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Young Face Mortgage Meltdown As Rates Rise

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The lenders dont care cos they get the house and the deposit and any payments that were made in the form of equity.

They will start caring when the auction of that house doesnt make back these sums though and that situation is on the increase big time.

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The problem, experts fear, will be worst in the capital's poorest areas where homebuyers have had to take out huge loans to compete with better-paid buyers who have been priced out of more expensive areas.

No they didn't, nobody forced them to take out a mortgage!

An estate agent in Walthamstow, east London, who wished to remain anonymous, said: "We've had people in here crying every day of the last week. These are people who work in a petrol station earning £16,000 a year, who went and bought a three-bedroom house worth £280,000.

Clearly these people lied about their income - I hope!

Edited by Sinking Feeling

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These are people who work in a petrol station earning £16,000 a year, who went and bought a three-bedroom house worth £280,000.

The only way someone on 16K is paying a 280K mortgage is through the proceeds of crime. As we are talking walthamstow and petrol station workers it doesn't take a rocket scientist to work out its drugs money.

The illegal drugs industry in the UK is worth around £6 billion a year, and obviously gets laundered through property. Another effect of our wonderful new "diverse vibrant" nation.

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The only way someone on 16K is paying a 280K mortgage is through the proceeds of crime. As we are talking walthamstow and petrol station workers it doesn't take a rocket scientist to work out its drugs money.

The illegal drugs industry in the UK is worth around £6 billion a year, and obviously gets laundered through property. Another effect of our wonderful new "diverse vibrant" nation.

I don't think you can get wage slips as a drug dealer though, and business must be bad if they're going into the estate agents crying.

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QUOTE OF THE WEEK!

An estate agent in Walthamstow, east London, who wished to remain anonymous, said: "We've had people in here crying every day of the last week. These are people who work in a petrol station earning £16,000 a year, who went and bought a three-bedroom house worth £280,000.

:lol::lol::lol:

This would have been even funnier if it was the estate agent crying!

No, in all seriousness - what a morally corrupt country we live in when we put pressure on petrol station workers to take out 17.5 times income loans (or lie on their application) because it is SO, SO important to get on the property ladder AT ALL COSTS! You are nobody without a house of your own! etc, etc....

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It's one of the main reasons we didn't buy - seeing many people in self-imposed mortgage poverty, many complaining that money was so tight they were slowly racking up more debt.

Worse, as some were over 30 they were as a bit of a career plateau with it hard to move up to the next strata due to lack of openings. So they were only getting measingly 2-4% pay rises which were wiped out by interest rate rising and payments of debts racked up by being so tight for cash.

Even worse, most hadn't stretched to buy a decent 'home for life' but some grimey hole they hoped would only be for a year or two.

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