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The mortgage prisoners fight back:Return of the Key Worker


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  • 2 months later...
 

Here is the article.

https://www.bbc.co.uk/news/business-53380724

Not a single mention that they are free to sell their prison house whenever they wish.

Sorry to bring up an old thread, but just heard a Which podcast on this subject and it absolutely boiled my piss. Constant whining of entitlement, the usual pathetic sob stories, nothing was ever anyone's fault etc. And absolutely no mention of why they couldn't sell and just become a non-home owner like millions of others. Conclusion: British adults today are basically children. 

Link is here, if you can stand to listen.. 

 https://play.acast.com/s/thewhichmoneypodcast/mortgageprisoners-cantheyescape-

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  • 4 weeks later...

https://www.moneysavingexpert.com/news/2020/11/government-must-act-now-to-release-250-000-mortgage-prisoners--s/

"Thank you Martin for supporting this cause. I am a mortgage prisoner. My original mortgage was 80k and I am still paying currently over £700 per month for a studio flat in Essex. I have a company working for a no win no fee basis challenging the excessive interest changes. I am hopeful,... but this news that this issue is on the Treasury agenda is too late for me."

 

"Thanks Martin, I bought in 2007 and have been stuck in negative equity for years and NorthernRock, then NRAM and now Helidor all refuse to help. I’m in 85k negative equity and can’t bring it down as stuck paying high interest. I’ve paid about 160k in interest so far! It’s a absolute nightmare hope you can help!"

 

caveat emptor people 🤣

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On the BBC website now:

https://www.bbc.co.uk/news/business-54897989

"Over the past decade, Diane, who asked for her name to be changed in this article, has struggled with a mortgage at an interest rate of 4.99%"

Oh boy. How broken it all is. 8%? 15%? I've paid it all in the past. If a lender had offered me less than 5% I'd have been picking my jaw up off the floor.

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On the BBC website now:

https://www.bbc.co.uk/news/business-54897989

"Over the past decade, Diane, who asked for her name to be changed in this article, has struggled with a mortgage at an interest rate of 4.99%"

Oh boy. How broken it all is. 8%? 15%? I've paid it all in the past. If a lender had offered me less than 5% I'd have been picking my jaw up off the floor.

We have a country full of financial half wits and we are talking about millions of efforts here.

The Tories can't let them all go 'bankrupt', as the knockk on will 'bankrupt' the entire banking system, so they have turned communist instead. 

It's hilarious but this is how bad things are when the 'free market' Conservative party is state bailing out just about everyone as the poor b4stards must service their huge debts, paying in worthless fiat.......lol.

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https://www.moneysavingexpert.com/news/2020/11/government-must-act-now-to-release-250-000-mortgage-prisoners--s/

"Thanks Martin, I bought in 2007 and have been stuck in negative equity for years and NorthernRock, then NRAM and now Helidor all refuse to help. I’m in 85k negative equity and can’t bring it down as stuck paying high interest. I’ve paid about 160k in interest so far! It’s a absolute nightmare hope you can help!"

😃

Renting is dead money, and I bet you're glad you're not paying your landlord's mortgage. Ho-moaners, what have you become?

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😃

Renting is dead money, and I bet you're glad you're not paying your landlord's mortgage. Ho-moaners, what have you become?

If it where me, i would have grabbed as much unsecure debt as i could as cash, enough to cover 6 years rent somewhere, hidden it (Family, very close friends, Bitcoin) , and then declared bankruptcy , which would force the house to be sold and all debts to be wiped out. Then carry on renting and working, with cash injections from your "family" when needed and after 6 years start again.  

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If it where me, i would have grabbed as much unsecure debt as i could as cash, enough to cover 6 years rent somewhere, hidden it (Family, very close friends, Bitcoin) , and then declared bankruptcy , which would force the house to be sold and all debts to be wiped out. Then carry on renting and working, with cash injections from your "family" when needed and after 6 years start again.  

Exactly! What is with these people. £160k in interest the past 13 years! that's about level with my repayment mortgage FFS.

If negative equity and that position with no prospect of it clearing.... walk.

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Wow. Some of those comments are priceless. I don’t know what to say.

Thankyou Martin for supporting this cause, we have been on interest only since 1993 and we only have 9 years left to pay a substantial amount, we will have to sell to pay off what we owe, and then we won't be left with much, its been tough and stressful over the years and we never missed a payment. Thanks Martin

 

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Wow. Some of those comments are priceless. I don’t know what to say.

