Jump to content
House Price Crash Forum
Sign in to follow this  
Killer Bunny

Help To B Come Debt Slave

Recommended Posts

Government raises main living cost, i.e housing through various schemes. People then have to work more hours to be able to afford one. So people pay more taxes to government. Joint income mortgages have created work slaves of women who wanted to look after their children.

Share this post


Link to post
Share on other sites

Government raises main living cost, i.e housing through various schemes. People then have to work more hours to be able to afford one. So people pay more taxes to government. Joint income mortgages have created work slaves of women who wanted to look after their children.

Then the uncared for kids start looting and rioting in London.

Share this post


Link to post
Share on other sites
<br />Government raises main living cost, i.e housing through various schemes. People then have to work more hours to be able to afford one. So people pay more taxes to government. Joint income mortgages have created work slaves of women who wanted to look after their children.<br />
<br /><br /><br />

indeed

like the pied Piper

they asked for willing slaves to work off the national debt over the next 20 years and people have joyfully volunteered

Share this post


Link to post
Share on other sites

Good blog. That guy gets it. Tbh I think more and more people "get it" everyday but we're massively outnumbered by those that either don't get it or don't care because someone else (us and the children of people like us) will pay for the clean up job.

Share this post


Link to post
Share on other sites
<br />Good blog. That guy gets it. Tbh I think more and more people "get it" everyday but we're massively outnumbered by those that either don't get it or don't care because someone else (us and the children of people like us) will pay for the clean up job.<br />
<br /><br /><br />

no

these people ARE the clean up job

Share this post


Link to post
Share on other sites

That was unwarrented.

Should I retract?

The tragic thing is not being unaware of the situation but those of us who remember the less than savoury events that led up to it. Shame as I liked the other posters but as I remember they went too far not JD over stepping the mark.

Share this post


Link to post
Share on other sites

Should I retract?

The tragic thing is not being unaware of the situation but those of us who remember the less than savoury events that led up to it. Shame as I liked the other posters but as I remember they went too far not JD over stepping the mark.

Hmm... I guess you are referring to events from before I joined. I always assumed it was an open secret. I guess it's up to the poster concerned and I don't really know where they stand.

Edited by Dorkins

Share this post


Link to post
Share on other sites

You know when you're in a room full of people who have been let in on the secret and you haven't?

He still posts.

I guessed he had changed his username and continues to post to this day, no idea who it is though.

I am vaguely aware of some rumpus and a spat which occurred a while back, never concerned me though so I took no notice.

Already too many prima donnas in the World chucking toys out of prams!!

Share this post


Link to post
Share on other sites

I initially thought that HTB2 would cause house prices to rise but now I'm not so sure. I was listening to a piece on Radio 4 this morning and was suprised that the best rate a new borrower will get is 5%, the government are charging the banks .99% premium for the loan guarantee which is a cost that will be passed onto the borrower and there will be a very strict lending criteria, i.e. proper credit checks and proof of income, no more liar loans and no more interest only loans. I can't help but think that the slight uptick in prices and market activity we've seen in recent months is based more on anticipation of HTB2 than anything else. Buy the rumour, sell the news, as they say!

The average joint income of a British family is £40K

The average UK house price is £170,000

So deposit required £8.5K (still a bit of a stretch for many people), Mortgage required £161.5K

3 x joint income(40K) = £120K

Can you see where I'm coming from?

Share this post


Link to post
Share on other sites

The average joint income of a British family is £40K

The average UK house price is £170,000

So deposit required £8.5K (still a bit of a stretch for many people), Mortgage required £161.5K

Then, regardless of whatever ludicrous price a house is, that person/family should not be buying a house. If you can't save 8.5k, you have no business getting involved in leveraged transactions.

Share this post


Link to post
Share on other sites

Then, regardless of whatever ludicrous price a house is, that person/family should not be buying a house. If you can't save 8.5k, you have no business getting involved in leveraged transactions.

Absolutely no-one in the mainstream has questioned the idea that if something is plainly too expensive for someone then making it easier to borrow more money in order to buy it is not a good idea.

Like QE, once you start this policy you can't stop it without precipitating an almighty crash that's bigger than what you sought to prevent in the first place.

