HONEY ITS ALL SHRUNK!

“I thought there were always 100% mortgages” said this child of the 1980’s who wants to buy any one of the nice houses currently available. Indeed, for her lifetime that would be right. But where has she been this last few months. Not to have taken on board what has been happening in the money world and why, she must have been in cloud cuckoo land.

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0 thoughts on “HONEY ITS ALL SHRUNK!

  1. Interesting isn’t it. I wouldn’t usually have classed this young woman as myopic, just not overly dynamic. However, it looks as if I may have misjudged her worldly capacity and awareness.

  2. I don’t think I understand what you mean.

    If you are saying people won’t touch mortgages, this person wants one. Not only that, she wants 100% with all the trimmings that used to be attached to cheap money.

    The person I refer to, did not know there was ever a time in the past when a 100% mortgage loan was not available nor were there offers of umpteen times income mortgage loans.

    I still wonder how she has managed not to take on board in any sense, at least what happened, even if not why.

  3. Reality is going to be a shock for many people of a range of age groups. Too many people got used to the ‘have it now, pay later’ credit system that has been encouraged for everything, with no solid underpinning of personal financial back-up.

  4. Too true Menhir ..I keep wondering how my neighbours huge extension and brand new 4×4 got funded,they’ve a mortgage on a holiday home abroad and there’s a new baby too…..the wife doesn’t work and i’m sure his ‘well paid job’ isn’t that well paid!!

  5. It is a hard way to reverse a learned process and take on different not so new cautious habits.

    A family I know quite well,cuts up new credit cards, certainly won’t take on new ones and learned a lesson with store cards too. There’s been the odd brief regression with a debit card, soon rectified. There is an overdraft and spontaneous purchase debts being reduced. I’m not sure how they are going to get the message over to the two teenagers they have, who seem to think whatever manipulation they attempt will continue to gain costly results. My guess is the financial bomb will drop and all sorts of familial arguments will develop with it, or the parents will do something totally unrealistic. I am glad I shan’t be in the middle of their little domestic scenery. There will be many similar repetitions.

    Reducing expectations, re-scheduling them and teaching youngsters to do the same is no easy task.

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