MSE News: Home repossessions up 15%

edited 12 May 2011 at 3:05PM in Mortgage-Free Wannabe
15 replies 2.3K views
MSE_GuyMSE_Guy MSE Staff
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edited 12 May 2011 at 3:05PM in Mortgage-Free Wannabe
This is the discussion thread for the following MSE News Story:

"Some 9,100 properties were taken by mortgage lenders during the first quarter of 2011 ..."
Read the full story:
Home repossessions up 15%


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  • liam8282liam8282 Forumite
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    Well as I live in the "North", and houses are way overpriced meaning first time buyers have relatively no chance of getting on the property ladder, maybe this is a good thing?

    Obviously not for those losing their homes, but what about everybody else?

    First of all, if people are living in homes they cannot afford, on many occasions they will be the people that took the gamble and bought into property during the boom time, hoping to make fast easy money selling the property on at a profit.

    Unfortunately it didn't work out like that, and a lot of people will have been plunged into negative equatity when everything collapsed. Maybe it is an easier way out for some of these people not to pay the mortgage on an overpriced property.

    For the rest of us, if more homes suddenly become available, maybe the house prices will start to drop to a more realistic or at least a reasonable level.

    Personally I think it is a fact of life that if you cannot afford your mortgage, you will lose your property. Same goes for people who can't pay their rent etc.

    Hopefully there will not be another government bailout whereby these people get their mortgages paid for them, while everybody else has to pay their own rent or mortgage.
  • tara747tara747 Forumite
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    liam8282 wrote: »
    Well as I live in the "North", and houses are way overpriced meaning first time buyers have relatively no chance of getting on the property ladder, maybe this is a good thing?

    Obviously not for those losing their homes, but what about everybody else?

    First of all, if people are living in homes they cannot afford, on many occasions they will be the people that took the gamble and bought into property during the boom time, hoping to make fast easy money selling the property on at a profit.

    Unfortunately it didn't work out like that, and a lot of people will have been plunged into negative equatity when everything collapsed. Maybe it is an easier way out for some of these people not to pay the mortgage on an overpriced property.

    For the rest of us, if more homes suddenly become available, maybe the house prices will start to drop to a more realistic or at least a reasonable level.

    Personally I think it is a fact of life that if you cannot afford your mortgage, you will lose your property. Same goes for people who can't pay their rent etc.

    Hopefully there will not be another government bailout whereby these people get their mortgages paid for them, while everybody else has to pay their own rent or mortgage.

    Hear, hear. :T
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
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  • EngeroosiEngeroosi Forumite
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    Why do the government not just go and wipe 10% off everyones outstanding balance and reduce house prices by 10% and also help out all the people struggling to service their mortgage debts! Saves all the repossessions!! Also means I get some of my mortgage paid for me!!! Woopee!!!
  • SAMMYE_2SAMMYE_2 Forumite
    244 Posts
    liam8282 wrote: »
    Well as I live in the "North", and houses are way overpriced meaning first time buyers have relatively no chance of getting on the property ladder, maybe this is a good thing?

    Obviously not for those losing their homes, but what about everybody else?

    First of all, if people are living in homes they cannot afford, on many occasions they will be the people that took the gamble and bought into property during the boom time, hoping to make fast easy money selling the property on at a profit.

    Unfortunately it didn't work out like that, and a lot of people will have been plunged into negative equatity when everything collapsed. Maybe it is an easier way out for some of these people not to pay the mortgage on an overpriced property.

    For the rest of us, if more homes suddenly become available, maybe the house prices will start to drop to a more realistic or at least a reasonable level.

    Personally I think it is a fact of life that if you cannot afford your mortgage, you will lose your property. Same goes for people who can't pay their rent etc.

    Hopefully there will not be another government bailout whereby these people get their mortgages paid for them, while everybody else has to pay their own rent or mortgage.

    You think the North is overpriced!?! Take a trip down south! :eek:
    [STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
    Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
    Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
    Mortgage was £690 now £560 :D
    Currently £85,203 - 71% LTV 26/08/11
  • liam8282liam8282 Forumite
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    SAMMYE wrote: »
    You think the North is overpriced!?! Take a trip down south! :eek:

    I was just emphasising the point as the article pointed out it is apparently worse in the North.

    Don't worry, my views apply to everywhere not just the North.
  • fatbellyfatbelly Forumite
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    I am now seeing an increased rate of court action against people who are gettting SMI payments through Income Support/JSA/ESA.

    The DWP reduced the rate from 6.08% to 3.63% last autumn. Arrears for many have built up since then, and it is impossible to 'top-up' from your benefits if you are being paid £67.50 per week.
  • adwatadwat Forumite
    255 Posts
    Mortgage-free Glee!
    Maybe this is good news for us MFW's. It might mean interest rates continue to be held low, enabling us to continue overpaying our mortgages.
    MFi3T2 #98 - Mortgage Free 15/12/2011
  • brit1234brit1234 Forumite
    5.4K Posts
    adwat wrote: »
    Maybe this is good news for us MFW's. It might mean interest rates continue to be held low, enabling us to continue overpaying our mortgages.

    I hope not, many of us savers need higher rates. It is us savers that are being penalised for those reckless mortgage borrowers who borrowed to much and those who lied about their salary. Not to mention all those who used their equity as cash points such as buy to let. Just think what the level of repossessions would be if interest rates turned back to normal.

    If we keep rewarding the reckless and punish the prudent then more people will act recklessly.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

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  • brit1234 wrote: »
    I hope not, many of us savers need higher rates. It is us savers that are being penalised for those reckless mortgage borrowers who borrowed to much and those who lied about their salary. Not to mention all those who used their equity as cash points such as buy to let. Just think what the level of repossessions would be if interest rates turned back to normal.

    If we keep rewarding the reckless and punish the prudent then more people will act recklessly.

    You want to be rewarded because you're sat on some cash that you want a higher rate on? I'm presuming that you don't want to take a risk with that cash either. How's that work then?
  • adwatadwat Forumite
    255 Posts
    Mortgage-free Glee!
    brit1234 wrote: »
    I hope not, many of us savers need higher rates. It is us savers that are being penalised for those reckless mortgage borrowers who borrowed to much and those who lied about their salary. Not to mention all those who used their equity as cash points such as buy to let. Just think what the level of repossessions would be if interest rates turned back to normal.

    If we keep rewarding the reckless and punish the prudent then more people will act recklessly.

    Point well made.

    However, you're posting on the wrong board in terms of your target audience! Very few of us on here would wish interest rates to rise.
    MFi3T2 #98 - Mortgage Free 15/12/2011
This discussion has been closed.
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