Monday, Oct 15, 2007
I cannot afford my dump of a flat anymore
Yahoo: Message
How many of these are there in the UK...tip of the ice burg...brouight a flat two years ago, IOM and now cannot afford the repayments.
Posted by european-bear @ 10:14 AM (987 views) Add Comment
3 Comments
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1. Sold My Soul To The Never Never Never said...
Loved this article and all the comments from incredibly ignorant and naive "agony aunts and uncles"! Ho Ho Ho aren't we going to have some fun in the future months to come.
Examples of silly statements are "I can't believe that the price has fallen so sharply - particularly that 2006 was a period of modest growth". and "ask the bank to suspend your mortgage for 6 months"
and then there was somebody suggesting a deal with a loan company - have they not heard of CREDIT CRUNCH!!
It looks to me from his take home pay that he took out a mortgage roughly 5 to 6 times his salary. i.e. sub prime. He's probably living in an area where there is a glut of flats - BTLose heaven. He most likely can't remortgage as the mortgage interest rate would be pushing 10%. Also when he comes to remortgage a valuation will need to be done on the property and if it is true as he says that the property is now valued at £165K and he has a 185K loan then he doesn't stand a chance in hell of getting a mortgage.
We are only at the start of all this mess so my advice to him would be to get out while the going's good as it is going to get a whole lot worse. I should have left a message for him (and the others who left their comments) to get a reality check and read this website. But then again I shall keep it quiet. They'll find out sooner or later.
2. David Smith's Sub Prime. . . said...
"...it's only this year, in fact, late this year that the property market has begun to turn...."
Has he not been reading any of the press...? Boy the financial 'advisers' and 'professionals' and also the media have a lot to answer for...
3. Sherlockhomes said...
maybe he can rent it out to a polish gentleman on housing benefit?