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Debate House Prices
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Irresponsible Borrowers
Comments
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MegaMiniMouse wrote: »WRONG! they pay what they can borrow...
so because they can borrow X they have no reasoning?? surely people should be able decide what is a reasonable price and what is not regardless of what they can borrow??
It's pretty draining everyone blaming banks, or anyone else for this when they make up their own mind which house and how much they are prepared to pay...0 -
PasturesNew wrote: »Ever lent a mate £20 because they say they've no food in .... then later that night seen them rolling out of a pub?
My Granny used to say that if you lent a friend £10 and never saw him again, it was worth it....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
MegaMiniMouse wrote: »WRONG! they pay what they can borrow...
Thats very assumptive. In between the black and white of the world you inhabit . There's a colour called grey.
Some people don't over extend themselves. Live comfortably within their means.
Some banks HSBC and LLoyds continued to lend cautiously and didn't join the party with NR, B&B and HBOS.
So put your paints and brushes back in the box, and take a look in the mirror.
That's the person who made the decisions and put you in the position you find yourself today.0 -
MegaMiniMouse wrote: »WRONG! they pay what they can borrow...
And by doing so they priced me out many years ago.
I was not comfortable in borrowing to the extent that your innocents were.
They've long bragged to me how smart they are as home-owners, "Still renting? Dead money mate!"
New entrants who borrow ever more each money, year, from banks who believe the securitisation system is working to supply ever more money, made their decisions.
When in 2006, one of your "innocent" borrowers choice to borrow ever more in order to meet the asking price and gazump another person to pay £35,000 more than any house in this street had sold for in the past, that helped push up the implied value for all the other houses on the street. That is how markets work.
Feeling sorry for people stuck in the rut of paying £1500 per month interest only mortgages? Do me a favour. The responsible non-borrowers are the victims in the HPI debt mania bubble.0 -
neverdespairgirl wrote: »My Granny used to say that if you lent a friend £10 and never saw him again, it was worth it.
With inflation I'll accept £500 now..........0 -
We're talking about the general public, who are generally, stereotypically, so apathetic about their finances that when a suited banker tells them they can afford £x mortgage and can own their home, they accept that as truth.
Blame should be shared, sure. And personal responsibility is the bottom line. But what do you expect from a country which boasts 50% of people having no pension pot.
http://news.bbc.co.uk/1/hi/business/8068728.stm
Mortgage rates don't cause repos and hardship. Apathy and ignorance do.0 -
Plenty of people that took out mortgages they could not afford are being bailed out by various government schemes and ultra low interest rates.MegaMiniMouse wrote: »The problem bankers got bailed out by the the exchequer - how many 'cash buyers at the repo auctions' could depend upon such support?0 -
neverdespairgirl wrote: »My Granny used to say that if you lent a friend £10 and never saw him again, it was worth it.
Gordon Brown allegedly once asked Peter Mandelson for 10p to phone a friend at a pay phone.
Lord of the Sith Mandelson apparently gave him 20p and told him to phone them both.
Utterly irrelevant, but amusing.0 -
Gordon Brown allegedly once asked Peter Mandelson for 10p to phone a friend at a pay phone.
Lord of the Sith Mandelson apparently gave him 20p and told him to phone them both.
Utterly irrelevant, but amusing.
When Gordon Brown used his final lifeline and asked the audience. He finally got the message.0 -
We're talking about the general public, who are generally, stereotypically, so apathetic about their finances that when a suited banker tells them they can afford £x mortgage and can own their home, they accept that as truth.
That may have been the case. Though I believe the tide is turning. The various forum boards on MSE suggest that interest in managing ones finances has never been greater. A positive sign for the future.0
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