DrFfybes wrote:
Well this sort of news story is rearing its head again...
Bravo...
https://media.tenor.com/pgDYymTrrtAAAAAd/monkey-badum-tss.gif
Cheers,
Itsallaguess
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DrFfybes wrote:
Well this sort of news story is rearing its head again...
anteos wrote:I find it very frustrating that the bbc do very little in research when they reel out the financially illiterate. The lady with the 25yr IO bought the house for 108k and its now up for sale at £460k:
If she sells at that price she'll make out with 352k (unless she has mewed), more money than most people will see in a lifetime. Easily able to start over in a smaller place and live comfortably.
anteos wrote:I find it very frustrating that the bbc do very little in research when they reel out the financially illiterate. The lady with the 25yr IO bought the house for 108k and its now up for sale at £460k:
Mike4 wrote:And yesterday in a popular radio phone-in programme there was a bod saying his mortgage payments were going up from £1k a month to £4k and with not a prayer of paying it he was going to lose his house and how unfair it all is, and how he blames the guvvermint.
Alaric wrote:
Surely the ones who are really likely to be hit are those in their twenties or thirties who have borrowed the maximum allowed and sunk all their savings into a deposit and moving in expenses.
richlist wrote:
I thought all mortgages now had to be stress tested to 6% i.e. borrowers had to be able to demonstrate they could afford to pay back the loan at 6%.
So why are so many people saying they can't afford the increase ?
richlist wrote:I took my first mortgage in 1972 (aged 21) and had mortgages continuously all my life until 2016 (44 years). At one point my mortgages were I think around 13% and at one point I owed around £600K. Kids today have no idea what struggling to pay means.
I thought all mortgages now had to be stress tested to 6% i.e. borrowers had to be able to demonstrate they could afford to pay back the loan at 6%. So why are so many people saying they can't afford the increase ?
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