'Second wave' repossession threat

bluey890

Graham_Devon wrote: »

Bluey, I can't be bothered if your going to take things out of context all the time.

Really simple for you so you understand.

Implement tougher rules now on BTL's, so they don't pray so much on the homes of first time buyers.

It's that simple. It won't happen, because the government do not want this problem to be fixed. They want it to continue.

But that is one of the biggest reasons FTB's are above 35 on average now. Property speculation. NOT home buying by people wanting homes.

Feel free to take that as far out of context as you see fit.

What tougher rules? Many think an active rental market, like in Germany, is a good thing.
Many properties sold to BTLs are of very poor quality and below social housing sizes.
Is it fair to sell these 'boxes' to FTBs?

bluey890

As I thought... no meat on the bone. Genuinely poor show from the bears.
I was very interested in the detail on your ideas.
Now I realise you don't have any.

mewbie_2

bluey890 wrote: »

As I thought... no meat on the bone. Genuinely poor show from the bears.
I was very interested in the detail on your ideas.
Now I realise you don't have any.

C'mon bluey, lets just have some fun tonight, give Graham a break eh? He has been Chucky'd and Really'd all day long with similar nit picking.

Any statement consisting of more than a few words will have elements that can be picked apart. None of us are in the game of creating a mini thesis on here, it's just a flow and counter flow of ideas.

bluey890

mewbie wrote: »

C'mon bluey, lets just have some fun tonight, give Graham a break eh? He has been Chucky'd and Really'd all day long with similar nit picking.

Any statement consisting of more than a few words will have elements that can be picked apart. None of us are in the game of creating a mini thesis on here, it's just a flow and counter flow of ideas.

O.K. fun it is... At 10 o'clock is True Blood, the soft !!!!!! vampire series.
I would do a Pastures new commentary to it, however half the words would be !!!!! out.

Thrugelmir

andygb wrote: »

Singlesue highlighted the problem with people coming off tracker mortgages, then we have rising unemployment, the knock on effects of the latter, interest rate rises - which are inevitable. There are so many people who have bought properties at falsely inflated prices, and there are so many more people who cannot get a foot on the ladder. If you add to this the numbers of people who are just being very prudent, then the property market is going to come to a standstill, and no amount of QE will fix it.
I am a very fortunate person, but I realise that. I live in my first purchase (17 years ago), and have ignored the oppotunities to "cash in", because it doesn't really work out like that. There are many more who are not as fortunate as myself, and I feel for them, because they are only trying to achieve something quite normal.
I do not know where this is all going to end, but I would like totry to form some kind of group, who are going to stand against the "ruling elite", and say "enough". The money which has been given to the banks, should have been channelled into reducing mortgage debt, on a proportionate scale.
If we simply look at one notorious lender "Northern Rock", we see that they are repossessing houses at a frightening rate - why are they allowed to?
The government introduced the scheme to help borrowers who were struggling, but since it was introduced it has helped only 15 borrowers. Where has all the money and effort gone?
We elect these charlatans, we should be holding them to account, but then again this is England, and we just moan and shuffle away to sit in front of our television sets, and watch another enthralling episode of Eastenders/Emerdale/Coronation Street.
I do write to my MP, but I guess he is getting a little fed up of my "ear bashing", so I no longer get any feedback.
How do we change things?
If we do not change things for the better, then there are going to be millions of angry people on the streets, and it is not going to be very pretty.

Patiently. By letting the situation prgressively unravel. 15 years of deregulation will take a long time to correct.

A few ideas of mine. Not that I support some of them. Maybe ways of controlling the housing market though.

Sub prime, BTL, Interest Only , Self Certified mortgages all require far better supervision and regulation.

Capital funding of banks needs to be increased. Higher deposits less lending.

An incentive for lower paid people to save. Rather than borrowing , a reasonable rate of interest on smaller deposits. ( Say up to £5,000).

Stamp duty is paid by the seller when selling not the buyer for purchasing a property.

A mortgage saving scheme for FTB's with registered lenders. Save for 3 years. Receive a bonus of 10% of the amount saved. To encourage financial discipline.

Reduce interest offset on residential property letting against rental income to 75% from 100%.

The BOE to control mortgage interest rates by a rate detached from base rate. So that HP's increase at say a rate eqivalent to the increase in average national earnings.

Credit card companies to become liable for their own excessive lending where they've not performed necessary credit checks on the borrowers.

Thrugelmir

bluey890 wrote: »

ETA: I am a little tired of bears whinging without suggesting solutions.

The bears are selling the market. Thats the solution.

The property bubble has to deflate before a bull market can resume.

There are no instant solutions. Its payback time.

It takes 20 seconds to spend £20,000 on credit cards and 40 years at 2% repayments per month to pay it back.

The bulls need to learn patience. Hare and the tortoise fable.

bluey890

Thrugelmir wrote: »

The bears are selling the market. Thats the solution.

The solution to people owning their own home, is for everyone to sell their home?
Is this what you're saying Thrugel?

mewbie_2

bluey890 wrote: »

The solution to people owning their own home, is for everyone to sell their home?
Is this what you're saying Thrugel?

It might just work.

Thrugelmir

bluey890 wrote: »

The solution to people owning their own home, is for everyone to sell their home?
Is this what you're saying Thrugel?

There are futures markets to trade on , not just tangible property.

Thrugelmir

bluey890 wrote: »

The solution to people owning their own home, is for everyone to sell their home?
Is this what you're saying Thrugel?

On reflection. Thats a poser of the question........

Nationalisation could be the answer. A vote winner for GB. :rolleyes: