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hedgefunded

Another Mse Lamb To The Slaughter...

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http://forums.moneysavingexpert.com/showth....html?t=1890629

It's all pretty bad but she's paid £350 to a mortgage broker and now she's posted this on MSE:

"I am desperately in need of some advice from anyone with a bit of knowledge about mortgages please."

Sweet Jesus.

One day at a time sweet Jesus, that's all I'm asking of you.............

God bless Lena Martell

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The actual mortgage is for £105,000 but we took out an unsecured loan of £22,500 alongside it.

The term is 29 years and at the moment we are on interest only repayments.

...And their fixed rate ends in in a year or two. There's still plenty of this sort of thing out there and the 0.5% base rate will have absolutely no effect on these people who will be paying anything upto 11% in some cases.

I wonder if its a liar loan?

Edited by chefdave

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...And their fixed rate ends in in a year or two. There's still plenty of this sort of thing out there and the 0.5% base rate will have absolutely no effect on these people who will be paying anything upto 11% in some cases.

I wonder if its a liar loan?

That's kind of irrelevant IMO, it s just symptomatic of the totally stupid way things have become due to ramping, and peoples lack of respect for their own future. This should be compulsory education in schools. NO is a word that needs to be learned and understood.

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Guest sillybear2
trip trap trip trap........... or is that a goat?

A conjunction of both goat and troll, much like the HPC v. MSE relationship.

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That's kind of irrelevant IMO, it s just symptomatic of the totally stupid way things have become due to ramping, and peoples lack of respect for their own future. This should be compulsory education in schools. NO is a word that needs to be learned and understood.

Spot on, we have been advertised into a YES cilture. A colleague looked shocked yesterday when I suggested she said no to a client who is asking for too much.

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"So.. After digging out the documents it does indeed turn out that we borrowed £22,500 over 29 years and we are paying £33,624 in interest. I'm shaking with shock as I'm typing!"

What ? That`s outrageous, how dare they charge that must interest on £22.5K over 29 years ! I mean, they should throw in the £22.5K for free, being as you are borrowing another £105K from them.

The mortgage adviser didn`t tell them about this, what a nasty man.

Jeeez, people like this shouldn`t be allowed anywhere near a mortgage.

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If true it's a sad indictment of the state of the UK.

People in massive serious debt and not having a clue how they got there or how they get out of it.

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If true it's a sad indictment of the state of the UK.

People in massive serious debt and not having a clue how they got there or how they get out of it.

Indeed, and will they ever learn ?

I doubt it.

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My husband & I took out a mortgage a little over a year ago. We went to a broker (we paid £350 which I've since realised we could have opted for fees free, our first mistake I think).

The actual mortgage is for £105,000 but we took out an unsecured loan of £22,500 alongside it.

The term is 29 years and at the moment we are on interest only repayments. We intend to change this to repayment next year. The other thing to say is that we are on a fixed rate which ends March 2011.

So how did they manage that then? :unsure:

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All above board, I`m sure.

Well, Northern Rock had already been rumbled at that point, and it has a certain NRK ring to it. Interest only, stupidly large 'unsecured' securable loan with it, 29 years of debt servitude with no repayment vehicle, top of the market, etc etc........and as you allude to probably made up earnings numbers.

Anyone who can add up to ten could go into one of these mortgage providers and find hundreds, probably thousands of cases of such fraud in an afternoon if there was the will. These banksters have got away with fraud on an unbelievable scale.

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...And their fixed rate ends in in a year or two. There's still plenty of this sort of thing out there and the 0.5% base rate will have absolutely no effect on these people who will be paying anything upto 11% in some cases.

I wonder if its a liar loan?

Exactly screwed at the outset and screwed when they come off the fixed rate........

No sympathy to be honest, you don't understand something..........then don't enter into the deal. Bet you now the unsecured loan has been spunked on flat screens and tat.

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Well, Northern Rock had already been rumbled at that point, and it has a certain NRK ring to it. Interest only, stupidly large 'unsecured' securable loan with it, 29 years of debt servitude with no repayment vehicle, top of the market, etc etc........and as you allude to probably made up earnings numbers.

Anyone who can add up to ten could go into one of these mortgage providers and find hundreds, probably thousands of cases of such fraud in an afternoon if there was the will. These banksters have got away with fraud on an unbelievable scale.

+1

They didn't even know how much they are supposed to pay back. Why? because they probably didn't even figure they had to pay it back when considering taking on the fecking debt.

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I wonder how much these borrowers would want back if they lent out £22.5K over 29 years ?

For them to lend out £22.5K, they`d have to save up that amount first. No doubt they`d say that it would be extremely difficult to save that much, yet they willingly borrow that amount, then expect not to have to pay so much for the privelige !

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