Liz Jones is Credit Crunched in the end.....

fc123

Not thin or hairy enough and Simple minds aren't really 'rock'.
I can't seem to find a pic that links but here's a recent one.

ClaretHead

She's back in the Mail today, asking "Why do the banks bail out when you ask them for help?"

Recently I had a run-in with my bank. I have a mortgage with the Halifax. I missed two mortgage payments (renovations on my home went 150 per cent over budget and six months over schedule), which I repaid almost immediately. Wanting to get rid of my debt, I decided to sell my house — thinking I could take my fixed-rate mortgage, which was tied into a three-year deal, with me.

would buy a cheaper property, reducing my debt by several hundred thousand pounds. The bank’s response? A flat no.

Apparently I am too high risk and cannot move the mortgage at all. Then they told me I will never qualify for a mortgage on another property again, no matter how small. OK, how about if I sell my house and use the equity to repay the mortgage in full, straight away? Then buy a small cottage, mortgage free.

Ah, in that case — because it will be before the end of my three-year deal — they will slap me with a £21,000 penalty. Pray, what do they suggest? They suggest I stay in my present home, with the mortgage I already have that currently costs me 11 times the current Bank of England base rate (5.5 per cent), and which I have no desire to keep on paying.
The Halifax is owned by Lloyds, one of the banks to be bailed out by you and me in the current financial crisis. I think we have been duped when it comes to owning our own homes. I read a report the other day that revealed, even with the current downturn, investing in stocks and shares would have made us far richer than owning a property.
The downturn was blamed on ordinary people reneging on their mortgage payments, but I think that’s a big fat lie. Most people will do anything to keep a home over their heads. I am trapped. I wonder how many others are, too?

dopester

ClaretHead wrote: »

She's back in the Mail today, asking "Why do the banks bail out when you ask them for help?"

Recently I had a run-in with my bank. I have a mortgage with the Halifax. I missed two mortgage payments (renovations on my home went 150 per cent over budget and six months over schedule), which I repaid almost immediately. Wanting to get rid of my debt, I decided to sell my house — thinking I could take my fixed-rate mortgage, which was tied into a three-year deal, with me.

would buy a cheaper property, reducing my debt by several hundred thousand pounds. The bank’s response? A flat no.

You think you were duped? Try having saved up to get a substantial deposit together from they year 2001 because you wanted to do things the sensible way... and seeing house prices rocket upwards in value, year on year, powered by easy credit for those who wanted to pay ever higher prices, wiping out your sensible attitude and purchasing power of your savings.

There are two sides to this coin. And from my point of view, not only did the market rocket out of control, but with QE and ultra low interest rates, political leaning to hold off from repossession... homeowners have had it very cushty.

What sort renovations did you pay for? Were they really required? Upped the value of your property have they? Unless it was for necessary structural work or something, it can't have been something you couldn't have done without, if debt makes you now want to downsize.

You took on a mortgage of several hundred thousand pounds, paying for renovations ect. Individual responsibility.

You've "no desire" to keep paying at 5.5%, but this is what you signed up to and agreed to. Until you sell, or your deal changes, that is what you have agreed to pay.

I had no desire to have seen giant HPI reduce the relative purchasing power of my savings for buying a house, but it happened. Oh.. I was duped! I'm not crying about it, even though I think recklessness of individuals and the system have done me over. Now people who face losses in value, because of market participants having negative circumstances, have to accept negative changes as I did. No one is here to double/treble my savings in value to make up for HPI.

dopester

Hahah. ClaretHead. My mistake. I thought that post was about your circumstances!

I now see you're quoting Liz Jones herself.

Full article.

http://www.dailymail.co.uk/femail/article-1312463/LIZ-JONES-MOANS-Why-banks-bail-ask-help.html

vivatifosi

ClaretHead wrote: »

I decided to sell my house — thinking I could take my fixed-rate mortgage, which was tied into a three-year deal, with me....

...The bank’s response? A flat no.

Apparently I am too high risk and cannot move the mortgage at all. Then they told me I will never qualify for a mortgage on another property again, no matter how small. OK, how about if I sell my house and use the equity to repay the mortgage in full, straight away? Then buy a small cottage, mortgage free.

Ah, in that case — because it will be before the end of my three-year deal — they will slap me with a £21,000 penalty.

Apparently Liz is above reading the small print.

ninky_2

i'm beginning to be quite fond of liz in a strange sort of way.

here is a list of 1980s groups for anyone who can be bothered to think about who the rock star is.

http://www.pure80spop.co.uk/bandlinksabc.htm

ninky_2

nick heyward?? http://nickheyward.com/

vivatifosi

ninky wrote: »

nick heyward?? http://nickheyward.com/

Oh I do hope not. Nick Heyward always struck me as lovely. Liz would like the fact he has a 'positive affirmation porthole' on his website.

I can't think of the lovely Nick as a rock star though. That really is stretching reality.

ninky_2

what about midge ure? he lives in somerset. a bit older than described. not sure if he is single though.

vivatifosi

Midge Ure, famous anti-debt and poverty campaigner, interesting tangent for him.... Mmmm.... (goes away to ponder)