Mayor for Life Sadiq Khan, Sunak's 1% mortgages and texting the government | Podcast #38
ฝัง
- เผยแพร่เมื่อ 22 ม.ค. 2024
- While Oli tends to his American trout farm this week, Seán and his mullet fill in yet again.
We're mapping out Ava's route to become the nighttime Mayor of London, along with the new UK government WhatsApp channel, Susan Hall's catastrophic bid to take over from Sadiq Khan, and whether Ed and Ava would pass the British citizenship test.
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I was genuinely shocked by the Susan Hall interview. She obviously has not been media trained or prepped for these interviews and it's genuinely fascinating. The Tories appear to be pivoting to becoming mudslingers from the sidelines. Considering their last elected prime minister was a former London mayor you'd think they'd fight this. Susan Hall is a sacrificial candidate so the Tories don't have to bow out of the race but also they don't have to put anyone important to the party in the position of being absolutely eviscerated in the election. The most surprising thing is how stupid and arrogant she is to have taken the job - she clearly thinks she can win and has the support to do so otherwise she would've kept some dignity and left the race already. Or at least stopped being embarrassed publicly on LBC.
Most Tories feel utterly entitled to rule, sadly. They're always surprised when they destroy the country and then the majority don't worship them.
"If your landlord is milking you, do you get 10% off?"
This is the high-quality journalism I come for.
COME for?
I was going to moan that they actually did politics instead of veering wildly off on a tangent. But then the talk of hoovers started...
This is the razor sharp journamlism. The 1% morgage seems like a terrible idea without increasing supply
All you need is a Welshmen or woman and you have all the British infinity stones.
With the power of rain, rain, rain and rain. I am Captain Britain
Realistically a 1% mortgage doesn't help because you wouldn't meet the salary requirement.
If you're earning 40,000 you can borrow approximately £140,000 - 160,000. There aren't that many properties available at that price. So the deposit doesn't help.
@lukewarner5226 even then, in many parts of the country it isn't very feasible!
There are lots of nice areas where those numbers would work, unfortunately £40kpa jobs are thin on the ground in those places.
Furthermore, where are the entry level £40k jobs? Even if you were to live in a cheaper area you're not looking to buy til your 30's
I find it fascinating that Susan Hall got embarrassed on the Met Police salary and IMMEDIATELY moved to 'police are being so bad-mouthed in London' - the second she was shown up on any practical financial policy, she just tried to pivot to culture war 'look at how mean activists are being the poor police' talking points. I can see this being how the General Election goes too...
Anderson couldn`t vote because people were laughing. Maybe that is what Hall confused.
She lose stuff all the time. Once called the police because her bag was stolen in a street robbery. Bag found in fridge....
Yet again, another thought provoking, insightful and entertaining episode. I am appalled, no mortified, that Seán didn't know who Joey Dunlop was though. Get your act together young man!
The noo noo episode we didn't know we needed
I have a table in my house we named Robert Walpole after I was sick of people on uk quiz shows knowing US presidents better than uk PMs. Be the change you want to see.
Always got him confused with the later Robert Peel, of bobbies and peelites fame, London cops.
Robert Walpole - the first modern age PM.
On percentage of salary going on rent in London, worth bearing in mind that some very wealthy individuals will massively affect the average percentage in this statistic
So if it equalises access to the housing market, but the supply is insufficient, then it will drive bidding wars which will keep hoise prices high while also encouraging a significant portion of the population to take on considerable long-term debt.
It's a terrible idea where only the wealthy, the lenders and the landlords win. Almost as if it's by design.
Oh and corporations also win because they'll have more leverage on an utterly endebted population, so it will be harder to convince workers to bargain for fairer pay and working conditions because they'll never escape their mortgage debt and so will be able to survive much less time out of employment.
Pains me to hear you say that 1% mortgages are a pro in any capacity. It doesn't make anything more affordable. Means people are going to be paying even higher interest rates - because there is no danger a bank is offering a 99% LTV rate at a reasonable level.
