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uncle_monty

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Recent repo in Rochdale. Family man aged 55.

Blaming Brown, BoE. "We're worse than the US in terms of economy, house prices and employment prospects. Pound is falling - possible parity with USD as well as EUR."

House valued at £340k at peak. Sold for £240k by bank, lumbering them with the rest. Aged 55, said it will take until retirement to repay it.

His advice, "you're in arrears, I would hand the keys back now, otherwise you'll owe more in a further 12 months and your house value would have plummeted".

Now intends to get a new job, save up and buy a house for cash. NEVER getting a mortgage again.

Considering he's clearly going through the worst moment of his life, he was very coherent and calm. Best piece of opinion from the archetypal "man on the street" I've heard in a long time.

Worth watching if sky replay or put on their website.

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Now intends to get a new job, save up and buy a house for cash. NEVER getting a mortgage again.

I'm getting more and more tempted to hold out until I have enough cash (as a saving FTBer)

I don't want to play Experian and Halifax's grubby little game where I need to have debt to be credit worthy, and to pay an extortionate amount of interest to buy a house

Seriously considering saving until I have enough to get a nice little flat for cash, so that it's MINE and can't be taken off me if I'm out of work.

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Recent repo in Rochdale. Family man aged 55.

Blaming Brown, BoE. "We're worse than the US in terms of economy, house prices and employment prospects. Pound is falling - possible parity with USD as well as EUR."

House valued at £340k at peak. Sold for £240k by bank, lumbering them with the rest. Aged 55, said it will take until retirement to repay it.

His advice, "you're in arrears, I would hand the keys back now, otherwise you'll owe more in a further 12 months and your house value would have plummeted".

Now intends to get a new job, save up and buy a house for cash. NEVER getting a mortgage again.

Considering he's clearly going through the worst moment of his life, he was very coherent and calm. Best piece of opinion from the archetypal "man on the street" I've heard in a long time.

Worth watching if sky replay or put on their website.

Did he blame himself at all for taking on too much debt and not thinking of the consequences if interest rates went up and/or he lost his job?

Just wondering... :unsure:

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Yeah I actually felt sorry for the guy! Liked his opinion that 120k houses will very soon be 50k :P Get in!!!!!

Yes, I just caught the end of this.

He is ust a decent person who has over-extended himself and now he, his wife and children are in one heck of a mess. There must be hundreds of thousands of families like him.

Kay burley asked him he if he should not have over-extended himself but he did not come across to me as someone who had deliberately gambled on his house - a better question to ask BTLers than this family man.

He looked and sounded broken ad desperate. Terrible.

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I'm getting more and more tempted to hold out until I have enough cash (as a saving FTBer)

I don't want to play Experian and Halifax's grubby little game where I need to have debt to be credit worthy, and to pay an extortionate amount of interest to buy a house

Seriously considering saving until I have enough to get a nice little flat for cash, so that it's MINE and can't be taken off me if I'm out of work.

Same here. Even before GC2 me and the OH were amassing savings and my personal goal was for about 40% deposit on a reasonable home. Now we're looking to increase that.

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Why wouldnt' he declare himself bankrupt, rather than being lumbered with the ~100k debt?

Is he though?

Unless he took at a 100% mortgage at the top (or around that, what with the charges made by banks on repos), it won't be that figure owed.

If he is 55 and wants to pay that off and save to buy for cash in 10 years when he retires, he is going to have to go some.

edit to add

The hand the keys back now advice is spot on, and one reason why Beckett's plan is doomed. It assumes that people want to stay in their house and be liable for even more money.

Edited by bobthe~

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Is he though?

Unless he took at a 100% mortgage at the top (or around that, what with the charges made by banks on repos), it won't be that figure owed.

If he is 55 and wants to pay that off and save to buy for cash in 10 years when he retires, he is going to have to go some.

edit to add

The hand the keys back now advice is spot on, and one reason why Beckett's plan is doomed. It assumes that people want to stay in their house and be liable for even more money.

I did a contract at DEFRA when she was the Minister for DEFRA. They sat me down and made me read web page after web page which, IMPO, was dedicated to her ego. Loads of stuff about what size font, what font, etc, to be used in correspondence with her, how to address her, how to lay out letters and emails to her, etc, etc.

The ego, IMPO, literally reached out from the web pages.

Three days later I walked out - only contract I have ever walked out on - because I simply could not think 'down' into the same mindset.

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How can he not afford his mortgage at the current rates? I think alot of what were seeing coming home to roost is the calling in of loan sharks' loans, secured on the house - you know who you are Carol Vorderman.

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How can he not afford his mortgage at the current rates? I think alot of what were seeing coming home to roost is the calling in of loan sharks' loans, secured on the house - you know who you are Carol Vorderman.

Yes, aged 55 and effectively no equity in the home? He has not been trying or has used it as a cash machine. Of course, if prices had continued to go up his £340K home would have been a nice earner in time for his retirement. What annoys me is that people believe that the normal rules of economics and its consequences do not apply to them. They do now.

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Oh, I see now. He bought Rochdale.

They have a different chap on the 4PM News - wonder if Kay is doing a different bloke on the hour every hour? :blink:

Joking aside, I hope they put this on their website.

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Recent repo in Rochdale. Family man aged 55.

Blaming Brown, BoE. "We're worse than the US in terms of economy, house prices and employment prospects............

As I have said time and time again.....

If the average Jo/Jane wants to "buy" a property in which to live - and just GET ON with what was ONCE an ordinary life.... He/She HAS TO --- and I emphasize -- HAS TO - TAKE OUT A

LIAR LOAN

And a LIAR LOAN includes any mortgage with a multiple over 3.5 x REAL [Non-Lying] salary.

IT IS THAT SIMPLE.

And until this situation changes - so that a LIAR LOAN isn't necessary to just put a roof over your head - this country will ALWAYS be in the sh1te.

Edited by eric pebble

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As I have said time and time again.....

If the average Jo/Jane wants to "buy" a property in which to live - and just GET ON with what was ONCE an ordinary life.... He/She HAS TO --- and I emphasize -- HAS TO - TAKE OUT A

LIAR LOAN

And a LIAR LOAN includes any mortgage with a multiple over 3.5 x REAL [Non-Lying] salary.

IT IS THAT SIMPLE.

And until this situation changes - so that a LIAR LOAN isn't necessary to just put a roof over your head - this country will ALWAYS be in the sh1te.

I think I am falling in love with you Eric. You are more reliable than Big Ben. If only you played Jack on Father Ted.

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Let me get this right, he's 55 and he had an outstanding mortgage of ~£340K. Who is it... Richard Branson?

WTF was the man thinking?

Exactly. I'm 53 with an outstanding mortgage of 35k.

While I imagine I could have got it I've never in my life had an outstanding mortage of anything remotely like £340k. Despite not taking on such huge debt, and despite having lost first house after divorce (and so having to build up equity a second time from scratch) I've managed to live in a pleasant part of the M3/M4 commuter belt - and pay back my borrowing!

What on earth is his excuse for borrowing so much? I simply cannot imagine the need to take on such a liability.

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Exactly. I'm 53 with an outstanding mortgage of 35k.

While I imagine I could have got it I've never in my life had an outstanding mortage of anything remotely like £340k. Despite not taking on such huge debt, and despite having lost first house after divorce (and so having to build up equity a second time from scratch) I've managed to live in a pleasant part of the M3/M4 commuter belt - and pay back my borrowing!

What on earth is his excuse for borrowing so much? I simply cannot imagine the need to take on such a liability.

If you fog a mirror, i.e. breath - they'll give you a loan....

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Eric - your're able to deliver a message better than the best Nazi propagandists.

Whenever I see liar loan in the paper or on the news I always see it as

LIAR LOAN!

and think of HPC

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The good news is that this man, and any other man/woman appearing on the news saying CRASH CRASH CRASH, has been given a large piece of paper saying SCRIPT, and another piece of paper saying CHEQUE from their friendly neighbourhood bank. The banks need a crash now, and they will have one. This dude is probably an out of work actor.

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maybe he'd secured business funds against it

didn't see it

but from what is said he's facing up to the mistake, giving good avice to others and not just whinging on aboiut how unfair it is

we need more of this to defer the govs ******** schemes of prolonging the agony of the overstretched

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The banks need a crash now,

oh course they do

they need to find the near lowest levels to be lending against only minimal levels of further drops (absorbed by deposits)

its the only way to let things flow

but can you imagine if it came straight from bank to media - we need the crash ?

the wailing and the moaning would be deafening

Edited by mr slump

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I bet he forgot to say:-

"It's all the fault of the American poor. If only they hadn't taken out those sub-prime loans we'd be fine."

and

"Where were the regulators? I blame the regulators. I'm suing them for compensation tomorrow."

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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