| Comment | Everything you said is 2007 America to a T. A nurse earning 30k and a cop at 34k should absolutely under no circumstances borrow over 300k for a mortgage. A three bedroom detached that now costs 400 a month in utilities. With salaries effectively being cut 20% across the board, upcoming strikes, likely council tax hikes, two cars that now cost 95 quid a piece to full with petrol, they can’t afford that. That is the problem. You are making my point. One of the biggest contributions to 2008 was mortgage brokers in America thinking people would sooner eat their shoes than miss the mortgage payments. They were very very very wrong. It is dangerous to make the same bet. It won’t be a choice of nights out or the mortgage it will be a choice of the electricity or the mortgage or the groceries or the mortgage. |
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