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Monster mortgage madness

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All fuel for the fire..

great if you own land and property...sit back and watch the poor saps hoping to buy compete and extend themselves further and further and their futures become more precarious. 

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30 years out of date on high earning pros

'However, it does require that the first-time buyer has an income of at least £40,000 and has recently qualified in a list of professional jobs including accountants, architects, chartered surveyors, dentists, doctors, pilots, solicitors and vets.'

Of those jobs, only Dr is a good bet.

The num er whod qualify are tiny.

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The current MMR rules allow lending greater than 4x.

However the bank is in sh1t is the loan goes bad.

Edited by spyguy

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1 hour ago, spyguy said:

30 years out of date on high earning pros

'However, it does require that the first-time buyer has an income of at least £40,000 and has recently qualified in a list of professional jobs including accountants, architects, chartered surveyors, dentists, doctors, pilots, solicitors and vets.'

Of those jobs, only Dr is a good bet.

The num er whod qualify are tiny.

Yes I noticed that. May affect some areas more than others. I wonder if bankers would be entitled.

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4 hours ago, Trump Invective said:

Yes I noticed that. May affect some areas more than others. I wonder if bankers would be entitled.

Are you questioning the entitlement of bankers? How very dare you ;)

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9 hours ago, Trump Invective said:

Yes I noticed that. May affect some areas more than others. I wonder if bankers would be entitled.

The mortgage is based on the old old trope 'Oh your income will shoot up when you start working ...'

For 99% off people inc. professionals, thats just not true.

Im surprised chartered surveyors made the list - which reads like something your Gran would list as professions.

 

 

 

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A lorry driver can expect to earn as much as many of these 'professions'...albeit after overtime etc...

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I think the whole impression they are trying to give is that lending like this isn't primed for disaster, rationalising it by covering up the whole thing with the strict "professional only" veneer. It looks like a smokescreen to advertise a clearly irresponsible product, at a time when they are desperate to keep the plates spinning and probably hoping we don't ask too many questions; like why would "professionals" need a specific high risk mortgage in the first place if everything to do with UK housing supply and access to it wasn't totally out of kilter with the reality of earnings? .

Look at the hand that's obscured not the hand showing you the cards, as far as I can see the fuse is still fizzling  slowly towards the barrel of gunpowder sitting under "property wealth".

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32 minutes ago, Wayward said:

A lorry driver can expect to earn as much as many of these 'professions'...albeit after overtime etc...

Really!? 

Where do I sign up?! I've had a itch to wanna have a go at driving an HGV or similar such 'big' road transport - alongside driving a train, etc.  I guess it's the residual little boy in me.  😉 

Edited by anonguest

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2 hours ago, JustAnotherProle said:

hoping we don't ask too many questions; like why would "professionals" need a specific high risk mortgage in the first place if everything to do with UK housing supply and access to it wasn't totally out of kilter with the reality of earnings?

Bingo! Good point!

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2 hours ago, anonguest said:

Really!? 

Where do I sign up?! I've had a itch to wanna have a go at driving an HGV or similar such 'big' road transport - alongside driving a train, etc.  I guess it's the residual little boy in me.  😉 

Well, OT is limtie for a lorry driver.

Bets you can do is weekend work and unsocial hours - 18/h I think.

Cousin does 3 day weeks - Weekends and fri or mon.

Has 4 days off.

That wage will be a lot more than most charted surveyors earn at the mo, which is why I say the 40k eanrings will exlclude most of those professions listed.

 

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3 hours ago, Wayward said:

A lorry driver can expect to earn as much as many of these 'professions'...albeit after overtime etc...

To be up front I think 5.5 times salary is crazy. But I don't agree with your post. 

What does 'professions' mean (in quotes). Those listed seem to meet the stricter definition of a profession, that is to say training with a training contract, formal examination and continued training to maintain knowledge. 

A lorry driver can only do so much overtime these days. Which professions would you say a lorry driver could earn as much as? I'm taking the lorry driver to be your standard qualified HGV driver. 

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37 minutes ago, adarmo said:

To be up front I think 5.5 times salary is crazy. But I don't agree with your post. 

What does 'professions' mean (in quotes). Those listed seem to meet the stricter definition of a profession, that is to say training with a training contract, formal examination and continued training to maintain knowledge. 

