Ever dreamed of buying a house? Well you’re a crazy fool and you should lower your ambitions. Houses are for people with huge sums of cash in reserve. If you don’t own a house now then you probably never will so just deal with it.
Image via alexliivet
What’s that? You want a flat. Well sure you can have a flat. You’re talking about renting it though, right? Because owning property is just a foolish idea.
It turns out the banks, those lovely awesome banks - whom, sustained by taxes and are very possibly the reason everyone is experiencing really high inflation at the moment and are therefore unable to save - are rationing mortgages even further.
The Bank of England’s study shows that fewer people are meeting lenders criteria for borrowing. It’s all down to falling house prices, the economic climate and fear the fact that the future is even less secure. Banks are just so pessimistic. Whatever happened to that starry-eyed optimism that make them think the boom bubble would never burst?
In reality it may be bad news for those looking to get one, but it’s probably a reasonable position given that handing-out mortgages to people who had little or no means to pay them back in the first place was one of the big reasons the world got into this mess in the first place.
Even those paying mortgages at the moment are struggling to repay them and are living month-to-month, relying on their credit cards as well as those fantastic pay day loans. You know those companies that give you a short term loan with huge rates of interest. Now there’s a healthy way to run your finances.
So, saying the banks should be giving out mortgages to anyone who wants them is of course ludicrous and even hypocritical. However it’s not fair. Nothing about any of this is fair. It’s perhaps a peculiarly British dream but those earning a decent wage should be able to afford there own home.
Anyone trying to sell their house will also be suffering as there will be fewer buyers on the market and the value of their property will more than likely have decreased. It all amounts to a market stagnation.
It seems though, that most will be forced to rent for their own lives while others will take advantage of their parent’s property for longer than is reasonably expected.
So who knows some nice places to rent?
Are you struggling to get a mortgage? Tell us about it in the comments section below.
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January 5, 2024
banking