Wednesday, May 28, 2008

But 1992 is ancient history for most current ‘home buyers’

Axa warns homeowners over downturn

Nearly 16 years since the last major economic downturn in the UK, research published by Axa claims UK homeowners have failed to learn the lessons of 1992 Its research reveals there are more people at risk of falling into mortgage arrears or having their home repossessed, and the vast majority of homeowners have no protection in place to guard against possible financial hardship. Yes - but as you were in your teens or younger in the early 90's why should you know what would happen - house prices always go up - right?

Posted by rental john @ 11:51 AM (767 views)
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4 thoughts on “But 1992 is ancient history for most current ‘home buyers’

  • Rentinginthesouth says:

    >Yes – but as you were in your teens or younger in the early 90’s why should you know what would happen – house prices always go up – right?

    Good point – but I was in my teens infact younger, but I only ever borrowed 3.5x my salary and blankly refuse to buy an overpriced house. Still, feel very sorry for people getting caught up in the mess – borrowing loads as they were caught up in the media storm… doesn’t need me to point the finger or laugh – they must be pretty gosh-darn gloomy!

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  • this news is basically just an advert for AXA insurance

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  • mortgage protection insurance is dangerous. if things ever get as bad as some people on here including me think they might then insurers may withdraw the market and leave the punters without cover. this happened to me in 1992 after i paid 2 years premiums which i could not get back of course. the reason given was unsustainable claims levels. insurers are not necessarily villains they just underestimated the fiasco of tory economics (or nulab this time round should this happen again). after a long and pointless struggle i got evicted and was left with zilch – or rather minus £28k.

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  • Mortgage payment protection insurance is predominantly an annually renewable contract, therefore in times of uncertainty when there is a higher likelyhood of claims arising the insurer may elect not to renew existing plans or take on new customers thus leaving borrowers unprotected.

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