to feel seething resentment towards those who profited from the house price bubble and hot anger at the Governments who allowed it to happen?

[TartyMcFarty]

You'll have to forgive my naivety here - I'm ranting about something I don't really understand.

DH and I are stuck. In 2006 we bought a (modest) property on a 100% mortgage. Foolish in hindsight, I know, but based on the advice of our IFA, the unshakeable faith of our families and society that property ownership was the way to go, and the increasing pressure at the time to get on the ladder or miss out, that was the decision we made. We then found that the lender, bastard bastard Northern Rock were unwilling to remortgage based on our lack of equity, despite us having overpaid by several thousand pounds. We couldn't shift the place, and with the agreement of a different IFA, remortgaged against the equity in my DM's property (love her!). It gets more complicated than that, but that's all that's needed here. Now we still can't sell it , our tax credits have suddenly disappeared, my pension contribution has increased (DH doesn't even have a pension) and the tracker rate is slowly increasing. We're on interest only, and as I'm part time since the having DD, with another DC on the way, there's not much of a cushion.

What's really angered me over the last couple of days is the dawning realisation of how people just a few years older than us have profited from the massive increase in property 'values'. I'm still in touch with our ex-neighbour. She bought seven years earlier than us, sold at £120k profit after 10 years (this is not London!), her partner was in a similar situation so they have ended up comfortably in a property of twice the size, renovated to a really lovely standard. Obviously my resentment isn't directed at them personally - they're good people, have profited from a stupid market and good luck to them - but it's just an illustration.

How can we possibly hope to survive in a property market that boomed by more than 3.5x in this instance alone? We can't even afford to maintain our own home to a good standard. Pay isn't moving at all, and we're currently looking at less than .75 of a pension between us. I can't even bear to think about how we'll support our DCs through HE, and the risk to my DM's home if interest rates shoot up.

I just need a rant. Those of us stupid enough to be sucked in at high LTV rates towards the peak of the market are fucked all ways, whereas people just 5 years older than us are untouchable. I know I've only given one example for which I know the exact figures, but there are others I can think of in the same lucky situation. There just doesn't seem to be any point in trying when you compare our situation with those who profited so enormously in the 00s.

We were on a fixed rate, it ended in March, nobody has batted an eyelid except us, we did a dance around the living room, we are now £200 a month better off.

Certainly didn't need to renew anything just went on to the standard rate.

Same here :D we kept the payment the same though to overpay though

YABU

redshield - renting is incredibly expensive. Much more expensive than buying in most cases.

I wish we could but DH was made redundant so just my wage coming in and yet we were first time buyers in 2007, borrowed 4 times one salary and we are fine, don't exactly fit the doom and gloom stories on HPC much to their disappointment ;-)

DO NOT TAKE MY WORD FOR ANYTHING.

Do your own research and make your own minds up.

You would be wise to look at the global economy and not just ours, there are a lot of things happening in the eurozone that are not being reported in the MSM.

Britain is not special and will feel the same pain as the other countries who are also on the verge of collapse.

Its all out there.

Waaaaaahhhhhhh! Redshield, I think you just made it worse

Well WTF in that situation. Nothing to be done about it. Might as well put me feet up and 'ave a faaaaaag.

redshield - I have done my research and I've made up my mind - buying property to live in long term is definitely better than renting.

Maybe the end of the world IS nigh - I'll take my chances in a house I've bought.

Well yes that's my feeling too, if we are all fcuked then at least we all stay together under the same roof, I'll extend whatever it takes to keep us all housed and fed.
We certainly wouldn't be paying less to rent and as long as we make the payments we can stay, unlike when the landlords just gave us two months notice whenever they fancied and then kept our deposits for good measure.

I know renting is expensive, buying a house is also expensive.

House prices and rents are just a side effect of the credit boom that is about to end.

Your government are already preparing for civil unrest.

The credit bubble was created to get people into debt, wether that be car finance, mortgage, credit cards,loans, its all the same DEBT.

Assets are what the banks want, not pieces of paper.

Germany tried to take greeces soveriegnty from them a couple of months ago, im confused as to why this wasnt splashed across the front pages of every newspaper in britain ??????

Nowadays you dont need tanks to take a countrys sovereignty, you just need a very big debt.

You have looked at who is running greece havent you ?

You do know who he used to work for dont you ?

Same is happening in other countrys in the eurozone.

Heard about the troikas HQ being bombed in greece ?

Its all out there.

I don't think I mean remortgage do I? Just meant we reached the end of our term and Northern Rock wanted shot.

