winkie Posted February 9, 2019 Share Posted February 9, 2019 11 hours ago, Bear Hug said: I was missold renting. Where is my compensation? Quite.......I suspect they are desperately trying to find something to replace PPI...? Quote Link to comment Share on other sites More sharing options...
Horridbloke Posted February 9, 2019 Share Posted February 9, 2019 18 minutes ago, winkie said: Quite.......I suspect they are desperately trying to find something to replace PPI...? "Were you missold a white Range Rover?" Quote Link to comment Share on other sites More sharing options...
winkie Posted February 9, 2019 Share Posted February 9, 2019 2 minutes ago, Horridbloke said: "Were you missold a white Range Rover?" Ha!.. someone must drive one, somewhere.......who sold it to them?? Quote Link to comment Share on other sites More sharing options...
Riedquat Posted February 9, 2019 Share Posted February 9, 2019 2 hours ago, Captain Kirk said: From that mumsnet thread At least there's some acknowledgment in their part there, that they've learned. Quote Link to comment Share on other sites More sharing options...
Wayward Posted February 9, 2019 Share Posted February 9, 2019 12 hours ago, Bear Hug said: I was missold renting. Where is my compensation? Yes turns out my rent is rent only....don't I get a free house??...what is wrong with modern Britain?? Quote Link to comment Share on other sites More sharing options...
Captain Kirk Posted February 9, 2019 Share Posted February 9, 2019 (edited) 1 hour ago, Riedquat said: At least there's some acknowledgment in their part there, that they've learned. Yes, they were young and had only ever seen prices rise as adults. What gets me though is she (I think female) said in reference to taking legal action that her parents always told her if it looked to good to be true it probably was. Now I don't know if her parents tried to talk them out of buying, but from my experience parents are generally pushing their kids to buy. So a lot of people are at fault here. Grown ups should know better but they don't anymore. Edited February 9, 2019 by Captain Kirk Quote Link to comment Share on other sites More sharing options...
Crashley Banjo Posted February 9, 2019 Share Posted February 9, 2019 21 hours ago, Discustard said: How can you buy in 2007 and be in negative equity now? We are just off all time high prices, certainly recovered from the crash and more. If they have kept up payments on the interest-only mortgage they should be able to sell up and just call it square (at least). We know someone who bought a new build in 2007 on a big new estate.... next thing you know a giant travel lodge was built on the very front of the estate.. and is colour coded to the flats. Now It looks like one big giant travel lodge complex...  Quote Link to comment Share on other sites More sharing options...
Kurt Barlow Posted February 9, 2019 Share Posted February 9, 2019 21 hours ago, Discustard said: How can you buy in 2007 and be in negative equity now? We are just off all time high prices, certainly recovered from the crash and more. If they have kept up payments on the interest-only mortgage they should be able to sell up and just call it square (at least). Property ATM thats how. Quote Link to comment Share on other sites More sharing options...
EnglishinWales Posted February 9, 2019 Share Posted February 9, 2019 Why do you need to become house owners at 23, at 24 I was in a single room in a shared house. Quote Link to comment Share on other sites More sharing options...
winkie Posted February 9, 2019 Share Posted February 9, 2019 40 minutes ago, Kurt Barlow said: Property ATM thats how. That has been highly encouraged.....one sure way to pump cash into the economy, keeping it ticking over.....we need our homes to cover our costs, to keep us feeling well off, as a financial safety net, a future financial backup......equity release anyone? Quote Link to comment Share on other sites More sharing options...
thewig Posted February 9, 2019 Share Posted February 9, 2019 No one told me the payments on my interest only mortgage were only paying the interest on my mortgage.  next they’ll be telling me I’ve got a load of mortgage DEBT I wasn’t aware of. Quote Link to comment Share on other sites More sharing options...
longgone Posted February 9, 2019 Share Posted February 9, 2019 5 hours ago, winkie said: Quite.......I suspect they are desperately trying to find something to replace PPI...? Did everyone get ppi though. I put a claim in got nothing, I mean I never had any ppi but what difference does that make. PPI for everyone or it's not fair. Quote Link to comment Share on other sites More sharing options...
nome Posted February 10, 2019 Share Posted February 10, 2019 At the very least these IO mortgage holders will be bailed out with extensions to their repayment period, probably indefinite extensions and they'll just become ''lifetime mortgages''. Quote Link to comment Share on other sites More sharing options...
