Why do Boomers get so defensive about mortgage interest rates???

[Hobbit]

"Walk a mile in my shoes..."

Watching my children transition from school, through uni to getting a job, establishing a career, getting on the housing ladder I prefer my struggles.

My struggles into a headwind on a bike, sometimes walking a few of those 12 miles were brutal but it was MY house I was arriving at. My youngest is a teacher, her partner a self employed tiler. They still rent...

And yes, I still believe I'm right in some of the aspects but only because I don't think the younger generation really appreciate what it's like to hop on a bike at the end of a physically demanding day knowing you'll do it again twice tomorrow... Equally, I'm glad I'm not starting out now.

It applies to every generation, "walk a mile in my shoes" before you look to diminish anyone's struggles.

 

[Hobbit]

16% interest rates lasted about a year I believe. Painful no question, but then house values rocketed subsequently. We moved up the housing ladder by riding that wave.

High housing and renting costs are here to stay, have been for many years. The barriers to entry are greater now than they were. Anyone thinking otherwise is not aware of how the market is.

And although payrises lagged behind the mortgage rises, I got 3 pay rises that year totaling 22%

 

[SwingsitlikeHogan]

…not all do…but in my experience many who do express such sentiments do so from a rather smug, self-satisfied and self-congratulatory place…add in ‘we’ve paid off our mortgage’ and those expressions can go off the scale.

They tend to forget or ignore how fortunate they were when they were in their 20s picking up from where their parents left them…more often than not in a relatively advantageous place compared with many others. Of course the importance of that to their future life and work successes is downplayed - what mattered most was their ‘hard work’…leading to where they are now being ‘deserved’.

And so they look at the travails of the current 20s and 30-somethings through misunderstanding and rather uncaring eyes.

Why might they seem ‘defensive’? Well maybe they actually know all of this and don’t like to admit it to themselves.

 

[Voyager EMH]

At your age that’s a lot of money over the years.
Should of saved it as a deposit on a house

Didn't last long. They all went bankrupt.

 

[clubchamp98]

Nobody’s mentioned the outside toilet!
Now that was a shock to the system when I was young.

 

[Doon frae Troon]

And although payrises lagged behind the mortgage rises, I got 3 pay rises that year totaling 22%

I recall doing well around that time.
I was not fully aware of how council salaries worked and was on the lowest level of my pay scale so had about four years of double pay rises until I reached the top.
I was then promoted to PO scale
I could not believe my luck

At the same time I recall at least 3 of my staff having to hand back their keys to the houses they had recently bought at the top of the sharp property rise.