We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
House price correction - Taking the hard route
Comments
-
the mechanisms which the banks were using to generate those increases?
What, a structural supply shortage over decades combined with record population growth and an increase in single person households?
Don't think you can really blame that on the banks....“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 -
HAMISH_MCTAVISH wrote: »What, a structural supply shortage over decades combined with record population growth and an increase in single person households?
Don't think you can really blame that on the banks....
You can certainly lay the blame for lending amounts due to increasing multiples of salary. When I first bought it was 2.5 times the main salary and that was it. Then it went to x3 salary, then x5 salary. The larger the amount the banks would loan, the faster and higher house prices rose.0 -
OK, I give in - what's your point?
You like house price increases, but you don't like the mechanisms which the banks were using to generate those increases?
TruckerT
My point is a morality tale:I took out a self-certificated mortgage about 8 years ago which I needed in order to sort out my life. I gave a completely fictitious story about my income etc, and walked away with an offer.
When I sold the house I was in negative equity.
TruckerT0 -
It worked well - I sorted my life out, and the bank made its profit.
What's the problem?
TruckerT
I would say the the taxpayer has sorted out your life and the morality tale still stands.
I sold my property several years ago - I am happily living on pension credits and housing benefit. My landlady is a peach.
I took out a self-certificated mortgage about 8 years ago which I needed in order to sort out my life. I gave a completely fictitious story about my income etc, and walked away with an offer.
When I sold the house I was in negative equity.
TruckerT0 -
I would say the the taxpayer has sorted out your life and the morality tale still stands.
just like the banks then!
I positioned myself to make maximum gain from the regulations in force at the time.
I stole no money and broke no laws - what should I have done differently?
TruckerTAccording to Clapton, I am a totally ignorant idiot.0 -
just like the banks then!
I positioned myself to make maximum gain from the regulations in force at the time.
I stole no money and broke no laws - what should I have done differently?
TruckerT
of course you didn't
just like a bankerI took out a self-certificated mortgage about 8 years ago which I needed in order to sort out my life. I gave a completely fictitious story about my income etc, and walked away with an offer.
When I sold the house I was in negative equity.
TruckerT0 -
Perzackly!!!
Why are you so hung up about the negative equity issue? It wasn't my fault!
TruckerT
I take it you repaid the negative equity shortfall when you say you repaid it in full"?"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
grizzly1911 wrote: »I take it you repaid the negative equity shortfall when you say you repaid it in full"?
Yes, but, unlike the banks, I had included the possibility of a house-price collapse in my calculations.
The lenders at the time seriously did not want to hear 'the truth' - they wanted the business. If they could have found a way to avoid asking about the borrower's creditworthiness, they would have taken it.
TruckerTAccording to Clapton, I am a totally ignorant idiot.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards