Tuesday, Aug 08, 2006

Supersize me !

The Times: Supersize your mortgage!

Homebuyers are being offered huge home loans in exchange for a slice of the profits when they sell their home, under a deal launched this week.

Do you want fries to go with that ????????

Posted by onyerhike @ 08:51 AM (2860 views)
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6 Comments

1. Thesqueeze said...

7 times your income, and this is responsible lending?

Tuesday, August 8, 2006 10:52AM Report Comment
 

2. inbreda said...

I've not studied the mortgage, but I'd bet that they take a good slice of any INCREASE in the property value, but if it should go down in value, well, I'd imagine that the stupid borrower has to cover the loss.

If this is the case, you have to wonder if there is anyone stupid enough to borrow 7 times salary to buy a house just to give away a sizable chunk of any capital appreciation.

Tuesday, August 8, 2006 01:46PM Report Comment
 

3. Rubberneck said...

Of course there is, they will be queuing around the block! It's a shame but for some people buying their own place is the be all and end all of existence. Of course they would have been given this idea by their parents who are most likely sitting in their pretty much paid off family home which they bought for 15K twenty five years ago.... what's the answer?

Tuesday, August 8, 2006 04:26PM Report Comment
 

4. This comment has been removed as it was found to be in breach of our Blog Policies.

 

5. uncle chris said...

I'm not sure how he managed it, but a Professor I work with down in Herts managed to obtain a mortgage for 6.5 x his sole income to buy a house he thought was "in keeping with his status as a Prof." Actually in turned out that it didn't buy him much in St Albans and now he's always complaining that he has no money. Just goes to show that people from all walks of life are putting their financial future's at risk by overstretching themselves. He admitted that he would be totally stuffed within weeks if his funding was cut, whereas I wouldn't be happy if I didn't have at least a 5 year emergency nest-egg in the bank.

Tuesday, August 8, 2006 06:58PM Report Comment
 

6. Bubbles. . . said...

Supersize me was about Mcdonalds....and the effect it had on the body...Wow supersize me mortgages and the effect it will have on your finances....What a programme that would be!!! Put all the speculators off...Ok so this time u get liver problems from drinking to much cos u r worried about how much MER u have heart problems cos u have to get into an IVA ...Kidney stones through all the stress you have in letting out the property you have purchased..Then when you sell the property they want the profit! what else can happen to you....Oh well hopefully you can sell the programme to the BBC when they have woken up to what is really going to happen in the market......

Tuesday, August 8, 2006 09:16PM Report Comment
 

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