And even if they are government backed, that protects the lender from risk, not the borrower.
A 300k property to use Evas example, with 1% down means the value of your house only needs to drop £3k and your in negative equity. If you can't repay your loan by selling your house, that's the definition of fucked.
Please get someone on who understands why mortgages like this are dangerous, and what the real world impact of them is, and really hammer this subject. We need house prices to go down, interest rates mean very little unless the prices drop.
Keep in mind negative equity is only really a problem for people trying to sell their house, it is possible - though maybe not desirable - to wait out a drop in house prices.
1% mortgage sounds great but isn't the other problem that you'd then need to borrow 99% of the value of the house and with current affordability rules of 4/4.5x salary, you would need an above average household income to afford this. This comes back to a decade and a half of depressed wages, which coupled with rocketed prices means even if you have a deposit or a low-deposit solution you still cannot buy.
My daughter's rent in student halls is more than £900pcm and it equates to around 75% of the living loan she gets. I'm not sure she'd consider being milked for a discount, though. Sign me up on her behalf...
When talking about mortgages, you have to mention the x4-5 salary requirement. There's no way someone on an average wage would be able to just put down £3k on a £300k house. The deposit will be whatever the shortfall is, on the maximum mortgage they can get. 4.5 x £29k (the UK average salary) will only allow you to borrow £130k. The rest, you'll need to stump up yourself.
I did the below out of frustration but you're right. The big issue is the interest on the loan and then the fact the house price will not change much that quick. So if you wanted to live in that house then before you own any percentage of it you'd spend the first 7.5,10,20 years paying dead money, much like with rent.
Mortgage = £200000.
Deposit = £3k - Loan (without interest) = £197k
Interest = 4% (Over 40 years)
Total cost of mortgage = £395,203 (Almost double the cost over 40years)
Wage = £37000 (37k dubbed as the decent living wage for the UK)
Income monthly (After tax approx.) = £2,466
Repayment monthly cost = £823
Income percentage = Over 30% for one person
Average salary UK for 22-29 year olds = £26,800
When including tax that is around 50% of the average young adult's wage on a mortgage they will spend 20 years paying interest on.
We are unlikely to see house prices shoot up like in the past although they may continue to rise but at a much slower rate according to some predictions. Little hope of rising prices paying payoff that loan.
We are asking young people to find a partner to split the cost with, give the majority of their wages to already insanely wealthy bankers and private landowners but not leave them enough money to raise a young family stress with the security of knowing they have a house they can afford for 10years+. Without that security, more and more people decide to have children at older ages or not have kids at all contributing to the falling population demographics.
Current interest rates are already seeing more people taking out credit or moving back into their parent's property. I'd assume those properties were built to house a family of 3/4 and not a young family with grandparents and possible siblings, not enough space for people to want to commit to such a massive life decision. My parent's house feels tight with 4 adults inside and a dog.
We need to seriously start considering things like protest because without such actions those with wealth will always be put before those without it. When do we say enough money is enough and start trying to benefit a nation instead of those trying to keep monopoly alive. If we want such insane house prices then either give young people social housing to save up quicker, incentives to make up the wage differences when a basic house costs more than 30% of their monthly income, or start schemes that make a meaningful dent.
so frustrating...
@@UkSapyy 100%. And even if you get the deposit, that is only the first hurdle. The next is taking on a debt-liability for 20+ years, and hoping you have enough job security to meet the payments (which are now a bigger piece of your income than mortgages were years ago), and do this all the way through to retirement. A debt burden like that punctures the idea that property is a "sound investment" for the future. It's why I'm strongly considering spending my deposit savings on a converted van. Because taking on a mortgage just seems like a lifetime of debt at this point.
This was my problem.
I saved for years to pull a £25k deposit. Then found out that I could only borrow £160k mortgage, so my limit was £180k properties. I could slum it in a rusty one-bed flat, or I could move far away from my work/family (south east). Even at 6 x my salary I would easily pay less to the bank than I did on rent, but it wasn't "allowed". The 4xsalery limit is the real barrier.
