Vote on 3x salary mortgage cap

MrFonzerelli

stevetodd wrote: »

Good news for folks with a full brain then, 4 x salary, yahoo!

I wanted 2 x but it wasn't an option. oh and my hand slipped and i accidentally clicked on no limit...

Seriously, I presume BTL wouldn't be impacted, as the calculation isn't usually on salary multiple. Won't be so many FTBs though. So more tenants for you then Steve!

Cat695

Dan: wrote: »

I think not as well.



If you think you will be stretched with your figures above, I don't think you will ever be brave enough to take the plunge and buy a house.



It's never been easy for first time buyers to get a mortgage. Why do people think this is something new. Sacrifices will need to be made.


This will not happen anyway. The government want to get banks lending agian, not put in measures to restrict it further.

I've currently spent the last 17 years of my life as a Tank Soldier in the Army (with 5 years to push) I ride a motorbike to fast....I have climbed moutains....run a half marathon...fought in wars (without my tank)....confronted a knife wielding german while I was unarmed....rode horse back for 7 days in bear infested woods.....spent 4 weeks living in a tent in minus 40 temp with NO special winter gear.....white water rafted in some of the most dangerous rivers in Canada.......and been married AND divorced twice.

I surely have some braveness in me. I just don't fancy being stupid with my money.

b0rker

Graham_Devon wrote: »

But, what I really don't get, is that people calls others bears because they want to see property prices drop etc. But they also call them bears because they want responsible lending in the economy. Surely they can't be both?!

Of course they can be both. One will lead to the other.

What you have said here suggests that you don't think that 3x lending will cause house prices to drop rapdily.

Do you honestly think that or were you just looking for a way to try and strenghten your point?

stevetodd

MrFonzerelli wrote: »

I wanted 2 x but it wasn't an option. oh and my hand slipped and i accidentally clicked on no limit...

Seriously, I presume BTL wouldn't be impacted, as the calculation isn't usually on salary multiple. Won't be so many FTBs though. So more tenants for you then Steve!

Jokes aside for a moment. A 3x cap would have an serious effect on capital values for certain. That would be bad for existing LL's and good for incoming LL's (as you imply it would also restrict buyers and thus hold up the rental market). I would be somewhere in the middle as I intend to invest further, but currently hold property.

But (and it's a big but) I just can't see this happening to the extent that some believe, it just stinks of political noise making

kennyboy66_2

Graham_Devon wrote: »

51% want a 3x cap so far on this poll. That speaks volumes above trying to put people into little bear / bull groups.

But, what I really don't get, is that people calls others bears because they want to see property prices drop etc. But they also call them bears because they want responsible lending in the economy. Surely they can't be both?!

It speaks volumes to me that people have been brainwashed into thinking that central government legislation on the precise amount people can borrow is a good thing.

Can we have a centralised prices and incomes policy as well please - and while we are at it, how about re-introducing controls on how much spending money you can take out of the country when you go on holiday.

Please Nanny state, "can I have some more, I'm incapble of making a decision for myself".

Perhaps we get the Government we deserve.

It's a slippery slope when people really are so dim that they think state intervention in free markets is a good thing.

b0rker

Cat695 wrote: »

I've currently spent the last 17 years of my life as a Tank Soldier in the Army (with 5 years to push) I ride a motorbike to fast....I have climbed moutains....run a half marathon...fought in wars (without my tank)....confronted a knife wielding german while I was unarmed....rode horse back for 7 days in bear infested woods.....spent 4 weeks living in a tent in minus 40 temp with NO special winter gear.....white water rafted in some of the most dangerous rivers in Canada.......and been married AND divorced twice.

I surely have some braveness in me. I just don't fancy being stupid with my money.

I am prepared to believe all of that except for the highlighted section.

Unless your tent was a house and it had very good insulation and central heating then I am sorry but you are dead now and are posting from beyond the grave.

nickmason

lostinrates wrote: »

And not even all of us!;)

Agreed - like all good conservatives (just for you, Stevie ) I put my own self advancement, not to mention the god-given right to a fabulous house (now), aside for the greater good, and voted against this ridiculous suggestion.

Cat695

b0rker wrote: »

I am prepared to believe all of that except for the highlighted section.

Unless your tent was a house and it had very good insulation and central heating then I am sorry but you are dead now and are posting from beyond the grave.

erm unless you call the old roll into the hood army sleeping bag... a parker...plastic water proofs (i still remember the way they got you more wet than the rain than if you wasn't wearing one) and issued gloves (NI gloves)specialist gear then nope its the truth.....BATUS (british army training unit suffield in Alberta Canada) way back in 1991.....med man 7 (Nov)

one guy died of the cold and we had to light fires under the tanks to defrost the oil in the engine.....those were the days as my dad always use to tell me.

And when the exercise had finish we all went to Calgary down electric Avenue in t shirts (-20 by then).......damn I miss Canada sometimes.

Dan:_4

Cat695 wrote: »

I've currently spent the last 17 years of my life as a Tank Soldier in the Army (with 5 years to push) I ride a motorbike to fast....I have climbed moutains....run a half marathon...fought in wars (without my tank)....confronted a knife wielding german while I was unarmed....rode horse back for 7 days in bear infested woods.....spent 4 weeks living in a tent in minus 40 temp with NO special winter gear.....white water rafted in some of the most dangerous rivers in Canada.......and been married AND divorced twice.

I surely have some braveness in me. I just don't fancy being stupid with my money.

Why do you think buying a house is being stupid with your money?

Cat695

Dan: wrote: »

Why do you think buying a house is being stupid with your money?

I don't think its stupid buying a house, I think its stupid buying an over priced house in a recession when house prices are still dropping and at some point pretty soon the Goverment is going to tax the hell out of us.