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zhinzhon

Handing In The Keys And Walking Away.

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I am hearing a lot about the credit crunch and the mortgage rate rising in relection of the US sub prime crisis. I have been talking to a friend of mind who has a flat in Manchester, which he rents out. he is on an interest only mortgage.

I asked him last night over a drink or 12, if your mortgage goes up, what are you going to do, are you going to try and sell. His repley made me smile when he said "Nah, i will hand the keys in and walk away - Its interest only". I said what about the money you have paid and reminded me that interest only mortgages, that you are not repaying any of the capital only the interest, so if you hand the keys in and walk away you have lost nothing. Let them do all the chasing and if they pursue, which he said they will, then decalre yourself bankrupt and rent elsewhere. there nothing f**king way I am getting stuffed on a mortgage, its an investment not a quickie up the a**e.".

There you have it. one in the bag for all those who thought the UK was so different from the US. Its seems people these days just dont know when to pay up and shut up.

And good for them. We are in for one hell of a crash. Yippeee

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There are alot of folks in Manchester around the cAnal street area who would pay good money for the alternative investment.

Theres Now't So Queer as Folk as we used to say in Huddersfield.

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"It's an investment..."

Well...no it isn't actually. He said if he hands in the keys he walks away and loses nothing, but he has made nothing, how in the hell can that be an investment!

"....not a quickie up the a**e."." Sounds like he's been well and truly shafted to me!

What a wally.

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ha ha are the street signs still vandalised so they read '* a n a l * t r e e t'?

Had one of those in Aberdeen ... the sign not the treet! Council would fix it. Every 6 months or so.

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Sad guy, if he is persued by the bank, any money they cant get from the sale of the BTL, they will apply to the court for an attachment to his other assets, so he will lose his other house too, if he's got one. Hes stuffed also for getting further credit with a big fat CCJ on his name

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Thats the kind of approach which if fuelling this whole fire. People are confident that if it goes wrong, they'll "just walk away, do 12 months of bankrupcy, and start again".

I'm amazed that the Government allows this sort of financial wrecklessness. They're as good as giving money away.

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Thats the kind of approach which if fuelling this whole fire. People are confident that if it goes wrong, they'll "just walk away, do 12 months of bankrupcy, and start again".

I'm amazed that the Government allows this sort of financial wrecklessness. They're as good as giving money away.

In the short term it may seem so, however if the banks get stung badly during this credit crisis these people may find that they never get credit again in their working lifetimes, mortgage rates may be so high for them, they'll have no choice but to rent forever.

Do you really believe that the lenders that survive this credit crunch are going to forget these people's history after 12 months? No chance!

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Thats the kind of approach which if fuelling this whole fire. People are confident that if it goes wrong, they'll "just walk away, do 12 months of bankrupcy, and start again".

I'm amazed that the Government allows this sort of financial wrecklessness. They're as good as giving money away.

the legislation is meant to help entrepreneurs - yeah right <_<

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