Mortgages & House Prices

[alexa]

The dept slavery-Mortgages & House prices. I am fortunate in a way as I own my house, but do I really ? What with the hike in council tax's every year.

 

 

[Covidiot]

On 8/2/2022 at 8:02 AM, alexa said:

The dept slavery-Mortgages & House prices. I am fortunate in a way as I own my house, but do I really ? What with the hike in council tax's every year.

 

 

Had a conversation with a colleague who is awake. His view was he was unconcerned as he owned his house (mortgage paid off). However like you just pointed out it reminded him that there are other ways they keep you in the rat race IE council tax. If he lost his job through being unvaxxed or lost access to his savings by being unvaxxed then the failure to pay the tax would result in a repossession. In the end we will own nothing and be unhappy. Unless you are in the 0.0001% you are going to be stripped of your wealth like the rest until you have nothing.

[alexa]

16 minutes ago, Covidiot said:

 

Had a conversation with a colleague who is awake. His view was he was unconcerned as he owned his house (mortgage paid off). However like you just pointed out it reminded him that there are other ways they keep you in the rat race IE council tax. If he lost his job through being unvaxxed or lost access to his savings by being unvaxxed then the failure to pay the tax would result in a repossession. In the end we will own nothing and be unhappy. Unless you are in the 0.0001% you are going to be stripped of your wealth like the rest until you have nothing.

 

I know, people go around as if they own this & that, but in the long run. they don't. Unless we can rid ourselves of this monstrous council tax, we never will. This is how they've got you good & proper unless your filthy rich, & then these people are owned in one way or another.

[Covidiot]

6 hours ago, alexa said:

 

I know, people go around as if they own this & that, but in the long run. they don't. Unless we can rid ourselves of this monstrous council tax, we never will. This is how they've got you good & proper unless your filthy rich, & then these people are owned in one way or another.

 

Even then it doesn't matter even if you had cash for their taxes they would just slap you with a compulsory purchase order as part of a "rewilding" programme and cart you off to the mega city regardless. This is all possible due to the stupor and apathy of the moronic sheep

[Macnamara]

8 hours ago, Covidiot said:

If he lost his job through being unvaxxed or lost access to his savings by being unvaxxed then the failure to pay the tax would result in a repossession. In the end we will own nothing and be unhappy.

 

the state can also seize your land through compulsory purchase (eminent domain in the US) for example they recently demolished a house to make a cycleway to a new housing development somewhere in england

[alexa]

 

[Grumpy Owl]

On 8/2/2022 at 8:02 AM, alexa said:

The dept slavery-Mortgages & House prices. I am fortunate in a way as I own my house, but do I really ? What with the hike in council tax's every year.

 

You never truly own your home until you have paid off your mortgage in full. Or unless you bought the property 'outright' with no mortgage involved.

 

Council tax is a completely different matter though.

 

On 8/4/2022 at 2:28 PM, Covidiot said:

Had a conversation with a colleague who is awake. His view was he was unconcerned as he owned his house (mortgage paid off). However like you just pointed out it reminded him that there are other ways they keep you in the rat race IE council tax. If he lost his job through being unvaxxed or lost access to his savings by being unvaxxed then the failure to pay the tax would result in a repossession. In the end we will own nothing and be unhappy. Unless you are in the 0.0001% you are going to be stripped of your wealth like the rest until you have nothing.

 

You might be right there, but I have never heard of anyone losing their home due to a failure to pay any council tax owing.

 

If your mortgage is paid up in full, then you own your property and there is no debt secured against it. If you lose your job and can't afford to pay the council tax, the worst that could happen is that you get taken to court, and then you find yourself in a position where you need to sell your home (your asset) in order to pay off your debts.

 

I don't think its possible that any council could 'repossess' your home if you own it outright.

 

 

 

But going back to the HugoTalks video, it would seem that the banks are laughing all the way to the - ahem - bank. With all the uncertainty about interest rises and the 'cost of living crisis', one gets the feeling that the banks are changing the way that they agree mortgage conditions, knowing full well that many buyers could find themselves in a position where their homes could be repossesed due to 'defaulting' on their mortgage payments.