Share this post


Link to post
Share on other sites

Then, regardless of whatever ludicrous price a house is, that person/family should not be buying a house. If you can't save 8.5k, you have no business getting involved in leveraged transactions.

....agree that is how it should be in a sane market......but because they are selling out our future generations big time, they are purposely tweaking it so that the prices are rising higher each month than the amount of money that it is possible to save each month.....not everyone has lucrative jobs and rich parents that can give all their children nice bungs of house deposits and still support themselves in the manner they have become accustomed to.

It would appear that "people who don't have rich parents" is the new point they've all been told to emphasise.

Some people I fear live in an entirely different world to the rest of the population. ;)

Share this post


Link to post
Share on other sites

Absolutely no-one in the mainstream has questioned the idea that if something is plainly too expensive for someone then making it easier to borrow more money in order to buy it is not a good idea.

Like QE, once you start this policy you can't stop it without precipitating an almighty crash that's bigger than what you sought to prevent in the first place.

Exactly. The most infuriating thing about this Help to buy hype is the never ending queue of numpties (and I'm talking about the childless ones) hey quote saying 'I earn an above average salary but can't save a deposit' and the idea this policy helps them.

What would help these people is a flipping reality check by someone informing they are either finanically incompetent or living a champagne life on beer money.

And now, they are bidding up a stupidly expensive asset even further because of the help from those lovely men in suits who must have their best interests at heart :)

Share this post


Link to post
Share on other sites

Like QE, once you start this policy you can't stop it without precipitating an almighty crash that's bigger than what you sought to prevent in the first place.

+1

The mindset in the UK is that residential property prices do not go down, so whichever bunch of crooks is put in charge will do whatever they the can to continue price increases, HTB is the current weeze when it runs out there will be another along to replace it. I have no

idea what that will be, or when but as sure as God made little apples there will be another. This will continue for years yet.

If you have been saving and waiting for a large correction before buying I fear that time may never come for you.

Share this post


Link to post
Share on other sites

....agree that is how it should be in a sane market......but because they are selling out our future generations big time, they are purposely tweaking it so that the prices are rising higher each month than the amount of money that it is possible to save each month.....not everyone has lucrative jobs and rich parents that can give all their children nice bungs of house deposits and still support themselves in the manner they have become accustomed to.

That can only last for a very, very short time without stratospheric problems/wage inflation now. We had that from 1997-2007 already. Trying that trick again now surely cannot be sustained. Unless you make mortgages a hundred years long to bring the monthly paymtents down of course - but really, the sheep must realise that a long mortgage on a starter home is absolutely stupid eventually, especially when even that is swallowing 40% of their take home with ZIRP.

Or maybe not.

Share this post


Link to post
Share on other sites

+1

The mindset in the UK is that residential property prices do not go down, so whichever bunch of crooks is put in charge will do whatever they the can to continue price increases, HTB is the current weeze when it runs out there will be another along to replace it. I have no

idea what that will be, or when but as sure as God made little apples there will be another. This will continue for years yet.

If you have been saving and waiting for a large correction before buying I fear that time may never come for you.

I don't think any of the ultrabears (like me) even care any more. Our 'deposits' now represent a lot more than a house - to me it's a symbol of everything that I have seen. A vast pile of bank credit that I've accumulated through living sensibly whilst everyone else loses their mind. It offers me a lot of different options, and the opportunity cost of handing that over for a pile of bricks now (at these prices) is unpalatable. Others can chain themselves down.

Share this post


Link to post
Share on other sites

+1

The mindset in the UK is that residential property prices do not go down, so whichever bunch of crooks is put in charge will do whatever they the can to continue price increases, HTB is the current weeze when it runs out there will be another along to replace it. I have no

idea what that will be, or when but as sure as God made little apples there will be another. This will continue for years yet.

If you have been saving and waiting for a large correction before buying I fear that time may never come for you.

so speaketh the Ponzi apologist.

Share this post


Link to post
Share on other sites

I don't think any of the ultrabears (like me) even care any more. Our 'deposits' now represent a lot more than a house - to me it's a symbol of everything that I have seen. A vast pile of bank credit that I've accumulated through living sensibly whilst everyone else loses their mind. It offers me a lot of different options, and the opportunity cost of handing that over for a pile of bricks now (at these prices) is unpalatable. Others can chain themselves down.

