If house prices fall another 37% ...

whathavewedone

Nonsense. Did you not see those ads about "what about your inheritance?" "Life's for living mum, I said".

Loads of oldies spunked all their equity on cruises etc. Why shouldn't they, especially the ones that didn't have kids (or had kids that only bothered to visit twice a year under sufferance). You can't take it with you after all.

Dan:_4

mewbie wrote: »

It's a good question Sue. Equity release, or to decribe it more accurately, borrowing money has fuelled the last decade - the money from huge HPI funding ever more lavish things - like holidays, then cars, then BTL's. And so on.

This is another small problem for the government. People were happily spending more than they earnt, because of the 'free' money in their houses. Those times are not coming back. Whose going to buy those holidays, cars and BTL's now? Apart from Kenny and Chucky of course.

Come on Mewbs. Do you really think that the majority of folk need to MEW in order to go on holiday or buy a car?

Dan:_4

carolt wrote: »

To the over 70's, a home is for living in, and anything else incomprehensible.

What about the under 70s?

mewbie_2

Dan: wrote: »

Come on Mewbs. Do you really think that the majority of folk need to MEW in order to go on holiday or buy a car?

I think that if I drive down streets where ordinary people live, and count the number of what I'd call flash cars, ie. less than ten years old, Audi's 4x 4's, etc. and compare that to how it used to be then a lot of people have been borrowing to fund a lifestyle. Whether mortgage equity release or credit cards I don't know.

My guess is that they weren't all saving like mad up till 2001 and then collectively decided to blow the lot.

SingleSue

Sorry, I didn't mean to start an arguement.

Thanks for the answers so far though.

Whathavewedone - I have been one of those telling my parents to sell up and enjoy their money and begger us, they put the money in and they should get the reward. One time, I have suggested some equity release when hospital treatment was needed for my mum but they still refused to do it.

They are of the old school, a home is for living in and not living off.

Dithering_Dad

carolt wrote: »

Excellent post, DD. I don't normally reply to your posts, DD, but it makes me sad that given you're obviously capable of writing intelligent, thoughtful posts like this, you choose - for reasons I cannot begin to understand -to conduct personal vendettas instead.

You could make a really helpful contribution, you know.

Maybe there is hope.

I daresay one of your 'friends' will PM you with this. :rolleyes:

From the evidence of this post, you're the only one conducting personal vendetta's carolt. Why do you insist on posting provocative messages when everyone else seems to be trying to get along for the good of our board?

As for the 'friends' comment, all I can say is that at least I have them.

Dan:_4

mewbie wrote: »

I think that if I drive down streets where ordinary people live, and count the number of what I'd call flash cars, ie. less than ten years old, Audi's 4x 4's, etc. and compare that to how it used to be then a lot of people have been borrowing to fund a lifestyle. Whether mortgage equity release or credit cards I don't know.

My guess is that they weren't all saving like mad up till 2001 and then collectively decided to blow the lot.

Yes because no-one earns a decent salary to buy one out-right.

mewbie_2

Dan: wrote: »

Come on Mewbs. Do you really think that the majority of folk need to MEW in order to go on holiday or buy a car?

Actually Dan I've just remembered, someone on here has gor a 50 Inch Plasma. That didn't come out of Co-op coupons.

Dan:_4

mewbie wrote: »

Actually Dan I've just remembered, someone on here has gor a 50 Inch Plasma. That didn't come out of Co-op coupons.

There not as expensive as you think

lostinrates

Dan: wrote: »

Yes because no-one earns a decent salary to buy one out-right.

Some people do. But not a lot. How much is a new discovery or Audi6? What wage takes you into the top, lets say 5%, of earners? I have no idea.

FWIW though Mewbie my dad just sold his audi for an expensive bag of peanuts. Its 8 or 9 years old, and it would come under the heading of ''flash'' to me.