 

Is there a property 'crash' looming? Are the banks trying to sucker enough people so they can seize as many properties as they can? Which they can of course then sell off at 'reduced rates' or via 'auction' to their elite wealthy investors, who can acquire large numbers of properties that can then be 'rented' back to those who lose their homes?

 

 

[alexa]

12 minutes ago, Grumpy Owl said:

You never truly own your home until you have paid off your mortgage in full.

 

Council tax is a completely different matter though.

 

We have. but we will still need to pay Council tax which will be never ending.

[Covidiot]

12 hours ago, Grumpy Owl said:

 

You might be right there, but I have never heard of anyone losing their home due to a failure to pay any council tax owing.

 

If your mortgage is paid up in full, then you own your property and there is no debt secured against it. If you lose your job and can't afford to pay the council tax, the worst that could happen is that you get taken to court, and then you find yourself in a position where you need to sell your home (your asset) in order to pay off your debts.

 

I don't think its possible that any council could 'repossess' your home if you own it outright.

 

 

 

But going back to the HugoTalks video, it would seem that the banks are laughing all the way to the - ahem - bank. With all the uncertainty about interest rises and the 'cost of living crisis', one gets the feeling that the banks are changing the way that they agree mortgage conditions, knowing full well that many buyers could find themselves in a position where their homes could be repossesed due to 'defaulting' on their mortgage payments.

 

Is there a property 'crash' looming? Are the banks trying to sucker enough people so they can seize as many properties as they can? Which they can of course then sell off at 'reduced rates' or via 'auction' to their elite wealthy investors, who can acquire large numbers of properties that can then be 'rented' back to those who lose their homes?

 

 

 

Appologies for my sloppy language. I didn't mean the council could literally reposses your house. You would be slapped with a charging order and eventually the courts would send the bailliffs round to horse you out and sell your "fully paid off" house from under you at no doubt a massive discount will all kinds of "recovery fees""court fees" and all sorts of other expenses leaving you with no house and potentially little from the sale.

 

Point is that unless you have enough cash to settle tax demands for the rest of your life you are stuck in the rat race house paid for or not. And as i said even then at any point you could be slapped with a compulsory purcase order. How can you ever say you "own" your own home when the gov/council can just take it from you anytime they wish? When they start shipping the sheep into the smart cities you think you are going to be left in your own home just because you think you own it?

 

From Gov.uk -

 

Compulsory purchase is a legal mechanism by which certain bodies (known as ‘acquiring authorities’) can acquire land without the consent of the owner. Compulsory purchase powers can support the delivery of a range of development, regeneration and infrastructure projects in the public interest. In doing so, they can help to bring about improvements to social, economic and environmental wellbeing.

 

As for the property market i'm unsure about when it will pop. I wonder if initially there will be some gov "assistance" to help with mortgage payments to soften us up to state dependence before UBI. Ultimately I think mass repossessions will come but I wonder if it will be a controlled swindle rather than an almighty crash

Edited August 8, 2022 by Covidiot

[alexa]

6 minutes ago, Covidiot said:

 

Appologies for my sloppy language. I didn't mean the council could literally reposses your house. You would be slapped with a charging order and eventually the courts would send the bailliffs round to horse you out and sell your "fully paid off" house from under you at no doubt a massive discount will all kinds of "recovery fees""court fees" and all sorts of other expenses leaving you with no house and potentially little from the sale.

 

Point is that unless you have enough cash to settle tax demands for the rest of your life you are stuck in the rat race house paid for or not. And as i said even then at any point you could be slapped with a compulsory purcase order. How can you ever say you "own" your own home when the gov/council can just take it from you anytime they wish? When they start shipping the sheep into the smart cities you think you are going to be left in your own home just because you think you own it?

 

As for the property market i'm unsure about when it will pop. I wonder if initially there will be some gov "assistance" to help with mortgage payments to soften us up to state dependence before UBI. Ultimately I think mass repossessions will come but I wonder if it will be a controlled swindle rather than an almighty crash

 

This was exactly my point I was trying to get across.

