There goes civilisation...

I have to say that the state of mortgage lending was something I really struggled with when I started looking here (as upose to in my native canadia) It didn't make sense to me and I didn't understand why young people, some as young as early 20s were so egar to extend themselves so massively.
Now - I have to say this doesn't surprise me at all

Me neither.
easy credit, so called 'liar loans' , the "me want it now" attitude their parents didn't have, so called 'experts' in the media like sarah beeny and that dark haired one telling people to Buy! Buy! Buy! when technically they are giving financial advice on prime time T.V. without being qualified or regulated by the FSA, peoples inability to look back at historic price crashes that happen every 12-16 years, the belief that 10% increases are sustainable every year even though wages are static (or falling when indexed to inflation). anybody who brought into this speculative investment scheme with such high leveredge ratios deserves what's coming to them.
i sometimes think people spend more time researching their next gas-guzzler 4x4 or 40in plasma tv than their single biggest purchase of their lifetime that they will spend 25years paying off, some even fail to realise how much they pay over the term (example 100K 25year 5.5% = 186k of payments)

end of rant.