Tuesday, Feb 20, 2007
Is this what it's come to? =:¬(
Firstrung: First time buyers and the 52 year mortgages
Julia Harris, senior analyst at Moneyfacts.co.uk investigates the increasing take up of longer term mortgages and questions the overall viability of terms exceeding the normal 25 years..."A mortgage for most of us will represent the largest and longest financial commitment of our lives. For many years the standard term considered for a mortgage in the UK was 25 years, but as affordability becomes increasingly difficult for many of today's first time buyers, a 25-year term is perhaps no longer considered sufficient.
Posted by converted lurker @ 09:16 AM (228 views) Add Comment
6 Comments
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1. waitingfor hpc said...
I would rather sit in a lake full of man eating crocodiles than take out a 52 year mortage. Would be a less painfull death.
Absolutly stupid shows how big the fall is going to be.
My younger sis went out to a party at the weekend - she is in the 22 - 25 age group - of 18 only 4 turned up for the meal. She said
' well you know what it is like now ... no one has any money - most people have loads of credit card debts to try and pay - and if not they have huge mortages or rents. One guy spends 95% of his salary just on rent and bills for a flat!!!! '
..... and this is the generation to help pay my pension??????
2. David20040_0 said...
Yup and unfortunately this madness is only likely to get worse.
3. David20040_0 said...
Gordon Brown (son of the manse) has presided over an economy in which we all live on tick. Consumer debt is 150% of disposable income (up from 105% in 1997). No-one seems to worry much because house prices keep rising, up 165% since 1997. The IMF say they are 1/3 above sustainable level.
4. David20040_0 said...
This shows there is NO future left for young people in the UK.
5. David20040_0 said...
Every month I accurately predict things will get worse and then people shoot me down in flames, but who has been proved right month after month after month?
Face it people there isn't and never will be a crash.
6. dohousescrashinthewoods said...
So the economy will crumble because people have chosen to pay "tax" to the Financial Services sector and have nothing left to spend!