Housing: How are you coping with paying your mortgage or rent payments?

National World - LocalTV

Do you own your own home and are struggling with your mortgage payments? Or are you looking to get on the property ladder but feel it's a far flung dream? You're not alone, with The Bank of England putting up inflation rates thirteen times since December 2021.Here's what some of you lot had to say about homeownership.

Transcript

00:00 Well, I think the way to help people is probably to extend the length of the mortgage.

00:07 I think that's the easiest thing for the building societies and banks to do, which gives, you

00:14 know, the same amount of payment but over a longer period of time.

00:18 And the banks and building societies are quite keen on that as well because they get extra

00:23 interest at the end of the day.

00:24 So that's probably the way, the easiest way.

00:28 Yeah, we've been talking about this actually just in the last pub.

00:31 So back when I was born in '66, so when I started work, one parent could work so that

00:37 the male would work, the father would work, the mother would live at home and bring the

00:40 family up.

00:41 And that was the typical way of bringing a family up.

00:44 Things change.

00:45 Nowadays, both people have to work, both parents have to contribute, otherwise they can't afford

00:49 it.

00:50 According to data from earlier this month from YouGov, one in three people who have

00:53 mortgages say they are finding it difficult to afford their monthly payments, with more

00:59 expecting to struggle within the next 12 months.

01:02 But renters are even more likely to report difficulty making their housing payments.

01:07 55% say they are finding it hard to do so, including 15% finding it very difficult, according

01:13 to the polls.

01:14 But what do some of you lot think?

01:16 Have you been struggling?

01:18 I mean, I haven't had a mortgage for some time, so it's not that relevant to me.

01:22 I just think in general, I think it's a free market.

01:26 If people can't afford the houses, the prices will drop.

01:29 That's how it should be controlled in my view.

01:31 I totally agree with what he says.

01:34 I think the price is inflated because money was readily available.

01:38 And if there's more money in the market, the prices will shoot up.

01:42 So I totally agree.

01:44 People bought the property, they knew what the circumstances were.

01:48 If they sort of held back, then obviously the prices would have dropped.

01:52 So that's the scenario that we'll have now.

01:54 The prices will drop because people haven't got the money now.

01:57 So property prices were all valued by my recipe.

02:02 It's not affected me yet because when I renewed my mortgage three years ago, I took a five

02:08 year term mortgage.

02:09 So I've still got another two years on that.

02:11 But I know that if I was to renew it, it'd be significantly higher.

02:15 I mean, I'd like to move, but I can't now.

02:18 Twenty years ago, they did move.

02:22 Very easy.

02:23 But not now.

02:24 The deposits are ridiculous now.

02:25 I mean, when I moved, I didn't even really need a deposit.

02:30 So no, I feel sorry for them.

02:33 And the thing we were talking about earlier is children now, they can't leave home because

02:37 they can't get on the step of the ladder, the property ladder, because it's very difficult.

02:44 And that causes issues, I think, in society.

02:47 There's not a lot of people in the mindset of, and I understand that, you know, it's

02:51 all, I'll buy a house and then in a few years I'll flip it and I'll earn money on it.

02:56 People seeing it as an investment, which means a lot of working class people just can't even

Category

Transcript

Be the first to comment

Recommended