in my veiw a slight pullback here due to retracement in ftse back to 6500......6600 taking up to end of july with things starting to move forward again........... looking at rbs charts isee a possible top5.80 sometime before end 2014 that is of cource if it gets there
Jings. There are many adjectives out there to describe me but workaholic is not one of them I semi retired about 4 years ago at just past 50 and spend as much time away from work that I can get away with.This can be my canal boat my sea front apartment in Bispham near Blackpool and abroad in the Greek Islands. I am at present in sunny Kefalonia about to go to the pool bar for a 1/2 litre or 2 of Mythos. It is a hard life but someone has to do it ha ha!
Some years ago when the banks relaxed their lending and people started to buy bigger houses than they could previously have afforded. ie: instead of buying a house that related to their income they sought to buy according to how much they could borrow. The immediate effect, all over the Country, was that builders and sellers thought 'we can have some of that'. House prices rose significantly, my figure is over 20%. That has not really reduced any as yet but needs to.
I watched a piece on TV a week or so ago in which a quite smart, responsible looking chap told the interviewer that he had recently taken out a mortgage on a four bedroomed house and when asked what would be the effect of rising interest rates he offered that he would be unable to maintain his payments. I was astonished. Why would he put himself in such a position? Why would the lender allow it? I can only assume that he had implied a greater income than he actually has in order to buy his big house. Stupid.
I'd agree that one size fits all isn't ideal but for the fact that the banks have to tailor these things to suit everybody , given the fragmented nature of the market it must be difficult .The measures taken are to slow the London market , doesn't really apply anywhere else . It's the banks who have imposed this ,and not all banks , not the government . Politicians " interfere " in all aspects of life that is why we elect them , that's why wee boys are no longer stuffed up chimneys and workaholics like yourself can now browse the supermarket shelves on a Sunday for a bottle of vino callapso to take the edge off a hard week explaining to the less financially educated why they're about to lose they're house because they believed what some money grabbing financial advisor told them .....uCan appreciate where your coming from ,in a similar situation myself at the moment with lenders . Assets more than exceed what we're asking for but being retired , income wise , we don't fit the criteria .
I don't think any one is asking for a free for all or a minimum mortgage requirement should be in a finance related degree subject. Of course some will need more help than others that is life. I think what Neephead and I are saying is there is a point when one has to take responsibility for ones own actions. Yes explain the pitfalls which the mortgage companies do in any case. it is not in their interests to be left with a bad debt. after that the INDIVIDUAL must at some stage decide if it is for them or not. We all make decisions many times a day some will be right others wrong. it is when the State interferes with freedom of choice by implementing a one size fits all policy and we are all stuck with it that I have a problem with. As we have all found when the State ie politicians interfere with anything it usually makes matters worse. If easy mortgages are blamed for house price rises , a) it is more a regional supply shortage that is the cause of rising prices and b) what is the problem with rising prices ? It boosts the economy, and makes people work harder and encourages ambition. What else is left for savers to provide for the future ,rubbish interest rates , pensions are crap and the stock market is far too risky to gamble on when approaching retirement
As stated many times regulation as per the 1970s of 3 X earnings created so form of stability and was a system that stopped lenders encouraging people to stretch their limit to gain bigger mortgage sale benefits ...
Also stopped house price rises to some degree rising to high to fast..
No regulation then you have greed and chaos.. And a free for all... As like now...
I know people must be their own financial wizard but many are not we cannot all be perfect.. And a system must protect those that are not. .. But in life that is not always possible to many and many crocks as we known encourage many to get into debt and do not explain the risks and what seems ok when the loan on taken out .. Changes then create hardship when interest rates rise or whatever.. 25 fixed rate solves many payment stability issues and worries and reduced stress..
No regulation means just that .. No regulation.. And that can create anything to anyone..good or bad.being the result. IMO..
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