Monday, November 6, 2006

Have Your Say: Mortgage borrowing

Have Your Say: Mortgage borrowing

With house prices so high and rates set to rise is it too risky to buy a home now or would you still take the plunge?With Abbey offering mortgages of five times income, do you think banks are lending responsibly? Or is it up to us to borrow carefully?Have you or someone you know taken on too much mortgage debt?

Posted by doomwatch @ 01:49 PM (417 views)
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One thought on “Have Your Say: Mortgage borrowing

  • The answer to most of these questions is yes – Except for would I take the plunge – in 1989 I had a 2.9 * mortgage – and believe me I struggled, OK interest rates were much higher then – but what is going to stop interest rates returning to those high levels over the next few years. What I do find amazing though is friends who had their fingers burnt back in the last recession, are once again finding themselves in trouble – I am losing count of the number of times I am hearing that overtime has been stopped, targets increased to reduce bonuses etc. It will all end in tears. I am sure that the bubble will spring a leak at the beginning of 2007 – and we will see 3 to 5 years of trouble.

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