A lorry driver can only do so much overtime these days. Which professions would you say a lorry driver could earn as much as? I'm taking the lorry driver to be your standard qualified HGV driver. 

Most CIO's don't have that and our industry is very much a profession and highly paid as you know geeks are the new rockstars.

The strict definition of a profession as you state is generally describing a profession that puts the interests of it's members first (high barriers to entry , certificate for insurance etc) The Law, medicine, accountancy ( but on the wane there not sure you would agree) before the people it serves

Ah well the rock stars are coming with AI and robotics I would be worried if I was in a profession that really was only about knowledge and exams

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15 hours ago, HowMuch! said:

only this week in conversation "the mortgage is only £1500 more a month than my current rent"

Did you suggest they “just bang the rents up by 1500” to cover it? Just call it another tenant tax?

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Back when I was in the rockstar bean counting game I began to get paid more than the qualified bean counters whereas I was purely Qbex, it caused some issues for my manager at the time who made a point of telling me that feathers had been ruffled at head office since I was asking for more than these poor saps who’d spent fck knows how much on a degree and fck knows how much more time on getting those all important letters after their name.

“S.E.P. BABY!!” Was my considered response. Someone else’s problem.

 

Pure mugs game imo which is why I opted out playing it but each to his/her own I guess. Might as well wear a  badge saying “prize worker” or somesuch.

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5 hours ago, adarmo said:

To be up front I think 5.5 times salary is crazy. But I don't agree with your post. 

What does 'professions' mean (in quotes). Those listed seem to meet the stricter definition of a profession, that is to say training with a training contract, formal examination and continued training to maintain knowledge. 

A lorry driver can only do so much overtime these days. Which professions would you say a lorry driver could earn as much as? I'm taking the lorry driver to be your standard qualified HGV driver. 

I remember reading about how much the fuel tanker drivers earned... surprising. A lorry driver can earn as much as a chartered surveyor. Not outlandish statement. My point was more around challenging the lazy assumptions that the bank seems to making that the listed professionals are all paid much more than other regular work.

It is a sham...an attempt to create illusion of credibility and prudent lending when in fact it is unsustainable.

They shied away from this kind of lending in 2009 and required larger deposits....now prices have increased by 50% or even more dependent where you are they are happy to lend with only 5 %....what could go wrong.?? Folly. 

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8 hours ago, Wayward said:

A lorry driver can expect to earn as much as many of these 'professions'...albeit after overtime etc...

I thought that too, plenty of plumbers on £40k plus. Always in demand. Eligible? Sorry mate, not professional enough

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9 hours ago, spyguy said:

Well, OT is limtie for a lorry driver.

Bets you can do is weekend work and unsocial hours - 18/h I think.

Cousin does 3 day weeks - Weekends and fri or mon.

Has 4 days off.

That wage will be a lot more than most charted surveyors earn at the mo, which is why I say the 40k eanrings will exlclude most of those professions listed.

 

To be honest I work in the building trade and and I will say the surveyors and architects get paid a lot more than that. That wage is certainly junior level in the house building sector at present! Let’s just say site managers are on 60k plus, let alone everyone else.

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6 minutes ago, hamish1985 said:

To be honest I work in the building trade and and I will say the surveyors and architects get paid a lot more than that. That wage is certainly junior level in the house building sector at present! Let’s just say site managers are on 60k plus, let alone everyone else.

Not sure.

Surveyors msinly work pricing built hipouses. Income is down to 30% - low transactions.

Architects. Hard to say. Most earn ******all.

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18 hours ago, GregBowman said:

Most CIO's don't have that and our industry is very much a profession and highly paid as you know geeks are the new rockstars.

The strict definition of a profession as you state is generally describing a profession that puts the interests of it's members first (high barriers to entry , certificate for insurance etc) The Law, medicine, accountancy ( but on the wane there not sure you would agree) before the people it serves

Ah well the rock stars are coming with AI and robotics I would be worried if I was in a profession that really was only about knowledge and exams

I agree... sort of a closed shop but i would say barriers are high with good reason in the medical fields. 

When i started my training contact (ACA) i asked someone what the difference between an accountant and a chartered accountant was. 'A significant difference salary ' came the reply. 

I work for a tech firm becoming heavily involved in AI. TBH i wouldn't say I'm worried but intrigued about how things will evolve. Once AI is able to apply good judgement I'll be worried. I would definitely be more worried if i drove for a living. 

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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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