if the lenders have packaged the mortgage up and sold it on to your pension fund. Quote Link to comment Share on other sites More sharing options...
Converted Lurker Posted October 24, 2005 Share Posted October 24, 2005 Not sure I agree with you on this one. Imagine you get the vendor to drop their asking price by 10-15% and you have obtained a 100% mortgage with a subsidised rate for a couple of years and the cost per month is lower than an equivalent rental figure, let`s say 475 pcm. Seems a smart move to me. Lender/buyer taking a risk sure, better that than borrowing of parents or maxing out the credit card to fund the deposit. Only issue would be if values really do plummet, perhaps another 10-15%, then you are way into neg. equity. Quote Link to comment Share on other sites More sharing options...
dog Posted October 24, 2005 Share Posted October 24, 2005 Not if the lenders have packaged the mortgage up and sold it on to your pension fund. I abandoned making pension contributions after Gordon Brown started fiddling with pension taxes and PEPs. He taught me that long term financial planning is a waste of time and in the case of pensions (where the money gets locked up) postively dangerous. Quote Link to comment Share on other sites More sharing options...
Levy process Posted October 24, 2005 Share Posted October 24, 2005 I abandoned making pension contributions after Gordon Brown started fiddling with pension taxes and PEPs. He taught me that long term financial planning is a waste of time and in the case of pensions (where the money gets locked up) postively dangerous. I'm not sure I can afford to make pension contributions, given that I work in the private sector, and therefore will have to go on paying super-taxes and charges until my teeth crack, so that public sector workers can retire with a smashing index linked final salary pension at 60. Quote Link to comment Share on other sites More sharing options...
Guest Posted October 24, 2005 Share Posted October 24, 2005 A point well made. I am sure we will see some big lenders in very severe difficulties when the chickens come home to roost. But will the chickens be allowed into the country? BBC article I'm not sure I can afford to make pension contributions, given that I work in the private sector, and therefore will have to go on paying super-taxes and charges until my teeth crack, so that public sector workers can retire with a smashing index linked final salary pension at 60. Unless we have a change of government. The Tories took 50 seats from Labour despite a pitiful campaign. Imagine what might have happened come four years time... Quote Link to comment Share on other sites More sharing options...
apom Posted October 24, 2005 Share Posted October 24, 2005 No pension.. With current policies billions under required funds.. your monthly payments getting turned round to pay someones existing pension.. Or to pay a small fraction of it as the pension company slams into the red further and further.. Pension tax, low interest rates and a failing economy.. I would expect to see quite a few of these pension schemes fail.. but Sipps will be here to save the day Quote Link to comment Share on other sites More sharing options...
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