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UK Politics- A Taxing Transition


polishgenius

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28 minutes ago, Spockydog said:

Any mortgage holders remember the early 90s?

My first mortgage was 2000, just before house prices started rising.

Not looking forward to next year when my current mortgage deal ends (was a 5 year fix) 

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1 hour ago, Spockydog said:

Any mortgage holders remember the early 90s?

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. 

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3 hours ago, Spockydog said:

So now it's clear that Kwasi Kuntface is deliberately trashing the British economy for the singular benefit of his hedge fund chums, what are the chances of a criminal investigation into these bastards once Labour take power?

France would be on fire by now.

Shouldn't Labour try and claim KK was behind creating the Super League? :P

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6 hours ago, Derfel Cadarn said:

Recommend it. Do you good to visit a developed country and see what they’re like :P


Before the government completely trashes it anyway

That's very optimistic, to think it'll take longer than next summer to trash the UK.

 

If you ever end up doing the right thing, don't forget to record pencil neck's last words when you drag him to the chopping block... I am not saying I have a bet running on it being in Latin.

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6 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. 

I just moved this year with a 5 year fixed and the BoE base rate's already gone higher than what I'm on.

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12 hours ago, Spockydog said:

Tory MPs already "putting letters in." :lol:

 

Given a majority of Tory MPs didn't want her as leader it's not surprising. I imagine a few had their letters drafted days before the membership election was completed, they just needed to figure out what date to put at the top. 

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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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