Saturday, Jun 16, 2007
Costa del Back Garden this summer
Times: Put the summer holiday on hold
Economy is growing, we are one of the wealthiest nations on earth, but... "Depressing statistics from the Council of Mortgage Lenders (CML) this week showed that mortgage interest payments are now eating up a bigger chunk of homeowners’ income than at any time in the past 15 years. And that’s just the interest. The 68 per cent of first-time buyers with a capital-repayment loan will be handing over an even bigger chunk of their monthly salary to feed the mortgage monster. If interest rates rise again, as is widely predicted, finances will become even tighter still"
Posted by confused76 @ 01:13 PM (155 views) Add Comment
2 Comments
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1. paul said...
"This makes it likely that the property ladder will remain out of reach for many – unless they receive a parental leg-up – for years to come. PS. It’s Father’s Day tomorrow."
What so that's a good time to ask your father for money? The CML are sycophantic toadies.
2. japanese uncle said...
"The 68 per cent of first-time buyers with a capital-repayment loan will be handing over an even bigger chunk of their monthly salary to feed the mortgage monster."
Correct, except the last two words, which should read 'bank monsters'. When will they realize the only winner in this futile housing boom will be mega banks whose earning will be automatically boosted as the size of mortgage grows limitlessly. (Smaller fragile building societies more likely to be losers than winners). Housing boom is a mechanism designed to suck all the wealth from the people including their parents, via a houses serving as medium.
A society in which younger generation cannot secure reasonable place under the roof without relying on the help of their parents is a sick society and cannot last long, as is being clearly proven at this moment around the globe.