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Debate House Prices
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Permanent ban on 100% mortgages (merged)
Comments
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"Heaven is where the Police are British, the Chefs are French, the Mechanics are German, the Lovers Italian and it's all organised by the Swiss.
Hell is where the Chefs are British, the mechanics are French, the lovers are Swiss, the Police are German and it's all organised by the Italians."
Hilarious, I love it. Thank you. My pan-European family will roar with laughter.:D0 -
Possibly 10 years too late. Who gives a !!!! now that we're in the mess we're in?
http://www.timesonline.co.uk/tol/news/politics/article5780753.eceHappy chappy0 -
lostinrates wrote: »Hilarious, I love it. Thank you. My pan-European family will roar with laughter.:D
Reminds me of...
SOCIALISM You have 2 cows. You give one to your neighbour.
COMMUNISM You have 2 cows. The State takes both and gives you some milk.
FASCISM You have 2 cows. The State takes both and shoots you.
BUREAUCRATISM You have 2 cows. The State takes both, shoots one, milks the other, and then throws the milk away...
AMERICAN CAPITALISM You have two cows. You sell one, and force the other to produce the milk of four cows. Later, you hire a consultant to analyse why the cow has dropped dead.
FRENCH CAPITALISM You have two cows. You go on strike, organise a riot, and block the roads, because you want three cows.
JAPANESE CAPITALISM You have two cows. You redesign them so they are one-tenth the size of an ordinary cow and produce twenty times the milk. You then create a clever cow cartoon image called 'Cowkimon' and market it worldwide.
GERMAN CAPITALISM You have two cows. You re-engineer them so they live for 100 years, eat once a month, and milk themselves.
ITALIAN CAPITALISM You have two cows, but you don't know where they are. You decide to have lunch.
RUSSIAN CAPITALISM You have two cows. You count them and learn you have five cows. You count them again and learn you have 42 cows. You count them again and learn you have 2 cows. You stop counting cows and open another bottle of vodka.
SWISS CAPITALISM You have 5000 cows. None of them belong to you. You charge the owners for storing them.
CHINESE CAPITALISM You have two cows. You have 300 people milking them. You claim that you have full employment, and high bovine productivity. You arrest the newsman who reported the real situation.
INDIAN CAPITALISM You have two cows. You worship them.
BRITISH CAPITALISM You have two cows. Both are mad.
IRAQI CAPITALISM Everyone thinks you have lots of cows. You tell them that you have none. No-one believes you, so they bomb the **** out of you and invade your country. You still have no cows, but at least now you are part of a Democracy...
AUSTRALIAN CAPITALISM You have two cows. You invite 200 mates over for a barbie.
MacQUARIE BANK CAPITALISM You have two cows. You sell three of them to your publicly listed company, using letters of credit opened by your brother-in-law at the bank, then execute a debt/equity swap with an associated general offer so that you get all four cows back, with a tax exemption for five cows and a management fee stream for six cows. The milk rights of the seven cows are transferred via an intermediary to a Cayman Island Company secretly owned by the majority shareholder who sells the rights to all eight cows back to your listed company. The annual report says the company owns nine cows, with an option on one more. You sell one cow to buy a new president of the United States, leaving you with ten cows. No balance sheet provided with the release. The public then buys your bull.
NEW ZEALAND CAPITALISM You have two cows. The one on the left looks very attractive.
SURREALISM You have two giraffes. The government requires you to take harmonica lessons.0 -
Dooooooooooooooonut wrote: »cheers, do I get a blowjob?
Sure. Can't promise I won't bite it off though.0 -
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What you are missing here is that people have bought and sold homes since time immorial here, and 100% mortgages have not always existed. its fair to say ask your grandparents and paretns how they bought thier first home and they will probably tell you they scrimped to get the deposit together so their bank manager says yes.
true ... ish. 100% mortgages have been around for longer than some people think.
However very few people actually remember being at the mercy of the whim of the local building society manager very fondly. My parents in law had to save twice the deposit of their friends because my father in law was older than my mother in law by about 10 years and the building society manager thought it the only way to protect her even though she was a 70s career woman!!
Fewer still remember being stuck with no choice of deal, endowments being conditional - in fact all insurances being conditional. My 'angel investor' remembers one local bank manager near him being very open about the fact that he would not approve any mortgage unless the borrower took an endowment through him - no chance of repayment. He was very open about how this was how he made his money.Additionally of course, as easy credit is harder to come across the price of houses will and as we have seen recently DO come down. So therefore you might not have to save 25k, in some parts of the country you can buy homes for 25k outright.
I dont think its impossible, we save well over 1k a month on lower than average salaries ( OH temps on 7.50 an hour), we do this by moneysaving.
I think this is a great idea , long overdue.
https://www.york.ac.uk/inst/chp/hsa/spring06/pdf&ppt/holmans06.pdf
The article above is quite interesting on intervention. Especially VI on page 11 about minimum deposits as tried in the states.Minimum deposits were a measure for demand management, very similar to hire-purchase terms control, and not for stabilising the housing market. They might conceivably be used to restrain a housing market boom if applied to all house purchase transactions, though they would obviously be open to attack as bearing most heavily on first-time purchasers.Can anyone remind me what dep one has to have in France to buy- IIRC is 25% is that right?
20 - 30%I am an IFA (and boss o' t'swings idst)You should note that this site doesn't check my status as an IFA, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Kit_Barbary wrote: »Please Look Before You Post!
Please look before you post! (OP has already stated that he did look but missed it).0 -
Just thinking about this, and venturing in that dangerous territory of lack of knowledge.....
....what about child trust funds as the deposits of the FTB of tommorrow? If adaquately invested could they function as a deposit?0 -
Ah an artifical one. That explains a lot. War injury?Dooooooooooooooonut wrote: »don't worry, it's made of steel0
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