Thankyou Martin for supporting this cause, we have been on interest only since 1993 and we only have 9 years left to pay a substantial amount, we will have to sell to pay off what we owe, and then we won't be left with much, its been tough and stressful over the years and we never missed a payment. Thanks Martin

 

you know i have made some pretty poor decisions over the last decade but then you read posts like those on MSE and you realise there are people out there completely oblivious to anything its almost like they have no brain at all. 

£700 a month on 80k debt 😂 

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😃

Renting is dead money, and I bet you're glad you're not paying your landlord's mortgage. Ho-moaners, what have you become?

Andy Beck

I have been trapped paying 5-6% above the standard rate We switched to Interest only sometime ago .. So the Capital Sum £250000 never decreases We will have to sell our family home by 2027 to pay off debt !!
We have never defaulted on our payments .. but at the age of 65 I just hope there is sufficient equity to survive on !!
I Blame Northern Rock and successive governments for not prioritising these issues

I am not Stupid .. I served 30 years in the Met Armed .. I run a successful Caterering Business .. well did until March and Covid ... I went on a Temp Contract in first Lockdown with Tesco.Com .. 12 weeks .. Then the rule of 30 allowed my business to continue until Rule of 6 ... Now second lockdown Started with Royal Mail collecting Govt Covid Testing Kits ... still managing to pay mortgage at 4.75% !!!!!!!! Wake up or I feel there will be Civil Unrest when All of this is Compounded ... Well done Martin Lewis

 

Err???

Average SVR is ~4% Are you really paying 9-10%? Or are you a cretin? Later he says 4.75%. Thats not bad for an IO mortgage. What the fk does he expect?

Err IO only means just that.

Id hope youd not defaulted when paying IO only.

You cannot afford the house FFS. Its that simple.

Chris Wilson

Thanks Martin, I bought in 2007 and have been stuck in negative equity for years and NorthernRock, then NRAM and now Helidor all refuse to help. I’m in 85k negative equity and can’t bring it down as stuck paying high interest. I’ve paid about 160k in interest so far! It’s a absolute nightmare hope you can help!!

I dont believe any of that.

OK I do Hes in NI. Buyer beware.

On the whole these are are bad credit risks whove borrowed seriously large sums of money.

They cannot complain about high APRs.

 

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Genius:

Jane Kelly

My partner is with Northern Rock / NRAM / Whistletree. He currently cannot work and therefore is tied to this product. He pays 5.49%. His property is rented out and Whistletree charge an additional £750 per annum to allow him to do this.

In my opinion the government should by these mortgages and run them to term on a competitive basis. As the majority of people who are in the pradicament are the tenants I would think the business would be safe.

 

at 5.49% thats going to be a IO BTL. There is no term.

 

The comedy thing is these people are using FB accounts, where you can compare the tales of woe to their actual life.

 

Elizabeth Crangle

I too am a mortgage prisoner. My company UCB have been harassing me nearly every months for 2 yrs saying I have failed to pay and I haven't I am so ill now, problems with my spine, I'm housebound, spend my life on my knees in a ball, and it has caused untold stress. They offered me £100 compensation. I want that for the last phone call after already complaining officaially a month before, being told they will fix it umpteen times.

One of many many FB posts:

3 stone fatter than I have ever been. 2nd injection in nearly 7 years, I think my body is starting to move! Bring it on! (Excuse the fat I just had to share!)

<Legs akimo in a Russian 13yo gymnast way.>

 

 

Andy Baines

Thank you Martin for highlighting this major issue. Can I raise a further question please? My husband and I, like so many, got involved with unscrupulous Property Companies in the early 2000s and remortgaged their own homes on an interest only basis; then we bought so called 'investment properties' at highly inflated prices on buy to let interest only mortgages, using the capital raised by our home remortgage as deposits etc. Our inner city flats have caused us massive losses and a great deal of worry. This was to be our pension pot! Sadly the reality has been very different. We now have to sell, during a pandemic, whatever the outcome as remortgaging is no longer an option due to our age and reduced income. Meanwhile, the standard variable mortgage rate is crippling, particularly without a tenant and rental income. Facing possible bankruptcy continues to be a major threat; sadly this has been the result for many, and worse!

 

What bit of unregulated investment dont you understand?

You were happy to lord it over tenants. But dont like the banks lording it over you?

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Wow. Some of those comments are priceless. I don’t know what to say.

Thankyou Martin for supporting this cause, we have been on interest only since 1993 and we only have 9 years left to pay a substantial amount, we will have to sell to pay off what we owe, and then we won't be left with much, its been tough and stressful over the years and we never missed a payment. Thanks Martin

 

Man seriously, this is free money basically? 

93 to now, you are making at least 2 for 1 from HPI. If you are in the SE likely 5 to 1? 10 to 1?

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