Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
David,
This is not the first person/time you are critical of the way people may lead there lives.
Principles are great things, but i always recall in my heavy union days i wouldnt use certain pubs used by people who had defied strikes, or shops, or speak to some, or shop in certain shops,
but principles don't put food on the table.
Maybe im getting a liittle older and wiser
but like an elephant I never forget
ALL POSTS ARE MY OWN PERSONAL VIEWS
Guest 714- Registered: 14 Apr 2011
- Posts: 2,594
Keith Sansum1 wrote:David,
This is not the first person/time you are critical of the way people may lead there lives.
Principles are great things, but i always recall in my heavy union days i wouldnt use certain pubs used by people who had defied strikes, or shops, or speak to some, or shop in certain shops,
but principles don't put food on the table.
Maybe im getting a liittle older and wiser
but like an elephant I never forget
What nonsense Keith, I'm criticising nobody.
Call it having fun, prodding away at hypocritical lefties like you and Tom who moan about HSBC but bank with them and castigate property owners but buy themselves.
Do as I say not as I do
Guest 714- Registered: 14 Apr 2011
- Posts: 2,594
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#77 mmmm let me see - pay a mortgage for 25 years or rent for all your life with little difference in the amounts being paid (or, in many cases, less for a mortgage...) A difficult choice? or not....
Guest 653- Registered: 13 Mar 2008
- Posts: 10,540
Yes Barry - it's a no-brainer.
The main problem with buying a house, is raising the deposit and as house prices are now quite high, it is almost unattainable.
Roger
Guest 710- Registered: 28 Feb 2011
- Posts: 6,950
Ignorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
You are spot on about deposits and fees Roger.
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
David, may I inform you, emm, that your view is, a little...out of place...?
Britain has already been in the situation Cyprus is in, in 2008. And went bankrupt. Only the mass-printing of money, to the tune of hundreds of billions of pounds, avoided the fall of Society as we currently know it.
Cyprus has only now reached Britain's 2008 situation, but cannot print any money, as they use the euro, and consequently have no say over their currency.
Have a nice day!
Guest 714- Registered: 14 Apr 2011
- Posts: 2,594
Alex, Britain didn't go bankrupt in 2008.
I'm happy to discuss the pros and cons of QE but lets start with facts shall we. In Cyprus the banks were shut for days with no ability to withdraw, some were tipped off in advance - when did that last happen in UK?
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
David
its correct we are not in the same situation as cyprus
but i am getting wiser david lol
ALL POSTS ARE MY OWN PERSONAL VIEWS
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
David, not only are Cyprus's banks bankrupt, but the Cypriot state too.
When banks run out of money, and their investments are in toxic debts so they can't claim the cash back, with or without interest, then all people with a deposit in the bank, and all companies, and the state (which also has deposits in banks), go bankrupt, David.
Sorry mate, you have not understood this!
Currently, other EU states are giving emergency CASH to Cypriot banks just to keep the cash machines running on a limited withdrawal regime. The banks are shut in Cyprus, and all money transfers are blocked.
In Britain, in 2008, exactly the same was happening, only that the Bank of England was given orders to print hundreds of billions of pounds to stop the crash of the whole economy.
The EU did exactly the same and printed hundreds of billions of euro in 2008 to prevent the whole Eurozone going bust.
But because the current Cypriot crisis is limited to Cyprus, the EU is not printing any extra euro, and Cyprus alone cannot print euro, because only the EU leaders of a few Eurozone countries, such as the German and French presidents, and the chief of the European Central Bank (Mario Draghi), and a few other EU individuals in high positions, can make the decision to print euro.
David, in 2008, without mass money-printing in the UK, in the Eurozone, in Japan, in the USA and in a number of other countries, the world economy would have collapsed overnight.
Because all these many countries reached THEN the situation Cyprus has reached NOW.
The USA alone has embarked, since 2008, in the mass-printing of TRILLIONS of dollars.
David, unfortunately, you are being carried away by the constant idea that "Brown" alone is responsible for our 2008 financial crash that only mass money-printing managed to plug.
And are simply overlooking the whole worldwide financial crisis.
This comes from Barry's handbooks, but you should look at reality.
And yes, the USA are, at present, still doing mass money-printing, as they are not bound by the Mastricht monetary laws that govern all EU countries, Eurozone and non.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
erm yes and no alex.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Alexander - as always you ignore the facts presented to you or change them to meet your, way out and quite frankly Monty-Pythonesque, view of the world (to put it as kindly as I can).
I have only ever blamed Brown for those things he was responsible for that have made the British economy worse and far more vulnerable to the current global situation that it needs to be. I have also been very specific, time and time again, about what he did wrong and why it put us in such a terrible position.
Guest 710- Registered: 28 Feb 2011
- Posts: 6,950
Ignorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
They made a bad choice, buying at a bad time, did not get good enough advice and borrowed too much. In a way they were victims of the bubble that Brown floated on a sea of debt as he kept interest rates down too low for too long.
I do not do mortgages though I once did. In the 2003 to 2007 period I lost count of the number of times I told people they could not afford to buy and not do so. Sadly not all accepted my advice and went off to a mortgage broker associated with an estate agent with a vested interest in making sure they got a mortgage to buy the property. I did contact the FSA and suggest that any links between estate agents and mortgage brokers should be broken due to a conflict of interest. I was naturally ignored.
Anyway I wonder how much rent they would be paying over a period that would otherwise be buying them a property if they had the right advice at the right time.
Guest 710- Registered: 28 Feb 2011
- Posts: 6,950
...and how much potential interest they may avoid doing it their own way?
"Our mortgage of £85,000 would have attracted £93,988 in interest over the 25-year repayment period, making the total repayment £178,988. "
Ignorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
But Tom - How much rent would they be paying over the same period with nothing to show for it?
A lot of people reduce the cost of their mortgage with over payments, clearing it early and saving thousands. It is not always possible at first but as your finances improve over payments become more viable. You cannot do that with rent, it just goes up with nothing to show for it. there is no rule to say you have to pay a mortgage for 25 years, in fact the sooner it is cleared the better.
There are flexible loans available where you can pay off your mortgage early, perhaps put all your savings into it while having the ability to draw out those excess payments if/when they need the cash. I do that myself, my tax provision goes into my mortgage and while its there it saves me mortgage interest (actually clearing down the balance a lot faster than otherwise) getting me the equivalent to a 9% gross interest rate on my savings!!!
These people in the article were badly advised, buying at the wrong time in the market, over-extending themselves and getting a house they did not like because they panicked into buying.
No-one, absolutely no-one should think of this as advice to get a flexible mortgage. You must get advice from a mortgage adviser first specially with a complex product such as I described.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
Barry that what i did
and thankfully am mortgage free now because of it
ALL POSTS ARE MY OWN PERSONAL VIEWS
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
i hope someone knows what this means as i don't.
http://www.bbc.co.uk/news/world-europe-21907022Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
howard,it means they are all in it.they advice from dave and gidion.
