Re: Lisa Nandy on taxing wealth
Originally Posted by
AnnieS
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Changes to government legislation have eased lending. I was working in financial services when Thatcher's changes came in. There was an explosion of mortgages and buying. The whole endowment scandal. Financial advisers were in cahouts with providers at that point. The new rules and controls on financial services were not even a dream then.
Thank you for reminding me of the transfer of valuable council house stocks to private ownership at knockdown rates. I had a neighbour who made a packet on this.
If you want a mortgage on a buy to let you would have to take an interest only mortgage with the promise that the rise in property prices would pay it off in twenty years. The whole set up is a con and a perfect example of government policy allowing free reign of financial and residential market madness.
All of these things should have been addressed by government legislation but instead it's been ignored until it goes belly up and then there is a blame game instead of making sensible policies and keeping some control of the situation so that ordinary people are not led into a financial snake pit.
Actually it was Nose Picker Brown that screwed up banking propriety when he stripped the BoE of its powers but let's leave that.
I disagree that the discount selling of council owned housing was a bad move, it was one of the best and most progressive moves any government made ever. Only BREXIT is better.
Buy to !et? There's an offshore company that I am VERY well aquatinted with which includes on its assets a number of properties that have been acquired over the years some of which were NOT bought on an interest only mortgage (and even more bought for hard cash, mostly Swiss francs!) that enable many families to live in decent housing so there's nowt wrong with the BTR sector - don't knock it.
But most important is small government concentrating on governing and delivering the essential services and CATEGORICALLY NOT engaging in any form of social engineering or messing in markets.
I don't do socialism in any form.
It's a dog eat dog world, long may it remain so.