Le_Fromage_Grande wrote: ↑Wed Jun 21, 2023 3:56 pm
Greenman wrote: ↑Wed Jun 21, 2023 3:25 pm
Le_Fromage_Grande wrote: ↑Wed Jun 21, 2023 1:31 pm
In the early 90s interest rates hit something like 15%, lots of people (including my friend Dave) had their houses repossessed because they couldn't pay the mortgage, it took Dave years to get past this economic issue, at no point did Dave ask for a handout from the Government to help him out, he got on with working and sorted himself out financially, as did lots of other people.
In the mid 90s I had negative equity and outgoings more than my incomings, I had to borrow money to get through this period and spent years paying it off.
And now you want people who went through house repossession and negative equity to pay the mortgages of people who aren't prepared to go through the same shit as we did.
That's like saying i went though the war and you lot should go through one too.
Isn't life about making things better, rather than just going around in circles?
Shouldn't people have learned from the lessons of the past and known that interest rates could go up?
I think that if you want help with your mortgage whoever helps you out should own part of your house.
Isn't that my Bank managers job, oh no wait, his job is to take as much from me as he can, sorry, i forgot we were talking about bankers for a minute there...
I see your point, but do people realistically have time to be constantly looking at mortgage rates? Even if you are on the ball what changes could you make to get around having to pay the higher rates? They have you over a barrel as you obviously found out when you went into negative equity - why did you not think ahead and stop that from happening?
My first thought in the morning isn't "i wonder if my mortgage rate will go up in 2025, i must spend 3 hours today researching" - i just don't have the time, and nor do many others!
I rely on my bank to advise my correctly in the first place and to continue to advise me as thinhgs go along but we all know all they want to do is drain as much money out of you as possible so this doesn't happen.