Shortfall fears for over 1m interest only mortgage holders

IveSeenTheLight

Thrugelmir wrote: »

Which may require a painful correction to speed up the healing process.

If the population was contracting I'd have more concern.
As long as the population is expanding and the supply of property is insufficient to meet the needs, then there will always be a premium for property.

chucknorris

Thrugelmir wrote: »

We all know "somebody". Unfortunately with 1 in 8 interest only mortgage holders alone apparently not even aware they would need to repay the debt .

I know that some people are just plain dumb, but I must admit that I wasn't aware that 1 in 8 were !!!!!!.

OffGridLiving

chucknorris wrote: »

I know most people are just plain dumb, but I must admit that I wasn't aware that 1 in 8 were !!!!!!.

It is a shocker if true, but then I take issue with the other statistic about how many people have no repayment vehicle. When I had an IO mortgage, no one asked me about the endowment I had as my vehicle, so I must have been in the 'no repayment vehicle' statistics, even though I did have one.

When you see these sorts of politically minded stats bandied about, it really undermines your trust in anything a particular body says in the future. I know I always take statistics with a pinch of salt these days. I've seen so many scare stories over the years (not just financial but health ones about various epidemics about to erupt) that I just chuckle when the next one rolls up. They all essentially come to nothing in the end.

IveSeenTheLight

OffGridLiving wrote: »

I've seen so many scare stories over the years (not just financial but health ones about various epidemics about to erupt) that I just chuckle when the next one rolls up. They all essentially come to nothing in the end.

I hate scaremongering.

When I see "challenges" my first thought is about how can we rise to that challenge and overcome or navigate through that challenge.

Same to the political scaremongering or harping back to what was inherited. You know what you inherited, I want to know what are you going to do about it.

I wish more people would view obstacles as challenges and which way is best it is to resolve them.

chucknorris

IveSeenTheLight wrote: »

I hate scaremongering.

When I see "challenges" my first thought is about how can we rise to that challenge and overcome or navigate through that challenge.

Same to the political scaremongering or harping back to what was inherited. You know what you inherited, I want to know what are you going to do about it.

I wish more people would view obstacles as challenges and which way is best it is to resolve them.

What is it Warren Buffet said:

Be Fearful When Others Are Greedy and Greedy When Others Are Fearful

Not just the challenge I would say, the opportunity. Natural bears will always worry, it is in their nature. The best trick is to be able to switch.

IveSeenTheLight

chucknorris wrote: »

What is it Warren Buffet said:

Be Fearful When Others Are Greedy and Greedy When Others Are Fearful

I recall Trump saying something similar in the New York property slump of the 80's

Real estate is at the core of almost every business, and it's certainly at the core of most people's wealth. In order to build your wealth and improve your business smarts, you need to know about real estate.

I quite like this one though in terms of this forums posters

Many people are afraid to fail, so they don't try. They may dream, talk, and even plan, but they don't take that critical step of putting their money and their effort on the line. To succeed in business, you must take risks. Even if you fail, that's how you learn. There has never been, and will never be, an Olympic skater who didn't fall on the ice

chucknorris

IveSeenTheLight wrote: »

I recall Trump saying something similar in the New York property slump of the 80's



I quite like this one though in terms of this forums posters

Yes that last one is a very good one:

Many people are afraid to fail, so they don't try. They may dream, talk, and even plan, but they don't take that critical step of putting their money and their effort on the line. To succeed in business, you must take risks. Even if you fail, that's how you learn. There has never been, and will never be, an Olympic skater who didn't fall on the ice

ess0two

Fortune favours the brave.