OP : I'm not asking you to feel guilty or bad. I want you to appreciate how lucky you've been and how difficult it is for those of us left in the wake

They are your words, "How lucky you have been"
Instead of 'resenting' other people, take a step back and look at what you do have. Many Mothers around the world lose children from want of a couple of pence for antibiotics. They listen to children crying with hunger in the middle of the night.
I wonder if they have seething resentment towards those of us who have acccess to excellent free healthcare, and money from the government to feed us in hard times?
I could resent the next person for inheriting a pile of money and being able to spend without thought, others may seethe with resentment that they are unable to have children.
The key to a happy life is to 'want what you have', and not 'have what you want'.
As you said yourself, appreciate what you have.

To those saying renting is more expensive etc, im not writing posts to convince people to rent or buy, im not here to talk about house prices, im trying to tell people to inform themselves of what is REALLY going on in the global economy.

Laws are being broken on a daily basis just to stop greece from defaulting even though its already defaulted.

People are commiting suicide across the eurozone because they cant afford to eat because the government has cut their pensions so much, britain is not special, the only reason we are not at that stage yet is due to quantative easing (we print our own money and greece cant). In the end you can only print so much money before this causes a collapse anyway.

All the evidence of a coming collapse is staring us right in the face, some people just cant see it yet.

redshield -You say "your government" are you foreign?

redshield - what's the problem with Papademos? I do love a good consipiracy theory from HousePriceCrash.

Well redshied, if what you claim is correct then as far as I'm concerned, it's all the more reason to own my own house rather than rent and pay someone else's mortgage who could turf me out whenever they fancy.

And of course having a fuck off huge garden I'll be able to feed the entire street with potatoes and carrots, apples and if worse comes to the worse the cats can catch birds.

redshield - you are a bit behind the times as a ISDA declared Greece to be in default on 9th March 2012

Yes emmanana, I agree it's not important when you put it in that context. In which case, why do any of us waste a moment fearing for out children's future? Human nature, I suppose.

Little frieda.

A man more educated than myself can tell you a lot about what is happening in the eurozone( The Slog/euroblown crisis/ check his about page to see what he was the first to report on), hes got evidence of the corruption being leaked to him all the time.

The evidence is everywhere, its on lots of forums all around the net, even a gaming forum has a thread started by somebody who lives in greece and is reporting what is actually happening there.

Plus the only evidence you really need is the ability to add up, everything has been thrown at greece to stop it from leaving the eurozone. Seems a bit pointless when spain has zero chance of paying its debt back ever.

Our beloved leader gordon brown was all in favour of the new world order, but i dont recall being asked if i want to live under a one world government.

Please youtube gordon brown new world order before anybody tells me that the new world order is a myth.

You are living in the longest con in the history of the world.

It really is that simple.

Little frieda.

I say "your government" because i no longer consider them to represent me even though i am british.

It used to be my government a long time ago, thats no longer the case.

How many times does your government,politicians and bankers have to make a complete mess of things before you realise that they are doing it on purpose?

Any news on the tory treasurer standing trial for selling access to the Prime Minister ?. The first time he does it he gets caught on video ?

Luvviemum.

Yes, that is exactly correct.

Tarty, it's as I get older (Child of the 60's here!)that I realise that appreciating what we have is not just some old saying that parents and grandparents roll out out to annoy us. I know it can't console your situation or your feelings, and it is human nature to feel anger and jealousy; but my Gran always said 'put all your troubles in a pile with everyone elses, bet you grab yours back first'. She's been dead 20 years, and only in the last few years has it rung true.
It is shit what is happening to you, and I hope you find a clear way through soon.

We managed to buy a house in the 00s.
It cost 152k

I dont know how much it is worth now because we are never going to move so what is the point?

I am very, very glad that we have low mortgage payments but tbh that is all we have.

Thank feck we do because the rest of our life is pretty crap and hard going.

I do not understand your resentment towards people who benefited from their properties going up in value.

Towards a system that encouraged masses of buy to let, buy em, do em up and whack em back on the market for £££££ - yes, i could understand that.

When houses ceased to be seen as homes and began to be seen as investments, that is when things took a turn for the worse IMHO.

I am sorry you are feeling so frustrated and angry but at least you are adequately housed and you are both in work. That is something surely?

I have found the more we care about what others have, the worse our lives are. Its a pointless excercise and uses up far to much energy.

I do understand your worries about money though. That sort of anxiety wears you down.

(feels odd that I am the target of seething resentment and envy on MN though)

The divide and conquer strategy has been used throughout history.

Home owners arguing with people who cant afford to buy a house is exactly what the government wants.

If everybody shouts and blames each other for the state the country is in, then the government just carry on doing what they are doing because the population allow them to as they are to busy blaming each other.