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Should have listened to the bears.... My story
spurs_nut
Posts: 329 Forumite
Well..... My story.
In 2007 i was one of the fools who wanted a house straight away, without having to work hard for it. I also enjoyed all the latest mod cons.... new cars, holidays, sky world HD so saving for a deposit was out of the question. I decided to go see a "whole of market broker" and they managed to source us a mortgage on 6x our salary multiples. One snag..... No deposit. Solution? Bank loan! We get our mortgage.
I was often on the house forum on here before trying to get our mortgage and there was often talk of an impeding crash and that many people would be suffering in couple of years time. I was given advice to not go ahead with getting a mortgage and instead save for a deposit and wait for the 50% drops. However, thinking I knew best I went for the mortgage and got my home.
Fast forward two years later and stuck in quite amount of negative equity the !!!! hit the fan. With my fixed rate soon ending and having the prospect of not being able to remortgage I was really screwed. If only I had spent the last two years overpaying my mortgage and not spending all my surplus on drinking, holidays, fags, and loads of expensive gadgets. If only I had listened to the bears in the first place and saved??????
Anyway, to make matters worse my lender went bust. Were they going to sell my mortgage on? At least the low interest rates were giving me a glimer of hope for the time being.
Then the dreaded letter came through the post, the letter that said the were going to sell my mortgage on and I'd be subjected to hideous interest rates with no hope of remortgaging. Looks like repossession on the cards, Definitely should of listened to the bears.
On opening the letter heres what it said......
"We will give you £40000 if you take your mortgage elsewhere."
Oh, OK then. Thanks.
Thanks for a free deposit paid from the interest on all the bears saving. (they're still waiting for the 50% free fall :rotfl:)
The morale of the story is, Saving gets you nowhere!
Big thanks goes to the bankers, mr brown and the recession. I'm now off to book another holiday from the rest of the leftovers from my remortgage.
Adios.
P.s Enjoy the wait Bears
In 2007 i was one of the fools who wanted a house straight away, without having to work hard for it. I also enjoyed all the latest mod cons.... new cars, holidays, sky world HD so saving for a deposit was out of the question. I decided to go see a "whole of market broker" and they managed to source us a mortgage on 6x our salary multiples. One snag..... No deposit. Solution? Bank loan! We get our mortgage.
I was often on the house forum on here before trying to get our mortgage and there was often talk of an impeding crash and that many people would be suffering in couple of years time. I was given advice to not go ahead with getting a mortgage and instead save for a deposit and wait for the 50% drops. However, thinking I knew best I went for the mortgage and got my home.
Fast forward two years later and stuck in quite amount of negative equity the !!!! hit the fan. With my fixed rate soon ending and having the prospect of not being able to remortgage I was really screwed. If only I had spent the last two years overpaying my mortgage and not spending all my surplus on drinking, holidays, fags, and loads of expensive gadgets. If only I had listened to the bears in the first place and saved??????
Anyway, to make matters worse my lender went bust. Were they going to sell my mortgage on? At least the low interest rates were giving me a glimer of hope for the time being.
Then the dreaded letter came through the post, the letter that said the were going to sell my mortgage on and I'd be subjected to hideous interest rates with no hope of remortgaging. Looks like repossession on the cards, Definitely should of listened to the bears.
On opening the letter heres what it said......
"We will give you £40000 if you take your mortgage elsewhere."
Oh, OK then. Thanks.
Thanks for a free deposit paid from the interest on all the bears saving. (they're still waiting for the 50% free fall :rotfl:)
The morale of the story is, Saving gets you nowhere!
Big thanks goes to the bankers, mr brown and the recession. I'm now off to book another holiday from the rest of the leftovers from my remortgage.
Adios.
P.s Enjoy the wait Bears
0
Comments
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How is any of this bankers, or Mr Browns's fault.
!!!!!! YOU BORROWED SIX TIMES YOUR SALARY WITH NO DEPOSIT"An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0 -
Let me get this right. You bought at the peak of the market. You're in a lot of negative equity, and you're barely making your repayments in a time of record low interest rates with the likelihood of rates increasing very soon, and you're boasting about your good fortune?
What am i missing here?
Have you found someone else to remortgage you?0 -
He's found someone to give him £40,000Prefer girls to money0
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How about you tell us who the lender was so we can even start to believe your happy tale??0
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Let me get this right. You bought at the peak of the market. You're in a lot of negative equity, and you're barely making your repayments in a time of record low interest rates with the likelihood of rates increasing very soon, and you're boasting about your good fortune?
What am i missing here?
Have you found someone else to remortgage you?
Because your struggling chap
Anyway, to make matters worse my lender went bust. Were they going to sell my mortgage on? At least the low interest rates were giving me a glimmer of hope for the time being.
Then the dreaded letter came through the post, the letter that said the were going to sell my mortgage on and I'd be subjected to hideous interest rates with no hope of remortgaging. Looks like repossession on the cards, Definitely should of listened to the bears.
On opening the letter heres what it said......
"We will give you £40000 if you take your mortgage elsewhere."
Oh, OK then. Thanks.0 -
you got to love mortgage express - i'm hoping for one of these letters pretty soon too.
it's been rumoured they are going to this for a long while, i might not be so lucky though.
do i stick to their 0.34% BOE tracker or do i take £40k money to move to another lender.
it really is a tough decision when you have 60% LTV... :rolleyes:0 -
Nice result, 40K for doing nothing0
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robin_banks wrote: »How is any of this bankers, or Mr Brown's fault.
!!!!!! YOU BORROWED SIX TIMES YOUR SALARY WITH NO DEPOSIT
Because it's their fault that the economy is so screwed that savers are getting pennies and I get 40k for a deposit to take my mortgage away.
And who said the recession was a bad thing. 0 -
That is prudence for you!
You're taking your lessons from the best teacher on this subject: Gordon Brown!0
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