Heart breaking story in the Daily Wail

[DimPrawn]

Stuck in the rent trap: How one middle-class family kept remortgaging their home to pay the bills, until they could no longer afford the repayments | Mail Online

I'm crying buckets of tears reading this tale of woe....

[sasguru]

Stuck in the rent trap: How one middle-class family kept remortgaging their home to pay the bills, until they could no longer afford the repayments | Mail Online

I'm crying buckets of tears reading this tale of woe....

For once I agree with you. What a bunch of stupid muppets. Deserve everything that happened to them.

[SimonMac]

Hasn't this been done before with the posh family having to pull Tarquin and Horeface from private school after doing a dodgy BTL in Bulgaria?

[DimPrawn]

Hasn't this been done before with the posh family having to pull Tarquin and Horeface from private school after doing a dodgy BTL in Bulgaria?

Prussia

[OwlHoot]

From the article:

Just 10 per cent of homeowners are aged under 35, according to latest figures

Doesn't sound a healthy situation at all.

and I bet most of those who are under 35 own tiny shoeboxes barely adequate to live in let alone raise a family.

[vetran]

Remortgaged to pay school fees??

Borrowed half a million when hubby looks about 50.
Interest only in 2002?

a fool & their money /house?

[Mich the Tester]

Stuck in the rent trap: How one middle-class family kept remortgaging their home to pay the bills, until they could no longer afford the repayments | Mail Online

I'm crying buckets of tears reading this tale of woe....

For once I agree with you. What a bunch of stupid muppets. Deserve everything that happened to them.

They really wanted everything. 4 kids, send them to private school AND live in a big smart detached house. You need a huge income to do that, and you need some security of income. Most huge incomes come with a high degree of uncertainty because they tend to involve self employment with all the risks that go with it, or bonusses which can be big one year and then dry up altogether the next. Alternatively, you need to have saved a lot of money or inherited a large sum. Or even better, inherit the house.

Really, I don't get what's so difficult about making choices with money. If I buy another new racing bike it'll cost me 1000 euros for the one I want. That's fine, but I shouldn't then use my credit card to go off to some smart place for the weekend with Lady Tester, costing me another 1000 euros. I also have to consider that I need to find a new contract, so best not to eat up the reserves too quickly. Simple choices and setting priorities; get the new contract, bump up the reserves back to where they were (plus a little bit more), and then buy the new bike or go for a weekend away.

What is so difficult about this?

[OwlHoot]

Remortgaged to pay school fees??

Borrowed half a million when hubby looks about 50.
Interest only in 2002?

a fool & their money /house?

Look at it this way - They've raised several kids almost to adulthood by the look of it, and presumably given them all the best start, even at the cost of their own future financial security.

So when you consider that most parents would give their life for their kids, no, I don't think they're complete muppets necessarily.

(*) assuming they didn't simply blow most of the loot on expensive holidays etc

[Mich the Tester]

Look at it this way - They've raised several kids almost to adulthood by the look of it,

Tell me, to which of these kids would you apply the term 'almost adulthood'?

For a family with four children (Flo, 13, Annie, 11, Monty, nine, and two-year-old Dolly)

[sasguru]

From the article:



Doesn't sound a healthy situation at all.

and I bet most of those who are under 35 own tiny shoeboxes barely adequate to live in let alone raise a family.

What's the comparable figure in Germany?