Negative equity and a few other questions

alastairq

hi...................A very supportive contribution from Lou.....all is not doom & gloom, after all?

what seems to be forgotten regarding LLs is the fact that many...when faced with the obligation to repair, actually have to find the money to do so like the rest of us.

I am currently in that position, of more major work needing to be done to the house, which will have to wait another year whilst the LL gets some more cash together!

It doesn't directly affect my day-to-day living...but I am thankful it isn't me who is having to fork out all the expense!

Mortgages in reality are another form of 'rent', as well.....with just as much insecurity involved.

And with the general record of marital and family splits, levels of change in economic status, war , pestilence and other attendant influences, the concept of a mortgage eventually being paid off, and the property being one's own personal asset in the future, really is becoming the stuff of myth and dreams.....witness the number of accounts of misfortune in that respect one hears, reads and see's every day?

I rant on regularly about the attitude of the British society towards renting compared to house purchase....but increasingly wonder whether a lot of it s really manipulation?

The French and Germans don't share our love of property ownership.....in fact, they actively encourage LL's to enter into long-term leases......something this country needs to address, but won't, because we are too busy looking after those who have property, to the detriment of those that don't.

droiderm

I personally can't wait to get i mortgage.
One thing that hasn't been mentioned is that a reposession will be an additional thing which will make is more difficult to get a mortgage one day.
I know that's probably a tiny consideration in the scheme of things but i thought i would mention it anyway.
Have you thought about anything you can do to feel safer where you are?
How much negative equity are you in?
Your husband may be jointly liable. Have you considered that ?
I would seek free professional advice.

alastairq

I personally can't wait to get a mortgage.

.......and I don't blame you for that one jot!


I have had mortgages [and, supposed property ownership] for over 35 years prior to my present situation.

Best intentions, and plans for the future, simply brought to nought by others [or, to be fair, 'circumstance?] not just the once, but several times!

It is indeed the lucky person who manages to make their way through life, ticking all the boxes...

I suppose my point is, this country doesn't see fit to present us with a 'viable' alternative to house purchase. Unlike other nations?



If we as a country also had a 'history' of acceptable long term leasing...as an option to purchasing.....rather than the temporary, short-term system in place at present, how many of those seeking to create their own homes would even bother considering property purchase?

droiderm

Its not us to the country or government to provide us with that options.
I guess its a question of supply and demand.
I am sure there would be provision given sufficient demand.

I want somewhere to call my own especially past my retirement.
I kind of view buying a home as investing in somewhere to live when i have less money . Obviously in addition to the other benefits. But i can see its a personal choice .

alastairq

I am sure there would be provision given sufficient demand.

the demand exists, and always has done.....
But it has suited successive governments to encourage us to commit ourselves financially, since it makes us compliant.

When engaged in paying off a mortgage, we are vulnerable.

A threat to our livelihoods brings us into line!

We imagine we have more to lose.

If people lived in secure rented homes, with secure, long term leases, where is the lever?

Ever wonder why the French can indulge in such massive public disobedience?

BTW, owning one's own home in retirement isn't quite the silver-lined cloud we imagine.

For, along with ownership, there still exists full financial responsibility.

At a time when our incomes are drastically reduced[ and often, what income is there, is subject to fluctuations beyond our control or desires]

And, the asset itself may well end up being taken away, simply to fund care in old age?

Rather than lining the pockets of our successors?

Pay no heed to me, I'm just super-cynical these days.