garybug Posted October 21, 2008 Share Posted October 21, 2008 It's simple, if you cannot afford it, DON'T BUY IT :angry: :angry: - and certainly don't expect MY taxes to bail you out, or this useless Government to protect you from your own stupidity. To$$ers... http://news.bbc.co.uk/1/hi/business/7680498.stm (NB Apologies if posted before) Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted October 21, 2008 Share Posted October 21, 2008 My wife and I bought the £195,000 house in Norwich in October 2006 with a 75% mortgage, paying interest at 7.25%.At the start, we were able to keep up the payments between my wife's job as a classroom assistant and mine at Norwich airport, where I was earning £14,000 a year. Jesus Christ - how anybody involved in setting up this mortgage ever managed to make the figures add up, I will never know. Quote Link to comment Share on other sites More sharing options...
yermum Posted October 21, 2008 Share Posted October 21, 2008 My wife and I bought the £195,000 house in Norwich ... I was earning £14,000 a year Genius. Quote Link to comment Share on other sites More sharing options...
garybug Posted October 21, 2008 Author Share Posted October 21, 2008 What's the betting that the fact they were only earning 30k between the two of the them contributed to their divorce? I feel sorry for them in terms of their marriage going to pot, but I mean, really... Quote Link to comment Share on other sites More sharing options...
Lone_Twin Posted October 21, 2008 Share Posted October 21, 2008 ...Genius. It makes me retch that it was these kind of gutter snipes helping to keep me priced out of the market. How did anyone ever think any of this made any sense? . ST Quote Link to comment Share on other sites More sharing options...
frozen_out Posted October 21, 2008 Share Posted October 21, 2008 (edited) Anyone losing faith in HPC should read that. That's just incredible, well to me anyway. I daresay the situations are not atypical. An unemployed couple with a c.170k mortgage on a right to buy The government discount was very attractive. We paid £15,000 and the government put in £16,000. That left us with a mortgage of about £167,000. We had to pay interest at 9.8%, which I was advised was the best I could get at the time because of credit problems, as neither my wife nor I were working. To meet the payments, my wife worked part-time at a doctor's surgery and I started to run my own catering business Surely this can't be true? Can it? If so guess what happened to the part of the loan that we provided. It makes me sick. Edited October 21, 2008 by frozen_out Quote Link to comment Share on other sites More sharing options...
Guest mattsta1964 Posted October 21, 2008 Share Posted October 21, 2008 ...Genius. I'm just staggered! Gobsmacked Ok, so the guy was very naive and foolish but you can't just point the finger at him and say it's all his fault Who the hell sold him the mortgage and why aren't they in gaol? Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted October 21, 2008 Share Posted October 21, 2008 It gets worse as said Michelle a secretary at my old work place by 22 had a 210K house, her and her BF made between them 21K.... They kept mewing and selling mewing and selling and would rub new cars new TVs new everything constantly in my face... She is > < from bankruptcy she has at least 30K on credit cards and can't sell the house to cover the mortgage or the debt, bankruptcy looms for her , Quote Link to comment Share on other sites More sharing options...
abaxas Posted October 21, 2008 Share Posted October 21, 2008 Black - check Disabled - not found! Gay - not found! Wow, the BBC is slipping. Or maybe it's the 'minority crunch'. Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted October 21, 2008 Share Posted October 21, 2008 In conclusion then, the British housing market contains a chronic subprime timebomb ready to go off. Experts wrong. Again. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted October 21, 2008 Share Posted October 21, 2008 My wife and I bought the £195,000 house in Norwich in October 2006 with a 75% mortgage, paying interest at 7.25%. At the start, we were able to keep up the payments between my wife's job as a classroom assistant and mine at Norwich airport, where I was earning £14,000 a year. ----- "look mummy, there's a Liar Loan" Quote Link to comment Share on other sites More sharing options...
It is different this time Posted October 21, 2008 Share Posted October 21, 2008 It was irresistible so I bought the flats in December with a 90% mortgageas they said I could get a rent of £750 a month. That turned out to be rubbish. The maximum rent I could get was £600-650 And that muppet is supposed to be an accountant, amazing! Quote Link to comment Share on other sites More sharing options...
PopGun Posted October 21, 2008 Share Posted October 21, 2008 We had to pay interest at 9.8%, which I was advised was the best I could get at the time because of credit problems, as neither my wife nor I were working. :angry: :angry: WTF??? Quote Link to comment Share on other sites More sharing options...
Bubble&Squeak Posted October 21, 2008 Share Posted October 21, 2008 It makes me retch that it was these kind of gutter snipes helping to keep me pricedout of the market. How did anyone ever think any of this made any sense? . ST Yep, the same fkcuwits I had sneering at me from their MEWed 4x4s while I was walking home from the super market with my shopping in my super size ruck sack and LIDL bag... whos laughing now... and still people have the cheek to have a go at us for enjoying this! Bring it on I say :angry: Quote Link to comment Share on other sites More sharing options...
