
Originally Posted by
Keith Tindell
Similar in 1977 John, i had been in a tied house and decided to get a house of my own, managed a deposit, and moved in, almost immediately the interest rate went to 11.2%. I took the car off the road for 18 months to enable us to still pay the mortgage, and eventually managed to keep up the payments , even when they went down, so finished the mortgage early. It looks like house prices will now tumble, as people cannot afford the payments, but that is how house prices have always gone in peaks and troughs. I think the main problem is the availability for cheap loans has been going on for years, and people went in deep, not just housing, but cars and holidays etc, thinking it was always going to be like that, so the big shock now comes.