Thanx Covi 

[Grumpy Owl]

10 hours ago, Covidiot said:

Compulsory purchase is a legal mechanism by which certain bodies (known as ‘acquiring authorities’) can acquire land without the consent of the owner. Compulsory purchase powers can support the delivery of a range of development, regeneration and infrastructure projects in the public interest. In doing so, they can help to bring about improvements to social, economic and environmental wellbeing.

 

Yes, this is all true, and it does happen. But at least you get some money from the purchase of your property (albeit not always the full value!). It's not quite the same as having your property 'stolen' from you through repossession.

 

10 hours ago, Covidiot said:

As for the property market i'm unsure about when it will pop. I wonder if initially there will be some gov "assistance" to help with mortgage payments to soften us up to state dependence before UBI. Ultimately I think mass repossessions will come but I wonder if it will be a controlled swindle rather than an almighty crash

 

It could go either way. The "gov assistance" idea wouldn't surprise me, but then I think it is probably unlikely, unless it got expanded to include people who rent - otherwise there would probably be 'anger' as it wouldn't benefit those who can't afford to buy their own home.

 

The "mass repossessions" is definitely going to happen though, and this is all about 'squeezing' the middle-classes. It started with energy bills, then fuel prices, then the 'cost of living crisis'. The next one will be the rising interest rates, which will financially cripple many already struggling to repay their mortgages. Many private landlords who may have taken out 'buy-to-let' mortgages may also be faced with having to increase the rent their tenants pay.

 

There will be companies lined up ready to take full advantage of any impeding 'crisis'. I wrote an article on my website last year about Lloyds Bank and it's plans:

 

Lloyds Bank plans to become private landlord – another step towards “abolish private property ownership”?

https://thegrumpyowl.co.uk/2021/03/26/lloyds-bank-plans-to-become-private-landlord-another-step-towards-abolish-private-property-ownership/

 

 

[Shy Talk]

This is somewhat Irish-centric but can be applied anywhere regarding where it's going for homeowners:

 

https://www.bitchute.com/video/GRts93d2wJvS/

 

 

[alexa]

This one hell of an hike, 'You will own nothing and be happy'.

 

HSBC and Santander have suspended new mortgage deals amid fears that homeowners could be forced into selling their homes or take up a second job to combat 'catastrophic' rises in their monthly repayments.

 

Nationwide, meanwhile, became the first big name lender to hike its fixed-rate deals yesterday, with the bank's two-year rate rising to 5.59 per cent - more than double the 2.54 per cent it was offering three months ago. Lenders are taking drastic steps after analysts warned the base rate could surge to six per cent next spring. Such a move would increase repayments for the average household by up to £800 per month, or £9,600 annually, by the middle of next year. In the subsequent scramble, around 365 mortgage deals are understood to have been axed already. as Mr Kwarteng urgently tries to reassure Tory MPs and City chiefs. It comes as Huw Pill, the Bank of England's chief economist, reaffirmed remarks made by Governor Andrew Bailey that it is ready to take action to prevent soaring inflation and warned a 'significant' response will be needed. His comments came as the International Monetary Fund (IMF) slammed Kwasi Kwarteng's mini-Budget announcement, warning that 'large and untargeted fiscal packages' would lead to

[Grumpy Owl]

On 9/28/2022 at 7:25 AM, alexa said:

This one hell of an hike, 'You will own nothing and be happy'.

 

HSBC and Santander have suspended new mortgage deals amid fears that homeowners could be forced into selling their homes or take up a second job to combat 'catastrophic' rises in their monthly repayments.

