Mortgage prisoners

Apparently that’s what we are – mortgage prisoners. Not a very nice term. Gives the impression you are incarcerated in your own home. Dont get us wr0ng, we love our house and we are very grateful for the fact that we can afford to live there. You have got to be grateful for any roof over your head. There is nothing wrong with it. Plenty of room for the four of us plus 2 dogs and 2 fish a couple of cars and a couple of bikes. The garden is plenty big enough, the neighbours arent too bad. The ones on the left drink and argue too much and they never walk their dog but other than that they are fine. The ones on the right are old and quiet. Yes there is always the dodgy ‘shameless’ family nearby but other than that it is OK. The village is nice but you have to drive half hour to get anywhere other than the village shop and pub. If it rains hard for more than a day forget driving a car unless its a 4 x 4. There are 3 routes out of the village and they all flood. One road even has a depth stick that has ‘find Noah’ at its very top – and we have got close.

So no complaints. But, having said that, we don’t want to be here til we retire. We feel we have one more move left in us before we jack in the lot, give some to the kids and then take-off round the world in a yacht (we wish).

But we cant. Why? Because we cant get a mortgage. Since self-certfication mortgage products were removed from the market, techincally we cant even afford the house we are living in let alone the one we would like to buy in the future. Its a classic case of ‘computer says no’. Yes I understand a lot of people have abused the self-cert route and have got themselves into trouble but what about people like us? They dont take into account that we have never been in arrears and have successfully paid a mortgage for over a decade. Like many self employed people, the accountant massages profits down so as to minimise the tax burden – legally not illegally. As a result though the profits on paper dont help with the mortgage case. You cant just try and massage them up for one year either – you have to have 3 years consecutive accounts showing an upward trend. Banks arent living in the real world asking self-employed people for these figures.

The Government recently announced that to help the economy they are cutting the bureaucracy of planning departments to help the building trade. They ought to look at mortgages too, because it is still far too difficult to get a mortgage. Until lending is sorted we will be staying in this economic slump for a while yet.

I am blogging every day for Unicef. If you are able to donate a £1 or more to the campaign, please visit my fundraising page.

Thanks for reading.

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