Advice for getting a mortgage

We can disagree Denis, but let's be honest. You included in your good thoughts this little blurb:

"those of us who do have excellent financial understanding have to go through all that because of the bad state of the UK's economy partially caused by many people who borrowed way beyond their means over the last decade or so."

I sneak little jabs into my comments about right wingers all the time. When I do I fully expect to be called out on them.

If you are asking my advice on mortgages in the UK I would only caution that the current interest rate levels can't be maintained forever and to factor that into any decisions.

Nah, you're sound, sonofasailor. 

I worked with hundreds upon hundreds of people overextended on personal debt as well & I don't view it the same way that Dennis does at all.

Hi,
Sonofsailor,

Here's an article from a good financial website which gives an overview of the UK's finances both public and personal with relation to debt.

http://www.thisismoney.co.uk/money/news/article-2091113/1trillion-debt-How-big-Britains-debt-problem.html

I can see how perhaps the line from me about those with better financial control may come across to other's as a bit 'inflammatory' - that's not my intent, I'm coming from the point of view of how it seems to be based on reputable reports like the one linked above as well as from personal experience and also when working within the Financial industry - so no 'sneakiness' intended ! however I wonder why you feel the need to be 'sneaky' ?!! - I think that you should just 'say it'

Mrs Robinson - I do also remember from previous posts from you that you've worked with many people who are in serious debt/financial situations. I also do understand that there's a multitude of reasons for people being in scenario's like this, and it's NOT just because of people living beyond their means. However, could I ask your views/opinion on it ? perhaps PM me?! as it'd be interesting to know other viewpoints.

dtowngirl - Here's a few web resources for you to start some evaluations about obtaining a mortgage which may well be useful for you;

http://www.capitalfortune.com/foreign-nationals/mortgages-for-immigrants
http://www.yourmortgage.co.uk/

Cheers, DtM! West London & Slough UK!

Hi Denis,

I don't really put much faith in the Daily Mail. But since you bring up debt to GDP, here is one from the Royal Economic Society - addressing debt to GDP in the UK (of course you know sovereign debt has nothing to do with the crisis). The summary:

"The application again of the balanced budget policy of the inter-war years, justified by alarmism, is leading us into an unnecessarily deep recession.

The remedy lies in judiciously loosening the budget and keeping the exchange rate down so as to boost demand. Then the GDP will recover, the budget balance will improve, unemployment will decline, and it may become appropriate to tighten up again. Only if demand is revived will the measures being taken to encourage business investment and improve the training of labour bear fruit. With inadequate demand for their products, businessmen will not invest; with inadequate demand for their labour, trainees will not get jobs."

http://www.res.org.uk/view/article5jan12Correspondence.html

Hi SonOfSailor,

I know what you mean about the 'Daily Mail' and the website above I chose after a search which does show both those elements, I didn't immediately see it was owned by the DM!

I like the article you've posted too, the history bit is good to read and shows how the UK has been a stable country/finances overall for a very long time. In recent years, other countries and namely the BRIC nations have developed and expanded at a frenetic pace, such is the drive and ambition of them and they've done excellent so far and look to be at least very very good for the medium term. The UK in comparison I feel 'rested on it's laurels' as it were and borrowed/spent way too much in order to go to the party and rub shoulders with the BRIC nations, USA & other G8 countries. Once the party was over, the UK finds itself in the situation it does - sure the USA has had a tough time along with other G8/G20 countries too, however the USA,  Germany and to an extent Japan all have sizeable and various industries to help them recover better quicker and faster than the UK does. Added to that is also a cultural aspect in the 'drive' to get things done which is comparitively lacking in the UK to a 'marked' extent (I'm thinking red tape, beauracracy etc) The report doesn't take into consideration that the current economic situation is impacted by the BRIC nations and also of course the whole Euro(dollar) thing which has also subsequently wobbled a lot since the economic issues began a few years ago and thus, I think sovereign debt does/did have an impact along with government spending levels.

I also agree with you and that article about making more money available for business investment which will/should help create more demand for UK exports. I'm one of those business people/entreprenuers and due to the mess, decided to self fund as speaking to the banks, lenders etc for business loans etc has been highly frustrating. I have a market niche I've spotted and will be manufacturing from start to finish here in the UK, using UK/British companies and partners and which has fantastic potential for worldwide level exports - exactly the 'solution' mentioned in conclusion by that very report you've referred to. I'm perhaps 2 months away from pressing the go button on actual physical manufacturing and the last 2+ years have been spent in development and finding the right expertise here who are capable of providing the level of quality I demand. There is a fantastic segment of UK innovation and also business people who want and wish to drive the UK forward and a good percentage of them who are also quite 'miffed' with how the economy was 'run' over the last decade or so..

The sting in the tail as it were, is that I've decided to structure things so that I don't have to employ anyone for at least the short and medium term - Been there, done that when employing 3 people which quickly expanded to around 26-28 and I'm  ensuring I stay clear of all that. Long term, perhaps I will employ again and for now I need to grow and maintain to that level and currently loathe wanting to take people on once more. Before you ask, I have my reasons for this slightly hard line approach.

Can I ask in the best way, are you also going to be investing in creating or expanding a business idea to boost demand and thus help GDP recover? or are you continuing to be looking for people to blame in the finance sector from a few years ago?!!..  how about some links to help dtowngirl ?!!

Cheers, DtM! West London & Slough UK!

Denis I enjoyed that and was agreeing with so much you had to say...and then I hit:

"are you also going to be investing in creating or expanding a business idea to boost demand and thus help GDP recover? or are you continuing to be looking for people to blame in the finance sector from a few years ago?!!"

I think I like you...

Flippin heck!  should I be scared ? !