British Politics - Page 283 - Politics and Society -- Two Plus Two Poker Forums

Sure, and I worked with people older than me who bought their houses in the 70s and inflated away their mortgage quickly..

But that only happened because wages rose at an almost corresponding rate to inflation.

It happens because the mortgage goes down (or stays the same) in absolute terms while assets stay the same in real terms

10% equity can fairly quickly become 80% equity and you more or less own a house. That's real wealth

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07-21-2022 , 12:23 PM

#7052

jalfrezi

Carpal \'Tunnel

Join Date: May 2012 Posts: 13,601

Quote:

Originally Posted by O.A.F.K.1.1

Yes and they would have bought at much much lower income ratios.

Yes, that's also true. I'd be interested in seeing how many and what % of homeowners now are on 4 or 5 times salary mortgages.

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07-21-2022 , 12:28 PM

#7053

jalfrezi

Carpal \'Tunnel

Join Date: May 2012 Posts: 13,601

Quote:

Originally Posted by chezlaw

The mortgage goes down in absolute terms because you're able to pay it off bit by bit.

It goes down quickly in absolute terms because your variable wages, benefitting from compounded pay rises (which tend to be higher when inflation is high) outstrip rises in mortgage repayments and enable you to pay it off more quickly.

Last edited by jalfrezi; 07-21-2022 at 12:33 PM.

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07-21-2022 , 12:42 PM

#7054

O.A.F.K.1.1

Ted Patrick

Join Date: Dec 2007 Posts: 27,952

If Truss wins on the back of unicorns then she will have to do exactly what Boris did, which is have a cabinet of unicorn believers whilst purging unicorn nay sayers.

Thats not great.

Quote

07-21-2022 , 12:45 PM

#7055

chezlaw

Limey Bastard

Join Date: Jan 2004 Posts: 47,184

Quote:

Originally Posted by jalfrezi

If its interest only then it's stays exactly the same in absolute terms. Your percentage equity still increases very quickly if inflation is high

If you repay as well then it happens a bit faster. Personly its always seemed an odd idea to me but some seem to like doing ir.

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07-21-2022 , 12:49 PM

#7056

O.A.F.K.1.1

Ted Patrick

Join Date: Dec 2007 Posts: 27,952

Quote:

Originally Posted by chezlaw

If its interest only then it's stays exactly the same in absolute terms. Your percentage equity still increases very quickly if inflation is high

How are you defining equity here, because an interest only mortgage does not technically increase equity.

Quote

07-21-2022 , 12:52 PM

#7057

chezlaw

Limey Bastard

Join Date: Jan 2004 Posts: 47,184

Inflation increases house prices even without them going up in value. The mortgage stays the same. Equity increases

Quote

07-21-2022 , 12:59 PM

#7058

O.A.F.K.1.1

Ted Patrick

Join Date: Dec 2007 Posts: 27,952

How does inflation increase a house price but the house value stays the same.

You mean the value in inflation adjusted purchasing power?

Quote

07-21-2022 , 01:01 PM

#7059

chezlaw

Limey Bastard

Join Date: Jan 2004 Posts: 47,184

Because inflation means it costs more money to buy the same asset

Quote

07-21-2022 , 11:53 PM

#7060

chezlaw

Limey Bastard

Join Date: Jan 2004 Posts: 47,184

I suspect this is all over bar the shouting

Quote:

Polling of Tory members by YouGov published on Thursday put Truss significantly ahead, by 62% to 38%. With ballot papers expected to drop in the next few days, the candidates will take part in 12 hustings across the country before a result is announced on 5 September.

https://www.theguardian.com/politics...val-well-ahead

Quote

07-22-2022 , 01:06 AM

#7061

Elrazor

losing momentum

Join Date: Mar 2007 Posts: 13,887

If Truss wins, I feel sorry for Labour having to clean up the enormous mess she leaves behind.