 

Nationwide, meanwhile, became the first big name lender to hike its fixed-rate deals yesterday, with the bank's two-year rate rising to 5.59 per cent - more than double the 2.54 per cent it was offering three months ago. Lenders are taking drastic steps after analysts warned the base rate could surge to six per cent next spring. Such a move would increase repayments for the average household by up to £800 per month, or £9,600 annually, by the middle of next year. In the subsequent scramble, around 365 mortgage deals are understood to have been axed already. as Mr Kwarteng urgently tries to reassure Tory MPs and City chiefs. It comes as Huw Pill, the Bank of England's chief economist, reaffirmed remarks made by Governor Andrew Bailey that it is ready to take action to prevent soaring inflation and warned a 'significant' response will be needed. His comments came as the International Monetary Fund (IMF) slammed Kwasi Kwarteng's mini-Budget announcement, warning that 'large and untargeted fiscal packages' would lead to

Crocodile tears from the banks.

 

Of course, privately they'd love it if homeowners began to 'default' on their mortgage repayments, because think of all the lovely properties they could 'repossess'.

 

One bank already made its plans clear on how it intended to become a 'private landlord', and no doubt others have similar ideas:

https://thegrumpyowl.co.uk/2021/03/26/lloyds-bank-plans-to-become-private-landlord-another-step-towards-abolish-private-property-ownership/

 

On the other hand, banks/lenders will be a bit nervous because they need property prices to keep steadily increasing in order to support their mortgage 'ponzi' scheme.

 

The danger for them is that if homeowners start to sell their properties - in order to downsize, or rent - because the mortgage repayments are becoming unaffordable, this is what will lead to house prices decreasing, with buyers desperate to sell, and thus the 'property market bubble' bursts.

 

How this affects the rental market remains to be seen, but no doubt there are investors already lined up, waiting and willing to snap up properties as they become available, either to rent straight back out, or to convert into HMOs or self-contained flats.

[Campion]

1 hour ago, Grumpy Owl said:

The danger for them is that if homeowners start to sell their properties - in order to downsize, or rent - because the mortgage repayments are becoming unaffordable, this is what will lead to house prices decreasing, with buyers desperate to sell, and thus the 'property market bubble' bursts.

  

The property market has imo been broken and suffering from market failure for many years with a huge mismatch between the number of homes (especially decent sized family homes) and population. Continuous immigration and population increase among minority groups is an unstoppable force meeting the immovable object of  limited space for building (England has the 4th highest population density in the world according to my calculation).  People have to live somewhere, it's a necessity of life so the usual rules of free market supply & demand don't really apply and bubbles/crashes become the norm. It's also a way of controlling the population, the ptb can decide where to grant planning permission and for what types of housing - eg where I live there are few suburban family homes being built and many high-rise flats which the ordinary person has little chance of getting freehold ownership with the extra freedoms therein.  
  
" You will own nothing and be happy."  I heard a different version of this of all places in a Star Trek episode (original version): "They will be controlled and happy" referring to a planet of people controlled by a super-intelligence and no free will of their own. 

Edited October 2, 2022 by Campion

[Grumpy Owl]

23 hours ago, Campion said:

The property market has imo been broken and suffering from market failure for many years with a huge mismatch between the number of homes (especially decent sized family homes) and population. Continuous immigration and population increase among minority groups is an unstoppable force meeting the immovable object of  limited space for building (England has the 4th highest population density in the world according to my calculation).  People have to live somewhere, it's a necessity of life so the usual rules of free market supply & demand don't really apply and bubbles/crashes become the norm. It's also a way of controlling the population, the ptb can decide where to grant planning permission and for what types of housing - eg where I live there are few suburban family homes being built and many high-rise flats which the ordinary person has little chance of getting freehold ownership with the extra freedoms therein.  

 

Where I live here in Birmingham, its almost the same. There are 'new build' developments going up, which boast of being "a mix of 2, 3 and 4 bedroom homes" but the 3/4 bedroom homes are few.

 

When existing larger 3/4/5 bedroom 'family homes' do go on the market, they tend to get snapped up by investors with the intention of 'converting' them either into HMOs (homes of multiple occupation) or into smaller self-contained flats (or "studios" to use estate-agent marketing-speak).

 

Otherwise the only people who are able to afford and buy a decent sized 4/5 bedroom 'family home' and actually live in it are the very rich, or as I have observed in certain parts of Birmingham, Pakistani Muslims with their extended families.