+1

Ive been living a very frugal lifestyle for close to 7 years now, saving hard to buy a house in the SW only to see the bar being raised continually in this farce of a property market.

My thoughts mirror yours exactly, I now look at my savings not as a house deposit but as simply capital to allow be to stay liquid and help keep me aloat in the coming future.

Share this post


Link to post
Share on other sites

I don't think any of the ultrabears (like me) even care any more. Our 'deposits' now represent a lot more than a house - to me it's a symbol of everything that I have seen. A vast pile of bank credit that I've accumulated through living sensibly whilst everyone else loses their mind. It offers me a lot of different options, and the opportunity cost of handing that over for a pile of bricks now (at these prices) is unpalatable. Others can chain themselves down.

Share this post


Link to post
Share on other sites

There could be more to it.Mostly people who buy a house with a mortgage are hard working people/taxpayers.They rightly become very attached to their house/home.

Its the one thing people mostly never ever want to lose.Its also the biggest monthly outgoing.

Its the main thing that keeps them working/paying tax.

Once the house is paid for it opens up lots of doors,,retire,work less,go self employed etc.Most/all of those options mean working less and or paying much less tax.

There is a rentier class at the top who know there is/are 20+% of the population who will never work/always claim benefits.Then there is themselves.

The crucial element in our economy for the rentiers is to make sure the hard working people continue to work and pay tax.One, so they can skim money off through their rent seeking but also so the tax is paid to transfer to the 20+% whol never work so they don't hang the rentier class.

If this is so they need to make sure mortgages simply cant ever be paid off at all,or if they are its very very late in life.They also need to make sure equity doesn't pass down the generations as that would help people also retire early.

So we have the H2B scheme in tandem with care home fees and destroyed pensions.The young never pay off a house or at bes tpay it off by around 70 then it goes on care fees.

The older who were/would pass on wealth have it taken for said fees.

This H2B scheme is probably the biggest,most cruel assault on young/younger people iv ever seen.Its designed for one reason only.To make sure house prices don't fall so that they will be in debt forever and can never retire/work less etc.

The idea that Cameron sells this as helping the young is sick.

Share this post


Link to post
Share on other sites

If this is so they need to make sure mortgages simply cant ever be paid off at all,or if they are its very very late in life.They also need to make sure equity doesn't pass down the generations as that would help people also retire early.

So we have the H2B scheme in tandem with care home fees and destroyed pensions.The young never pay off a house or at bes tpay it off by around 70 then it goes on care fees.

The older who were/would pass on wealth have it taken for said fees.

This H2B scheme is probably the biggest,most cruel assault on young/younger people iv ever seen.Its designed for one reason only.To make sure house prices don't fall so that they will be in debt forever and can never retire/work less etc.

The idea that Cameron sells this as helping the young is sick.

Absolutely spot on - this is my worry - that the next step will be politicians and banks eulogising about the fabulousness of intergenerational mortgages just to get those poor unborn twinkles in their father's eyes shackled up. That, logically, is the next step on from something like Help To Buy IMHO. Sick is the word for it.

Share this post


Link to post
Share on other sites

I initially thought that HTB2 would cause house prices to rise but now I'm not so sure. I was listening to a piece on Radio 4 this morning and was suprised that the best rate a new borrower will get is 5%, the government are charging the banks .99% premium for the loan guarantee which is a cost that will be passed onto the borrower and there will be a very strict lending criteria, i.e. proper credit checks and proof of income, no more liar loans and no more interest only loans. I can't help but think that the slight uptick in prices and market activity we've seen in recent months is based more on anticipation of HTB2 than anything else. Buy the rumour, sell the news, as they say!

The average joint income of a British family is £40K

The average UK house price is £170,000

So deposit required £8.5K (still a bit of a stretch for many people), Mortgage required £161.5K

3 x joint income(40K) = £120K

Can you see where I'm coming from?

Perhaps it's mostly for people to buy up the cheaper <£120k terraced housing in many towns up north, and the Southern seaside towns (Gt Yarmouth/lowestoft/felixstowe/Ipswich/Harwich/Clacton/Maldon), plus parts of south western towns. ?

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   215 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

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.