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UK Politics- A Taxing Transition


polishgenius

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10 hours ago, BigFatCoward said:

Me and my wife had some disagreements about fixing for 10 years 2 years ago. I won because I'm safety first, always. I'm so relieved. I would be anxious as shit right now otherwise. 

Out of curiosity, why are 20 and 30 year fixed so rare in the UK? I just checked one of the rate shopping aggregators for the UK and they were quoting 2 year fixed, what the heck is the point of that? I cant imagine having to go mortgage shopping ever two years or accepting the unknown of a variable rate.  We locked in our 30 year at 2.4% right before the housing market exploded and feel like we caught ourselves right before falling off a cliff.  No way we'd have afforded it with today's rates.

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Apparently BoJo was a fan of increasing the time span of fixed rates from 2-3 yrs to 20-30 years, but never got around to implementing. At present the shorter loans have way lower rates than the longer ones, making them more attractive; and also unlike the US which provides the mortgage sector federal backing, in the UK it appears they have to finance it through deposits which is way more risky long term, I suppose.

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32 minutes ago, Mlle. Zabzie said:

30 year fixed is standard here. It is completely wild.  Basically feeds and supports an active hedging market lmao.  

Right; and I’m the US, a 30 or 40 year fixed rate mortgage basically front loads a boatload of interest to the lender’s advantage, while artificially keeping a low payment for the borrower.

I have a 15 year fixed rate mortgage (fully amortizing), and on my old house, was very close to paying off a 10-year fully amortizing fixed rate mortgage.

But, in the US, the 30 year fixed mortgage is standard, the typical purchase mortgage. I had to refi into a 15 year fixed (which IS often available as a purchase mortgage), and very much had to refi into my old home’s 10 year fixed, as that is not a standard purchase mortgage available.

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2 hours ago, IheartIheartTesla said:

…unlike the US which provides the mortgage sector federal backing…

The US does not provide federal backing in all mortgages. There are many people who don’t fit the credit box for a federally guaranteed (“Agency”) mortgage. Just google “non-QM” and you will see the scope of the market that is “non-Agency”.

Non-QM is often seen as more risky; however, since private lenders can tighten the credit box more than an Agency loan (which goes by some really basic check-a-box criteria), non-QM can be less risky.

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7 hours ago, horangi said:

Out of curiosity, why are 20 and 30 year fixed so rare in the UK? I just checked one of the rate shopping aggregators for the UK and they were quoting 2 year fixed, what the heck is the point of that? I cant imagine having to go mortgage shopping ever two years or accepting the unknown of a variable rate.  We locked in our 30 year at 2.4% right before the housing market exploded and feel like we caught ourselves right before falling off a cliff.  No way we'd have afforded it with today's rates.

I don't know the why, though I suppose its a it fairer, everyone benefits or suffers together when rates climb and fall (normally they don't climb and fall so quickly). 

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Anti-monarchist Lib Dem Liz Truss’s deep cover mission to bring down the monarchy and the Tories is going well!

One monarch taken out, replaced by an environmentalist one who’ll struggle to stay quiet over fracking, and already she’s about to spark another leadership contest which will make the party even more of a joke.

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On 9/25/2022 at 12:58 PM, BigFatCoward said:

That's a tough sell to the bigots. 'More brown people are better for you' sorry about that. 

Especially when many including posters on here have stated quite bluntly lessening immigration isn’t really about its economic impacts.

But vague culture war nonesense that can’t be countered with logic or empiricism.

Though it should be said the  following economic turmoil after the move  can get blamed on the immigrants or there can be another vapid culture litigated to distract from immortality or at least impracticality of their austerity policies.

 

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I suspect we're going to see u-turn after u-turn until Margarine Thatcher gets the sack

Plan to pay Liz Truss’s chief of staff through firm is dropped after criticism

Quote

 

The decision to pay Liz Truss’s new chief of staff, Mark Fullbrook, through a private company has been dropped after criticism from within the Conservatives as well as from opposition parties.

The government admitted over the weekend that Fullbrook would be paid through his lobbying firm, a move that could have helped him avoid paying tax. He had previously claimed the firm had stopped all commercial activities.

It subsequently emerged that Fullbrook had been promised a lucrative contract to run Truss’s next election campaign as well as being made chief of staff.

But the government made a U-turn after an outcry from the opposition and some Tory MPs, with one saying it did not “smell right” after tax changes in the budget making it easier to pay less tax if paid through a self-employed company.

 

 

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As it seems a bit of an open secret that Kwarteng met with a bunch of hedge fund bosses three days before fucking our economy, what are the chances of anyone getting done for insider trading?

I'm half tempted to walk into my local police station and lodge a formal complaint, just to see what happens.

@BigFatCoward What would you say to a member of the public who came in with this?

 

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1 minute ago, Spockydog said:

As it seems a bit of an open secret that Kwarteng met with a bunch of hedge fund bosses three days before fucking our economy, what are the chances of anyone getting done for insider trading?

I'm half tempted to walk into my local police station and lodge a formal complaint, just to see what happens.

@BigFatCoward What would you say to a member of the public who came in with this?

 

The average person on a front desk would look at you very blankly. 

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3 minutes ago, BigFatCoward said:

The average person on a front desk would look at you very blankly. 

OK, but what would you say? Genuinely curious.

What is the legal obligation here? Can police just tell complainants to get lost? Or do they have to at least give a crime reference number?

 

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26 minutes ago, Spockydog said:

OK, but what would you say? Genuinely curious.

What is the legal obligation here? Can police just tell complainants to get lost? Or do they have to at least give a crime reference number?

 

I honestly have no idea. You are making an allegation of fraud which should be recorded, but I'm sure the poor station officer would refer it up the chain and someone very senior would need to make the decision. 

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21 minutes ago, BigFatCoward said:

I honestly have no idea. You are making an allegation of fraud which should be recorded, but I'm sure the poor station officer would refer it up the chain and someone very senior would need to make the decision. 

I suspect the most likely outcome would be getting fitted up for something yourself.

 

 

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