ECCOnoob Posted August 4, 2011 Share Posted August 4, 2011 A defender of the banks:shakes: You got something against them obviously. Any proof of your allegations? Tax evasion is not the same as tax avoidance. And dont say its about morals because that is horse crap. Banks are businesses. They are there to make money not be moralistic. We take advantage of this when it suits us by gobbling up the free service and good credit they offer us. We can't throw our toys out of the pram when it goes wrong. I assume from your obvious dislike of the banks you closed all your accounts now, never use a banking service and keep your money under the bed? Those banks that you say "stole millions" didnt steel anything. They just paid the tax they legally had to. You would do the same. So would I. What your post should have said was 100 homes a day taken back from people who can't budget and have repeatedly failed to meet their mortgage payments. Taken back by the very people who kindly let them borrow all that money in the first place to afford that property. Oh yes how nasty the banks are Try buying a house cash with no help from the banks and see how far you get. Everyone has to tighten their belts. Interest rates alone should not make you default on your payments. If it is, something is seriously wrong with your spending priorities. If you default on your payments for a genuine reason such as redundancy you should insurance in place to help you. That's what is there for. Link to comment Share on other sites More sharing options...
Chris_Sleeps Posted August 4, 2011 Share Posted August 4, 2011 Answer more profit in taking the home. It is the opposite, essentially. There is profit in lending people money for a house and having them pay it back. Banks want capital, not brick assets. A shedload of money is of more value to them than a house nobody can afford to buy. Banks are businesses. They are there to make money not be moralistic. There is a morality to it when their working practices knock everyone else in the entire world. Hiding bad debt and bouncing it around the financial systems caused this trouble in the first place. I'm not anti-capitalism, they have a right to make money, but this drive has always created some very big problems in society when done badly. It isn't wrong to blame them for what they are doing. Link to comment Share on other sites More sharing options...
medusa Posted August 4, 2011 Share Posted August 4, 2011 Given that my mortgage is currently £31 a month and I'm on a tracker at 0.25% above base rate (shrinking to 0.15% above base rate next year) I reckon I can withstand up to about 12% before it will start to be an issue. Link to comment Share on other sites More sharing options...
Quinnwok Posted August 4, 2011 Author Share Posted August 4, 2011 Given that my mortgage is currently £31 a month and I'm on a tracker at 0.25% above base rate (shrinking to 0.15% above base rate next year) I reckon I can withstand up to about 12% before it will start to be an issue. Well that's great, ding ding your on the bus. Link to comment Share on other sites More sharing options...
chem1st Posted August 4, 2011 Share Posted August 4, 2011 Given that my mortgage is currently £31 a month and I'm on a tracker at 0.25% above base rate (shrinking to 0.15% above base rate next year) I reckon I can withstand up to about 12% before it will start to be an issue. You are very fortunate. A Sheffielder turning 18 today faces spending £60/week on renting room in a shared house (HMO). Rooms less than that are hard to find. As that is the level of housing benefit. Link to comment Share on other sites More sharing options...
horribleblob Posted August 4, 2011 Share Posted August 4, 2011 Given that my mortgage is currently £31 a month and I'm on a tracker at 0.25% above base rate (shrinking to 0.15% above base rate next year) I reckon I can withstand up to about 12% before it will start to be an issue. Sounds good. Is it a tent you're buying? Link to comment Share on other sites More sharing options...
poppins Posted August 4, 2011 Share Posted August 4, 2011 Well that's great, ding ding your on the bus. Anyone can own a house, you just have to wait about 30 years before it's yours Link to comment Share on other sites More sharing options...
medusa Posted August 4, 2011 Share Posted August 4, 2011 Sounds good. Is it a tent you're buying? No, I just bought it a very long time ago and am nearing the end of my mortgage. Anybody else who had bought a £30k house 25 years ago and then not extended or renewed their mortgage would be in the same position as me now. Link to comment Share on other sites More sharing options...
chem1st Posted August 4, 2011 Share Posted August 4, 2011 No, I just bought it a very long time ago and am nearing the end of my mortgage. Anybody else who had bought a £30k house 25 years ago and then not extended or renewed their mortgage would be in the same position as me now. A I right in thinking you do not work? (for a wage) Your ineligible for housing benefit because your a home owner, but you are in receipt of the higher rate of DLA? Link to comment Share on other sites More sharing options...
horribleblob Posted August 4, 2011 Share Posted August 4, 2011 No, I just bought it a very long time ago and am nearing the end of my mortgage. Anybody else who had bought a £30k house 25 years ago and then not extended or renewed their mortgage would be in the same position as me now. Unless there's a penalty for doing so, I'd be tempted to pay the lot off if it's down to just £31 per month - although with such a low interest rate, perhaps not. Link to comment Share on other sites More sharing options...
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