BOMAD increasingly required for 2nd steppers

[maffo in oxford]

Insanity: 

https://www.whatmortgage.co.uk/news/bank-mum-dad-extends-remit/

 

Quote

Lloyds Bank’s research discovered a third of second steppers, those who are moving from the first home they bought to the next, require an average of £25,450 in financial support from friends and family.

As many as 58% said they wouldn’t be able to take their next step on the property ladder without family and friends.

 

Edited July 3, 2018 by maffo in oxford

[Funn3r]

A masterstroke from the government. If you are a wage slave running on the hamster wheel to keep up your shelter payments you are easily controllable. There is an economic ring through your nose. 

If you own your house outright and have even a small income then not so much, except for outright use of government force. TPTB cannot tolerate an increasing number of people of the latter sort so BOMAD is pressure to give up that wealth - ostensibly for now it goes to FTB/2TB but when the crash comes that wealth will just be a puff of smoke.

[Save me from the madness!]

The BOMAD is all important in house moves these days (or inherited wealth). I had an interesting conversation this weekend with a friend. They knew someone who was moving close by to where they currently live as they needed more space. The house they had is already bigger than average and must have been a BOMAD supported buy originally for their first house, but apparently they have a lot of things and have outgrown it and so buying an even bigger place. For most people the prospect of £30K plus moving costs and an extra £100K plus on the mortgage for a bit of extra space is just not an option, there's no way their jobs are supporting this second step so it's another BoMAD job. I reckon even at say a maxed out mortgage of £200,000 and say £30K equity they've paid (and that is generous) I think BoMAD has shelled out over £350,000 on their housing... very lucky individuals indeed.

The crazy thing is that there must be no shortage as the local primary schools are full to capacity to plenty of other millennials buying £350K+ houses. As the great Admiral Ackbar said, "I can't compete with that sort of firepower!"

[Si1]

Pr1cks

[neon tetra]

Nom nom nom

[winkie]

18 minutes ago, neon tetra said:

Nom nom nom

 

.....then it is gone.

[Riedquat]

Good to know that all these people who got on the ladder and are cheering on hearing how much the price of their house has gone up are enjoying the fruits of those rises.

[winkie]

 

[Parkwell]

So we've all agreed to stop trying to reduce the wealth gap, or give people opportunities to get out of poverty. Good old fashioned class system it is. Right-O.

 

[Freki]

2 hours ago, Parkwell said:

So we've all agreed to stop trying to reduce the wealth gap, or give people opportunities to get out of poverty. Good old fashioned class system it is. Right-O.

 

well those relying on BOMAD for 2nd step are clearly creating their children's own demise

[Eddie_George]

7 hours ago, Save me from the madness! said:

As the great Admiral Ackbar said, "I can't compete with that sort of firepower!"

[Mossie]

There's no need to always assume the parents are just idiots. 

No one is forcing the BOMADS to tap their wealth to help their adult offspring by houses, and make them all 'controllable'.

However I found this funny, and as no one is forcing any BOMADS, more likely to be more accurate.

 

[Wayward]

12 hours ago, Mossie said:

Henry Pryor..

The madness of mum & dad lending money to their kids so that the kids can pay the prices demanded by mum & dad for their homes

 

Not mad at all if you own surplus land and property like most of the ruling elite...in fact it is the road to further riches...keep the plates spinning and let it all crash after I have enjoyed a comfortable retirement.