There is something seriously wrong with your industry. Change is needed

HENRY78

not many people did lose their houses. Not many mortgages were in arrears. These are facts. nothing to argue about there.


It was a global financial crisis. Sub prime debt in the States, Lehman Brothers collapsing. Banks Liquidity issues.


It was very little to do with mortgagee and their ability to repay their mortgages every month in this country.

mrginge

Your deep knowledge and understanding of the financial services industry is a joy to behold.

HENRY78

The "Global" Financial crisis had nothing to do with the ability of the average Joe public in the UK paying their mortgage debt. That is my point.


For whatever reason Banks are making it unnecessarily difficult for people in this country to take out a mortgage for a home when they aren't able to obtain Social Housing because they work and it is extortionate to rent.


If you have a 10% deposit and are looking to borrow x4 your income it shouldn't be as difficult, slow and unnecessarily stressful as it currently is for lots of people.

mrginge

HENRY78 wrote: »

The "Global" Financial crisis had nothing to do with the ability of the average Joe public in the UK paying their mortgage debt. That is my point.

Who said it was?

For whatever reason Banks are making it unnecessarily difficult for people in this country to take out a mortgage for a home when they aren't able to obtain Social Housing because they work and it is extortionate to rent.

And therein lies your problem.
You don't understand the reason.
Why don't you have a good old think about why banks have been told to ensure that they only lend money out to those that can pass stringent affordability tests.
Try and separate the 'event' from the 'consequences'. Perhaps consider whether the consequences for the UK economy as a whole would have been better or worse had the rules in place today also been in place in 2008.
Maybe also think about whether it is reasonable that the UK taxpayer should be forced to bail out commercial banks in the future if another financial crisis hits.

kingstreet

What do you mean "your?"

It's no more mine, than it is yours.

Having to operate in it doesn't confer some kind of approval. Tacit acceptance is about as good as it gets.

BTW did you sort out your <stalkermodeon>missed payments reported in your previous thread?<stalkermodeoff>

Southend1

HENRY78 wrote: »

Ridiculous isn't it. How have we got to this point?


Where I live in an average town in the home counties a moderate 1 bed flat is around £160,000


So someone on the average wage of £25,000 would only be able to borrow max £125k. Take into account legal fees stamp duty etc. That person would need to get together a minimum of £40,000! Nuts.


So this person would need to rent and would like their own space and the freedom my generation enjoyed without too much of an issue. Problem is it would cost £800 pcm + Council tax at £100 per month, plus bills etc. So there is no way of saving up for a deposit any time.

It's hard but I managed to save a £45k deposit. As a single person with an income starting at £12.5k when I graduated in 2002 then growing to around £30k by 2008 before falling back to £23k. I finally managed to buy my house in 2011 with a £45k deposit and a £115k mortgage. It was bloody hard but it is possible.

snickpan

Henry, if you want to be given £100,000, be prepared to jump through hoops.
My mate wanted to borrow £38 and I made him sign for it with his own spinal fluid.