Tuesday, Oct 03, 2006

First time buyers, nearly 30% of gross income on mortgage

Firstrung: Mortgages payments - are you better off than 10 years ago?

Andrew Hagger, Head of news and press at Moneyfacts.co.uk comments: "The net effect is that mortgage payments take a much bigger chunk of our income than they did in 1996. This statistic looks gloomy enough in its own right, but when you factor in additional increased expenses such as higher council tax and utility bills, it is no surprise that the UK is now faced with the current personal debt crisis".

Posted by converted lurker @ 11:41 AM (447 views)
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1. inbreda said...

Fair point, but i think stupidity has to be a factor included in the reasons for the current personal debt crisis. Nobody forced them to get in that much debt.

Tuesday, October 3, 2006 02:22PM Report Comment

2. uncle chris said...

In saying that, there used to be a time when bank managers had a little more integrity and would not sanction loans they thought customers would struggle with. Sadly today it's all about profit with no consideration about the fate of the individual "encouraged" into that situation. I remember when I started out as a fresh faced 21 year-old, and actually received sound advice from my bank manager who was "concerned I might struggle if I took on a mortgage at 3x my salary". And to be honest, at that age you are minded to trust people that were once thought of as professionals. As we all know now, this is no longer the case and any advice relates only to the well-being of the banks shareholders.

Tuesday, October 3, 2006 04:58PM Report Comment

3. the bald man said...

Banks have lending targets. Thast how they make their money (and staff make their bonuses.)

Tuesday, October 3, 2006 10:30PM Report Comment

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