Friday, July 11, 2008

‘Heartbreak Home’

Blow by blow account of one woman's fight to sell her home

You start off feeling sorry for the woman in this article. Her husband died a few years ago. But she was left a huge house with a lot of equity, and proceeded to squander it on buying a BMW X3 and sending her kids to private school at £20,000 per year. Having built up significant debts, she decided to downsize to solve her problems. Now she is trying to sell her house, and has had to drop her price from £575,000 to £475,000. And then at the last minute her buyer pulls out as they can't get a mortgage. She is left completely pwned. "It's as if the rug of a comfortable existence has been pulled away from me."

Posted by little professor @ 12:59 AM (1343 views)
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16 thoughts on “‘Heartbreak Home’

  • £1500 per month wages, driving an X3 BMW, kids at private school @20k per year and gym membership.
    What planet is this woman on?
    Even if she didn’t have mortgage, she can’t afford the lifestyle she has.
    Pressure of keeping up a certain image it would seem.
    Is this article a mickey take?
    I really can’t believe what I have just read is true.
    On a sympathetic note I’m sorry she lost her husband and I’m sure that has contributed to the situation she now finds herself in.
    With hindsight “unsettling the children” by taking them out of private school years ago would have been the best thing to do compared to how unsettled things are likely to become for them.
    On balance I do feel sorry for her, but everything that has happened to her could have been avoided with a bit of planning and restraint.

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  • @housebear

    I’ve just posted essentially the same comment to The Mail’s site (forgot about the gym membership though,,,doh!). I’m a little less sympathetic than you though !
    Let’s see whether they publish it

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  • yorkshireman says:

    I do not believe that this article is true.

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  • it was getting really exciting towards the end, i cant wait for the conclusion be it uk recession 09.

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  • With sound economic fundamentals and low unemployment… where are the forced sellers?????!!!!!!

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  • It may sound heartless but I hate stories like this. No offense to the poor Woman who lost her husband but where were the propaganda pieces when it was less privileged people doing the suffering? Nobody gave a toss when it was stellar HPI and the proles who couldn’t afford even a modest place to live were basically told it’s their own tough [email protected]*ty by guffawing buffoons.

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  • Still-waiting says:

    That house looks a bit s**t for £600k, even before the market crashed

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  • The kids at private school, extra music lessons etc, a holiday – these things are not god given rights, most people cant afford these things, as for a BMW X3 – unbelievable, this must have been bought after her husband died. At least she has some equity to fall back on, but it sounds like she will chase the market down while taking no real responsibility for her situation.

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  • “I’ve spent at least £90,000 during the years we’ve lived here, repainting, re-plastering and putting in a lovely new bathroom and kitchen.”

    I would have more sympathy if this money had been spent on something worthwhile like scratch cards and cigarettes.

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  • David Smith Aged 17 And A Quarter. says:

    I can’t believe that she only knew about the credit crunch in March 2008?!!!!

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  • If the husband was in middle management for a private company, then its very likely there would be X times salary life cover. In addition presumably she had some life cover for the mortgage.

    Now im not saying i dont feel sorry for her losing her husband but just based on the financials – then unless he was a bit naive (which actually i doubt) i cant see how he could have dependents without life cover – then its very poor money management to spend all this money.

    My only assumption is she originally comes from Essex (yes i know the schools are in Worcester) (and i can say that because thats my experience with Essex girls!).

    When living the dream becomes a nightmare – time to change the lifestyle im afraid.

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  • beartil2010 says:

    This woman is clearly an idiot, as discussed above – but – this article is hopelessly one-sided. Why is she not gazundering on the house she is moving to? It’s not all one way traffic! Both houses will slide at the same rate and the difference between the two will remain proportional. Consequently her equity released shrinks by 20%, yes, but she’s not destitue.

    She is neither in negative equity, nor a first time buyer who’s not been able to afford a house for the last 5 years!!

    Argh!

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  • Of course I feel sorry for this lady but sadly this family are just one of the countless families all over this country that are regretting ever ‘living the dream’.

    At the end of the day the laws of economics haven’t changed and the basic law is you cannot buy things you cannot afford. You might be able to convince yourself and your friends that you’re wealthier than you really are but that illusion can only last a few years at best.

    There are enough people in this country that lived within their means these past few years and didn’t fall for the VIs spin and propaganda to show that wanton consumerism doesn’t have to be the chosen path. Hopefully those who have chosen it will learn a very valuable lesson which will stand them in good stead in the years to come.

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  • “I’ve been living beyond my means for several years now, living in a half-a-million pound house and driving a BMW X3 on a dental receptionist’s salary. Just the children’s school fees cost more than my gross income. Now the financial law of gravity is finally catching up with me.”

    Sorry, but there you go. If she had moved into a much smaller house and used the £250,000 difference to buy an annuity then that would have been sustainable for the rest of her life. She wanted everything to carry on as before but just didn’t have the money to pay for it.

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  • This idiot woman deserves zero symphathy.
    The fact that she lost her husband is irrelevant.
    Live beyond your means and eventually you have to face reality.
    2008 and finally its payback time, she can sell her stuff and still lead a comfortable lifestyle.
    She should thank her lucky stars that she isn’t an Iraqi citizen, perhaps then she might have a concept of what real hardship is.

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  • who stole my pension? says:

    Well I feel sorry for her but she still needs to learn to live within her means. I suggest she learns how to budget quickly as things will only get worse for several years.

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