Vote on 3x salary mortgage cap

stevetodd

Cleaver wrote: »

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.

Please don't impose a limit on how much I can spend on vets bills, just in case my dog needs it. He is a very friendly labrador and how can the bears benefit if he dies needlessly just because they want to impose these restrictions! It's total madness

Gorgeous_George

Ingsy wrote: »

If you get made redundant you're not going to be able to pay it back no matter how little you have borrowed.

It's stupidity like that that has caused the problems.

If I borrowed money from you, how much you like me to owe you when I lose my job? £5,000 or £50,000?

Does it really not matter?

Some individuals have mortgage debt of £1M or more. It matters.

GG

Cleaver

stevetodd wrote: »

Please don't impose a limit on how much I can spend on vets bills, just in case my dog needs it. He is a very friendly labrador and how can the bears benefit if he dies needlessly just because they want to impose these restrictions! It's total madness

Vet's bills per annum will be 0.8 x weekly wage.

To be fair Steve, you have been irresponsible and purchased a canine without thinking about whether you can afford one. "Dogs only go up", "Dogs double in value every seven years". All myths. You deserve to get your dog reposessed by the bank so that someone can purchase it cheaply at auction at the correct multiple.

stevetodd

Cleaver wrote: »

Vet's bills per annum will be 0.8 x weekly wage.

To be fair Steve, you have been irresponsible and purchased a canine without thinking about whether you can afford one. "Dogs only go up", "Dogs double in value every seven years". All myths. You deserve to get your dog reposessed by the bank so that someone can purchase it cheaply at auction at the correct multiple.

I have been a fool, I paid £100 for him at the RSPCA rescue centre but the advert in the Mail on Sunday said he was worth £500 and I could rent him out and earn a 12.5% yield. My wife said I should have done my own research rather than believed those gits at the dog investment club!

Dan:_4

I can't believe this debate is still going on...

It seems the only people who are demanding a cap on 3 x salary mortgage lending are those desperate FTBers determined to get a cheap house regardless of anyone else or the future of the economy.

lostinrates

Dan: wrote: »

I can't believe this debate is still going on...

It seems the only people who are demanding a cap on 3 x salary mortgage lending are those desperate FTBers determined to get a cheap house regardless of anyone else or the future of the economy.

And not even all of us!;)

b0rker

This poll could just as easily read:

Are you:

1) A mad bear
2) A conservative bear
3) A conservative bull
4) A mad bull

Looks like we have a lot of mad bears on this site.

No surprises there then.

Dan:_4

There will be many workarounds if this regulation ever came about anyhow. The Northern Rock together mortgage was made up of a 95% normal mortgage + a 30% unsecured personal loan for example.

Cat695

Dan: wrote: »

I can't believe this debate is still going on...

It seems the only people who are demanding a cap on 3 x salary mortgage lending are those desperate FTBers determined to get a cheap house regardless of anyone else or the future of the economy.

So a FTB that only earns 20k a year in wiltshire is suddenly going to be able to afford a house.....i think not

I earn 36k on my own and I'm still thinking it could stretch me with a 100k mortgage and a 45k deposit and I have very little out goings now.

Its still going to be hard for many people to get a mortgage only the need to sell will have to drop their price.

and it always makes me laugh when people say.....is this thread/debate still going on....your not forced to come and read it

lostinrates

b0rker wrote: »

This poll could just as easily read:

Are you:

1) A mad bear
2) A conservative bear
3) A conservative bull
4) A mad bull

Looks like we have a lot of mad bears on this site.

No surprises there then.

That poll might have been more fun to be honest.
FWIW I'm a Chinese Dragon :cool: So I still couldn't have voted.