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You see you're at the other end of my 'no sympathy' spectrum. Not that I think you expect, or want my sympathy but just to make the point.

Whatever possessed you to put your life on hold for 15 years? Aside from the fact life is incredibly short and 15 years is a sizable proportion of it, 15 years takes you back into the depths of the last crash. There were plenty of good houses available to buy at reasonable prices. You made the poor decision. I'm young I have never experienced a sane, sensible housing market. It grates a little to hear someone who has blaming someone else for missing out.

15 Years, yeah you could have bought something surely, what was your position/thinking if you dont mind me asking?

my life hasnt been on hold and Ive rented since 1992.

It doesnt always work that simply guys, What if you lived at home and decided to stay at home that bit longer due to living costs/houses being sky high, Meaning you are on the verge of making that big step into the real world but just couldnt because you knew it would crash/fall apart... but when? Is it worth spending more on rent than you could save whilst living at home.

I personally feel like I am about 4 years behind.

I rent BTW.

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This article certainly touched a nerve here, didn't it?

I think it was designed to. I reckon the govt. know there is v. little they can do about repos and so it helps to paint all those in that predicament as guilty parties.

Some will be. Some wont be.

But after that article, I reckon the collective sympathy for the 'soon to be repossessed' (regardless of fault), will be lot less than it might have been.

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my life hasnt been on hold and Ive rented since 1992.

Actually, I rent and neither has mine. Poor turn of phrase on my part. I do get the impression from the post though (particularly the rent a tiny house part) that the poster was intending to convey that he's been held back somehow for 15 years.

i was just making the point that there's no need for this to have been the case.

Edited by frozen_out
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It's 6 years from the cause of action to lodge a claim in the Courts. It would depend when the money became due. If you owed money which you were contractually bound to pay today then the 6 years runs from tomorrow. Your creditor can't wait, say 5 years, make a demend for the money and get 6 years from the date of the demand.

Oh yes he can...up to 6 years from the original claim. clearly the original claim has to be in the form of a dated invoice or suchlike.

I think we agree.

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....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.

How can someone with no job get a mortgage ? Did I miss a meeting ?

Its called a NINJA loan... very popular with some banks at one time.

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I went to the bank in 1996 and went to see how much morgage I could get. I had been saving for two years before for the deposit. Three and a half years wages, they would lend me £32.500. I had to show my bank books to prove that I saved the deposit. Thats how it solud be. Money has been far to easy for the past ten years. Crooks have sold these morgages, they knew that these people were unable to pay it back.

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Let's pause for a moment. BBC Story aside, the big irony of it all, the same people demonising those who took mortgages they could not truly afford with their "will serve them right they deserved all they get comments" are perhaps the ones who sold their (overvalued) properties to them, and are sitting pretty on their STR cash?

Not trying to be on the moral high ground here, but anyone who STR in 2006-07 and at the same time applauding the "mugs" who bought from them getting kicked out in the street with their family to me, is plain wrong and should not partake in "the rubbing it in bangwagon". Both played the game. One won, one lost. That’s all.

In the end, sadly, we are all going to pay for it one way or the other.

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Let's pause for a moment. BBC Story aside, the big irony of it all, the same people demonising those who took mortgages they could not truly afford with their "will serve them right they deserved all they get comments" are perhaps the ones who sold their (overvalued) properties to them, and are sitting pretty on their STR cash?

Not trying to be on the moral high ground here, but anyone who STR in 2006-07 and at the same time applauding the "mugs" who bought from them getting kicked out in the street with their family to me, is plain wrong and should not partake in "the rubbing it in bangwagon". Both played the game. One won, one lost. That’s all.

In the end, sadly, we are all going to pay for it one way or the other.

Agreed, anyone buying or selling have perputrated in this scam (and that's from a 2003 home buyer).

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This is the "Crunch" time now for ordinary people. The banks have been saved. Now it's time for some pain.

Labour will hope to save what/who they can from this. I expect bail-outs of their key voters in key constituencies. They will use the bail-out to bribe the electorate in the same way the Tories did with Right-To-Buy in the 80s.

Expect more of these articles as the big PR job to garner sympathy for the plight of lenders and borrowers gains speed.

As well as houses, what about all the crazy business loans to people who had no treasuery but a great idea to open a Nail Bar / Coffee Shop / New Age foodstore in a trendy part of town?

Personally, after what I've seen and lived through since 97, I hope it all falls down on them all. Let the idiots who took on these mortgages crash and burn. Only then will the market return to normality. Propping it up artificially will only prolong the recession/depression.

