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Everybody in the media seems to be talking about the coming crash in house prices, and possibly a recession too. At the moment all this seems a bit like the so-called ‘phoney war’ that went on before the Second World War started for real. But if the public mood changes, that is enough to bring about a recession.
I think cheaper hosues would be good and bad. Good for first time buyers, bad for people with mortgages as they reduce their equity in their property.
Is there going to be a recession in the ner future, do you think?
When the major banking corporations around the world agree to club together to provide a low interest slush fund for other banks to borrow from at rates they cant get elsewhere due to the credit crunch, then you know we are in a bit of a mess.
Inflation is going up but interest rates have to come down- get out yer tin hats n yer bully beef- its going to be a long 2008 (n watch petrol go higher n higher in price)
were very fortunate in that, we have a very small mortgage. we have around 70k equity and thats without the recent full overhaul, new kitchen,bathroom, lounge etc. neither of us have any credit cards. we do have a small savings but its very small. so i think we may ride it out next year without too much squeaking. but i feel frightened for some of my friends who are mortgaged up to the nuts, have nice cars, bikes, and kids. idread the effect it may have on some of them. most of them have said sod it were having a good christmas and they will.
as for the world banking situation, well if we stopped giving to foreign countries and opted out of the eu that alone would cover the crisis. but the heads of the men who allowed these people to lend to muppets must roll.
i know one regular customer who, bought her own council house, ran a car, and had a teenage daughter with a baby at home. all whilst on benefits. ? how ? eh ? that cant be rite ? yup it is. and what will happen if her house is re posessed ? she gets another council house.We decided to pay off our morgage 2 years ago as it was an endowment with a predicted shortfall. I worked out that cashing in the associated life insurance policy, although at a loss, made sense when taking into account all the mortgage interest payments and life insurance premiums we would save over the next few years.
But it’s not all good news, as my work is mostly connected with providing publicity material for the housing market and that has gone really quiet.
This is an encouraging thread for one who has yet to get a foot on the property ladder!
I’m kind of glad i’m renting now :shock:
@Miss Minx wrote:
I’m kind of glad i’m renting now :shock:
You must be joking!……if I wasnt sharing I could no more afford to rent than I could pay a mortgage…..I’ll be drawin me pension before I get to own anywhere. :roll:
Yeah there has been a big fall back in my home land, Northern Ireland, In just wish here where I am would follow suit lol.
@galadriel wrote:
@Miss Minx wrote:
I’m kind of glad i’m renting now :shock:
You must be joking!……if I wasnt sharing I could no more afford to rent than I could pay a mortgage…..I’ll be drawin me pension before I get to own anywhere. :roll:
Nope I wasn’t Joking. I prefer to rent at the moment – its expensive don’t get me wrong but its the safer option as I am not tied to anything fiancially.
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