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Joined 1 year ago
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Cake day: July 4th, 2023

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  • In the UK there’s a soft limit of 4.5 times your income.

    This is the amount they’re allowed to do with no oversight.

    But 15% of their mortgages per quarter can be over that, and as far as I can tell there’s no real upper limit, although they’ve been offering 6x mortgages in some places.

    The entire economy has prioritised pumping mortgage money around, and so nothing will be done. The only real lessons from the last big crash was to limit bad borrowing a bit, and that is crumbling away too.

    I don’t see any short term fixes that wouldn’t get their political parties booted out and replaced with a party that promises to pump the house prices again.


  • The prices are set by banks. The only limit on what somebody can sell you a house for is what the bank is prepared to lend you.

    If the interest rates go down, the price goes up. If the term lengths go up, the price goes up. Prevent lending, and the landlords will buy it up because normal people can no longer afford them.

    The system has been fucked for way too long, and in order to fix it, you’re going to have to upset a lot of people who have put their money into their home.