Over 40's being frozen out of home loans

wymondham

MRMX9 wrote: »

Agreed.
So much money is having to go into rent and mortgage payments for many - they literally have little money left to save for the longer term.

top post - 100% accurate.

enthusiasticsaver

The biggest timebomb is going to come when people who cannot afford to buy houses have to stay in private rented accommodation and go into retirement still having to pay monthly rent on a measly pension. We were lucky in taking out our mortgage in our twenties and it is now paid off and we are in our mid fifties with four to five years until our planned retirement. If we were still renting that would be £500-£600 per month extra income we would have to find.

MRMX9

wymondham wrote: »

The problem is houses cost too much and hence mortgages are too large. These need to be reduced to sort the problem, but this is against Government policy ...

So you vote for a government that will have a different policy!

wymondham

MRMX9 wrote: »

So you vote for a government that will have a different policy!

yes, if a politician stood up and said 'this is crazy and we need to do this differently' wouldn't it be mind blowing?

getmore4less

Bigger households

Keep the kids at home send them out to work and charge them rent to pay that mortgage off quicker.

lisyloo

But lots of people cannot or will not save.

If they genuinely cannot for whatever reason then that's one thing, but if they chose not to that's another.
I'm 46 - I'm really nothing special in terms of talent or career, but we bought a house at 22 and have paid it off (and put into pensions).
Not sure what the other 40- somethings have been doing, but prices were not at todays level 25 yars ago when they should have buying and putting into a pension.
You snooze ...........you lose.
Yes prices are too high now and that's damaging for pensions etc. but those who are 40 now have have 20 odd years.
Obviously some of them have had circumstances that prevented them from saving, but those who chose not to save for their retirement only have themselves to blame - not some other generation.

James_B.

lisyloo wrote: »

Not sure what the other 40- somethings have been doing, but prices were not at todays level 25 yars ago when they should have buying and putting into a pension.
You snooze ...........you lose.

Well, I was still studying for a degree, and had the doctorate to come afterwards. That meant that I only started permanent employment at 25, so had some work to do to catch up.

Fortunately I did so, by working toward a career in the city. I've now caught and passed most people who started work younger (although I still have a bit of a mortgage, having bought somewhere appropriate for someone working in the square mile...), but apparently this sort of thing should not be allowed.

guitarmad

CLAPTON wrote: »

Uk population is growing by about 400,000 per year

we aren't building enough to keep up with this increase although it all varies between the different regions.

until we bring the increase in demand and increase in supply more in line then house prices will continue to rise.

we need more supply and smaller increase in population

There are new houses being built everywhere - and the house prices haven't gone down a penny. It's just the way Britain is - horrifically overpriced on everything except clothes and luxuries. Madness!

guitarmad

MRMX9 wrote: »

So you vote for a government that will have a different policy!

No government will have a different policy - the house prices were high when Labour were in and are high now. MP's don't even discuss the issue. Horrendous!

StevieJ

guitarmad wrote: »

There are new houses being built everywhere - and the house prices haven't gone down a penny. It's just the way Britain is - horrifically overpriced on everything except clothes and luxuries. Madness!

A very good point, I live in Chester where many flats/apartments have been erected around the city centre, I expected a downward push on prices, just doesn't seem to have happened.