oh dear: Mortgages debt tops £1 trillion

[AlfredJPruffock]

Yes they have, its called Shock and Awe, I think Iran have shelved their euro bourse plans quietly and since then the talk of the Iran War is now off the radar.


Give me control of a nation's money and I care not who makes the laws"

Mayer Amschel Bauer, who founded the Rothschild family


"I care not what puppet is placed upon the throne of England to rule the Empire on which the sun never sets. The man who controls Britain's money supply controls the British Empire, and I control the British money supply."

Nathan Mayer Rothschild


Whoever controls the volume of money in any country is absolute master of all industry and commerce.


President James A. Garfield

[expat]

And the Bush administration too.

But then again they print the petro dollars.

They'd better watch out that some oil-producing country doesn't start taking payment in euros instead of dollars. Oh wait, they've got a plan for that too.

[Dundeegeorge]

Does anybody remember

Worked for Mugabe.

Harold Wilson?

[AlfredJPruffock]

Worked for Mugabe.

And the Bush administration too.

But then again they print the petro dollars.

[Pondlife]

Printing more money produces prosperity, inflation does not matter.

Worked for Mugabe.

[AlfredJPruffock]

Does that not cause inflation?...which erodes your debt in real terms

Printing more money produces prosperity, inflation does not matter.

[Troll]

I refuse to buy anymore houses on the basis that doing so only add to Browns coffers...

HTH

[Troll]

Pruffonomics

Rule 1

Debt does not matter.

As long as you can print more money.

Does that not cause inflation?...which erodes your debt in real terms

[AlfredJPruffock]

Pruffonomics

Rule 1

Debt does not matter.

As long as you can print more money.

[DimPrawn]

Soon my humble house will be worth more than the entire GDP of a small country.

[Dundeegeorge]

Still renting then Alexei

Mwahahahaha

[AtW]

Mortgages debt tops £1 trillion

Mortgage debt has gone through the £1 trillion level, according to figures from the Bank of England.

An extra £9.3bn was borrowed to buy homes in May, increasing outstanding mortgage debt to £1.007 trillion.

The value of unmortgaged property is much higher at about £3.6 trillion.

People have a further £192bn outstanding on credit cards and other loans, so total personal debt now amounts to £1.199 trillion.

It was in 2004 that all personal debt first went through the £1 trillion level.

But the continued buoyancy of the property market and the steady rise in house prices has driven up the amount of debt due to mortgages alone.

More home ownership

According to the latest housing survey from the Nationwide building society, the average house now costs nearly £166,000 with mortgage repayments absorbing 42% of average take home pay.

The Council of Mortgage Lenders (CML) pointed out that the figure for outstanding debt has also been pushed higher by the continuing spread of home ownership, which has gone up from 60% to 70% of the population during the past twenty years.

CML spokesman Bernard Clarke said: "The number of £1 trillion itself, while a huge sum, does not have any great significance for policy makers or anyone else.

"Over time, owner-occupation is a source of wealth and independence for the overwhelming majority."

The CML believes home ownership has not reached any natural limit and expects both home ownership and mortgage borrowing to continue expanding.

Mortgage debt has also been boosted by the enthusiasm of home owners for borrowing against the increased value of their homes, known as mortgage equity withdrawal.

More than £200bn has been borrowed this way since the start of the decade.