How are we supposed to afford an 40% increase in mortgage payments...this can't go on!

strawb_shortcake

When I first enquired about a mortgage with my bank, the mortgage adviser thought I was stupid initially as he kept asking me about my unsecured debt. I kept replying I don't have any. He spelled out every type of unsecured debt available, my answer remained the same. 

He said I was the first person he had dealt with that had no debt, HP, PCP, loans or utilised credit. 

I didn't think I was such an anomaly but perhaps I am? 

I'm not sure comparing past generations to this one is particularly fair, so much has changed and non essentials have become part of every day life.

I think it was my Great Grandad who used to walk 7 miles to work each way, as there was no public transport, cars weren't mainstream and they lived in the countryside. I don't think we'd expect many to do that nowadays.

Sarah1Mitty2

annabanana82 said:

When I first enquired about a mortgage with my bank, the mortgage adviser thought I was stupid initially as he kept asking me about my unsecured debt. I kept replying I don't have any. He spelled out every type of unsecured debt available, my answer remained the same. 

He said I was the first person he had dealt with that had no debt, HP, PCP, loans or utilised credit. 

I didn't think I was such an anomaly but perhaps I am? 

I'm not sure comparing past generations to this one is particularly fair, so much has changed and non essentials have become part of every day life.

I think it was my Great Grandad who used to walk 7 miles to work each way, as there was no public transport, cars weren't mainstream and they lived in the countryside. I don't think we'd expect many to do that nowadays.

Plenty of people still walk/cycle to work and take packed lunches etc., maybe not as much as 7 miles though and probably a "lifestyle/economic choice" until recently. You are spot on about the amount of debt people have now, it has really exploded in recent years and I fear that the 20 - 30 age group are really going to struggle with the changes they will have to make