"The number of people losing their homes after failing to meet mortgage payments jumped by 40 per cent in the first three months of this year. The number of repossessions rose to 9,152 from January to March, up from 6,471 in the same period last year, according to figures published by the Financial Services Authority. More than 300,000 homeowners have fallen into mortgage arrears for three months or more, twice last year's figure. The statistics bear out warnings that the number losing their homes will reach 45,000 by the end of this year ..." (
Times, 6 August) RD
my fellow working class sovereigns convinced themselves they could afford million dollar homes. They didn't want to know about the cost. They just wanted a monthly payment they could afford and they weren't asking how that was possible.
ReplyDeleteA salesman is out to make a sale. Working class who want to live in a house out of their league deserve what they are getting.
We bought an affordable home that we soon paid off. We own our home, our two cars and we are debt free with savings.
People ask us the secret to money management all the time but hate the real answer; "Spend less than you make".
We were going to have the story book working sovereign retirement until I lost my job of thirty years due to plant closing, then my wife lost her job of nineteen years due to plant closing THEN I had a heart attack and became disabled.
So I don't think that those who were barely making it then went out and bought million dollar homes and now want me and others to bail them out?!
Grow up.