Friday, March 27, 2009

The historian knows best!

Mortgages top of Brown's new fiscal help plan

Gordon Brown is to push ahead with further stimulus measures to try and revive the economy, despite warnings from the Governor of the Bank of England.

Posted by flintster1994 @ 08:18 PM (1096 views)
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7 thoughts on “The historian knows best!

  • OK I am sure you are all fed up of reading me say the same things time and time again but HOW could this work if lending levels are going to stay withint the “responsible” criteria that is 4x’s income or less? The FSA warned they would cap loan to income ratios to stop prices inflating should lenders move towards irresponsible lending again, and the Council for Mortgage Lenders said that the average FTB mortgage is 3x’s loan to income. Surely if the UK is now going to enter an era of sensible lending, which surely we have to given the level of debt then given that the average loan to income in 2007 was just under 6x’s loan to income according to HBOS / Halifax , then prices should have already fallen 50% and nothing the government does will get round that FACT will it. OK he could my some kind of miracle find a few more billion for mortgage from somewhere, but even the Rock’s 90% mortgage is at 3.5 loan to income

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  • How much does it cost to buy your way back to 2007, that’s a pretty expensive time machine you are building yourself there bagpuss.

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  • Gordon Brown is to push ahead with further stimulus measures to try and revive the economy, despite warnings from the Governor of the Bank of England.

    and so deeper into depression. It was obvious that fool Brown wasn’t goint to listen, he thinks he has an election to win….and in the meantime he will drive UK plc onto the rocks.

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  • One day after the UK’s first gilt sale failure in years, Brown announces his intention to spend more money. I can see us going to the IMF for help soon if Brownisn’t stopped.

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  • Is there anyboday in the Labour party going to say what needs saying and stop this man?

    Or are they just going to let this man destroy the country?

    If they don’t, Labour will deserve to be out of power for a long, long time.

    Grow a pair, someone.

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  • @3 “Grow a pair someone”

    I assume you mean a pair of frontal lobes. Have you seen the state of the remainder of the Neu Labour party? Thick as pig sh1t, one and all.

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  • What does he hope to do? I thought it was agreed that loan to income ratios of over 4x’s income were irresponsible? In the peak the ratio of loan to income was according to HBOS/ Halifax figures just under 6x’s time . The Council of Mortgage lenders have confirmed recently currently the average is 3x’s loan to income for FTB’s, that is a 50% drop . Surely this is as much a question of what property prices must fall to for the banks to return to sensible lending as much as it is about having funds to offer is it not? If lenders are on average lendng 50% less than they were in 2007 then is it not obvious that prices are going to have to be 50% lower already for the average buyer to buy?

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