A quarter of home owners live on 'financial precipice'

Really2

But the average is still under 30 and if you use thing like the average wage etc you have to also accept this. The article I posted was from the CML and was based on all borrowers.

Turnbull2000

This is why interest rates won't be rising very much for a very long time.

Graham_Devon

Really2 wrote: »

But the average is still under 30 and if you use thing like the average wage etc you have to also accept this. The article I posted was from the CML and was based on all borrowers.

I am accepting it. Hence why I said sorry, just incase you need to be told twice.

Really2

Turnbull2000 wrote: »

This is why interest rates won't be rising very much for a very long time.

Exactly it is not within anyone's interest to cause defaults (especially the banks).
TBH It is more likely the ones on fixed are closer to this than the ones on trackers or SVR.
simply because people budget on a fixed so know that they are safe on current wages and not dependant on rates.(thus spending much more on a mortgage than most at the moment)

Anyone who purchased pre-2007 would have been on a lot higher interest rate if they are on a tracker now so surely would have defaulted then.

I would not say anyone on a fixed rate after expenses, food, etc etc and still had £300 breathing space before their income goes negative are really not that much in trouble.

Your in trouble when your income is lower than your bills not higher.

chucky

Turnbull2000 wrote: »

This is why interest rates won't be rising very much for a very long time.

agree but there is a but there - the deficit and funding it could determine interest rates.
that's a worst case scenario btw

Emy1501

Graham_Devon wrote: »

Sorry, just tried to find a link, but it was a news story from the CML and can't find it.

I think I used the age of first time buyers who have no help?

http://firstrung.co.uk/articles.asp?pageid=NEWS&articlekey=9033&cat=56-0-0

33.5 by the looks of it

ukcarper

Emy1501 wrote: »

http://firstrung.co.uk/articles.asp?pageid=NEWS&articlekey=9033&cat=56-0-0

33.5 by the looks of it

It looks like that article is 2008

Really2

ukcarper wrote: »

It looks like that artical is 2008

It is and based on 2006/2007 figures. Current is as per my link so sub 30 years old on average.
So yes the average peak FTB would be included in the survey but then also people like me and older.
Your average 44 year old would have over 14 years of equity/repayments under their belt.

ManAtHome

Turnbull2000 wrote: »

This is why interest rates won't be rising very much for a very long time.

So are the BoE/govt going to be printing money for a very long time, or is the wholesale market going to accelerate from a few billion now back to £700 billion or so over the next 3 or 4 years..? (or do you mean BoE rates won't be rising).

Emy1501

ukcarper wrote: »

It looks like that article is 2008

Most people did not buy their house last year though? The article suggests in the last few years its been around 34 and not in the 20's. So who know what the average has been over the last 10 to 15 years

The point I was getting at was I know where Grahams coming from becuse I posted the article about the CML and under 30's last year and it was pointed out at the time that the average age of FTB's at the time was 34 which I found pretty suprising. Here is the thread which was only a few months. Its interesting nobody questioned it being 34 at time. Therefore saying because it was 30 last year means it was 30 14 years ago is a bit wrong without figures to back it up. In all honesty I would have thought it would be mid 20's the figures suggest otherwise.

http://forums.moneysavingexpert.com/showthread.html?p=26855575&highlight=emy1501+ftb#post26855575

Therefore who knows when these people bought their first home.