We do still have some equity in our house at the moment, but that is dropping all the time.
We did have a house in our road sell this year (he part exchanged with the buyers)and he had to drop the price by £35k.
The house next door to him has just been let - he wanted to sell it, but was told that to get a quick sale it would have to go up for £150k. The house is the same layout as mine, but only has three beds, not four.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Does in not annoy anyone that the Goverment put billions recently in to the banks, because banks made the wrong decsions like we did. Yet the goverment as basically given the banks a second chance, but yet the banks wont give us a second chance.
My financial advised me that in one respect i am the best person to get a mortage, even with the iva behing me, becuase i have no debts i have more spare money, were the average person with no bad credit history, still probably as debts.
I often wonder if this happened 30-40 years ago when you at to put your case through an actuall bank manager rather than a computer if the outcome would be any different
30 years ago (before IVA legislation was drawn up) you wouldn't have got a mortgage unless you had a genuine relationship with your building society (banks didn't do mortgages then) a significant deposit, through savings with that society usually, and a proven ability to repay through income factors that were usually very strict. Two times salary, possibly two and a half if joint.
Introduce the same rules again and we may eventually get somewhere.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I can remember my Mum and Dad hauling me down to the local branch of the Halifax as soon as I turned 18 to start saving up as one day I would want to buy a house. Three years later, at the tender age of 21, I did just that - a 2 bed terrace, which cost £21,000 - and nearly half my wages for the mortgage payments.
The same type of properties are now being sold in Cardiff for nearly £200,000.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Think of my age then, your still a spring chicken!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
My first house, which I bought in 1975, was a three bedroom semi which cost £9,184 (including the freehold and being able to choose the kitchen colours!)
Me and first hubby had to save up the deposit and the building society were very strict about their lending policy.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I personally think it will go full circle and the majority of accomodation will be rented again, like it was back in the 70's.
There was nothing wrong with growing up on a council estate, no competition for a start to keep up with the Jones' - everyone had the same!
They always had big gardens as well - enough for two cars on bricks, an old dustbin for burning stuff in and a coal bunker, or, as we knew it, self contained play area.
Too true Melanie, I remember when I was in Germany, nearly everyone rented, I believe some took out Generation Mortgages where the property was handed down through the family.
Yes - I didn't actually serve in Germany, but my husband did and remembers those type of mortgages - and I think that they were granted at a very low rate - between 2% and 3% which was very good in those days.