Si1 Posted February 10, 2019 Share Posted February 10, 2019 24 minutes ago, nome said: At the very least these IO mortgage holders will be bailed out with extensions to their repayment period, probably indefinite extensions and they'll just become ''lifetime mortgages''. That's happening with IO mortgages for the retired, isn't it Quote Link to comment Share on other sites More sharing options...
winkie Posted February 10, 2019 Share Posted February 10, 2019 I am sure the rent they pay as IO past retirement to the lender, will be a lot less than another person has to pay to a landlord years into retirement up until death......will the pension cover it?? Quote Link to comment Share on other sites More sharing options...
Ah-so Posted February 10, 2019 Share Posted February 10, 2019 4 hours ago, winkie said: I am sure the rent they pay as IO past retirement to the lender, will be a lot less than another person has to pay to a landlord years into retirement up until death......will the pension cover it?? The chances of the pension covering IO on an old mortgage is probably higher than keeping up with rents. Quote Link to comment Share on other sites More sharing options...
Ah-so Posted February 10, 2019 Share Posted February 10, 2019 5 hours ago, nome said: At the very least these IO mortgage holders will be bailed out with extensions to their repayment period, probably indefinite extensions and they'll just become ''lifetime mortgages''. Yes. This has already started and it will become a massive growth industry over the next ten years. The banks like it - secure income stream for the rest of the borrower's life. The government is happy that huge numbers do not get repossessed and the borrowers don't have a choice. Quote Link to comment Share on other sites More sharing options...
winkie Posted February 10, 2019 Share Posted February 10, 2019 57 minutes ago, Ah-so said: The chances of the pension covering IO on an old mortgage is probably higher than keeping up with rents. That is what I said......my question is, being that fewer people today are buying, they are still renting 60 years of age plus, who will be paying their rent?......can they claim compensation?.....blame and claim.? Quote Link to comment Share on other sites More sharing options...
MinistryMan Posted February 10, 2019 Share Posted February 10, 2019 On 08/02/2019 at 18:01, Discustard said: How can you buy in 2007 and be in negative equity now? We are just off all time high prices, certainly recovered from the crash and more. If they have kept up payments on the interest-only mortgage they should be able to sell up and just call it square (at least). Example next door to us. Semi detached in row of 8 houses bought for £240k in July 2007 by late 20’s couple. Their divorce went through before Christmas, no work done to house in 12 years. He’s asked us if we’re interested cos he can’t afford it even on interest only (can’t believe that!) - we’ve rented next door for 13 years. For sale sign went up last Monday....£175k! Next door neighbour the other side thinks it’s a disgrace and should be worth more as it devalues all the houses in the row...I’ll add he bought his ex council house for £26k in 2006 ish!!! This country’s attitude to houses is ******in nuts! Quote Link to comment Share on other sites More sharing options...
Captain Kirk Posted February 10, 2019 Share Posted February 10, 2019 28 minutes ago, MinistryMan said: Example next door to us. Semi detached in row of 8 houses bought for £240k in July 2007 by late 20’s couple. Their divorce went through before Christmas, no work done to house in 12 years. He’s asked us if we’re interested cos he can’t afford it even on interest only (can’t believe that!) - we’ve rented next door for 13 years. For sale sign went up last Monday....£175k! Next door neighbour the other side thinks it’s a disgrace and should be worth more as it devalues all the houses in the row...I’ll add he bought his ex council house for £26k in 2006 ish!!! This country’s attitude to houses is ******in nuts! And the government puts price caps on energy because people are being ripped off by £76 a year (apparently). But becoming financially ruined by a state-sponsored ponzi scheme is perfectly acceptable. Quote Link to comment Share on other sites More sharing options...
mrtickle Posted February 10, 2019 Share Posted February 10, 2019 3 hours ago, MinistryMan said: Example next door to us. Semi detached in row of 8 houses bought for £240k in July 2007 by late 20’s couple. Their divorce went through before Christmas, no work done to house in 12 years. He’s asked us if we’re interested cos he can’t afford it even on interest only (can’t believe that!) - we’ve rented next door for 13 years. For sale sign went up last Monday....£175k! Next door neighbour the other side thinks it’s a disgrace and should be worth more as it devalues all the houses in the row...I’ll add he bought his ex council house for £26k in 2006 ish!!! The other houses in the row have already gone down in value, regardless of this sale. All it's doing it proving it. But the ball is in his court - tell him plainly that he can, if he chooses to, "preserve the value" of his house by putting an offer in for £240k for the house that's really worth under £175k. He can either put his money where his mouth is, or SHUT UP  Quote Link to comment Share on other sites More sharing options...
