Time to Be Honest, who can actually pay their full mortgage

Dempo1

OK, its a straight forward question, who can or is paying their full Mortgage at the moment. I ask because there are so many conflicting stories about how bad the mortgage crisis is. If the crisis is as bad as it is, I can only assume its about to get a whole lot worse with the proposed Budget cuts.

I'm not forming any opinion on the rights and wrongs of cuts as most know they are necessary. I would however argue the cuts being proposed are targeted in the wrong direction and perhaps only make a bad situation worse.

Sleepy

Are you actually asking such a personal question of people without offering your own answer to that question yourself? :eek:

I don't have a mortgage because I've never been prepared to borrow more than 4 times my salary to buy a 3 bedroom house in a reasonable area and never will. I'm paying my rent in full and on time though.

I think a better question would be how many mortgages were in arrears during the boom also. Surely out of the 40k in arrears at the moment there would be a high percentage who are just plain bad with money.

mikemac

Don't have one

OP, you can't ask personal questions and sit back without giving your own situation.
Well you can, but two threads got locked last week for similar

Fighting Irish

feelingstressed wrote: »

Don't have one

OP, you can't ask personal questions and sit back without giving your own situation.
Well you can, but two threads got locked last week for similar

:rolleyes:

mikemac

Locked in another sub-forum to here so, :rolleyes: right back at you

FoxT

you can find statistics on Private sector credit & some info on loan writedowns here.

http://www.centralbank.ie/frame_main.asp?pg=sta_home.asp&nv=sta_nav.asp

I daresay it will give you a better picture of the situation than a straw poll on boards....

Kalimah

If you still have a job and you didn't buy in the last 10 years or more then I think you wouldn't be in too bad a position. I knew any number of people who bought houses back as far as the 80s and when the mortgage decreased topped it up again for cars,extensions and refurbishment of their houses. Some of these have lost their jobs and are now in a bad way. What's worse is that many will never work again as they're now in their 50s.

Dempo1

Sleepy wrote: »

Are you actually asking such a personal question of people without offering your own answer to that question yourself? :eek:

I don't have a mortgage because I've never been prepared to borrow more than 4 times my salary to buy a 3 bedroom house in a reasonable area and never will. I'm paying my rent in full and on time though.

I had not intended the question to be of a personal nature, however glad to oblige. Yes, i am finding it difficult to cover full mortgage payments, no my mortgage was certainly not 4 times my then salary and i might had like so many others i purchased a HOME, not bricks and mortar. I did however have to purchase a house in a very rural location about an hour and a half from Dublin. Why, because even ten years ago Prices in Dublin were outrageous, this said i love my home and indeed location.

I am glad your paying your rent and indeed on time, I perceived this as dead money.

So the moral of my story and i am sure its the same for thousands of others. I did not get caught up in the property Bubble, I was made redundant after a twenty seven year successful career in a sector that had nothing to do with developers but sadly got destroyed by same (Hotels). I have paid my mortgage without fail for nearly ten years but like so many others are now wondering what does the future hold and perhaps concerned about maintaining their mortgages (Not all of which were speculative investments.

Time for people to cop on, not all mortgage holders acted irresponsibly.

Dempo1

Kalimah wrote: »

If you still have a job and you didn't buy in the last 10 years or more then I think you wouldn't be in too bad a position. I knew any number of people who bought houses back as far as the 80s and when the mortgage decreased topped it up again for cars,extensions and refurbishment of their houses. Some of these have lost their jobs and are now in a bad way. What's worse is that many will never work again as they're now in their 50s.

Yes i fully agree, in some cases people top up mortgages to extend homes for enlarging families. I guess the point is there is a large cross section of society caught up in difficulties with their mortgage and for a host of unforeseen circumstances. It is not always the case people over extended themselves with wishful thinking. A good friend had a top job with dell, senior position, qualifications to envy. 18 months on, no Job and prior to redundancy decided to renovate his house and extend kitchen. I don't need to spell it out but he has resigned himself to loosing his Home within 12 months if something does not come up, incidentally three children under the age of 12.

Kalimah

Yes Dempo those are exactly the people I am thinking of. We have frimds who borrowed to build on a very modest room over their garage. Again as they had a growing family. The husband lost his job and now things are critical. My morgage is so small it's laughable but if I was unemployed I would find it difficult to repay.

Dempo1

Kalimah wrote: »

Yes Dempo those are exactly the people I am thinking of. We have frimds who borrowed to build on a very modest room over their garage. Again as they had a growing family. The husband lost his job and now things are critical. My morgage is so small it's laughable but if I was unemployed I would find it difficult to repay.

Yep indeed, these stories are becoming all too common and have yet to ht the radar along with thousands of others. All too often we hear nothing but commentary on "Reckless lending", people buying houses they could not afford, 100% mortgages, negative equity etc, not enough about the many people who acted sensibly and for reasons beyond their control are now in a pile of ****e. I do anticipate something will have to give and its looking increasingly likely interest rates are going to rocket, including the ECB rates which will affect trackers. God knows what this is going to do!

nesf

This has nothing to do with Budget '11. If you want to ask this question try AH or similar.