TheCountOfNowhere Posted November 24, 2014 Share Posted November 24, 2014 (edited) 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 November 24, 2014 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
Errol Posted November 24, 2014 Share Posted November 24, 2014 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. Quote Link to comment Share on other sites More sharing options...
Si1 Posted November 24, 2014 Share Posted November 24, 2014 So the lenders are morning about the new regulations There's a surprise Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted November 24, 2014 Share Posted November 24, 2014 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. Quote Link to comment Share on other sites More sharing options...
John The Pessimist Posted November 24, 2014 Share Posted November 24, 2014 2015 MMR review to be the final pre-election bribe to really get this market frothing? Quote Link to comment Share on other sites More sharing options...
Sandwiches33 Posted November 24, 2014 Share Posted November 24, 2014 oh well too late for me then, I guess Ill just spend my deposit on some holidays etc and keep renting Quote Link to comment Share on other sites More sharing options...
Si1 Posted November 24, 2014 Share Posted November 24, 2014 oh well too late for me then, I guess Ill just spend my deposit on some holidays etc and keep renting Me too Quote Link to comment Share on other sites More sharing options...
tyres Posted November 24, 2014 Share Posted November 24, 2014 They could just put the retirement age back even further, perhaps to 90. Expect to see lots of zimmer frame employees at Tesco. It won't be zimmer frams, power assisted exo-skelotns are already being used by OAP farmers in Japan http://www.gizmag.com/go/2594/ Quote Link to comment Share on other sites More sharing options...
awaytogo Posted November 24, 2014 Share Posted November 24, 2014 (edited) 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 November 24, 2014 by awaytogo Quote Link to comment Share on other sites More sharing options...
Si1 Posted November 24, 2014 Share Posted November 24, 2014 It's causing concern because there's nobody left who can afford to back stop existing levels of domestic bank lending Quote Link to comment Share on other sites More sharing options...
Si1 Posted November 24, 2014 Share Posted November 24, 2014 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 Quote Link to comment Share on other sites More sharing options...
Sandwiches33 Posted November 24, 2014 Share Posted November 24, 2014 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. Quote Link to comment Share on other sites More sharing options...
R K Posted November 24, 2014 Share Posted November 24, 2014 (edited) 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 November 24, 2014 by R K Quote Link to comment Share on other sites More sharing options...
Quicken Posted November 24, 2014 Share Posted November 24, 2014 (edited) 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 November 24, 2014 by Quicken Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted November 24, 2014 Author Share Posted November 24, 2014 (edited) 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 November 24, 2014 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
Si1 Posted November 24, 2014 Share Posted November 24, 2014 Bingo! So we know what theyll do dont we. Macro pru works in both directions. If they can afford it Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted November 24, 2014 Share Posted November 24, 2014 (edited) 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 November 24, 2014 by Wurzel Of Highbridge Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted November 24, 2014 Share Posted November 24, 2014 It won't be zimmer frams, power assisted exo-skelotns are already being used by OAP farmers in Japan http://www.gizmag.com/go/2594/ Looks like an OK idea in principle, but why no young immigrants willing to do the work? How did the "Robo Nurses" pan out BTW? Quote Link to comment Share on other sites More sharing options...
zugzwang Posted November 24, 2014 Share Posted November 24, 2014 Cold never bothered me anyway. Quote Link to comment Share on other sites More sharing options...
SpectrumFX Posted November 24, 2014 Share Posted November 24, 2014 Looks like an OK idea in principle, but why no young immigrants willing to do the work? How did the "Robo Nurses" pan out BTW? Japan doesn't do immigration http://www.ft.com/cms/s/0/32788ff0-ea00-11e3-99ed-00144feabdc0.html#axzz3K18ThZCi Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted November 24, 2014 Share Posted November 24, 2014 The idea that being "frozen out" of this market is some kind of loss is laughable.... Wasn`t there a poster called Frozen Out at one time? Quote Link to comment Share on other sites More sharing options...
TwoWolves Posted November 24, 2014 Share Posted November 24, 2014 This is what's going to cause the 2015/16 house-price-crash. Here we go, we've arrived at last my friends. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted November 24, 2014 Author Share Posted November 24, 2014 This is what's going to cause the 2015/16 house-price-crash. Here we go, we've arrived at last my friends. This is what's started the continuation of the 2008 crash. Quote Link to comment Share on other sites More sharing options...
Starla Posted November 24, 2014 Share Posted November 24, 2014 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. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted November 24, 2014 Author Share Posted November 24, 2014 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. q.e.d Quote Link to comment Share on other sites More sharing options...
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