Is it starting to feel a bit 2008 all over again?

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People queueing overnight for a chance to buy new houses, plenty of money with the big spenders spending, pockets of redundancies being announced in big companies.

Anyone else beginning thinking we’ve been here before?

Um.. well my mortgage has gone up over 300 quid a month and utilities and food are at an optimum so not really, no.

I have to be honest, i don't have a mortgage due to inheritances. But i would have been homeless if not for my mum at one stage, we moved to the other side of the country, my daughter moved school, my husband moved to somewhere he didn't know at all. But if my mum hadn't bailed us out we would have been homeless. And there was a good year or two before we moved that we were terrified that we were a month away from being homeless. I have absolutely nothing but sympathy for anyone who lives in fear of or in homelessness. It's hideous, scary, dreadful.

We had such a tough time last time.

We bought in 2007 when we were very young. 100% mortgage and hit by a massive interest rate change when we came off our initial two year fixed. It was so hard. I lost my job (was there under two years so no entitlement to redundancy) and my husband’s salary was cut and his bonuses were stopped so our income was slashed by about 70%.

It took us until about 2015 to recover fully.

In a much different situation now. We managed to move house and, while we have a mortgage now it’s at a very low fixed rate for the next four years. We have also recently had an inheritance so that money is invested until the fixed rate on the mortgage ends and then we’ll clear it. In much more secure employment now too.

I acknowledge that we’re in a very privileged position now.

I feel so sorry for younger people these days. It’s nearly impossible for them to get their foot on the ladder.

I don’t think we’ll see a crash to the extent we saw in 2008. The property credit portfolio looks so different now.

Though I do think there’ll be some form of recession.

Ibrought at the end of last year.
Fix for 5 years at 3% which isn't very low, but compared to now is amazing.

It's very, very scary.

house prices have to come down as I recognise they're ludicrous - I just hope not by so much that we're in negative equity (25% is our break even point where I can walk away without owing anyone money).

It's good to hear stories of people who come out the other end - the next 5-15 years are gonna SUCK and we just need to reaclimatise our viewpoints for it.

I broguht as a naive optimist and am now embracing pessimism and planning for the worst case scenario - essentially stocking up and saving and planning budgets etc to ensure we survive - worst case, and thrive, best case.

I can totally get this, decent enough jobs but no hope. Eventually i broke mentally and my mum said, enough is enough, you're coming home. So we went over the other side of the country, lived in her house and i worked in her job. But we would never have got thè house if it wasn't for her, and his parents will. We are so lucky now. We bought the house, we can pass it on to our daughter. But make no mistake, it's on the backs of our parents. We would never have afforded a place ourselves

That sounds really tough. I’m glad things worked it for you.

Can’t beat the support of an Irish Mammy ❤️

I was let go in the jobs cull in the public services 2008/9 in Dublin. Have a permanent job this time so don't need to worry about that, thank god. Definitely time to batten down the hatches though. Being much more careful with my money.

Thanks x