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Mapatasy

Boom in risky home loans

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The numbers there are ridiculous. You'd be better off taking up drug dealing to get your hands on ten grand.

Pay back £300 a month for a sizeable chunk of your adult life or maybe a couple of months in jail? No brainer surely.

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55 minutes ago, Mapatasy said:

' Eric Hawkins, 70, a renewable energy consultant from Dorset, took out a second charge loan for £40,000 in 2006

The loan, from Kensington, was an 11 per cent interest-only deal, so Eric and his wife, Jane, 72, were paying £367 a month without reducing the debt. 

He invested the cash in his solar energy business — and hoped to pay it back in a lump sum after ten years.

But his plans were scuppered when the business went bust during the financial crisis.

Although the couple say they have paid Kensington £42,000 in interest and late payment charges over the years, the debt still stands at £42,117.'

So. Whats your point?

' When their main mortgage from Birmingham Midshires ended last year, the lender agreed to extend it for 25 years. '


So is that another IO mortgage then FFS?

 

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19 minutes ago, spyguy said:

' Eric Hawkins, 70, a renewable energy consultant from Dorset, took out a second charge loan for £40,000 in 2006

The loan, from Kensington, was an 11 per cent interest-only deal, so Eric and his wife, Jane, 72, were paying £367 a month without reducing the debt. 

He invested the cash in his solar energy business — and hoped to pay it back in a lump sum after ten years.

But his plans were scuppered when the business went bust during the financial crisis.

Although the couple say they have paid Kensington £42,000 in interest and late payment charges over the years, the debt still stands at £42,117.'

So. Whats your point?

' When their main mortgage from Birmingham Midshires ended last year, the lender agreed to extend it for 25 years. '


So is that another IO mortgage then FFS?

 

Mental !!!!

 

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