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music man

Are Mortgager's A National Liability?

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With all the talk about our national debt I have been thinking.

What is the national mortgage related debt figure?

And being naive isn't it these indebted people that are crusifying our country. After all if these mortaged individuals had spent a few more years at home with family (antiquated concept I know) they would not be as much a national liability.

We are paying huge interests on the well quoted £1.1 trillion debt.

At 3.5 times salary, one could in theory save over 10% of a house value each year, and paid back at £1.80 on the £1 it would shorten their life debt by 10 or more years no doubt if they saved for 4 years. Just a thought or silly idea - you tell me.

So why do we give lenders such power over our lives?

Edited by music man

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With all the talk about our national debt I have been thinking.

What is the national mortgage related debt figure?

And being naive isn't it these indebted people that are crusifying our country. After all if these mortaged individuals had spent a few more years at home with family (antiquated concept I know) they would not be as much a national liability.

We are paying huge interests on the well quoted £1.1 trillion debt.

At 3.5 times salary, one could in theory save over 10% of a house value each year, and paid back at £1.80 on the £1 it would shorten their life debt by 10 or more years no doubt if they saved for 4 years. Just a thought or silly idea - you tell me.

So why do we give lenders such power over our lives?

Mortgage debt is around the £1trillion mark. It makes up most of that £1.2m of personal debt we always hear about.

All of this debt has been handed over to people leaving the housing market - deceased, downsizing, moving abroad or speculators who have sold their properties. As such it ends up back in circulation in the economy.

You could argue that it is unjust that the younger generation are taking on huge debts that may cripple them so they can make old folks and speculators rich. All just for that basic human need - shelter.

As for the banks - why they are allowed to get away with issuing limitless debt on the housing stock is beyond me. I think it is an appalling situation. There should be strict limits on multiples of salary that can be lent IMO.

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If there weren't such things as mortgages. What would be the average price of a home?

HINT: You may like to refer to the financial collapse of Argentina for the answer.

My sentiments exactly. Why do we allow the banks to stand in the middle and screw everyone out of several hundred grand over the course of their life? You could probably save enough for a decent house in 5 years if there were no mortgages.

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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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