Bugger BTL Posted February 10, 2019 Share Posted February 10, 2019 On ‎08‎/‎02‎/‎2019 at 18:01, Discustard said: How can you buy in 2007 and be in negative equity now? We are just off all time high prices, certainly recovered from the crash and more. If they have kept up payments on the interest-only mortgage they should be able to sell up and just call it square (at least). There are a lot of places where prices are lower now than they were in 2007. Near enough anywhere in NI, for a start. I have friends who bought in I think December 2006 there and the value is still lower than what they paid. Sensibly they did have a repayment mortgage, so they're not in NE, but the picture across the UK is very uneven. It's very possible to have bought in 2007 and for the house to be worth less now than what you paid for it. Of course, many of the people in that position still aren't in NE because they're not interest only. Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted February 10, 2019 Share Posted February 10, 2019 On 08/02/2019 at 18:01, Discustard said: How can you buy in 2007 and be in negative equity now? We are just off all time high prices, certainly recovered from the crash and more. If they have kept up payments on the interest-only mortgage they should be able to sell up and just call it square (at least). In the North west it is possible there are places where prices have not recovered. Some of the places have had very few recent immigrants. I have family who pointed this out (ironically they are recent immigrants there). Quote Link to comment Share on other sites More sharing options...
scottbeard Posted February 11, 2019 Share Posted February 11, 2019 I was about to despair if this was the next PPI....but it isn't. Good. If anything this thread has me relieved that there is some common sense amongst mumsnet users, and therefore the general public at large. There is a fundamental difference between being sold a PPI policy that you literally can NEVER claim on (which is clear mis-selling) and being sold an IO mortgage instead of a repayment one (which is a swings-and-roundabouts decision). Even if it was upheld in some cases that the IO was mis-sold (for example, if paperwork shows false or misleading facts about IO were provided at the time) the actual level of compensation would not necessarily be that much: because surely it isn't your loss on the property that's the claim, but your loss compared to some "alternative universe" where you had a repayment mortgage, which feels like that must be fairly close to all square.  Even if you lost value in the 2007-8 crash (or some future HPC) that's not necessarily meriting compensation, as you'd have been hit by that whatever mortgage product you took out. And could you really run a legal argument "I'd never have bought this house at all if I'd have been correctly informed about the IO mortgage"? I doubt it . And if the house has gone up in value the judge would surely just say "well, yes the IO mortgage was mis-sold but - oh look, you've actually BENEFITTED from it! Sell it, take your profit, and move on." You can't sue for things that made you a profit, as you need to prove both negligence AND loss! Quote Link to comment Share on other sites More sharing options...
ingermany Posted February 11, 2019 Share Posted February 11, 2019 6 hours ago, scottbeard said: I was about to despair if this was the next PPI....but it isn't. Good. If anything this thread has me relieved that there is some common sense amongst mumsnet users, and therefore the general public at large. There is a fundamental difference between being sold a PPI policy that you literally can NEVER claim on (which is clear mis-selling) and being sold an IO mortgage instead of a repayment one (which is a swings-and-roundabouts decision). Even if it was upheld in some cases that the IO was mis-sold (for example, if paperwork shows false or misleading facts about IO were provided at the time) the actual level of compensation would not necessarily be that much: because surely it isn't your loss on the property that's the claim, but your loss compared to some "alternative universe" where you had a repayment mortgage, which feels like that must be fairly close to all square.  Even if you lost value in the 2007-8 crash (or some future HPC) that's not necessarily meriting compensation, as you'd have been hit by that whatever mortgage product you took out. And could you really run a legal argument "I'd never have bought this house at all if I'd have been correctly informed about the IO mortgage"? I doubt it . And if the house has gone up in value the judge would surely just say "well, yes the IO mortgage was mis-sold but - oh look, you've actually BENEFITTED from it! Sell it, take your profit, and move on." You can't sue for things that made you a profit, as you need to prove both negligence AND loss!  Of course the biggest elephant in the room mis-selling scandal is Help To Buy...Lending someone taxpayers money to create a "faux deposit" to take out a mortgage loan otherwise deemed too risky for even the most reckless commercial money lender.   Deliberately circumventing the FCA's own risk management. And using said loan to finance property at an outrageously inflated price above market valuation, with the proceeds of the fraud going to a few chosen chums of Tory politicians.  And just calling it "Help to Buy" is the ultimate smoking gun that proves mis-selling. Quote Link to comment Share on other sites More sharing options...
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