 

Perhaps this is why there has been such a 'push' over the years to break up the 'traditional family' model, and to encourage people to have fewer children, as well as promote the influx of migrants to come and 'live and work' here, renting one bed flats or single rooms in shared houses.

 

The sad reality is that there simply aren't enough existing homes available in the UK, and the more that developers are encouraged to 'build more homes to meet growing demand', the more properties get snapped up by 'investors' looking to either make a grand profit by renting them out, or worse to just leave empty sitting as an 'asset' in their portfolio of wealth.

[Campion]

2 hours ago, Grumpy Owl said:

smaller self-contained flats (or "studios" to use estate-agent marketing-speak).

 

Bedsits in my vocabulary. 

 

2 hours ago, Grumpy Owl said:

or as I have observed in certain parts of Birmingham, Pakistani Muslims with their extended families.

 

I used to hear about Pakistanis lending money for houses within their extended families and close-knit community, perhaps this was before sharia banking was available here. At least it avoided paying interest to corporate banks and the inherent risks of money lending mitigated by peer pressure within the community. 

[CarpeDiem]

I just wonder if this will be the opportunity for banks to try to look good and help those struggling so 'offer' a rescue deal to home owners at risk of loosing their home due to the hike in interest rates?

I realise they would get the whole house if people defaulted, but I think the numbers are going to be so great they cannot risk an uprising on this.

We were already seeing banks buying up houses before all this, so why wouldn't they use this opportunity to offer a 'rescue package' to the owner at risk of defaulting......but the owner would have to hand over say a 50% share in the property to the bank? That's just a loose example. They will probably think of something much more sneaky but equally as devious. Again it is what we see time and time again. In this case the banks cause the problem then offer their solution that only benefits them.

[Grumpy Owl]

2 hours ago, CarpeDiem said:

I just wonder if this will be the opportunity for banks to try to look good and help those struggling so 'offer' a rescue deal to home owners at risk of loosing their home due to the hike in interest rates?

 

Its a possibility, but then again, I wouldn't expect these banker parasites to do anyone any 'favours'.

 

2 hours ago, CarpeDiem said:

I realise they would get the whole house if people defaulted, but I think the numbers are going to be so great they cannot risk an uprising on this.

We were already seeing banks buying up houses before all this, so why wouldn't they use this opportunity to offer a 'rescue package' to the owner at risk of defaulting......but the owner would have to hand over say a 50% share in the property to the bank? That's just a loose example. They will probably think of something much more sneaky but equally as devious. Again it is what we see time and time again. In this case the banks cause the problem then offer their solution that only benefits them.

 

If we think about the WEF mantra "you will own nothing and you'll be happy" and the expectation that people will merely 'rent' their possessions (rather than own them outright), then it stands to reason that 'someone' must own stuff in order to rent it back out to others.

 

I'm reminded of a few years ago now, where something that became briefly 'popular' were these companies that appeared out of nowhere and offered to 'buy your house for cash', with the proviso being that you continued to live in it, but paid 'rent' to this company instead of your mortgage.

 

I'm also reminded of seeing some vinyl advert splashed on a car which I walked past every day on my way to work for months, though I think the vehicle has been moved on now.

http://sellyourhousetosam.co.uk/

 

That website to me looks 'half-finished' even now, with loads of 'ipsum lorem' dummy text that hasn't been replaced, so wouldn't fill me with confidence.

 

But clearly there is some enterprise out there that is desperately keen to 'acquire' property.

 

So it stands to reason that maybe the banks would also like to get in on this act, as I speculated in my article on my own website, perhaps instead of merely selling off repossessed properties, where owners have defaulted on their mortgage payments, they may consider it 'more prudent' to acquire that property and then rent it back to the mortgage payer - as long as the tenant is able to keep up with the rent payments then its really no risk to the bank.

 

And as the bank gains the property as an 'asset', they can even afford to 'rent it back' at a rate potentially lower than the mortgage payment would be. Earnings through 'interest' are speculative, based on money being generated out of nothing in the form of credit, while rent payments would be more tangible. And thus more 'guaranteed'.