40 year mortgages, a great cheap way to keep the people compliant

[NorthernRaider]

http://www.dailymail.co.uk/news/article-...newcomment

How ingenious of the Lib Lab Cons, encouraging the benefits of home ownership, driving up house prices so youngsters have to take on 40 years of debt. True turn taking team work by the establishment parties.

What a superb way of ensuring these worker drones dare not go on strike or protest because for the next 39 years 364 days they will face the real threat of losing their home if they cannot pay their bills.

And of course if in say ten years the newly indebted do start to complain about how the country is ran the establishment can either increase Council Tax or push up interest rates a bit and the peasants quieten down, cheap easier than using the police or military to keep the public in check

[Barneyboy]

Keeps the masses under control

[Steve]

Naked capitalism - not always good for the little man.

[Mortblanc]

You guys show them who's boss!

Refuse to buy their houses and float those mortgages.

Live in the council estate for the rest of your life.

Or better yet, pay rent to someone that did float a loan, and pay for their house!

After all, if you lose your job or go on strike and can't pay your rent they will let you live in their house for free.

[Steve]

(11 October 2015, 05:08)Mortblanc Wrote: You guys show them who's boss!

Refuse to buy their houses and float those mortgages.

Live in the council estate for the rest of your life.

Or better yet, pay rent to someone that did float a loan, and pay for their house!

After all, if you lose your job or go on strike and can't pay your rent they will let you live in their house for free.

What's your solution Mort ? Imagine you are a young man earning the minimum wage of £7.50 an hour, living in London where a 1 bedroom flat can cost up to £1,000,000 in a good area and £250,000 in a rough one.

[Barneyboy]

Not to mention zero hour contracts ,bedroomtax and cuts in working tax credits google it if you like MB

[NorthernRaider]

The American sub prime fiasco shows us the absolute worst aspects of controlled low wages but uncontrolled house prices, just reading that is is finally affecting Vancouver island now where even professionals cannot afford homes as rich Chinese drive up house prices, even in Eire entire communities of new homes lay empty because no one can afford them. But the UKs south east is the worst of the lot with an already established shortage of 3.2 million homes but 300,000 migrant families arriving each year who drive up rent and house prices and pull down wages. This is not a GOOD BAD Tory / Labour thing this is a major system wide cultural disaster compounded by ALL of the main parties. I've just read of qualified doctors being unable to afford homes in the Greater London area. This is a worst case prepping scenario in the making.

[BeardyMan]

So if that's what it takes to get on the property ladder then so be it. Yes, its shit, and yes, its a terrible idea to add another 15 years of debt and thousands and thousands of pounds to your mortgage, bit its still better than renting.

[bigpaul]

unless you get a "buy now, move in for £99" deal, you still need a 30% deposit and on some older properties you cant get a mortgage for love or anything else! a 30% deposit on a £150K house is still about £45K and who the hell has that sitting in the bank? wife reckons grandchildren haven't a hope in hell of owning their own places, "generation rent".

[Mortblanc]

First of all, one does not qualify for a mortgage if on minimum wage or if your salary will not cover the payments, taxes and fees, which are included in the payment in most cases. If one is 25 years old and expects to remain on minimum wage with no chance for advancement then that person should not and will not qualify for a home loan and will rent for the rest of their life, paying for some other persons' property.

If you are not making enough to cover the expenses and qualify for a mortgage on the terms you want then it is best to get back into the training pool and make your way to a better paying position.

If you do not want to make the effort to work more hours, go back to school, move to where you have better prospects quit your bitching and sit in your counsel flat and monitor all the survival forums all day while whining that one can not get ahead, or cursing the back alleys looking in skips for pallets and other peoples cast offs.

The "average person" does not sit on a 40 year note for their house and pay three times the price of the home in interest. They use that set of terms to get into the house and after 4-5 years they use the built up equity in the property to renegotiate the note down to a 15 or 20 year note with payments actually lower then the 40 year note. Alternately, they sell the home and refinance into a larger and better house after establishing their credit worthiness. I believe the average life of a home note in GB is about 7 years before the property is sold for an upgrade or the note refinanced.

That loan life indicates that there is much upward mobility in the housing market, people moving from one place to another to advance in their careers, and that there is a healthy supply of first time buyers looking for starter homes.

Banks and mortgage companies exist to make a profit by filling a need. They have not one speck of interest in controlling the population and keeping the plebs in line. Rather than help establish the control of Management over the Workers, they actually hope you increase your income, move into a better job situation and remain upwardly mobile so they can sell you a new mortgage in a few years.

Someone owns the property where you live. YOU are paying for that property, whether you own it or not, either in rent or increased taxes and the automatic inflation which taxes bring.

One mans "bedroom tax" is paying for another man's council flat. If I own a house and rent to you I am charging you the "bedroom tax" and all other fees as part of the rent. You are escaping nothing. You own nothing and you are still paying for some chav to live free in a provided flat.

The real focus should be that only an "average person" who has owned property can understand what I am saying or has been through the process and knows how it works.