UK pays down mortgages

wotsthat

Graham_Devon wrote: »

You ought to read the words in front of you....

It's in the article...
But the Bank of England said there was 'little sign' that households are trying to pay down their debt more quickly than in the past, but instead that mortgage repayments have not been balanced with increased loans through remortgaging.

I did read it. I've read it again. I've tried reading between the lines. I've even but the Devon specs on and had another go. Still can't see where it backs up your assertion.

Graham_Devon wrote: »

Some would have you believe this means people are overpaying because they can afford to.
However, it's not the case.

ruggedtoast

Loughton_Monkey wrote: »

• They have the money. You don't.
• Self-flaggellating public sector workers rarely have enough money to buy a house with cash.
• You chose to borrow from them. You agreed with the Interest Payments.
• Bankers deserve recompense for one of the most unpleasant tasks they have to perform - i.e. lending thousands of pounds to public sector workers who sit on their backsides doing sweet eff-ay while being thrown money from the over-burdened taxpayer.

The fact is, you are a disagreeable and bitter man, who doubtless refuses to give parcels to your neighbours when the postman leaves them with you.

I expect you probably poison cats as well, though I have yet to prove this.

Eellogofusciouhipoppokunu

Whether people are actively making overpayments or just allowing their mortgages to pay down is immaterial. The main fact is that mortgage debt is reducing and the days of people MEWing and using their homes as piggy banks to fund lifestyles their salaries couldn't afford is thanfully over.

I'm sure we'll all sgree that this is no bad thing?

ruggedtoast

Eellogofusciouhipoppokunu wrote: »

Whether people are actively making overpayments or just allowing their mortgages to pay down is immaterial. The main fact is that mortgage debt is reducing and the days of people MEWing and using their homes as piggy banks to fund lifestyles their salaries couldn't afford is thanfully over.

I'm sure we'll all sgree that this is no bad thing?

Its a bad thing if you rely on selling flat panel tvs and packets of Rothmans for a living.

Does anyone know if the money supply is still dropping?

Eellogofusciouhipoppokunu

ruggedtoast wrote: »

Its a bad thing if you rely on selling flat panel tvs and packets of Rothmans for a living.

Does anyone know if the money supply is still dropping?

Did people really MEW in order to buy a telly or cigs?

I'd imagine that the falling money supply is more to do with the lack of wage inflation and fear of job loss rather than not being able to eat into their equity.

MobileSaver

Eellogofusciouhipoppokunu wrote: »

Originally Posted by ruggedtoast
Its a bad thing if

Did people really MEW in order to buy a telly or cigs?

I wouldn't waste your time responding to ruggedtoast, he's not the sharpest tool in the box as you'll see if you read most of his previous posts.

As soon as you point out the absurdity of his gibberish he starts foaming at the mouth and spouting even more vile nonsense in a pathetic attempt to deflect attention from his prior drivel. You have been warned!

ruggedtoast

MobileSaver wrote: »

I wouldn't waste your time responding to ruggedtoast, he's not the sharpest tool in the box as you'll see if you read most of his previous posts.

As soon as you point out the absurdity of his gibberish he starts foaming at the mouth and spouting even more vile nonsense in a pathetic attempt to deflect attention from his prior drivel. You have been warned!

I'm flattered you've read most of my previous posts.

I have no idea who you are.

DiggerUK

michaels wrote: »

Don't understand the remortgaging bit - surely it is because the number of new purchase transactions is down?

Remortgaging happened a lot when people borrowed against the increased value of their property....not a lot on that front today.

The main reason today is when the introductory offer runs out, and you have to go on SVR. This is when you look for a deal. One of the deals disappearing is the interest only payments. Nationwide are the latest to withdraw interest only offers.

The reason people are overpaying is because repayment rates are getting higher all the time.
..._

YoungBusinessman

Folk are always bleating on about bankers doing nothing and getting so much money for it. Well instead of moan, do something. Join them and be moaned about as opposed to be one of the moaners. If its that easy why dont use do it.

ruggedtoast

YoungBusinessman wrote: »

Folk are always bleating on about bankers doing nothing and getting so much money for it. Well instead of moan, do something. Join them and be moaned about as opposed to be one of the moaners. If its that easy why dont use do it.

I did work in the City for a bit, I hated it, which is another matter; but in any case the majority of senior positions are obviously not open to people with a non public school background.

You can climb the ladder being a "commoner", or pleb, or whatever term they currently like to use, but it seems to involve a lot of lying to yourself, acting more like them than they do, pretending to care about rugby, caring more about money than people, and generally being a bit mean.

Not my cup of tea really but you go for it.