February 6, 2008 at 12:51 am (banks)
Tags: bank satisfaction, customer service, fees, financing deals
I’ve asked people this question before. Most say no. Yet they never move on. They think it’s too much hassle, it might cost money, it might inconvenience them in future. I’m guilty of the same thing. I can’t stand my bank. It’s one of the most well known banks here and yet it has the poorest customer service imaginable. Recently, a lot of banks have been advertising aggressively in an attempt to “steal” customers to their fold.
They say they will deal with the hassle, the expenses, the complications. They even offer zero fees which is a lot better than the most popular bank. Yet, people still don’t move. I don’t know if it’s a fear of something new or distrust in something that isn’t as established as they are used to but they are passing up on some great deals. They could be saving the money they are spending on extra fees at the moment. We are a strange country in that sense. We are so used to one company monopolising any given sector that when new ones begin to grow, we don’t take what’s offered to us on a plate. My advice is: make sure it’s a good deal, yes. If you’re sure then grab it with both hands. If a phonecall is going to save you money then why not make it?
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February 5, 2008 at 3:15 am (mortgages)
Tags: falling market, house prices, worthless mortgages
House prices are ridiculous over here. I don’t as yet have a mortgage and although I wish I owned a house, I am very glad that I don’t have a mortgage. Things went crazy here for a while – house prices literally soared and kept soaring for years. People went mad applying for amazingly high mortgages to pay for amazingly small homes.
Suddenly the prices stopped soaring. The market dipped. The prices began to fall. Some say rapidly although that is a matter of opinion right now. They could keep falling. Nobody has any idea of what will happen next because people have stopped buying. People are afraid to purchase, everyone wants to sell and nobody can. Those people who received huge mortgages for tiny homes have now discovered that they don’t have the room for a family and need to move on. It isn’t happening for most of them.
I know a lot of people who are now stuck with worthless homes that they can’t shift and yet will be paying off for a very long time. It’s a shame but I feel that foolish purchases were made. It was as if the country was suddenly in a race to buy a home. We drove the prices up so high that it seemed to click with the entire nation that it was just too much. So the purchases stopped and the values fell. There are no guarantees, there are no assurances. Things can go very well or very badly. It’s all down to timing and luck in the end.
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