DrBob Posted October 21, 2008 Share Posted October 21, 2008 This is just appalling! Story one: £167,000 mortgage given to an unemployed couple Story two: £150,000 mortgage given to couple on <£30k/year Story three: Accountant on £20k/year gets £580,000 worth of mortgages for five city-centre buy to lets when he already has two BTL properties in London None of these people should ever have been given mortgages. There's just no way that any government scheme to help 'struggling homebuyers' can or should try to help stave off repossession for these three. They should all be repossessed, go bankrupt and start again on a more sensible footing. Surely this sort of dreadful lending practice is worse than that in the late 80's? Quote Link to comment Share on other sites More sharing options...
Kyoto Posted October 21, 2008 Share Posted October 21, 2008 (edited) Anyone losing faith in HPC should read that. That's just incredible, well to me anyway. I daresay the situations are not atypical. An unemployed couple with a c.170k mortgage on a right to buy And the last guy - 20k salary and 7 highly leveraged BTLs. It beggars belief! Edited October 21, 2008 by wootton Quote Link to comment Share on other sites More sharing options...
Guest theboltonfury Posted October 21, 2008 Share Posted October 21, 2008 :angry: :angry: WTF??? I am not sure I can believe anything I have just read come on, where's the joke? On 14k a year you can barely afford a big shop in Lidl, never mind a ******ing house Quote Link to comment Share on other sites More sharing options...
frozen_out Posted October 21, 2008 Share Posted October 21, 2008 Yep, the same fkcuwits I had sneering at me from their MEWed 4x4s while I was walking home from the super market with my shopping in my super size ruck sack and LIDL bag... whos laughing now... and still people have the cheek to have a go at us for enjoying this!Bring it on I say :angry: I agree. What's the point of these beeb sob stories exactly? Are we meant to feel sorry for these people who have effectively stolen from us? Quote Link to comment Share on other sites More sharing options...
chichi Posted October 21, 2008 Share Posted October 21, 2008 It's enough to make you sick. Will the media call it subprime? Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted October 21, 2008 Share Posted October 21, 2008 It's enough to make you sick.Will the media call it subprime? no, it was their RIGHT to buy....and go hang the cost. Quote Link to comment Share on other sites More sharing options...
exception Posted October 21, 2008 Share Posted October 21, 2008 (edited) Staying with the accountant's story here too: I wish the government had better protection for consumers as I had got my original mortgages for the Birmingham flats in minutes. Government should stop these unscrupulous deals. This just follows on so nicely from those attempted lawsuits by fat folks saying Ronald McDonald made them do it! Have we no personal responsibility these days at all? Repossession is too good for these sorts. This is Darwin's theory of evolution in action and as much as Gordon would like to hinder that evolution, I would prefer to help it along. *hmph!* Edited October 21, 2008 by exception Quote Link to comment Share on other sites More sharing options...
Guest theboltonfury Posted October 21, 2008 Share Posted October 21, 2008 I agree. What's the point of these beeb sob stories exactly? Are we meant to feel sorry for these people who have effectively stolen from us? what goes around....... Quote Link to comment Share on other sites More sharing options...
Tonkers Posted October 21, 2008 Share Posted October 21, 2008 Surely this sort of dreadful lending practice is worse than that in the late 80's? You betcha! </Palin> I am enjoying this thread immensely. Quote Link to comment Share on other sites More sharing options...
frozen_out Posted October 21, 2008 Share Posted October 21, 2008 I agree. What's the point of these beeb sob stories exactly? Are we meant to feel sorry for these people who have effectively stolen from us? Hmmmm... I've just had an awful thought. /tinfoil hat on/ Is the point of these stories to actually build up anger against these kind of folks and make the idea of owning any property abhorrent? /tinfoil hat off/ Quote Link to comment Share on other sites More sharing options...
Lone_Twin Posted October 21, 2008 Share Posted October 21, 2008 That left us with a mortgage of about £167,000. We had to pay interest at 9.8%, which I was advised was the best I could get at the time because of credit problems, as neither my wife nor I were working. Honestly! WTF! . Me and the Mrs (to be) pull in >£60kpa (gross) and I would have a serious sweat on signing a mortgage for £167,000. But once they take on this MASSIVE debt his wife takes some hours down the drs. surgery! What a nice life. . The BTL'er can rot in Herpes infested hell for all I care. 7 properties on £20k per year? Can't even be a very good accountant. Pr1ck. . ST Quote Link to comment Share on other sites More sharing options...
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