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Mortgage fears
One in five people who have a mortgage are worried about meeting their repayments over the next year. The Financial Services Authority is launching a campaign and an advice guide aimed at those people whose fixed-rate deals are coming to an end. There are concerns that more homes will be taken over by lenders as people feel the credit squeeze. What do you think? Are you going to struggle? Are people getting mortgages without considering the consequences enough?
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One of the stupidest things this country has done in the last 30 or so years is to measure success by the value of your house.
Whenever house prices go up I see it announced with much glee on the TV news and in the newspapers.
House prices in this country bear no relation to what they are actually worth, and the scramble by the banks and mortgage lenders to lend people more and more money has driven up house prices to a ridiculous level.
Many families are now saddled with huge mortages which require both the husband and wife to work, and leave little time for enjoying life or spending time with their children.
I recently took early retirement and paid off my mortgage. I now have a compnay pension and it is amazing how little money I need to get through the month now the mortgage has been paid off.
If there was LESS money for mortgages then house prices would probably fall by half, meaning people's mortgage payments could fall by half, and perhaps people could get back to working to live rather than living to work.
Whenever house prices go up I see it announced with much glee on the TV news and in the newspapers.
House prices in this country bear no relation to what they are actually worth, and the scramble by the banks and mortgage lenders to lend people more and more money has driven up house prices to a ridiculous level.
Many families are now saddled with huge mortages which require both the husband and wife to work, and leave little time for enjoying life or spending time with their children.
I recently took early retirement and paid off my mortgage. I now have a compnay pension and it is amazing how little money I need to get through the month now the mortgage has been paid off.
If there was LESS money for mortgages then house prices would probably fall by half, meaning people's mortgage payments could fall by half, and perhaps people could get back to working to live rather than living to work.
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