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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....

Lend like 2007 but at what risk?

They might as well give it away...who knows?

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yeah all 3 shows irresponsibility, with the 2nd one (the cleaner the not so bad out of the 3).

1st one they got a mortgage whilst unemployed incredible. Also council houses need to stop been sold.

3rd one the guy got tempted by greed and paid the price, funnily enough he was an accountant yet cant even manage his own finances. He looks down on benefits as if its for scum only but many people like himself who dive in without thinking are now causing the current subprime losses.

Exactly. Hopefully, as per the US, demographic information regarding the sub-prime and BTL idiots in this country will be made available. We, as a people, deserve to know as much about these greedy fools as possible. We should be able to look for skews and abnormalities in the data... eg, were there any societal groups who more than others believed they could make large amounts of money building up BTL portfolios?

Don't hold your breath, this is Britain, we are told nothing apart from how wonderful our new utopian world is.

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Guest theboltonfury
Exactly. Hopefully, as per the US, demographic information regarding the sub-prime and BTL idiots in this country will be made available. We, as a people, deserve to know as much about these greedy fools as possible. We should be able to look for skews and abnormalities in the data... eg, were there any societal groups who more than others believed they could make large amounts of money building up BTL portfolios?

Don't hold your breath, this is Britain, we are told nothing apart from how wonderful our new utopian world is.

do the bbc run this sort of crud just to wind up hpcers?

I can see no other reason for it - no one can surely feel sorry for these 'victims'

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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 ?

I believe you can get the council to pay your mortgage interest for you after 9 months if you're unemployed (and I believe govt wants to reduce this to 3 months too), so if you're unemplyed you can be given money from Joe Public to raise your kids and put food on your table, and pay your council tax, then JP can also pay your mortgage for you, and if house prices had kept going up the unemployed could have banked all the 'profit'.

Infuriating.

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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.

...and then you have 6 years from the court judgment to start enforcement proceedings like sending in the bailiffs.

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Did this "rubbing of new tellys in your face" actually bother you, then?

If so, why?

Not massively , it got irritating at times when the solution to everything was .... its only £100 / £200 £500 £5000 , just go buy a new one....... the solution to things that broke = buy a new one

I gained a ton of skills in being able to fix things in the meantime, and some of my mates exploited it, some body who was mewing like mad did not know how to adjust his chain (something that needs to be done every 500-1000 miles on a bike) and paid a mechanic to do it who was incompetent......

He over tightened the chain thinking the silly sod would never adjust it.... he didn't and it bent the front sproket...

result was a 2003 954 fireblade being sold for £1200... (it should have sold for closer to £4500 at the time) as a 'non runner' a mate of mine thought he could do it up , he looked at it and fixed it for £12. He had some huge guilt pangs about this , but he put the bike in a hedge before he could own up , but by then that person had bought a car, as bikes are 'too much hassle' and break dead easy...

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The thing is the guy if he is a chartered accountant (since currently anybody can use the term accountant qualified or not) , if he goes bankrupt he can NEVER work as an accountant ever again, as bankrupts are specifically barred from being accountants , MPs solicitors amongst many jobs..

A couple of my solicitor clients are bricking themselves as they bought just after the crash , thinking 10% off asking price was great.

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I cant speak after reading this, these are the same people that caused all of us to put our lives on hold, I might have kids now if all these irresponsible [email protected]@rds had used a brain cell.

But no! like good citizens us HPC's saw the madness and didnt subscribe to it, and what do you know, we are the ones that pay the price.

Awesome.

Millions of people manage to have kids without owning a house. You can't blame your unhappy or unfulfilled life on either yours or someone else's choice to buy or not buy a house.

My parents managed to have me and my sisters without first owning a house, although they did buy one later.

This idea that people had to "put their lives on hold" is rubbish.

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Get over yourselves, you sad, whinging tossers. "I counldn't breed because I didn't have my own house.... Putting my life on hold..." Snivelling sh!ts, you never had it so good, millions starving around the world and you begrudge someone buying a house because in your eyes "they didn't deserve it". Britain is screwed, not because of a financial crisis, but because it is a divided society. Someone on the dole who got a 200k mortgage did not stop you from buying a house. Your own lack of gumption stopped you, or else you made a sensible decision to wait. THE HATRED and gloating from some of these posts is despicable. You are no better, behaving like cry babies - once you buy, you will be the first looking forward to HPI. The country's collective mania for property, along with a lack of decent renters' rights is a large part of the problem. Take your share of the blame. You got the govt. and the laws you deserve. You will never be happy no matter how much you have because there will always be something to cry about - immigrants, chavs, Europe, etc. Tossers.