Dont see how saddling people wuth more debt is in anyway a solution.
Ed recording 2 pods in 1 day. Trooper.
I have Sean’s Dunlop/Raleigh mix-up problem with Blur, Pulp, and The Verve. I know which band is which, but I blank on which band is named which.
Add time stamps so we can skip to the politics bit
No extra supply 1% morgages will just push house prices higher.
Just read it before the video even started, its a stupid idea
It's even worse than that, once house prices rise higher rents also rise in price. Rents on properties like those a certain chancellor owns....
John Boyd Dunlop, Scotsman, spent time in Ireland. Invented first practical pneumatic tyre.
Naughty Nunu! 😂
I like Seán's jumper. On the off chance he reads this, let me know the source, bro.
RE: Noo noo - you guys are seriously messed up. Don't ever change! ;)
Psml!; what an episode!
Ed after his incorrect answer regarding the Scottish Parliament (despite the clear logic), can now no longer franchise PolJoe with PolJock. Sad days.
£890 deposit?!?!? Ill buy a house with my student loan! Stonks 📈📈📈
Loving the Rain Epler Tribute haircut
It's just a posh mullet.
I love tipping point too!
If there is not enough houses why is there no regulation on home ownership? And why does a company can purchase homes? It should be limited to office and warehouse buildings only, as a corporation isn't a family and it doesn't need home. In the mean time half of the city is dark because nobody lives in them, absolutely mind-boggling
We aren't all men under 30, some of us are in are late 30s.
love the show guys. Finally have an Irish man on talking shite lol
Everyone just glossing over 'Sean doesn't have any feet' then?
Arthur Wellesley - the Duke of Wellinton - was born in Ireland but c'mon his parents and grandparents weren't IRISH. Like don't get me wrong if I meet someone born and raised in Ireland today and they told me they're Irish I'm not gonna be like "oH yEaH? wHeERe r Ur pArENtS fRoM?" and tell someone they're not Irish, but I don't count English Nobility as Irish as much as Anglo-Irish.
My partner has recently aced the life in the UK test. Me... i think it should have been a fail because the average Brit would probably know about a third of it! 😅
The guy on the left needs more Blackadder in his life.
Dear god that mullet makes me wince.
Poor Nunu, constantly covered in Tubby Custard !!
Dunlop - Isle of Man TT God .... lol .... comment b4 he obvs googled it
I'm disliking everything
Sacha Lord is not great. He signs artists to exclusivity contracts which spread across the local region (hundreds of miles), which state they cannot appear at any event other than WHP and Parklife. This has a hugely negative effect on Manchester, Leeds and Liverpool's nightlife.
His position as Night Tsar is a complete conflict of interest.
Shout out socky king of the den
Loved the Barratt Homes reference. During the drought Summer Of 76 I worked for the helicopter company that did the Patrick Allen TV ads and opened new housing estates. He was a lovely bloke and gave me a lift in his Rolls Corniche Convertible to the Leeds Ring Road where I caught the #9 bus. I used Solvite to stick the oak tree and Barratt name on our white Jet Rangers. #goodolddays
TG4 weather girls....Who the fuck is checking that interview process?
Tirty degrees tidee. 🏴🐑 🇮🇪🤪
Dream team line-up 👑
I am eligible to apply for citizenship and this test is a nightmare also the application fees are just astronomical I think it is £1400 or so
Slip a fiver to an Irish fella, over a Guinness, and you can have an Irish one. 👍😎
love podcast a on to the poal
Looks like this comments section has been barraged by bot/spam accounts. The usernames are really obvious.
HAHAHHAHAHAHAHHA
give me everything podcast ...
