Well from what I can see, he was on about the fact that people with mortgages over the last 18 months have had very low interest rates on their mortgages. Compare the ineterest rates that he is on about and what they were like around 1980. I suppose people can be as much as 10% less then teh early 80's, when rates went up to 15% from my memory.


On the assumption that somebody had a mortgage in those days at 15% PA on £100,000 that meant £15000 interest.

Compared with somebody on a mortgage of £100,000 today at lets say 5%. which would mean £5000 interest.

I use that as a comparison.

So in someways he does have a point compared with the early 1980's. A saving of £10000 per annum.

I remember those days and yes I paid such high interest.

So in my case and assuming I had that loan today, yes he is correct.

Now are we in a situation where the press have managed to blow a comment out of all proportion, like they always seem to do?

The press has a lot to answer for today. You can't say or do a thing without it making front page headlines and then the unmerciful thrust of the dagger, by such press and it's gullible readers.

After saying all that, I am not condoning what he said, but do think we need to sit back a bit be a bit realistic about what the gutter press exploits.