The rest of Britain wants to be MF?

StuartGMC

I missed this article over the break, but it looks like we could have a "few" more MFW if you believe these statistics..

http://news.bbc.co.uk/1/hi/business/7802819.stm

ShelleyC_2

I wonder how many people are not withdrawing equity because the bank wont let them rather than understanding their mortgage is actually a debt?

I'm amazed how people seem surprised at the idea of trying to clear a mortgage early like its weird and illogical. Luckily no one here gives me the :eek: look!

financialbliss

From above link:

"People are scared stiff of recession and rising unemployment and are now paying down their debts rather than adding to them."

I've always treated mortgages as debt, and attempted to reduce them, rather than something than "grown ups have" for 25 or more years!

It's certainly more busy in here recently - which can only be a good thing. Certainly a few new diaries, which I'll have to get around to reading!

FB.

dimbo61

The words here are " a few " more people are now reducing there debt and not increasing there mortgages.
Might well have alot to do with banks and BS,s not lending extra money on properties which are going down in value!
Some people will always be good with financies and others ( my 2 teenage boys ! ) will not.
MF by 53 I hope.

JonnyBravo

dimbo61 wrote: »

Some people will always be good with financies and others ( my 2 teenage boys ! ) will not.

Don't worry.
I wasn't very switched on to "finances" 'til after I left University. There's time yet. :cool:

dimbo61

Sorry Jonny should have "paid" more attention in english classes !

Badger_Lady

Surely less equity is being withdrawn because there's less equity to withdraw..??

setmefree2

Maybe people are paying down their mortgages as interest rates are so poor? If you have a fixed rate mortgage it is hard to find a savings interest rate to beat your mortgage rate perhaps..