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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?

WTF

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Here's RTB guy, who bought a £200,000 council house with no income:

http://www.ecademy.com/account.php?id=75333

He links to a scam ponzi scheme website:

http://www.passporttowealth.com/?id=lifeline

I love it. The wealth video has production skills to rival the cheese of Scientology. It's like I've woken up in 1992. I can't believe people fall for this crap. Tragically funny.

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Guest Mr Parry
It is amazing to read these stories - I just read them out to my partner who is utterly speechless.

Unemployed and got a mortgage. Insane.Subsubsubprime.

So the NINJA mortgages of lore are not necessarily urban legend in the UK after all.

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Those are the people that have kept many of you priced out of the market. Doesn't it make you furious?

It makes me exasperated that this situation has been allowed to develop, especially after seeing exactly the same thing happen in miniture in the late 80s.

The blame though, lies squarely with the banks, the brokers who sell their 'products', and the regulators who have proved totally inadequate.

I hail from an era when if a bank or building society offered you a mortgage or loan, generally this meant that you could afford it. The lender took care to assess the ability of the borrower to service the loan. This changed in the mid 80s when lending criterea were relaxed, leading directly to the credit boom of the late 80 and the bust of the early 90's.

Unfortunately, the average person's perception of the process has not changed. People still assume that because a bank has offered them a mortgage of say, £150,000, that this is manageable for them. Even if their income is £25,000 pa!

The average person trusts the bank to make these judgments for them. Particularly if it allows them to buy the house they want and to match the 'lifestyle' of their peers.

Of course this is naiive. The average person is naiive.

But since when has naiivity been a crime? The people in these stories have merely believed what they have been told.

Their trust has been cynically betrayed by the banks, the brokers, and the regulators.

I don't particularly feel sorry for them. Ultimately, they will just end up in rented accomodation and get on with their lives. They won't have to pay their debts because they will all opt for bankruptcy.

I would just urge everyone to direct their fury where it belongs.

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So...

It's clear the blame lays with the City folk.

Personal responsibility comes nowhere in this mess.

Oh no.

Blame the bankers.

Of course people bear personal responsibility for their decisions, no matter how foolish. These people are bearing that responsibilty now by getting their homes repossessed.

A future credit bubble is not going to be avoided however, simply by saying that people should not borrow too much. Most people will just take what they are offered.

A future credit bubble will only be avoided by tackling the problem of reckless and irresponsible lending.

This is the duty of care owed to society by the banks and the regulators.

It seemed to work perfectly well until around 1985, when the mad witch fooked everything up. The tragedy is that nothing was learned from that episode.

Edited by Mr Yogi
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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.

I think we've probably got shedfulls of eejits yet before we get to hardworking family who could originally afford a mortgage off their own back.

I know someone who got a mortgage based on their income including the amount of working tax credits they could claim. If you can get a mortgage whilst claiming WTC then there's something wrong with the planet.

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I love this phrase "hardworking families"; it brings a tear to my eye thinking of these worthy, selfless souls working day and night to do the right thing and support our economy.

At best what we're talking about here it is a hardworking couple, with children. The word family is presumably added to appeal to the sentimental in us, in the manner of the my-granny-died-when-i-was-ten video montages on X-Factor.

Let's face it, an awful lot of families are not particularly hardworking. Should we be concerned about them too, as they never seem to get a mention. And people without kids are totally out of the equation, it seems. Do they not deserve to keep their houses?

Being slightly facetious here, but just to point out how patronising this term is; as if the government think we're stupid enough to believe using it proves they understand what real life is like outside of London/ politics/ big corporations. But their policies show where their real loyalties lie.

I'm not a hardworking family btw. I'm not even a hardworking single bloke, tbh, but I have always lived within my means and am not in debt. So I slightly resent the implication that people with 42" plasmas and crippling mortgages are more important in all of this.

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I think we've probably got shedfulls of eejits yet before we get to hardworking family who could originally afford a mortgage off their own back.

I know someone who got a mortgage based on their income including the amount of working tax credits they could claim. If you can get a mortgage whilst claiming WTC then there's something wrong with the planet.

I thought you could get WTC up to about £55K....over twice the average wage.

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