People who get greedy.

tightgit_2

A family I know bought a house about a year ago. On the face of it iwas a lovely house, but has since shown several faults. They could not afford it and took out a self certified mortgage and lied about their earnings. Six months later they were grumbling about having dificulty with paying the mortgage. Now they are despereately trying to sell it in case prices drop even further leaving them with a negative equity.

I am all for taking risks, but this was just plain greedy. :rolleyes:

dougk_2

Not greedy just stupid in my view. Especially if they didn't have a proper survey carried out.
If they stretched themsleves to get the mortgage then its their own fault. Whilst I don't agree with multiplication factors (i.e. say 2x joint salary etc), if they couldn't get a mortgage through a company that lent on affordibility, they borrowed too much.

tightgit_2

I think they just wanted to show off basically. Lets face it anyone could do the same but what's the point if you are worried sick about making the repayments.

dippy

I didn't think income multiples or affordability mattered for self-certs.

kinster_2

yeah, but what's it to you? it's a problem for them to sort out... people should concentrate on their own families not others.

tightgit_2

Dippy - thats the point it doesn't rely on income mutiples that was how they got their mortgage by making out that they earnt much more than they do.

Kinster - What's it to you!! If you don't want to read other people's thoughts and ideas don't come here. That's the whole point of discussion boards.

I do look after my family that's why I wouldn't be so greedy as to take on a mortgage that I couldn't pay and put the roof over my families head at risk.