Sunday, October 19, 2008

And There’s So Many More Like Chris

Credit crunch hits homeowners

"He originally borrowed 95% of the house's value in his mortgage. But, thanks to the credit crunch, banks just won't lend that much anymore." ...... "He's worried that will push his payments up to a thousand pounds a month. That leaves me about £150 a month, just for food, running the car and going out."

Posted by renting2 @ 02:33 PM (1386 views)
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10 thoughts on “And There’s So Many More Like Chris

  • Events were entirely predictable (ref creditaction) and continue to be entirely predictable.

    No One could have seen this coming.

    No One has retired early is currently on a beach somewhere earning 20 %

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  • No sympathy at all.

    It’s financial natural selection. I hope his mum’s a good cook.

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  • Eternal Sceptic says:

    it was obvious 5 years ago the bubble would burst. If a person refuses to recognise reality and obtains a mortgage of 95% I am afraid I have no sympathy.

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  • “That leaves me about £150 a month, just for food, running the car and going out.”

    Shop at Aldi, get a bike and stay in. Easy !

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  • planning4acrash says:

    Oh, and by the way, people say that we took out mortgages we could not afford. Its half true. People could afford them at one time, before the government destroyed our manufacturing base and our currency!

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  • Link no work P4AC.

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  • I liked the quota at the end:-

    “In the long term, property is still a pretty good bet. It’s a case of keeping up the mortgage payments and riding out the rough patch until things get better.”

    Goes well with this one from The Matrix:-

    “Humph. Hope, it is the quintessential human delusion, simultaneously the source of your greatest strength, and your greatest weakness. ”

    If property does somehow ‘grow’ from it’s current 6x the average salary price tag then you can count me out, not only of this property game, but also of this country. If wish the people of Britain really would stop drinking at this Endless Property Growth Saloon. It benefits nobody in the end, couples both need to work, children end up being brought up by a stranger, the roads are choked, people are stressed and have no time for each other, and all for what? So we can ‘make money’ out of housing, money we can never actually get our hands anyway. This game needs to stop, and houses need to once again become homes, not investments.

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  • is that 5% figure really right
    Doesn’t the new value of the house influence the mortgage amount?

    Old mortgage of 95% of 153,000 = 145,000 from bank, 7,650 own cash = 153,000
    Now a bank will lend 90% of 140,000 = 126,000 so he needs to raise (153,000-126,000) = 27000

    Or am I barking up the wrong tree?

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  • It_is_going_with_a_bang says:

    Did I read that right??? He’s a debt counsellor???
    !!!!!!

    Food, running the car and going out costs more than £150.
    His advice sucks.

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