can you see a day when people can walk away from a mortgage!?

ILW

Loughton_Monkey wrote: »

More like how much stuff you can afford. I could by a horse for Mrs Loughton Monkey. But I couldn't really afford it, so I don't!

Mrs ILW wants a horse, cannot see the attraction myself.

lemonjelly

silvercar wrote: »

If there is no equity or negative equity, the bankrupts family can buy back the beneficial interest for peanuts. The bankrupt then gets to keep his home and is rid of all the unsecured debts. So the advice in the last sentence is the opposite of the correct path, keep paying your mortgage and dump the unsecured debts as they will be included in bankruptcy.

True (only if they are not also going bankrupt, & they themselves already have a beneficial interest in the property).

de1amo

Back in the early 80s i bought a panasonic tv and it lasted me well into the 90s-i have had countless tvs since then and they look nice but they dont last--made in china as opposed to to made in japan--when i was a kid it was 'inferior to be made in Japan but now its a premimum product you get from there-we suck in a load of cheap imports made in china that have a short shelf life ---i am not so sure these new build houses will be around as long as their mortgages--we may have all the trappings but are they quality??

zappahey

ILW wrote: »

It has been said the life expectancy may now be decreasing due to obesity issues.

Heh, we were back in the UK last week and my wife said the very same thing.

Thrugelmir

Generali wrote: »

On the down side there is considerably less Led Zep and The Clash than was available in the 1970s and that is definitely a bad thing IMO.

Less music full stop. The late 60's onwards was a golden era.

I now to live to regret it as my hearing has suffered according to the hospital specialist earlier this year. No H&S rules back them.....

neverdespairgirl

PasturesNew wrote: »

In the 70s we didn't have:
- central heating (had a coal fire)
- fitted carpets (had a strip of lino round the edges if wealthier, and a big mat in the middle)
- didn't have double glazing

All that applies to my parents' country house now - no double glazing, no central heating, no carpets.

treliac

ILW wrote: »

We spend more time watching different forms of TV.
We are generally fatter.
We eat more but quite often worse food.
We mostly work longer hours to support our families.
More own houses, but that appears to be mainly down to RTB and there is a equal fall in social housing.
In general we have much higher levels of debt.

Am I missing something if I do not see the much improved standard of living that is forever being quoted.

The standard of living is higher but quality of life is arguably considerably lower!

de1amo

İ go to the uk once a year and i have noticed that people have become noticeably more stressed and aggressive in recent years --the cost of living has gone up substantially over the past 12 months--and people seem to be chasing their tails increasingly--they all seem to have carpets and DG but they arent happy!!

olly300

Loughton_Monkey wrote: »

. In other words, take a reasonably "worst case" of someone buying at the 'peak' of Q3 1989 - who immediately gets made redundant and cannot afford the mortgage, having to decide whether to 'grin and bear it' - or to run away with unsatisfied debts. This person would almost certainly be regretting that decision some 6 years later when coming out of bankruptcy.

In the early 90s people did hand their keys back to the building society but didn't declare bankruptcy. They also weren't chased for their mortgage debts so their debts became statue barred.

Mortgage contracts and the stance of financial institutions changed soon afterwards because it became publicised.

I knew 2 separate people personally who did it on the advice of their parents who realised the areas they brought meant it would take years to regain for properties to regain their value. In both cases their parents were right. One place took until around 2000 to go to the same price and another never did as the area put on the demolition list.

Other people I know suffered until the 1999/early 2000s before they could afford to sell properties and some where in the SE.

So even though price indexes show that on average areas regain their prices by 6 years loads of people suffered and they were in employment.

de1amo

i should think there are a fair few that moved from their small flats they bought then and dragged the debt into their new 'family' homes.
İt was also a vogue of those times to team up with almost strangers to buy a place together so you could get the full MİRAS allowance. İ do wonder how that situation unravelled with the negative equity and inevitable 'requirement' to spilit the household!? or are there still social experiments still going on with this silly idea ? İ know one thing that affected me from those times was the short fall in my endowment which was forced upon you as a certain product to cover the equity--my target was 30k and i cashed it in last year for 18k because it was going no where. That little time bomb is still ticking but coming to 'fruition' over the next few years!!