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Debate House Prices
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The homeowners who cannot move home
Comments
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HAMISH_MCTAVISH wrote: »Yep.
3.9 million outstanding interest-only mortgages
7.3 million capital-and-interest mortgages
I/O is 34.8% of all mortgages outstanding. (Although, as noted earlier, it's 43% by total value outstanding)
Are the 1.42 million BTL mortgages included in those figures?0 -
Graham_Devon wrote: »Are the 1.42 million BTL mortgages included in those figures?
I can't find any reference to say they're not.
I provided the link earlier in the thread for you, if you want to check, but as far as I know that includes all mortgages outstanding.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
They should have bought big enough in the first place (maybe in a cheaper area). A two-bedroom place is big enough to raise a couple of children: they can even - shock horror - be raised in a terraced house or a flat. You don't need a four bed detached.
We have had our mid-terrace house on the outskirts of the inner-city since the 1970s before we had any family and later brought our son up in it. We bought it precisely because we would not need to move again, unless we chose to do so.
Our son has a two-bedroom flat for a similar reason.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
You win some you lose some. If you see a house as an investment/asset you have to be prepared for rise and fall. If its a home you can stay put. This is how it has always been. Prices really need to fall to kick start the housing market and to enable people with a decent salary to afford a decent home for their family. It is unfortunate if you bought in teh last 7 ish years but thats life.0
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seven-day-weekend wrote: »They should have bought big enough in the first place
People doing this get condemned for "wanting it all". It's a no win situation.0 -
I don't understand why they can't start a family - they have a 2 bedroom flat after all.
It may not be the way the envisioned their future when they first got on the property ladder but it's hardly an obstacle that can't be overcome.
Now if they had bought a studio flat I could understand their concerns...0 -
homelessskilledworker wrote: »I know I am going to get attacked for this, buy hey ho here goes anyway:)
People on this board seem to have forgotton very quickly those pre 2007 days when you could load up with as much debt as you could stuff in those boots. I have to admit it now feels like a distant memory when the only obstacle to borrowing whatever you wanted was Mmmmm...Well!! there was no obstacle.
All you needed was a property and away you went, borrow like there was no tommorrow, and "millions" did, and why would it be a surpise to anyone, you only have to look at how much the banks screwed up with their poor lending to realise this.
Some on this board are calculating on the basis that only those around 2005 onwards could be stuck as that is where nominal house prices are today, rubbish. There are plenty of homeowners from even way before 2000 who started the now long forgotton art of MEW, mortgage equity withdrawl.
I have no problems with the article claiming millions are stuck, I am not saying it is 100%, but it is more than feasible.
I accept that lots of people are in that position but saying over 20% of mortgage holders are in pushing it.0 -
Graham_Devon wrote: »People doing this get condemned for "wanting it all". It's a no win situation.
I meant a terraced house or a two-bed flat. I didn't mean a mansion.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
Self certs lovely chubbly lol .....Any different to libor or the other bank scandals ...NO lol or the MP's at the fiddle, no lol
LIE- NOT AT ALL. Bend the truth maybe...lol
And you mess up you pay the piper.
There are a lot of people out there that tore a strip off politicians and bankers for fraud and telling big porky pies, and I am one of them.
But for all the huff and puff we heard from Mr & Mrs Average you have to wonder how many of them were less then honest with their remortgages and self certs and loans. There were very few innocent groups in all this.0 -
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