Vote on 3x salary mortgage cap

Really2

Graham_Devon wrote: »

Thats twitsted what I said so much, it doesnt even make sense.

Only playing.;)

Graham_Devon

Really2 wrote: »

Only playing.;)

I'm sure. But you didnt need to share it with us all!

triggerrabbit

Ingsy wrote: »

Who says that if you borrow more than 3x then it's beyond your means?

Honestly, who has decided this? If you don't smoke or maybe you have a company car that pays you petrol, or have no loans or debts, and you chose to allocate a larger amount of your take home salary to paying your mortgage then what's the problem?

Sensible people should be allowed to borrow sensible amounts, and I don't necessarily think that 3.5 or 4 or maybe even 4.5 x salary is not sensible, providing the borrower can show that they can pay it back. I.e. eveidence of bank statements & other outgoings etc at time of application.

To put a blanket statement out that anyone borrowing over 3x their salary is not sensible and will need to be bailed out is, quite frankly, a load of !!!!.

Have a look at todays news 30 odd % increase of people in mortgage arrears. If someone like you say has a company car and does not smoke, suddenly has no more company car and has unexpected outgoings, surely their extra outgoings will increase therefore leaving them to struggle with their mortgage.

michaels

I think I may have to do A Never Despair Girl and stop reading this board. The stupidity of those on the board and their willingness to give up any freedom of choice horrifies me too much

Graham_Devon

michaels wrote: »

I think I may have to do A Never Despair Girl and stop reading this board. The stupidity of those on the board and their willingness to give up any freedom of choice horrifies me too much

Oh touche sir

olly300

It's very simplistic to give everyone a 3x salary level limit.

The problem with the boom was that the financial institutions where not lending sensibility.

If they had been they wouldn't been offering all and sundry loans/large credit card limits when they already had a mortgage and vice versa.

They would have worked out if someone had one institution giving them a large mortgage was OK but the same/another institution should have avoided them with a barge pole if they wanted a loan/credit card for anything else.* Instead nearly all the financial institutions and people within them wanted a piece of the pie so someone could get their bonus.

*It's strange how only now credit card companies can share financial data.

Cleaver

Graham_Devon wrote: »

Most definately 3x income.

It will benefit so many in so many different ways in the long run, and will only annoy a few of those who feel they should be given more and don't want to save up a larger deposit.

Why stop with mortgages?

1 x weekly wage limit for your yearly holiday.
1 x monthly wage for your car
0.4 x yearly wage for any loan
0.5 x hourly wage for your lunch

If just worked out that under those rules I could buy a £13 lunch every day at work. Get in.

prowla

Ingsy wrote: »

Who says that if you borrow more than 3x then it's beyond your means?

I do.
Some people have been lulled into a false sense of security with the artificially low interest rates, but they will go up.
And when they do there will be a whole new tranche of people suffering because they over-borrowed when rates were low.
And of course, it will all be someone else's fault, won't it?

ess0two

michaels wrote: »

I think I may have to do A Never Despair Girl and stop reading this board. The stupidity of those on the board and their willingness to give up any freedom of choice horrifies me too much

All about cheap houses innit,where next the majority dont care.

chewmylegoff

it would be deeply unpopular, is unworkable, fails to take into account that a significant minority of people are not salaried employees and is about as likely as an alcohol ban and/or a fourth labour term.