[timwilky]

Ok, I guess I am lucky. I bought my 3 bed semi in 1985 for £23,000. I was able to put down a deposit of £3,000 so took a mortgage of £20,000. Which at the time was about twice my salary.

Interest rates rose to about 14%. Boy did I struggle. But as the rates decreased I maintained my payments at the higher level. After all I had got use to paying that amount. wife & kids happening did not help. However, by maintaining the higher payments, I was able to pay the mortgage off 8 years early.

It is a nice feeling in these depressing times of job insecurity, negative equity etc. That nobody can take my house off me. The wife and I have that little bit of security in our situation.

I now despair for kids trying to get onto the housing ladder. I have 3. My youngest bought a small semi last year, is now struggling to work (laid off last week) is in negative equity etc. My middle one has a one bedroom flat for her and her 2 yr old son. The housing association tell her that despite her unsuitable accommodation. they have no houses/2 bed flats available as other "emergency" housing is taking priority. My eldest is still at home. Cannot afford to move out whilst trying to pay off professional studies fees. loan for masters degree etc. then the student loan. By the time she can afford to stand on her own feet, we will probably be dead/buried and left her the house.