Same goes for small businesses. Let them fail. The new ones that replace them will be better run and innovative.

Banks and big business. Ditto. The govt can run the banks fine for the next 20 years and let the rest of us get on with it to pick up the pieces from this decade of folly.

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NINJA Mortgages - a complete disgrace... It works on the theory that if you get good benefits, then the increasing property prices absorb the cost of the interest payments, and the money you'd otherwise get as housing benefit. You also get some tax credits in there to help with your mortgage. If you've got 3 kids and 2 unemployed adults you're looking at between 30-40k in benefits, it's probably easy to pay a few hundred quid a month on an interest only mortgage.

I've always seen it as a mortgage in which you have no intention of paying back the capital on the theory your house will be worth millions in a few years time so the pesky £200k you bought it for becomes an irrelvance... It's basically a huge BET on infinitly increasing property prices.. It's also a way of blagging cheap houses out of the council on a right to buy... The council pay the deposit, you carry on paying what you would of paid in rent to the mortgage company - at the end of 20 years you've got a house.. The problem is that I suspect a lot of the people who take these, haven't thought about it and are just told "sign here to get a free house" - no excuse mind..

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Ah' but the majority of repos will not be against silly cases like these. They will be against ordinary families, who didn't buy at the top and who have perhaps equity on the house but who fall behind in payments.

People I know, who were repossessed in the early 90's were just like this, ordinary people,

but that probably wouldn't make it as "news"!

These, rather extreme cases are being presented as "normality"! :(

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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?

in ealing west london ther were agents bar none who would get people liar loans.average person earning 30k was helped to get loans of 250k or more for 1 bed flats.they got the prices up to 300k for 1 beds :lol: the owners were told you will double your money in 5 years. all it takes for this to happen is get your foot on the property ladder....guess how this was sold to the fools .we only want to help you :lol: your freindly local agent is going to help you double your 300k 1 bed flat to 600k in just 5 years...this was told to a person in front of me..and the ea had not been drinking or maybe he had :lol: i not sure now..how lucky the offer put in by my freind was turned down 265k. the owner never got his 295k...guess what the prices are down to around 200k...now :lol: and still going down...hpc is here :P

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What If?

What if strict mortgage lending guidelines with 10% deposit and proof of income was adhered over the last 10 years...many would not have been able to buy and be living in their unaffordable homes...the council housing list would have been alot longer and homes alot cheaper.

Oh well back to square one....was it all worth it? ;)

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What If?

What if strict mortgage lending guidelines with 10% deposit and proof of income was adhered over the last 10 years...many would not have been able to buy and be living in their unaffordable homes...the council housing list would have been alot longer and homes alot cheaper.

Oh well back to square one....was it all worth it? ;)

You'll never get banks to agree to sensible lending practices, anymore than you would get them to agree to sensible bonus schemes. Well, perhaps if you nationalised them or they needed a bail-out....

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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.

Oh God, this thread should have come with a health warning. I'm so :angry: :angry: :angry: :angry: :angry: !!!

They bought a £200,000 house while they were unemployed.

Even after the discount and deposit, their £167k mortgage would have left them with repayments of over £1500 per month.

How on earth could this kind of lending have been tolerated for so long?

Edited by Little Professor
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....

Sam found a buy-to-let deal in Birmingham that turned out to be too good to be true.

He chose voluntary redundancy after being threatened with compulsory redundancy through the courts when he had racked up £15,000 in debt.

He is now bankrupt.

Sam is not his real name.

"I spotted a deal in a property magazine, for five flats in Birmingham's canal area, effectively for the price of just four.

It was irresistible so I bought the flats in December with a 90% mortgage."

:lol: Funniest thing i've read all day!

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OMFG, I'm absolutely stunned, my girlfriend and I earn between us £60k (mid 20's and mid 30's). I never really understood just how bad the leding had been. On our combined salary we would only just be willing to buy a 3-4 bed in a good area for £200k but here are these absolute uneducated, below 100 IQ, financially challenged morons who the banks will led over £150k when they are on £14k-WTF!!!!!!! :angry: :angry: :angry: No wonder we can't get a place we could afford that suits our needs.

I ask the same thing.

The story 3 man really gets me.

We had an even higher joint income when we last bought ( £140k 6 years ago) and then I was concerned at buying a house for £350k when we had a £55k deposit. So there was I sweating on 2.1 times joint income, whilst these bozos were on 10 times or in fact for Mr BTL 28 times.

Edited by mikelivingstone
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