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'.


Custard said...

When I left the mortgage industry a year ago, the rate of arrears for self-cert cases was about half that of full status mortgages.

Lenders konw that. So why is this fuck-witted government trying to ban them?

bofl said...

allowing house price inflation of 20% to not be included in the real inflation numbers and shit wages has led to a situation where joe public was left to use property to make some money (also the pension raid by the one eyed bogey eater).........

as usual government interference fucks up everything then they decide to blame evryone else and change the rules.....

what do you expect from a bunch of twats that steal and cheat and live by marxist books they read at school?

Anonymous said...

They did the exact opposite in the USA. Clinton (and Obama's acorn) FORCED the banks into lending to ethnics. One of the main causes of the shit we find ourselves in.
Socialists just cannot help themselves,they just have to interfere. They fuck up everything they touch. Except,of course,their own private stash.

Anonymous said...

It sounds sensible to propose a tax-free incentive to save with a building society which, by its nature, is restricted in its lending. Would the tax break be enough, though, to compensate for the conservative lending which drove people in the first place into the arms of banks?


Guthrum said...

Would the tax break be enough

It would be if planning controls were torn up

Fausty said...

You have that about right, Guthrum. I've made similar comments on my blog.

Are we being groomed for communism?

With the drip-drip of anti-democratic pronouncements and policy floatations in the media lately, not least the Climate Change Treaty, the future looks bleak.

Lib/Lab/Con are to blame - it won't change until we get them out.

GCooper said...

Food isn't expensive in this country because of 'monopoly supermarkets'. It's expensive because of the EU and because of the government-driven cost of doing business here.

Captain Ranty said...

Perhaps if more people understood how wealth was created they would (rightly) be absolutely outraged.

This, is the method today:

1. Go to the bank
2. Fill out a mortgage application form
3. Wait (for their approval)
4. Mortgage granted.
5. Repay over 25 years.

This, is what should happen:

1. Go to the bank
2. Fill out the form
3. Mortgage granted
4. Receive deeds
5. Repay nothing.

Money (more accurately debt) is created by each and every one of us thousands of times a day. Without us the country would die.

A blank application form is worth nothing. A completed form with your signature on it is worth whatever amount it has in the box, lets say £200K. It has been unlawful for banks to lend depositors money for many decades. The money you "borrow" is created by you. It is whistled into existence by the Bank of England. No-one, I repeat, no-one actually goes into a big vault and sends the £200K for your new house to your bank. The BoE simply note that Joe Blogs Esq. has injected a much needed £200K into the economy. They then have the nerve to make you repay this money PLUS interest. You are enslaved for 25 years. Condemned to repay money that you brought into being.

The scam has worked for generations.

At best we should be paying the banks a small administration fee for handling the paperwork.

Instead we pay them back a fortune, for no good reason that I can think of.

Marchamont Needham said...

the dairy industry in the UK is close to being wiped out because of the supermarkets forcing wholesale prices down.

How does that equate with your theory of monopoly supermarkets?

Anonymous said...

Mandelson isn't the only thieving cunt who can't fill out a mortgage application properly or remember who the mortgage is with or how much it is - I give you Mrs Mills, aka Tessa Jowell 'Mortgage? What mortgage? Oh, did I sign that?' Elliott Morley - the MP who'd repaid his mortgage years ago but was still claiming taxpayers' money for it - all the other MPs claiming for non-existant mortgages or charging us for all their mortgage payments instead of just the interest. Then there's the MPs who are unsure where they live - I give you the Famous Flippers, Ball & Cooper, Alasdair M'Darling, Jacky Spliff, Baronesses Uddin & Barker. Seems to me, ALL MPs, MEPs & Peers should be banned from having mortgages as they can't handle them properly.

Anonymous said...

Money (more accurately debt) is created by each and every one of us thousands of times a day. Without us the country would die."
Have a look at fractional reserve lending might explain why the economy is fucked up.

Guthrum said...

It's expensive because of the EU

BS Basic commodities in the rest of the EU are a fraction of what they are here, because there is more competition.

The Supermarket monopoly dictates what price they will pay for produce from farmers and to what standard. No relation to cost of production and cost wastage of wonky carrots.

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