Monday, 19 October 2009
Just Because Some Ministers Cannot Be Trusted To Apply For A Mortgage !
I have just read the Government's proposals to restrict mortgage lending further than it is already.
What a flawed document it is !
Most mortgages are taken out over a twenty five year period, during which time life patterns change, job losses, having a Labour Government, death and divorce happen.
The Government want to end self certification, but that is a commercial decision that should be made by a lender not the Government.
In relation to home ownership, the rented sector is relatively small, and private landlords have largely had their fingers burnt. So is this the new Socialist leap forward. The next generations live in State provided rented housing. Ye Gods ! Displease the State and out you go. Local Authority housing was privatised years ago, mistakenly in my view by the Thatcher Government using massive Government subsidies to 'give' housing to those who wanted to buy their council house. This is the kick back.
Building Societies that allowed responsible ADULTS to buy their own homes, were hugely successful for 140 years ! Why did they convert to Banks ??? The Demise of Northern Rock is a classic case history as was the Halifax, of Government interference.
This Government's panic measure to restict mortgage lending is yet another attempt to ensure a dependent society.
Look the main problem is that housing is too bloody expensive. Shelter,Food and Water are the basics of life. We have the most expensive food in Europe because of monopoly supermarkets, we have the most expensive water supply in Europe, because the system is leaking and underinvestment for over sixty years, and the Planning Laws are the most stringent in Europe. Restrict the supply of building land and it will go through the roof in terms of price.
The Tories and Labour have their own reason to keep a class based society based on asset values. Yet again it is another attack on the 'yeoman' (free householders) that are the stable backbone of the country.All Stalinists hate Kulaks.
I own my own, I fear not the wrath of the Landlord, but my sons do not. Both well educated, they will not become householders in this country. So they are going abroad to seek a better future.
Just because Mandelson could not be trusted to fill out a mortgage application form honestly, does not mean that the vast bulk of the population should be judged by the same standards.
An insurance scheme for those inevitable periods of life change would be a far better measure. One that actually pays out, would be a good plan.
Saving in a recognised local building society, should be tax free towards a deposit on a house for five years, would be far more equitable, than this latest intiative to 'protect us'.