And in real terms, the charts here show that benefits have largely fallen compared to the 1980s.My parents did the same as yours. we lived like sh*t, not the comparative comfort their equivalents of today live with no help form government like today. They made sacriices. They owe the youth of today that expect to live their lives without sacrifice nothing. That is my point. Yes house prices are much higher now but today you get tax credits which you are able to count as household income towards mortgages!!
People get lots more help today than back then where it was "look after yourself" and in the main most people di look after themselves hence why they have assets and got on with life. While there were less actual repossessions in the '81 recession than the financial crisis. The country was decimated by that one with absolutely no help from government.
My parent pushed the boat out in that recession to get a good house and then spent the next 10-15 years living on bare means until that mortgage levelled out more. Remember also at that time 10%+ interest rates and 10%+ inflation was the norm!!! not just occasional.
My opinion is that my parents deserve everything they have because until their 40s at least they made big sacrifices to afford it and now live comfortably, even very comfortably because of that sacrifice with a valuable asset they will hope to leave to their children IF the government doesn't steal its worth from them. They already paid tax on their money before paying for that house. They then paid the taxes included in the mortgage too. They should not have to pay tax on what they already paid tax on.
Your parents must have got their mortgage earlier than mine. Pretty sure my parent's mortgage was more than double the £50 you say yours was and South prices were already way ahead of North even back then. Remember this was also an era with mis-sold mortgages as well.
My parents was an endowment which was very hard first years but as the years went on eased as the mortgage in real terms became lower as a % of their income and by the time my sister and I hit our adulthood it was minimal but growing up we had absolutely nothing. Everything went into paying for that house. And well done to them and many thanks to them for their sacrifice. I hope they enjoy their retirement for another 20 or more years as they deserve it.
https://researchbriefings.files.parliament.uk/documents/SN06762/SN06762.pdf