Friday, September 29, 2006

Shock! Horror! Mortgages can be expensive!

This gem of a story from The Daily Mail caught my eye.

"Millions of home-owners are being caught in a 'never-ending mortgage trap', a shocking study reveals today."

Not sure what definitions are being used, but I would argue that any study of mortgages can't really be shocking. I would define shocking as a report that says US foreign policy is causing international terrorism. Shocking isn't a report that says banks plan to make money out of people who want mortgages.

"The looming crisis has been caused by people changing their mortgage every few years - but never cutting the 'life' of their home loan."

Looming crisis? That's a little hysterical, isn't it? In fact, it is horrifically hysterical. Think about definitions again - an outbreak of a highly contagious, potentially fatal pandemic is a looming crisis. People having to pay more on their mortgages is unfortunate. For the people who have taken out those mortgages. Frankly, it is their problem, and not a "looming crisis" for me.

"Experts warn that it is an 'expensive mistake' which they will regret when they cannot afford to retire even though they are approaching their 65th birthday."

And here is the crux of the matter - it is an expensive mistake. An expensive mistake strongly implies a choice was made. And if you chose to do something that turns out to be a mistake, frankly that is your fucking problem. Deal with it. And with an ageing population and the news Age Discrimination Legislation coming into play on Sunday, we need more people to work past 65. Sure, it is a pisser if you are one of those people, but if you have made a stupid expensive mistake, don't expect any sympathy from me. Your mistake, your problem. Fucking well deal with it, and shut the fuck up whilst you are dealing with it.

"The research, published by the price comparison giant, said it is a foolish idea which is 'fundamentally flawed'."

It is difficult to quantify the number of different ways in which that sentence pisses me off. But the two key ones are siting as your source. Sweet Jesus Christ, it does not rate as a reputable source in my book. And I think the only reason why The Daily Mail is citing money-r-us or whatever the website is called is because it gives them the backbone to hang this irritating story off. And secondly, the phrase "foolish idea which is fundamentally flawed" is just bad writing. I defy The Daily Mail to show me a foolish idea that isn't fundamentally flawed. Wankers.

"With a huge mortgage debt, this could force them to keep on working to keep up with their monthly payments after reaching retirement age."

Again, their choice. Their mistake. Live with it.

"Nick Gardner, director of Chase de Vere Mortgage Management, said: "Sometimes people can tick the 25-year box on the application form as a knee-jerk reaction, without even thinking they've done anything wrong. It is a horribly easy and expensive mistake to make.""

It may well be an easy mistake to make, but again, if you make the mistake, it is your own pissing fault. When taking out a mortgage for hundreds of thousands of pounds, you would have thought most people would have the fucking common sense to read the small print and think about what they are doing. If they don't, then they are fucking stupid and deserve our scorn rather than sympathy.

"For a person with a salary of £23,750, their take-home pay is about £1,500 - but their mortgage repayment would be nearly £1,000. This is before a single other bill, such as council tax, electricity, gas, water, petrol or food, has been paid."


Seriously, this is meant to be a revelation of some kind? It is basic fucking maths! Christ on a trike, it really isn't a revelation that people spend most of their money on accomadation. And again, if they have signed up to a stupid mortgage where they pay more than they should, it remains their own stupid fault.

"David Hollingworth, mortgage specialist at home loan advisers London & Country, said it is a "costly mistake"."

AGAIN - THEIR PROBLEM. Say I make a mistake. Say I pay more than I should for a CD because I don't shop around. Should this go into a national newspaper as a major story? Of course it shouldn't. My own stupid fault for being too lazy to find the cheapest price. The same logic applies to mortgages - sit down, read through the mortgage and understand what it means to you. Then you aren't going to pay more than you should, then you aren't going to make a stupid mistake.

The only reason why this is classed as a news story is because The Daily Mail can whip up some paranoid hysteria amongst home owners in the attempt to keep sales figures up. God forbid they should publish news...


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