When my parents bought in the UK in the early 80s, the average family house was £20k. But mortgage rates at the time were ~20%, meaning you had to pay £4k per year just to cover the interest alone, and the average salary was below £6k.
Yes, interest came back down after a few years, but a lot of people learned about Negative Equity during those years.
When my parents bought in the UK in the early 80s, the average family house was £20k. But mortgage rates at the time were ~20%, meaning you had to pay £4k per year just to cover the interest alone, and the average salary was below £6k.
Yes, interest came back down after a few years, but a lot of people learned about Negative Equity during those years.