Loans on the media
- Thread starter ronk
- Start date
Money seems very available these days - when we got a mortgage in 1978 we were interviewed by the manager of the building society as to our ability to pay.
90% was the max we could get - I was an Eng Draughtsman and my wife a teacher both decent jobs at the time but it wasn’t a definite we got the loan.
90% was the max we could get - I was an Eng Draughtsman and my wife a teacher both decent jobs at the time but it wasn’t a definite we got the loan.
ronk said:
Got my first mortgage in the early 80's I couldn't better 90% - it was 2.5 times my salary or 2 times joint. By the time we moved for work in the early 90's you could borrow 110% (for furniture and moving expenses) and I think it was 3 times both with some providers. No wonder house prices went up and borrowing followed! - well Magie had to find some way to let tenants afford to buy their council houses.
At least we only wanted a few grand more so it was a mortgage of about 40% which 2.5 time mine easily covered - I moved south just after the first house price dip which hadn't got to the north at the time - mainly because our prices hadn't gone up so much
North West Surrey
And yet mortgage lenders are getting really particular again - mind you it's about time!
I bought my first house in 1985 and borrowed £30K for a £34,500 property - I was borrowing a bit more than 3 times my salary, but luckily my employer had a good relationship with the Abbey National as it was then!
But it was hard going with interest rates around 15% - when I first moved in I couldn't afford a TV or a freezer!
I bought my first house in 1985 and borrowed £30K for a £34,500 property - I was borrowing a bit more than 3 times my salary, but luckily my employer had a good relationship with the Abbey National as it was then!
But it was hard going with interest rates around 15% - when I first moved in I couldn't afford a TV or a freezer!
Every one had second hand stuff! It was what you had to do then so I don't think any of us worried too much. It feels like there was a lot less stuff on which to spend the little money we did have - no computers; mobiles or other tech.
Even in the suburbs you couldn't buy petrol after about 8:00pm and not at all on Sunday and in the villages it was like time stood still at weekends.
You only bought what you could already afford (house and maybe car excepted) I think life was a simpler then but I can still remember counting biscuits and rounds of bread to make the end of the week when we were first married and my wife couldn't get a job.
Even in the suburbs you couldn't buy petrol after about 8:00pm and not at all on Sunday and in the villages it was like time stood still at weekends.
You only bought what you could already afford (house and maybe car excepted) I think life was a simpler then but I can still remember counting biscuits and rounds of bread to make the end of the week when we were first married and my wife couldn't get a job.
The peer pressure is off the scale these days, due to social media. We were furtunate and both had good jobs, when we got married, lived in rentals untill I was 29, while we saved a deposit and rode to Asda once a week for shopping. Bought my first car at 27 for cash. Like every car I have bought since.
Now people just seem to give in to the hype and spend money the don't have.
Now people just seem to give in to the hype and spend money the don't have.
buzyg said:The peer pressure is off the scale these days, due to social media. We were furtunate and both had good jobs, when we got married, lived in rentals untill I was 29, while we saved a deposit and rode to Asda once a week for shopping. Bought my first car at 27 for cash. Like every car I have bought since.
Now people just seem to give in to the hype and spend money the don't have.
Yup I'm the same. My old man told me "if you haven't got the money in the bank then you can't afford it" My youngest nephew drives me nuts. Don't get me wrong , I love the little bugger dearly but it's all want, want want. The latest is that he ONLY has an iPhone 6s and therefore NEEDS an iPhone 8 or whatever. For God's sake he's only 12/13. Unfortunately his parents indulge him to the extent that he will probably get one. Knowing the cost of everything but the value of nothing.
Rant off :roll:
Couldn't agree more - my Dad also always told me if you didn't have the money you couldn't afford it!
I did Saturday jobs while I was still at school and even my 1st car (or more realistically, POS) was paid for when I was 17!
Fast forward nearly 40 years and 3 or 4 years ago my niece (who always has the latest iphone of course) had her 120K mile Seat Ibiza die on her. Her parents were parting so had no money, she still owed her grandmother some money from when she rented a flat so could I help out?
For some reason I did stump up some cash as a loan for a VW Polo (which got written off a few months later)!
Still I found her a Corsa within the insurance pay-out!
But I never got any repayments from her, so a year or so later when her brother was wondering what to do about his Seat Leon that was due a cam-belt I let him drive my BMW 325ti. And then he wanted one of those, so I thought I might as well stick the same amount into his pot because I was never going to get anything back from his sister!
But I won't be doing it again.
I did Saturday jobs while I was still at school and even my 1st car (or more realistically, POS) was paid for when I was 17!
Fast forward nearly 40 years and 3 or 4 years ago my niece (who always has the latest iphone of course) had her 120K mile Seat Ibiza die on her. Her parents were parting so had no money, she still owed her grandmother some money from when she rented a flat so could I help out?
For some reason I did stump up some cash as a loan for a VW Polo (which got written off a few months later)!
Still I found her a Corsa within the insurance pay-out! But I never got any repayments from her, so a year or so later when her brother was wondering what to do about his Seat Leon that was due a cam-belt I let him drive my BMW 325ti. And then he wanted one of those, so I thought I might as well stick the same amount into his pot because I was never going to get anything back from his sister!
But I won't be doing it again.