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What percentage of mortgages issued should require only a 10% deposit?
Comments
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A moderate amount.... 30%Graham_Devon wrote: »Great.
)
So Graham...
Presumably there is a point above which you would not be happy?
Or are you saying that unlimited 10% deposit mortgages would be fine?“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Yes, obviously if you restrict JSA claimants to only 2 years, then the majority claiming SMI are not going to be JSA claimants, because they can't get it as long!Graham_Devon wrote: »The majority on SMI are on it for unlimited periods. The 2 year limit only applies to those on unemployment benefits.
Also, if you get a part time low paid job, you can carry on getting some HB, but you can't get SMI. And that's going to continue being the case under UC.
In terms of time, but not amount. On PC you can only get SMI for £100k. Besides there's more to housing costs than mortgage interest, as I pointed out before. Windows need replacing, roof needs an overhaul, boiler knackered...If on income support or over 65, SMI is unlimited.0 -
Yes, obviously if you restrict JSA claimants to only 2 years, then the majority claiming SMI are not going to be JSA claimants, because they can't get it as long! In terms of time, but not amount. On PC you can only get SMI for £100k. Besides there's more to housing costs than mortgage interest, as I pointed out before. Windows need replacing, roof needs an overhaul, boiler knackered...
Only?
Seems quite a reasonable amount to me considerif you are over 65 it's highly unlikely you'lll have over 100k outstanding on your mortgage.
If you do...well, I'd suggest something went wrong somewhere.
Seems you knew that it wasn't capped for 2 years for the majority of claimants? So why make out it was?0 -
That's what everyone, including the rating agencies, were saying about the CDOs backed by US house prices pre 2007. We all know what happened next.IveSeenTheLight wrote: »In the previous 6 years, how many properties was repossessed?
How many are in negative equity?
Of those in negative equity, what is the projection for nominal valuation in a further 19 years?
One day people will start learning from past mistakes.0 -
Read what I wrote, !!!!!!. "You can get HB forever if you're on JSA, you can only get SMI for 2 years,"Graham_Devon wrote: »Only?
Seems quite a reasonable amount to me considerif you are over 65 it's highly unlikely you'lll have over 100k outstanding on your mortgage.
If you do...well, I'd suggest something went wrong somewhere.
Seems you knew that it wasn't capped for 2 years for the majority of claimants? So why make out it was?0 -
A moderate amount.... 30%IveSeenTheLight wrote: »Be prepared for a muddle statement
Nah, this one is making him so uncomfortable he can't even muddle together a response at all.
Completely ignoring the question. Doing exactly the same thing he accuses others of.
You couldn't make it up.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Most.... 75%Be prepared for a muddle statement
Guess here's the first on this threadGraham_Devon wrote: »Great.
I live in the real world though, and these examples don't. I'll continue with the real world stuff
LOL, are you sure.
I used the "real world" facts as supplied by the Land Registry as to current and peak house price averages.
I did use and unrealistic high mortgage interest average for the previous 5 years.
I did use an unrealistic portrayal that the mortgages were 100% to reflect a worst case scenario
I used and linked a "real" representation of a standard mortgage repayment schedule using the peak price and high interest rate product to show that IF a repayment mortgage been kept maintained, The property would no longer be in negative equity.
I reflected for those that were 100% peak interest only buyers (who would cater for a fraction of the market) and asked if it was inconceivable that these properties would not regain their purchase price over the remainder of the mortgage.
Where have I not lived in the real world?
You try to muddy the water by saying households move on average every 7 years.
I wonder about the facts for this stat. Is it current? or was it at the peak period?
One wonders if self reflection is required to truly consider who is living in the real world.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
Most.... 75%That's what everyone, including the rating agencies, were saying about the CDOs backed by US house prices pre 2007. We all know what happened next.
One day people will start learning from past mistakes.
I'm sorry, this does not seem to address the questions I asked?Originally Posted by IveSeenTheLight
In the previous 6 years, how many properties was repossessed?
How many are in negative equity?
Of those in negative equity, what is the projection for nominal valuation in a further 19 years?:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
This post needs a little bump just in case Devon has missed it.HAMISH_MCTAVISH wrote: »So Graham...
Presumably there is a point above which you would not be happy?
Or are you saying that unlimited 10% deposit mortgages would be fine?
I don't think he would be happy with unlimited 90% mortgages btw.0 -
Most.... 75%I have no idea what the right answer is to the poll question. I'd be happy with any number as long as they have MIG.
It works well here. If you borrow 80%+ you have to indemnify the bank in case you can't repay, either with MIG or via a guarantor. You can borrow up to 95% from most lenders and some credit unions for very low risk borrowers will lend up to 98%.
I thought we did that here, I know I certainly did buying my first house.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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