Irresponsible Borrowers

darkblue_2

Well it would be my natural selection to pick a beagle...

Oh dear dear dear.

MegaMiniMouse

Exocet wrote: »

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?

If only you had been a Banker at the time - would you have veto'd 125% loans if it would have meant saying byebye to your million pound bonus?

PasturesNew

Thrugelmir wrote: »

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

I can answer this one ... as a single person who might have to buy a 4-bed detached house.

I don't want or need more than one bedroom. But, downstairs there are things I want.

I want a kitchen diner, a downstairs loo and a utility. Now, to get those, they'd also throw in a living room. Add that lot together for floorspace and upstairs you find four dinky sleeping areas.

I also want a garage, sidegate and shed. By the time a property's got those, it's usually detached.

So, you HAVE to get a 4-bed detached house, just to get the things you want.

They don't build many 1-bed places with: kitchen/diner, utility, downstairs loo, en-suite bathroom, garage, driveway, sidegate, garden shed ..... and if they did, it'd be probably pricier than a standard 4-bed house.

darkblue_2

But, downstairs there are things I want.

*sigh* tell me about it.

treliac

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

It means he's merely 'renting' his place and, in doing so, getting himself into an ever-increasing spiral of trouble.

Of course the banks, etc. are culpable but so, too, are people who are stupid enough to get into such a mess. Even if your mortgage broker does their best to get you a massive liar loan and tells you it's okay... you know how much you are having to pay back each month. You should also know that interest rates can change, as they have done to many people's advantage in the last year or so.

Equally, IR's can go up, it's the only direction possible from here. What the hell are people, who don't seem to have had the intelligence to undertake a mortgage in the first place, going to do then?

darkblue_2

LOL that's brutal. True, but brutal.

Those who are vaguely intelligent are locking their rates in now and hoping that by the time it comes to remortgage, they can afford the rates at the time.

The game of chance.

treliac

MegaMiniMouse wrote: »

If only you had been a Banker at the time - would you have veto'd 125% loans if it would have meant saying byebye to your million pound bonus?

What was wrong was that they were allowed to behave as they did. We all know that now. The government of the day had an idolatrous relationship with our banking system. Thanks NuLabour!

MegaMiniMouse

PasturesNew wrote: »

I can answer this one ... as a single person who might have to buy a 4-bed detached house.

I don't want or need more than one bedroom. But, downstairs there are things I want.

I want a kitchen diner, a downstairs loo and a utility. Now, to get those, they'd also throw in a living room. Add that lot together for floorspace and upstairs you find four dinky sleeping areas.

I also want a garage, sidegate and shed. By the time a property's got those, it's usually detached.

So, you HAVE to get a 4-bed detached house, just to get the things you want.

They don't build many 1-bed places with: kitchen/diner, utility, downstairs loo, en-suite bathroom, garage, driveway, sidegate, garden shed ..... and if they did, it'd be probably pricier than a standard 4-bed house.

Honey, my place is ideal - I live in one room of a 3-storey townhouse (with ensuite), and I have two lodgers - the income massively exceeds the outgoings, and my house is for sale (it has a garage and front and back gardens) - what are you waiting for? Sidegate? Shed?.. all included...

wymondham

MegaMiniMouse wrote: »

Why would a purchaser pay more than was necessary?

Pepople pay what they think a house is worth ..... too many people pay waaayyy too much!

MegaMiniMouse

wymondham wrote: »

Pepople pay what they think a house is worth .....

WRONG! they pay what they can borrow...