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TheCountOfNowhere

Over 40S Being 'frozen Out' Of Home Loans

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This is hilarious:

http://www.bbc.co.uk/news/business-30175365

"New rules mean that lenders are now restricting loans to anyone who will still be paying off their mortgage by the time they retire. ( ### Sensible ).

And yet many people cannot afford to buy a home until they are 40 or even 50, say some of the largest lenders. ( ### Thats cause house prices are too f**king high !!! )."

So the young can't afford to buy and the old wont live long enough to pay off what they have to borrow to put a basic shelter over their famillies head.

"But a group of 24 banks and building societies, including Nationwide, Barclays and Santander, says the rules are preventing lenders offering mortgages to anyone who will retire
before the loan is repaid.They say the issue is "causing real concern"."

What, so they want to allow people to keep paying after they die....

The correct solution is.....of course stop the tax payer funded support of the corrupt banking system and allow house prices to collapse.

Maybe they are trying to scare the last people with money into buying before it really is too late ( and they are dead ).

Worth noting:

IMLA - which represents the 24 lenders - wants the FCA to tackle the issue in its review of MMR early in 2015.

Edited by TheCountOfNowhere

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Clearly we need more government subsidies, massively relaxed lending standards (subprime and ninja here we come) and more money printing. Nothing can possibly go wrong with this medicine.

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So the lenders are morning about the new regulations

There's a surprise

It's like 2004 when they run out of willing and able borrowers. Back then they started issuing anyone who could fog a mirror with a mortgage.

They will campaign and win to get restrictions removed then another bus will happen in a few years time. That bust will be different from the last, like another poster keeps saying about comparing it to the railway mania - it will take two bubbles to make sense sink in.

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oh well too late for me then, I guess Ill just spend my deposit on some holidays etc and keep renting :)

Me too

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This is hilarious:

http://www.bbc.co.uk/news/business-30175365

"New rules mean that lenders are now restricting loans to anyone who will still be paying off their mortgage by the time they retire. ( ### Sensible ).

And yet many people cannot afford to buy a home until they are 40 or even 50, say some of the largest lenders. ( ### Thats cause house prices are too f**king high !!! )."

So the young can't afford to buy and the old wont live long enough to pay off what they have to borrow to put a basic shelter over their famillies head.

"But a group of 24 banks and building societies, including Nationwide, Barclays and Santander, says the rules are preventing lenders offering mortgages to anyone who will retire
before the loan is repaid.They say the issue is "causing real concern"."

What, so they want to allow people to keep paying after they die....

The correct solution is.....of course stop the tax payer funded support of the corrupt banking system and allow house prices to collapse.

Maybe they are trying to scare the last people with money into buying before it really is too late ( and they are dead ).

Worth noting:

IMLA - which represents the 24 lenders - wants the FCA to tackle the issue in its review of MMR early in 2015.

They say the issue is "causing real concern"."

It is causing concern as many people will be lucky to be working up to the date they retire, and when they do most will not have a good enough pension to pay the mortgage.

Edited by awaytogo

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It's causing concern because there's nobody left who can afford to back stop existing levels of domestic bank lending

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It's like 2004 when they run out of willing and able borrowers. Back then they started issuing anyone who could fog a mirror with a mortgage.

They will campaign and win to get restrictions removed then another bus will happen in a few years time. That bust will be different from the last, like another poster keeps saying about comparing it to the railway mania - it will take two bubbles to make sense sink in.

I think it'll bottom in the 2030s

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Its amazing to watch, they are all out of suckers, doing everything they can to drag in stragglers like a big ****** off ship hanging on a waterfall edge us lot refuse to board and are just standing watching while all those on the ship yell at us and tell us we are doomed. "No thanks" we shout as we sit on the embankment watching in horror as those on board seem totally oblivious to the predicament.

If I "need" a house in the future I know plenty places in the UK where I can buy a flat for about the same as a posh car say 30k. It wont be fashionable and people wont respect me like they might if I bought a big audi but I will own it outright and I will be so ******ing glad I am not on that ship.

we are so close to disaster now you can smell the fear.

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It's causing concern because there's nobody left who can afford to back stop existing levels of domestic bank lending

Bingo!

So we know what theyll do dont we.

Macro pru works in both directions.

Edited by R K

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Its amazing to watch, they are all out of suckers, doing everything they can to drag in stragglers like a big ****** off ship hanging on a waterfall edge us lot refuse to board and are just standing watching while all those on the ship yell at us and tell us we are doomed. "No thanks" we shout as we sit on the embankment watching in horror as those on board seem totally oblivious to the predicament.

If I "need" a house in the future I know plenty places in the UK where I can buy a flat for about the same as a posh car say 30k. It wont be fashionable and people wont respect me like they might if I bought a big audi but I will own it outright and I will be so ******ing glad I am not on that ship.

we are so close to disaster now you can smell the fear.

Watching in horror? Watching with popcorn more like.

The MMR was ludicrously watered down and yet both the debt peddlers and debt junkies are still crying about it. What are they going to do when some tough regulation comes in?

Edited by Quicken

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Watching in horror? Watching with popcorn more like.

The MMR was ludicrously watered down and yet both the debt peddlers and debt junkies are still crying about it. What are they going to do when some tough regulation comes in?

Bank regulation supposedly scheduled for 2018.

Mmr is meant to protect the banks and yet they complain about it.

That speaks volumes.

The effects of mmr are about to be felt.

Edited by TheCountOfNowhere

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If they can afford it

Can they afford not to> They need that credit created or the __dreaded__ deflation awaits them.

Actually it would be fantastic to see a country suffer a collapse from deflation, as I don't think its happened yet. I also don't agree with the Bernank that the great depression was an example of deflation in action.

Edited by Wurzel Of Highbridge

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If I "need" a house in the future I know plenty places in the UK where I can buy a flat for about the same as a posh car say 30k. It wont be fashionable and people wont respect me like they might if I bought a big audi but I will own it outright and I will be so ******ing glad I am not on that ship.

we are so close to disaster now you can smell the fear.

Quite. Over 40 here and I don't want or need a mortgage so I'm all good without the mammoth debt until I'm 67+. Without going into the maths, and why this works well for me, I'm paying off the mortgage on the home I don't yet own, to the Bank of Me, which is invested nicely thank you on my own terms. When I decide it's the right time to buy (house, campervan, UK, abroad, who knows) I can do that just fine myself without any "help" from the Bank.

Although I'm not sure what the definition of retirement age is, because as far as I'm aware we're being softened up, before it's announced, that there isn't one.

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