Monday, Mar 05, 2007
Lets all laugh at this BTLer
BBC News: House repossession lost me £22K
This bint got a BTL mortgage but couldn't keep up with repayments. The house was repossessed and sold for £60,000 at auction, not enough to cover her debts (£27k outstanding).
Now she is bleating that the same house sold for £82,000 a few months later.
"I just want to cry." Mrs Smith said. "I've got to find £27,000. At the moment they can swing for it. Because they're not going to get it off me."
Posted by little professor @ 06:39 PM (173 views) Add Comment
14 Comments
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1. enuii said...
What a heart warming story, I shall sleep well tonight.
2. paul said...
You've gotta laugh really. The fact that the BBC think there's even a story here is telling. It's a bit like someone saying "I went to prison and it wasn't very nice", and the BBC reporting it.
3. tyrellcorporation said...
This is where IVAs are going to come in handy. We'll end up bailing out these ar**holes in the end!!!
It's a bit like me being sent to fat-camp and force fed All Bran because some other idiot is addicted to KFC!
4. japanese uncle said...
What a schadenfreude folks!
This poor woman has already been punished enough, hasn't she?
5. monty said...
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE -- www.gmacrfc.co.uk
6. japanese uncle said...
All adverts for BTL mortgage must carry the wording as follows;
"WARNING!! BUY TO LET MORTGAGE KILLS!"
7. Topher Bear said...
I know I should be compassionate about the misforftune of others but...
She still owns her OWN house, she has equity, and until she sells that and pays it off and moves into rented herself, I care not for her plight.
Interesting....how come she fell behind on the repayments, did she not have a tenent? was she not able to charge enough rent?
This will no doubt become a more common story!
Happy Days Bears! :-)
Topher Bear
8. daft boy said...
The article gives the impression that the basement flat was her own home bought on a BTL mortgage and then used for a secured loan . If this was the case what would have been the advantage of doing so ? anyone any ideas ? If it was an additional property bought as a BTL then of course she appears quite rightly as a complete idiot.
9. Such_short_memories said...
I was thinking the same Daft. No one would take out a BTL mortgage on a property they owned. Often its the other way round - the owner of a normally mortgaged house moves into a second home, while letting out the first house on not notifying the lender of a change in circumstances.
It must be just the beeb spinning the story to make it sound like it was the roof over this pathetic womans head, when in fact she was pocketing a priced out young couples hard earned cash while not paying the motgage it should have gone towards. We hear nothing about the tenants that were no doubt turfed out onto the street faster than the time it takes to climb a communal flight of stairs.
10. disgustedofyork said...
Anybody else think this is just the start of a coming wave of stories about BTL woe? I can imagine consumer programmes filling up with stories of people who made investments they really shouldn't have, which turned sour. Once that happens then they start whinning about the investment they thought a was surefire get rich scheme, in fact turned out to be pretty marginal and totally unsuited to somebody who was already in debt? Reminds me of the dot com era when people bought investments they couldn't afford and didn't understand, and then seemed suprised and ripped off when they unravelled.
Even without a HPC, a lot of BTL purchasers might be on some pretty shakey foundations, if you were already in debt and bought recently (i.e. followed the hype and thought it was easy money), it doesn't take a lot to make the whole thing turn sour, and capital growth isn't going to pay your ongoing costs.
11. dohousescrashinthewoods said...
Ouch.
The Daily Murdoch has a lot to answer for.
12. dohousescrashinthewoods said...
disgustedofyork, I guess BTL woe programmes will keep bread on the table for Kirsty and Phil in the coming years!
13. Mr Plumbase said...
Lend me a violin someone.
14. lvmreader said...
Kirsty and Phil better leave the country.
I can just see some angry person stabbing one of them later.