PANARAMA

[chris.g]

Just finished watching the panarama programme about the state of the housing market. Scary stuff!! I've said it before but both hubby and me are so relieved that we no longer have the worry and pressure of our mortgage......

[chardonnay]

Hi There,
I know what you mean - I'm just going through having to sell my house and this is such a bad time to be doing t. I'll share any learning I get with you all in the hope it might help someone else.
Cheers,
Chardonnay x

[angela18]

We have fixed rate until 2011.. dreadin it running out as will only be 3 year into IVA

[Helen030166]

Well our house is on the market, very little hope of selling it atm and i've lost heart in it as I know when we go bankrupt we will lose it anyway, so maybe i should take it off the market. The neighbours have stopped talking to us because they are worried they will get bad neighbours when we leave?? sorry but needs must!!! It will be a very sad day for me the day we move out, as alot of love and care has gone into making it our home but i know its for the greater good of our family and that is what I have to keep telling myself Its better to be able t sleep at night in a less expensive property than lie awake every night wondering how we can make ends meet and knowing its impossible

[cat 1]

mine's fixed rate till 2011 too Angela.And it's with NORTHERN ROCK, also one of my creditors.I'm dreading it too.Cat

[Helen030166]

i'm with the Northern Rock too !

[Reviva UK]

we have seen about 25 people in the last 2 months that have now decided to hand back their houses to the mortgage company because they are coming off the fixed rate mortgage deals and - because of poor credit - are unable to remortgage to a better affordable mortgage.

They are faced with moving to the lenders standard variable rate which is often in the high 6%'s. This coupled with large unsecured debts PLUS a drop in house prices, usually by all of the equity or more means that the home has now become a burden .

Just thought I should share this so that you know that you are not alone by a long way.

[chris.g]

It's a sad sign of the times and a hint of things to come Paul I think.
I can only just remember the slump in the '70s, as I was still at school but I have a feeling that this one will be worse as credit is/was a lot easier to get and people have a higher level of debt these days.

[cfnc]

Luckily the mortgage is one thing we do not need to worry about, we are in a fixed rate for another 12 years, if that was not the case I would be concerned as there would have been no way we could have had an IVA if we had to allow for a mortgage increase.

Kirsty