Negative Equity Crisis - Official Downing Street Petition

No10Petitioner

Please find below link to a new official downing street petition asking the prime minister to take responsibility for the negative equity crisis facing young families!
The more signatures we get - the better chance we have of getting the Government and the banks to stand up and be held accountable!

petitions.number10.gov.uk/NegativeEquity

Email this to all your friends and family and ask them to sign up too!

mailmannz

Mate, you have more chance of winning lotto than that clown in parliament taking responsibility for the debacle he helped create.

Mailman

alexlyne

Why is the Government responsible for banks irresponsibly lending to those who have willingly signed on the dotted line?
Sure some people may have been missold morgages, and are in trouble now. I feel sorry for them.
For some people, they lied on their mortgage app to get the mortgage they required, and now have trouble paying for it. More fool them i say.

On an income of 21K 4 years ago, I was able to get a mortgage of 120K. Did I take up the bank on this offer? not a chance! I'd rather rent than have to pay hefty mortgage bills. Now, me and the future missus are able to get a mortgage of 220K... Will we borrow the full amount? not a chance!

jenny74

alexlyne wrote: »

Why is the Government responsible for banks irresponsibly lending to those who have willingly signed on the dotted line?
Sure some people may have been missold morgages, and are in trouble now. I feel sorry for them.
For some people, they lied on their mortgage app to get the mortgage they required, and now have trouble paying for it. More fool them i say.

On an income of 21K 4 years ago, I was able to get a mortgage of 120K. Did I take up the bank on this offer? not a chance! I'd rather rent than have to pay hefty mortgage bills. Now, me and the future missus are able to get a mortgage of 220K... Will we borrow the full amount? not a chance!

I agree totally.

We have been told that we can borrow upto £167k, we are in the process of moving house, but would we borrow that much? NO! Because we are not stupid, we live within our means. The people that borrowed the money should have looked beyond the end of their noses.

Gwhiz

No10Petitioner wrote: »

Please find below link to a new official downing street petition asking the prime minister to take responsibility for the negative equity crisis facing young families!
The more signatures we get - the better chance we have of getting the Government and the banks to stand up and be held accountable!

petitions.number10.gov.uk/NegativeEquity

Email this to all your friends and family and ask them to sign up too!

Might I suggest you take responsibility for borrowing too much and assuming prices would always go up!

besonders1

What about the people who have rented for 50 years from the council, can they not sue for paying for their home 20x and still not owning it? Many people who rent don't see it like this, just like you didn't when you chose to buy your home at such high prices . You bought it because you liked the house and could afford it at the time. Unless you bought to sell on, then negative equity would not be a problem. If you bought at the bottom, you would not be complaining that its value had increased over the years, so you have to accept it can work both ways.

pinkshoes

No10Petitioner wrote: »

Please find below link to a new official downing street petition asking the prime minister to take responsibility for the negative equity crisis facing young families!
The more signatures we get - the better chance we have of getting the Government and the banks to stand up and be held accountable!

petitions.number10.gov.uk/NegativeEquity

Email this to all your friends and family and ask them to sign up too!

Why?

Everyone knows house prices can go up and down, and the banks didn't put a gun to anyone's head and force them to take out a mortgage!!

Everyone has a brain, and can do the maths for themselves i.e. borrowing a high multiple of a salary with no deposit is just asking for trouble.

We were offered a HUGE multiple of our joint salary for with no deposit required, but instead took a small multiple and a larger deposit that we saved hard for. If we didn't have it, we would have carried on renting and saving.

Running_Horse

What a stupid idea. What's wrong with taking responsibility for your own actions?

What exactly should Brown do about negative equity? Create another bubble to keep everyone happy?

Falling house prices are a good thing for a whole generation priced out of the market.