my mortgage is so large, i will never be mortgage free

The_White_Horse

I think there should be a tax on people who bought their property pre 1997 - which helps those who had to buy post 1997.

hateful left wing corrupt inept trash govt. they should have cooled it all years ago.

redpete

Why do people buying post 1997 need help?

What should the government have cooled?

Are you saying that the socialist government is to blame for forcing people to pay high prices for houses under a capitalist system?

SimbaSimon

People are obviously happy to pay the prices that they are at now and since 1997 otherwise no one would buy would they? (Myself included). Think your just trolling to be honest.

ILW

The_White_Horse wrote: »

I think there should be a tax on people who bought their property pre 1997 - which helps those who had to buy post 1997.

hateful left wing corrupt inept trash govt. they should have cooled it all years ago.

Pay more towards your mortgage and then you will be mortgage free.

The_White_Horse

the price of houses were getting out of control, and the left wing govt should have allowed interest rates to rise, but they deliberately kept them low so people could feel rich and mew to their hearts content.

The_White_Horse

SimbaK2K wrote: »

People are obviously happy to pay the prices that they are at now and since 1997 otherwise no one would buy would they? (Myself included). Think your just trolling to be honest.

not at all. a house that was worth 90k in 1997 is now "worth" 290k. if you have to buy a house, you have to spend 290k - if you are lucky, you might get a bargain at 260k. the banks lending of 8 times salary with artificially low interest rates meant that people earing 30k or 40k could afford ridiculus prices.

yes, people could have all said "No" to the prices, but they were stupid, and in the end, people had no choice but to buy.

the labour govt are fully to blame. they encouraged it. they promoted it.

vaporate

Prices ARE out of control. In the 90's a terraced house in my area cost around £40,000. Now, it costs over £100,000.

Scanderlous is the word you're looking for. I refuse to pay such an amount, even with a mortgage.

I'd rather buy a deluxe caravan out right and live rent free besides site fees and rates and bills and insurance.

Pete111

Ummmmm if you knew you would never be able to pay it off, why did you take out such a big Mortgage?

We took out a whopper 2 years back but can pay it off no probs so have no issue with house prices per se.

setmefree2

The_White_Horse wrote: »

the price of houses were getting out of control, and the left wing govt should have allowed interest rates to rise, but they deliberately kept them low so people could feel rich and mew to their hearts content.

The Government doesn't control interest rates, the BOE do. The BOE doesn't have a mandate to target housing bubbles - they target inflation (which they are supposed to keep near 2%).

The present problems we have were not caused by the government but by massive imbalances between the West and the Chinese and the fact that, firstly, the Chinese have kept their exchange rate at artificial levels to encourage exports and, secondly, that the Chinese are prepared to invest in low yielding investments (US treasuries ) while most of their people are dirt poor.

The_White_Horse

Pete111 wrote: »

Ummmmm if you knew you would never be able to pay it off, why did you take out such a big Mortgage?

We took out a whopper 2 years back but can pay it off no probs so have no issue with house prices per se.

i'll pay it off, and perhaps a few years early to boot. but not like the people on here with their 40-100k mortgages, able to overpay 100% a month.

alared

I think people who bought post 1997 should start paying a true and proper interest rate and shouldn`t expect to be "cushioned" by savers who are getting derisory rates.

I bought pre 1997 and was paying 15%, maybe a taste of that would stop today`s whingers.