Irresponsible Borrowers

darkblue_2

treliac wrote: »

MMM's given up the ghost and gone to roost.

Chicken puns - fantastic.

He's outgrown us and flown the nest.

He didn't conform to the pecking order.

He's decided to try his luck with the chicks.

OK, enough. But this is an eggcellent thread.

Graham_Devon

darkblue wrote: »

Only if you keep it warm yourself. Then there's organic/free range/ welfare/ vet bills/ having to buy a !!!! to keep them in order.

It's more hassle than it's worth to be honest. You may as well use the supermarket.

Can you buy a !!!! at the supermarket!?

I can see the attraction in home delivery now. Every little helps.

Does an organic one cost more?

nickj_2

i was working at a house last week and a chap i know was working there as well , we were discussing houses etc and he told me that his monthly interest mortgage repayment was £1500 , he had no means to pay of any of the capital , it is beyond him and his wifes means

how many more people are in this position ? or just living on the never never , it can only end in tears

Thrugelmir

MegaMiniMouse wrote: »

Why would a purchaser pay more than was necessary?

Because many people are vain and obsessed with material obessions and making money with the least possible effort.

Why does a couple with no children require a 4 bed detached house ?

As its a status symbol. A wealth beacon. They may have maxed their credit cards to obtain it. But their neighbours and friends will glow with envy at the room sizes, the granite work top in the kitchen, the golf course that adjoins the bottom of the garden.

darkblue_2

nickj wrote: »

i was working at a house last week and a chap i know was working there as well , we were discussing houses etc and he told me that his monthly interest mortgage repayment was £1500 , he had no means to pay of any of the capital , it is beyond him and his wifes means

how many more people are in this position ? or just living on the never never , it can only end in tears

(Back to the thread)

There are a worrying amount of people in that position. The true extent is still unfolding and it is genuinely sad for those stuck in the rut.

The other rut a lot of people are in is negative equity. They bought their houses, can no longer afford the repayments and their house isn't worth what they paid for it. Whether that be because they took a 100% mortgage or because the equity isn't now worth the market price.

Thrugelmir

darkblue wrote: »

(Back to the thread)

There are a worrying amount of people in that position. The true extent is still unfolding and it is genuinely sad for those stuck in the rut.

The other rut a lot of people are in is negative equity. They bought their houses, can no longer afford the repayments and their house isn't worth what they paid for it. Whether that be because they took a 100% mortgage or because the equity isn't now worth the market price.

I suspect it even to apply to people not in negative equity. Who have sunk their financial future into property, and know trapped as you with a large interest only mortgage. Plus other unsecured debt. Which means addressing their financial situation is extremely difficult. As even attempting to downsizing will wipe away their debt but leave them with an insufficent deposit to get back onto the property ladder. Making renting their only option which then reduces their ability to save.

A circle which never be broken for a whole generation.

MegaMiniMouse

darkblue wrote: »

(Back to the thread)

There are a worrying amount of people in that position. The true extent is still unfolding and it is genuinely sad for those stuck in the rut.

The other rut a lot of people are in is negative equity. They bought their houses, can no longer afford the repayments and their house isn't worth what they paid for it. Whether that be because they took a 100% mortgage or because the equity isn't now worth the market price.

The world revolves around darkness/light, oil, power etc etc etc...

Knock out the banks, and the supply of money etc etc etc, and the world becomes a different place

There's no point in slagging people off for borrowing as much as a lender would allow - everybody has to gamble (except that some people would rather live in a world of total certainty, but that will never happen, and those people can only lose...discuss...)

darkblue_2

Don't get me wrong, I'm not slagging those who borrowed what they could. Not very long ago it was the norm and perfectly acceptable. I would have taken a 100% mortgage if I were offered as a first time buyer.

I was generally sympathising rather than trying to blame anyone.

Certainty would be nice, of course, but illness, unemployment, etc could strike at any time and you're left with uncertainty.

Exocet

MegaMiniMouse wrote: »

There's no point in slagging people off for borrowing as much as a lender would allow - everybody has to gamble (except that some people would rather live in a world of total certainty, but that will never happen, and those people can only lose...discuss...)

I agree there is no point. After all, we can hardly undo the damage the mindless f'ckwits have caused. Why anyone would borrow 125% mortgages is beyond me. I guess they believed in never ending HPI, like some sort of Disney tale.

So Megathing - f'ckwits... ok?

MegaMiniMouse

darkblue wrote: »

Don't get me wrong, I'm not slagging those who borrowed what they could. Not very long ago it was the norm and perfectly acceptable. I would have taken a 100% mortgage if I were offered as a first time buyer.

I was generally sympathising rather than trying to blame anyone.

Certainty would be nice, of course, but illness, unemployment, etc could strike at any time and you're left with uncertainty.

This is getting a bit Darwinian!

Life is a game of chance, and long may it remain so.......