Jump to content
House Price Crash Forum
Sign in to follow this  
Lazybones

Sunday Times

Recommended Posts

Sunday Times Magazine, Bear Food article.

Paula Daly had a 50k salary, a busuiness and her own flat. In a matter of weeks she lost it all

Jonathan Weal, 53, then property developer with homes woth an estimated 2.5m now, unemployed, homeless, burdened with 300k mortgage debt, seperated from wife & living apart from his children

James Cousisns, 43, then salaried business analyst in the city, now made redundant 3 years ago, facing reposession, negative equity, mortgage arrears.....

Report pages 23-27

Share this post


Link to post
Share on other sites

That would a nice feature for a new TV.

When a politician is being interviewed if at least a 1000 people press the detonate button on their remote control....

Press the red button...NOW!

Share this post


Link to post
Share on other sites

One guy with a "thriving property development business".........now homeless and owes 300k in unpaid mortgage arrears.

"Solicitors acting for the bank sold his luxury top floor flat in Blackheath....valued by Foxtons at £1.3million, for just £359,000".

He's trying to sue the bank, but perhaps instead should be examining the gap between Foxton's valuation and the actual sale price of the property, and looking for the causal link between that gap and his (and other peoples') homelessness.

The penny may eventually drop, but I expect not.

Edited by ingermany

Share this post


Link to post
Share on other sites

One guy with a "thriving property development business".........now homeless and owes 300k in unpaid mortgage arrears.

He's trying to sue the bank, but perhaps instead should be examining the gap between Foxton's valuation and the actual sale price of the property, and looking for the causal link between that gap and his (and other peoples') homelessness.

The penny may eventually drop, but I expect not.

Caveat emptor is a great opt-out for the financial sector itsn't it :(

Share this post


Link to post
Share on other sites

Interesting article. The common thread through all of it is that people in reasonably well paid jobs (circa 50k) were lent astronomical sums of money to finance property purchase on the assumption that property values would increase. The guy with his "£1.3 million" flat...now sold for less than 360k, being a fairly typical example of the sob stories.

Across the country there must be several million mortgage payers who are living under the delusion that their property assets make them rich. Up until 2008 these people were borrowing to live, using the equity as security. Now that the housing market has flat lined they can't borrow more money to pay the school fees, and when the bailiffs call they can't even sell the property without taking a massive loss. I note Vince Cable's answer to the problem today in the Times and on news channels

"The top priority now, to boost growth and jobs, and avoid a double dip, is making the banks lend again."
. He's going to make the banks lend to more people like these.

Share this post


Link to post
Share on other sites

Same story in Republic of Ireland - large sums lent to "professionals" who now can't pay the mortgage

http://www.independent.ie/national-news/dr-doom-its-not-all-bad-but-we-have-big-problems-2841949.html

Accounting for the difference between his and official estimates, Prof Kelly said that he had factored in at least €11bn of mortgages, given to 10,000 professionals, to purchase properties whose prices ranged from €1m to €2m.

He said these mortgages would not now be repaid as most of those same professionals could no longer afford "to buy you a cup of coffee".

Prof Kelly said he did not think that property prices had reached the bottom yet.

Explaining this, he claimed that banks were still providing mortgages to well-paid people in the public service.

The effect of this was to keep property prices artificially inflated, he said.

...and when they are cut back...?.... :rolleyes:

Share this post


Link to post
Share on other sites

Interesting article. The common thread through all of it is that people in reasonably well paid jobs (circa 50k) were lent astronomical sums of money to finance property purchase on the assumption that property values would increase. The guy with his "£1.3 million" flat...now sold for less than 360k, being a fairly typical example of the sob stories.

Across the country there must be several million mortgage payers who are living under the delusion that their property assets make them rich. Up until 2008 these people were borrowing to live, using the equity as security. Now that the housing market has flat lined they can't borrow more money to pay the school fees, and when the bailiffs call they can't even sell the property without taking a massive loss. I note Vince Cable's answer to the problem today in the Times and on news channels . He's going to make the banks lend to more people like these.

I don't know what's been more damaging to the country. The house price bubble, or the gradual transformation of the working class into the underclass (by the twin methods of outsourcing and cheap labour immigration).

Can't we retrospectively surrender to the Germans and get them to run our country?

Share this post


Link to post
Share on other sites

Interesting article. The common thread through all of it is that people in reasonably well paid jobs (circa 50k) were lent astronomical sums of money to finance property purchase on the assumption that property values would increase. The guy with his "£1.3 million" flat...now sold for less than 360k, being a fairly typical example of the sob stories.

Across the country there must be several million mortgage payers who are living under the delusion that their property assets make them rich. Up until 2008 these people were borrowing to live, using the equity as security. Now that the housing market has flat lined they can't borrow more money to pay the school fees, and when the bailiffs call they can't even sell the property without taking a massive loss. I note Vince Cable's answer to the problem today in the Times and on news channels . He's going to make the banks lend to more people like these.

I'll bet the executives at Royal Dutch Shell are glad (to say the least) he isn't an economist for them any more... What a dildo

Share this post


Link to post
Share on other sites

Sunday Times Magazine, Bear Food article.

Paula Daly had a 50k salary, a busuiness and her own flat. In a matter of weeks she lost it all

Jonathan Weal, 53, then property developer with homes woth an estimated 2.5m now, unemployed, homeless, burdened with 300k mortgage debt, seperated from wife & living apart from his children

James Cousisns, 43, then salaried business analyst in the city, now made redundant 3 years ago, facing reposession, negative equity, mortgage arrears.....

Report pages 23-27

This was all entirely inevitable as long ago as 2002/3....... [see below].

The World's Greatest Fraud/Pyramid/Ponzi Scam - namely LIAR LOANS - is going to ruin millions of peoples' lives. The sooner we realise this and prosecute and jail ALL the perpetrators for 35 years, the better.

Share this post


Link to post
Share on other sites

hi

interesting article - some wierdness: James Cousins, 43, trying to hang on to the family home."three yeads ago he paid 170k, now worth 186k, but his mortgage, with arrears, is 204k"

??? Really get a london pad for 170k in 2007?

Matthew Doyle is more typical, 600k mortgage (44*joint salary); high spend and no savings...

Edited by dryrot

Share this post


Link to post
Share on other sites

Sunday Times Magazine, Bear Food article.

Paula Daly had a 50k salary, a busuiness and her own flat. In a matter of weeks she lost it all

Jonathan Weal, 53, then property developer with homes woth an estimated 2.5m now, unemployed, homeless, burdened with 300k mortgage debt, seperated from wife & living apart from his children

James Cousisns, 43, then salaried business analyst in the city, now made redundant 3 years ago, facing reposession, negative equity, mortgage arrears.....

Report pages 23-27

Worlds20Smallest20Violin_RE_Goodbye_Sharenator-s422x422-64210.jpg

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.