People who end up with nothing after 30 years

enjoyyourshoes

Ah come on !

No sympathy at all.

I got my first mortgage aged 23, I implicitly knew that an interest only mortgage would be a bad thing, and I am not that bright.

people who took interest only did so with their eyes wide open and in full knowledge of the facts ahead of them.

They had option, like the vast majority of us, to have a repayment or endowment (then subsequently reevaluate the product and obtain an more suitable alternative)

No one can be that naive and then moan about their decision later in life.

margaretx9

Compared to 30 years ago house prices in some areas have risen by 10 fold and more.

That house in London they bought for £75k may now be worth £750k. Less dramatic elsewhere but still significant.

Sympathy - not really as they have almost certainly made huge equity growth. They can sell up and buy somewhere cheaper - they still get to own a home.

Sympathise with the poor first time buyer today on the same equivalent wage they earned who has to rent as they can't afford to pay £750k for that house as they don't earn seven times the average wage! They would love such 'problems'!

AnotherJoe

In what way is all the equity tax free from 30 years of house price growth, plus no rent increases, plus not being at the beck and call of a landlord for 30 years, "nothing" ?