Quote

07-22-2022 , 01:44 AM

#7062

chezlaw

Limey Bastard

Join Date: Jan 2004 Posts: 47,184

Country is going to need all the support it can get once the truss is removed

Quote

07-22-2022 , 02:09 AM

#7063

diebitter

Grotesquely Handsome

Join Date: Mar 2005 Posts: 65,782

Oh no, not Truss

Quote

07-22-2022 , 04:08 AM

#7064

jalfrezi

Carpal \'Tunnel

Join Date: May 2012 Posts: 13,601

Truss looks likely to get her reward for loyalty to the worst PM in living memory and for not having a brown skin.

What a party.

Quote

07-22-2022 , 04:54 AM

#7065

Elrazor

losing momentum

Join Date: Mar 2007 Posts: 13,887

Quote:

Originally Posted by jalfrezi

Truss looks likely to get her reward for loyalty to the worst PM in living memory and for not having a brown skin.

What a party.

Same YouGov poll:

Quote

07-22-2022 , 06:15 AM

#7066

O.A.F.K.1.1

Ted Patrick

Join Date: Dec 2007 Posts: 27,952

Take it back about Truss now its actually a reality and not a lol hypothesis.

Its just to scary.

How the **** has it come to this?

We all rip chunks out of each other on this board but absolute consensus on Truss apart from confirmed derper 6/4.

Quote

07-22-2022 , 06:23 AM

#7067

J.E.C

old hand

Join Date: May 2012 Posts: 1,204

Very much looking forward to Truss giving that little extra push for Independence.

Here's hoping she fully morphs into Thatcher lite and that push will become a shove.

Quote

07-22-2022 , 06:36 AM

#7068

sixfour

should be called sevenfour

Join Date: Dec 2005 Posts: 74,912

Quote:

Originally Posted by Elrazor

Same YouGov poll:

Indeed, pretty much everything that I've read indicates the members wanted Badenoch. Was my clear preference out of the last 5 as well. But hey, it's all down to racism because jalfrezi says so

Quote

07-22-2022 , 06:42 AM

#7069

O.A.F.K.1.1

Ted Patrick

Join Date: Dec 2007 Posts: 27,952

Yea says it all that given all the **** that is going on in the world now, the most appealing thing to the Tory membership was being anti "woke".

Quote

07-22-2022 , 06:46 AM

#7070

jalfrezi

Carpal \'Tunnel

Join Date: May 2012 Posts: 13,601

Well if that's what the polls say who am I to argue? I guess maybe posh brown and black people are exempt from it.

Truss as PM fulfilling her campaign pledge to borrow more and cut taxes would be interesting. If it all goes pear shaped and Labour have to go with a begging bowl to the IMF in another echo of the 70s how long will it be before "if you vote Labour the IMF will have to bail us out again?"

Last edited by jalfrezi; 07-22-2022 at 06:52 AM.

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07-22-2022 , 06:54 AM

#7071

jalfrezi

Carpal \'Tunnel

Join Date: May 2012 Posts: 13,601

How's Brexit going?

Port Authority blaming France of course.

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07-22-2022 , 07:08 AM

#7072

O.A.F.K.1.1

Ted Patrick

Join Date: Dec 2007 Posts: 27,952

27 countries in Europe work together to avoid these border issues. They call themselves the European Union or Team 27. Crazy idea I know but if the U.K joined this massive trading bloc a lot of these border problems would disappear.

Quote

07-22-2022 , 08:33 AM

#7073

diebitter

Grotesquely Handsome

Join Date: Mar 2005 Posts: 65,782

Yeah who needs democratic freedom when you can be told what to do by an unelected and several-times-removed-from-reality set of decision markers

Quote

07-22-2022 , 08:39 AM

#7074

O.A.F.K.1.1

Ted Patrick

Join Date: Dec 2007 Posts: 27,952

Yep things have improved so much since they stopped telling us what to do all those times, I feel so much freedom.

Quote

07-22-2022 , 08:39 AM

#7075

jalfrezi

Carpal \'Tunnel

Join Date: May 2012 Posts: 13,601

Quote:

Originally Posted by diebitter

Yeah who needs democratic freedom when you can be told what to do by an unelected and several-times-removed-from-reality set of decision markers

There's no need to talk about Lord Frost like that.

He was OUR unelected several-times-removed-from-reality decision-maker even before he reached the Lords, remember?

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