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Debate House Prices
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Is Britain's love affair with the property market finally over?
Comments
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That article shows just how deep the pain is travelling through society after a decade of insane House Price Inflation way beyond wage inflation.
Andy Pow (61) & Jane Pow (54)... to me they should be in a house with no mortgage enjoying their life, and looking forward to a happy retirement.
Instead they have repossession proceedings in motion against them, and are desperately hoping some fool will come along and pay them top money (£300,000) for their house - with mortgage reset shock imminent upon them.
kapow sock bam whack biff0 -
Only it really isn't down to the government, it's the Bankers.
No one forced anyone to borrow more money than you can afford to pay back.
No one forced anyone to borrow, 5 or 6 or 7+ times their income.
No one forced anyone to lie about their income via Self Cert.
No one forced people to put themselves in to huge debt to buy some £250,000+ two bedroom slave box in a city full slaveboxes.
No one forced people to take equity release on their property as it continued to rise like 300% for their holidays and new cars and new clothes and fancy meals.
The debtors fully deserve to lose everything.0 -
No one forced anyone to borrow more money than you can afford to pay back.
No one forced anyone to borrow, 5 or 6 or 7+ times their income.
No one forced anyone to lie about their income via Self Cert.
No one forced people to put themselves in to huge debt to buy some £250,000+ two bedroom slave box in a city full slaveboxes.
No one forced people to take equity release on their property as it continued to rise like 300% for their holidays and new cars and new clothes and fancy meals.
The debtors fully deserve to lose everything.
I agree with you completely no one forced the general public to borrow like it's going out of fashion. So not sure really how that makes it the Governments fault.In Progress!!!0 -
No, it is Government. They could have legislated to force sensible lending, but they didn't. They have allowed the housing bubble to form and force all of us into massive debt.
So let me get this straight on the one hand we don't want the Government to tell us how much to drink smoke or eat, but on the other they should have been saving us from our own stupidity when it came to borrowing money.
The Gorvernment is the middle man, the bank is at the top.In Progress!!!0 -
PasturesNew wrote: »Reading the first paragraph of that, I thought I knew those people and their names/location had been changed.
I know a couple with an almost similar profile, but without the kids. They live in a good-sized 4-bed detached house and have just paid off the last of their £27k mortgage from savings they had waiting in their offset account.
Are we reading the same article?????? The couple you think have similar profile have sensibly cleared their mortgage, and so by the sounds of it been careful with their money..
The Pows have gone from having a great monthly income, to now having repossession proceedings against them on their expensive new build house they stretched to buy, have missed recent mortgage payments, with no indication of how much they still owe on their mortgage which is about to go in to reset shock, and are desperately trying to get top money via a sale before repossession.
They might be lucky to be left with anything.
(oops - you did say first paragraph - my bad)0 -
HO - Dear Mr Mortgage lender - can i have a 3 month holiday?
ML - No.
HO - Oh, well I'll have one anyway.
ML - Ok, we want our money back now.
HO - But we've done nothing wronG!0 -
That article shows just how deep the pain is travelling through society after a decade of insane House Price Inflation way beyond wage inflation.
Andy Pow (61) & Jane Pow (54)... to me they should be in a house with no mortgage enjoying their life, and looking forward to a happy retirement.
Instead they have repossession proceedings in motion against them, and are desperately hoping some fool will come along and pay them top money (£300,000) for their house - with mortgage reset shock imminent upon them.
kapow sock bam whack biff
Actually, when you read the article you've got to ask why they didn't downsize sooner and cash in on the equity as they have quite a big, luxurious house.
They also defaulted on the mortgage for three months and then expressed surprise when the lenders took action.
I don't don't really have a lot of sympathy for them, to be honest. If they needed money for a new business they could have traded down and used the cash profit. Instead for whatever reason they chose to stay in a much larger house than they needed and default on paying their existing mortgage.
I wouldn't be surprised if they had MEWed it on at least one occasion and the default was on the MEW repayments, but they're not owing up to that.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Really, I think the British will always aspire to property ownership. I think we are in for some very, very bleak times ahead, but I think that part of how we will measure bleakness is by property prices. Its become part of being British, the aspiration of home ownership.
I think living within your means IS vital. I used to think its not what you earn its what the bank thinks you're worth: now I realise very different. Thankfully I have not acted on 'what I was worth' in debt but for my riends who have I am terribly, terribly sad. For my generation massive personal debt has been norm since we became adults, we have been encourage to do it from the start (first generation of contribution towards university fees, plus stuent loans). Most of us were avised NOT to work through university etc etc. A lot of gumph aout EU working hour directives etc was spouted and the promise that debt taken out at 20 would be repauid by retirement, th longer we took to get in debt the more we risked our retirement years becaus we'd b paying off debt until later.
With more people getting education and work further away from 'home' until the recent swing back to living with parents for longer it did seem to make sence for a while to buy an pay a mortgage for students/the newly employed. Also, I have a lot more than my parents di at my age (car, mobile phone, computer etc etc) but try getting a job without being contactable. its possible to use computers etc at libraries but not in the way you can at home. E.G. DH spent his weekend working from home (phooee to work hours dirctives, eh) and with out his mobile to tell him to work and our broad band link to get the work (work was at leat done on work provided laptop, lol) he would be considered unemployable! This o course means our comparitive personal expenditure is higher than for my parents generation too. So, debt is, er, was, easier, what you 'need' (not just social pressure but work pressure) is greater and ultimately of course people aspire to GAiN, and I don't think that in itself is bad.
Anyway, what I'm trying to get to is I thik that while Britain and property might not really be on the rocks I think it is a true love and will emerge, one day, as vibrant as now.....till the next 'fall out'.0 -
So let me get this straight on the one hand we don't want the Government to tell us how much to drink smoke or eat, but on the other they should have been saving us from our own stupidity when it came to borrowing money.
The Gorvernment is the middle man, the bank is at the top.
I have no problem with the Government telling us what to do, if it makes us all healthier. The NHS costs us all far too much to run and its largely because some people are stupid, drinking, smoking and eating themselves to death.0 -
I have no problem with the Government telling us what to do, if it makes us all healthier. The NHS costs us all far too much to run and its largely because some people are stupid, drinking, smoking and eating themselves to death.
The NHS generally costs more and more because people are living longer and longer into old age and thus incurring more costs for treatment of their ailments whilst at the same time contributing little extra in tax.
At least alcohol and tobacco consumers pay massive amounts of tax on their vices which can be used to fund public services.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0
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