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George Orwell Was No Fool And Sums It Up Perfectly...

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I love George Orwell's writing, he's a source of inspiration:

Of course, the basic trouble with people like us, I said to myself,

is that we all imagine we've got something to lose. To begin with,

nine-tenths of the people in Ellesmere Road are under the

impression that they own their houses. Ellesmere Road, and the

whole quarter surrounding it, until you get to the High Street, is

part of a huge racket called the Hesperides Estate, the property of

the Cheerful Credit Building Society Building societies are

probably the cleverest racket of modern times. My own line,

insurance, is a swindle, I admit, but it's an open swindle with the

cards on the table. But the beauty of the building society

swindles is that your victims think you're doing them a kindness.

You wallop them, and they lick your hand. I sometimes think I'd

like to have the Hesperides Estate surmounted by an enormous statue

to the god of building societies. It would be a queer sort of god.

Among other things it would be bisexual. The top half would be a

managing director and the bottom half would be a wife in the family

way. In one hand it would carry an enormous key--the key of the

workhouse, of course--and in the other--what do they call those

things like French horns with presents coming out of them?--a

cornucopia, out of which would be pouring portable radios, life-

insurance policies, false teeth, aspirins, French letters, and

concrete garden rollers.

If you couldn't obtain a mortgage or if they were illegal, I reckon the world would be a very different place, it's a means of social control. Currently the gauge on the mortgages being issued in order to compete in the current market is set to 100% control!

Seeing as I'm in the mood for literary quotes (please indulge me) I saw a programme last night on Liberty (BBC2 I think); they quoted Blake he said man is born free but everywhere he is in chains, why do we do it?

Flippant and serious answers welcomed!

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I love George Orwell's writing, he's a source of inspiration:

If you couldn't obtain a mortgage or if they were illegal, I reckon the world would be a very different place, it's a means of social control. Currently the gauge on the mortgages being issued in order to compete in the current market is set to 100% control!

Seeing as I'm in the mood for literary quotes (please indulge me) I saw a programme last night on Liberty (BBC2 I think); they quoted Blake he said man is born free but everywhere he is in chains, why do we do it?

Flippant and serious answers welcomed!

No, no it was Rousseau that said it! (Played by David Tennant in last night's programme)

I think you're right if mortgages were illegal the world would be a different place, but not necessarily a better one.

A lot of people up to the second world war faced very little prospect of moving out of the social class that they were born into.

Mortgages have meant that some people investing at the right time and under the restrictions that used to be in place really have lead healthier, wealthier lives.

I am not sure how far you can attribute this to the availability of mortages and how much to other developments between 1945 and 1995.

You must remember that mortgages used to be something people intended to pay off!

I would hate to be renting in my old age.

Is it really better to save up and buy when you are 55 (renting until then?).

I don't think so.

I think over an entire lifetime mortgages work out better as long as the mortgage is reasonable and is taken out at the right stage in the housing market cycle.

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No, no it was Rousseau that said it! (Played by David Tennant in last night's programme)

Sorry, only caught it in passing, I'll try to be more accurate with my sources!

Is it really better to save up and buy when you are 55 (renting until then?).

I don't think so.

I think over an entire lifetime mortgages work out better as long as the mortgage is reasonable and is taken out at the right stage in the housing market cycle.

Isn't it better to pay for something with money you have earned rather than a sum money that can be inflated at will by the banks/building socities? That's the point: depending on what terms the mortgage is given and how large the amount, it's like they say "jump!" and we say "how high?". Its also more strictly related to the current/past performance of the economy.

I don't know could be talking total rubbish, this is fantasy really?

The whole situation is flipped on its head (I guess) as the money you save earns compound interest and could be invested in the economy producing more jobs higher wages? Then the day when you can buy comes along quicker on a more stable basis?

Woah, swimming way out of my depth now, I'll leave it for others more learned to debate.

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Ah the old days, the Building Societies as they were intended, the Cooperative Societies, set up with the concept of ownership by members.

Times of common values shared by communities? Or boring conformity?

Orwell and others, what perceptive minds. Or just that their visions are entirely logical based on an examination of History?

Take technology in all it's forms, sure it can liberate us but much seems to enslave us and has the future potential to do so even more.

The distant future? One strand I've observed in scifi is the idea of "World Corp", the ultimate supranational corporation for which all on the Planet work.

No hiding place then!

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If mortgages were illegal the UK might look something like this :

slum1-thumb.jpg

I reckon it'll soon look like that with the level of debt we collectively owe.

A mortgage is just a leverage instrument. In my experience the more leverage the greater the risk of ruin.

If you have had a go at spread betting where for some stocks you only need a 5% margin, much like a mortgage the larger the stock the quicker your capital evaporates (I know this is common sense, but people think the house market is different from this kind of investment activity). There are clear warnings on these spreadbetting sites :

Spread Betting, CFD Trading and FX Trading carries a high degree of risk to your capital and it is possible to lose more than your initial investment. Only speculate with money you can afford to lose. These products may not be suitable for all investors, therefore ensure you fully understand the risks involved, and seek independent advice if necessary. "Deal4free"

If you want to be part of the market you have to keep up with current borrowing trends (as a FTB) and take out the same level of debt, the individual can choose not to be part of it of course, but its a gradual process where we are all slowly cooked. "I can manage just a bit more to esure I get the house I want...if I cut back spending I can afford it" (for now). Then relatively small movements in the market wipe out large chunks of hard earned capital.

Why aren't there the same kind of warnings on mortgages (there probably is in the small print somewhere) but you don't see it on mortgage adverts? And people would class the two "investments" completely differently.

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Mortage side effects.... (added ciggarette style to all lending agreements in font size 1, using invisible ink)

Warning this financial product may cause the following:

- Stress

- Depression

- Arguements

- Falling asset values

- Higher repayments

- Relationship issues

- Repossesion of your home

- Bankruptcy

- Negative Equity

- Other unspecified symptoms

Always remember a mortgage is a financial product from your lender secured at a rate which is subject to significant change (beyond your lenders control) and on a property which is only valued for much as people are willing and able to pay for it (not your lenders problem).

If you experience any of these issues we suggest your see your local financial advisor (and don't come to us!).

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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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