🎉🎉🎉 1% mortgages, the great free sell off. I guess compared to 2k a month 1500 on a 10% mortgage seems fair. Will save the banks I guess. Bank high streets will be gold plated and reopening
After the quiz at the end I'll miss Ava, however I hear Rwanda's quite nice for the time of year! 😬
Somehow less politics than the FootballJoe podcast
Wouldn't have it any other way
I thought 100% mortgages were effectively banned after 08 to protect the market from negative equity which is what lead to the FC.
They have completely missed the point. If your house decreases in value you are trapped
Ahh but they are proposing 99% which is completely different, we will all be fine. If there is another crash, it's because the woke lobby didn't support Truss
Like deployed 👍
noo-noo ^^
🎉😅🎉🎉🎉❤❤
Good package by Ava sticking it to Jenrick.
(He also fudged the leveling up money. No relevant to local councils I know but he's a contemptable pillock).
😅🎉❤😂🎉🎉❤😅
I think the citizenship test should focus more on the cost of a bus fare, the salary of a police officer and the councils of London.....and ironically if Susan Hall had been asked those questions she would have knocked it outta the park lol
This is a way for the Tories and Friends of Israel to have access to our phones. Surely we have to give our permission for them to access our phones ?
I think Susan Hall is absolutely useless, but more generally I think judging a politician on whether or not they know the price of a bus fare, or a pint of milk, or a pint of beer is equally useless !!
Who can afford to live in z 1 2 or 3 ?!
Why the f*ck did you not end the podcast with "Time for Tubby Bye-Bye!"? [glorp glorp]
Already some nonsense about "rail ticket sale" on the Govt WhatsApp account.
Never mind about all this, have you seen the price of tins of Spam recently? Astronomical.
My grandma's nick name is noo noo 😭
That's what my cousins were brought up calling their vaginas
Please remember that next time you see her xoxo
Is it blonde hair?
Is it ginger hair?
I don't know
lets look deeper underground.
As long as the mayor KHAN gets his cut anything goes
No offense to haircut, but this was an opportunity to change things up a bit more. invite Munecat, Ash Sarkar, any Woman, brown woman or older woman with a platform who keeps up with politics and is entertaining PLEASE.
As an Irish person, or especially a nationalist/republican from Northern Ireland it's like a DNA thing. We can't bow down to them unless we are politically representing, sort of like what they say about it being ok for a Muslim to live outside of Islamic Law if the cause calls for it !!
If your landlord is a management company, how do they decide which one of them gets your noo noo juice? Or is it liquidated into a fund with all the other tenants juice and distributed in the form of bonuses and wage garnish? Is this some sort of weird capitalism flavoured 'my little pony c*m jar' madness? I wont sleep tonight. 😮 Imagining that giant mlp jar
Pointless waffle...
Sadiq Khan needs to go fam
who watches this load of bollox ?
You, apparently
@@1porter no I turned off after 5 seconds
@@robertovers1863 How do you know it was bollox then ?
@robertovers1863 So after 5 seconds that must mean you either hate podcasts? Or you love nonces? Best get off the internet either way then….
5 seconds was plenty any more was suicide material @@Ferretbreath
Don't be so cynical - if Russia invades we need to know.
This podcast could be so much better.
How? That's not feedback, champ, it's just a criticism.
I actually got so annoyed by this because it was such a pointless comment lol
@@foehammer5047 Oops! Didn’t mean to annoy you! Just think they should banter a little less and stick to the political discussion more. Can I now leave the naughty chair? :)
Isn’t this the same woman that said boys should be scared of approaching girls? Saying she enjoys that fear and thinks it’s better they’re afraid than a woman gets harassed?
Yes, it was.
Hang on.... Eds wife?....... Eds not gay?!
Ed seems to be in some sort of civil partnership with his NuNu(gender unspecified)
Liked this for the political value but like listening to school children otherwise. This must be aimed at the 20 year old.
I'm not watching your football programme mate and I'm almost going to turn this off for talking about points stuff.
Mullet, dirt moustache and a barcode for a fringe
DOORMANs triple threat !!!