High Court blow for UK homeowners

markelock

abaxas wrote: »

No,

Would you be happy not to get your wages for 2 months as your employer was having difficulties?

Emotion should never be involved in financial transactions.

with respect, people do wait for employers to pay. sometimes this is down to cash flow, or financial difficulties.

I don't believe this is black and white. people who deliberately default, fair enough, but certain circumstances that cannot be legislated for, must be allowed some leeway.

if we go too far down the strict rules line, people just wouldn't borrow. or at least the vast majority wouldn't, hence payment holidays etc etc.

it's never as straightforward as it seems.

MissMoneypenny

IveSeenTheLight wrote: »

I have 2 BTL's and have 3 months emergency cash put away, however if things turned really horribly wrong for me I would hope that the lenders would take into consideration other factors into consideration such as the overpayments I have made and that I have LTV's of 53% and 38%.

Wouldn't it be better to put any overpayment money you have, into your own savings account? That way you will be able to make more monthly mortgage payments and allow yourself time to sort your finances out, especially as we have some dark economic times coming.

I wonder how many other BTLers have that much money put away in case they have cash flow problems? I think most people know that cash flow problems causes the collapse of a business, but how many BTLers realise they are running a business?

kennyboy66_2

abaxas wrote: »

Yes, but the case law element, due to the legal profession, is a function of money.

Maybe we need to legislate to remove the costs to individuals?

To be honest, I have not the foggiest what you are on about.

Dithering_Dad

Abaxas is probably part of a demographic we find quite a lot on this particular forum. Single (with no hope of remedying this situation) who live at home with their parents well into their 50's and blame the world for their own shortcomings.

It's easy for them to pour scorn on other people's financial management when their own financial security is provided by the largess of their loving parents.

abaxas

Dithering_Dad wrote: »

Abaxas is probably part of a demographic we find quite a lot on this particular forum. Single (with no hope of remedying this situation) who live at home with their parents well into their 50's and blame the world for their own shortcomings.

It's easy for them to pour scorn on other people's financial management when their own financial security is provided by the largess of their loving parents.

I'll bite! 35 and living with partner.

The reason I'm hacked off is that I'm sick to death of people's 'rights' while they wont adhere to their responsibilities.

I've been there, lost my job, family member in hospital (mother) with (ironically) leukemia. Lost job again, etc. Did I manage, yes. Was it hard, YES!

I'm not bitter, I'm just sick to death of people being a bunch of hypocrites who expect but are not prepared to give an inch.

Rant over!

IveSeenTheLight

jamesd wrote: »

Of course the lenders would take that into consideration. It guarantees that after fees they will recover all of the money you still owe them.

Better to owe more and have a larger emergency fund.

Not very MSE is it.
Are you suggesting I should MEW it out to provide cover in a bank account :rotfl: :rotfl: :rotfl:

Martin's advice is always to pay off the higher interest debt

I'm not worrying, I have a small emergency fund.
I could and may stop the overpayments for a few months to build this up to 6 months emergency fund.
Alternatively, going IO would already mean I aready have over a years coverage.

I would hope however that the overpayments already meade to the existing black and white contract mean that I have almost 2 years Capital and Repayment coverage.

Dithering_Dad

abaxas wrote: »

I'll bite! 35 and living with partner.

The reason I'm hacked off is that I'm sick to death of people's 'rights' while they wont adhere to their responsibilities.

I've been there, lost my job, family member in hospital (mother) with (ironically) leukemia. Lost job again, etc. Did I manage, yes. Was it hard, YES!

I'm not bitter, I'm just sick to death of people being a bunch of hypocrites who expect but are not prepared to give an inch.

Rant over!

Do you have children? Was anyone relying on you financially when you lost your jobs? Were you financially dependant on your mother when she went into hospital?

IveSeenTheLight

MissMoneypenny wrote: »

Wouldn't it be better to put any overpayment money you have, into your own savings account? That way you will be able to make more monthly mortgage payments and allow yourself time to sort your finances out, especially as we have some dark economic times coming.

I wonder how many other BTLers have that much money put away in case they have cash flow problems? I think most people know that cash flow problems causes the collapse of a business, but how many BTLers realise they are running a business?

Let me itterate, I'm not in any trouble.
I already have 3 months cashflow (fully, not just mortgage payments), which could be stretched to 4-5 months if I was frugle.

My BTL's are fully funded at present by my tenants who would have to give a months notice to leave.
So really I already have 5-6 mortgage payments available.

At present, I have two BTL mortgages, one at 3.26% tracker and a 5.5% fixed.
I do get 5.0% nett from a savings account as I live abroad, but it still makes financial sense to pay the 5.5% mortgage down rather than have money in a bank earning only 5.0%.

IveSeenTheLight

abaxas wrote: »

I'm not bitter, I'm just sick to death of people being a bunch of hypocrites who expect but are not prepared to give an inch.

So because you had a hard life and coped, you now advocate that if others have difficulties in the future, they lose their homes so that what? That you can buy the property cheaper?

Microstar_2

The problem with internet forums (fora?) such as MSE is that they give a platform for all sorts of cranks to pedal crackpot views. If you met some of these characters in 'real life' (so to speak) you probably wouldn't give them the time of day. To paraphrase, "not everyone on the Internet is a crank, but every crank is on the Internet".