Its Depressing

trets77

An interesting manipulation of history...!

15% .............

wibble68_2

trets77 wrote:

My auntie lives in Holland and took out a 75 year mortgage in her late 40's !!!!. my cousins won,t inheriate the house they will inheriate the loan on it. yet this is now standard in Holland i,m told. In Japan i believe you get 150 year mortgages. it,s already started ! it will only continue to get longer and longer that you are given to pay off the mortgage

Can't say that I'm sure that longer mortgages will become standard in this country though.

Not sure how things like nursing care or stamp duty etc work in Holland or Japan, but in this country the government are reliant on people going in to nursing homes and being able to sell their house to pay for it.

Also if people take on their parents debt, will they have to pay stamp duty on it?

I think every country is different. If longer mortgages were the answer to keeping house prices high, then why don't the American banks do this to support their falling housing market?

manhattan

yeah, i just cant understand why people keep thinking that every FTB'r blows all their cash on ipods,plasma tvs and getting drunk etc lol.

in my last job,i used to visit a mixture of peoples houses from the very unfortunate to the very fortunate,and i can tell you even the fortunate but not well paid people with owned houses had the standard ipods,plasmas on the wall,bmw x5's etc! <(probably purchased from the equity in their house ) and i have visited thousands of houses from all walks of life.

there does seem to be alot of "smugery" from certain house owners on this site with a "tough sh*t" attitude towards FTB'rs which i take offence too.
imagine it the other way around................prices just crashed and FTB'rs come on this board and reply to a house owners plead for help with "get over it,get a caravan!"

Mrs_pbradley936

wibble68 wrote:

I think every country is different. If longer mortgages were the answer to keeping house prices high, then why don't the American banks do this to support their falling housing market?

House price inflation is not as rampant in the USA (I used to live there) but they have a 10% tax on any gain. They also have something called a “Jumbo loan” which is anything over and above an amount set by some sort of government backed committee I think it is called Fannie Mae. So that if you have a jumbo loan you pay a lot more for it. So a penalty for borrowing more coupled with tax on any profit seems to keep prices in check.