Treasury seeks to boost 95% mortgages

Graham_Devon

Mr._Pricklepants wrote: »

Yes, he's done well. He really should be proud of his actions.

Why wouldn't he be?

Percy1983

Mr._Pricklepants wrote: »

What are you on about?
Percy himself stated he was up to his eyeballs in debt, his 'masterplan' being to transfer the debt on his fiancee's name on low interest cards because his credit rating was down the drain.

Not exactly the problem, my credit rating was spot on, just maxed (as in couldn't get more credit to transfer credit).

The plan did work as we moved the worse interest rates into her name at 0%, 3 months later I had some space on my credit file so we transfered her highest rate debts into my name at 0%.

This went back and forth while paying as much as we could and before we knew it all debt was 0%. The rest then just sailed by, as did the deposit.

The odd thing is if we where husband and wife at the time it would have been fine, but as we where 'only' engaged it seems to have been viewed as evil as many on here.

Lets be honest, it was a brilliant plan as a couple which we executed perfectly which benefited us as a couple massively.

I really can't see the problem, or to the bigger point how effects my ability to have an opinion on the debate at hand.

DervProf

Well done on paying down your debt Percy.

You'd think as a "homeowner", you get a more friendly response from the likes of Pricklepants.

However, because you see your house as your home, and have no real desire to see HPI, then you are a fool in their eyes. I seem to attract the same view.

My only critisism is that you should have told us about your plan, repeatedly. It may have been helpful information for others.

Mr._Pricklepants

DervProf wrote: »

Well done on paying down your debt Percy.

It's Mrs. Percy you should be congratulating.

Mr._Pricklepants

Graham_Devon wrote: »

Why wouldn't he be?

I'm probably old school, but I'd never shove my personal debt onto a loved one.

DervProf

Mr._Pricklepants wrote: »

It's Mrs. Percy you should be congratulating.

Well, I don't know the details of how it was done. If Mrs. Percy helped, well done to her too.

The main pont of my post was to highlight the fact that some of us "bears" look at the bigger picture, not just our own personal wealth.

Harry_Boyle

Percy1983 wrote: »

Not exactly the problem, my credit rating was spot on, just maxed (as in couldn't get more credit to transfer credit).

The plan did work as we moved the worse interest rates into her name at 0%, 3 months later I had some space on my credit file so we transfered her highest rate debts into my name at 0%.

This went back and forth while paying as much as we could and before we knew it all debt was 0%. The rest then just sailed by, as did the deposit.

I was about to join Derv in congratulating you for paying down your debt, but from this post it seems you have just moved it around?

Step 1 to getting debt under control is to reduce the borrowing costs (as you have) in order to free up income to do step 2, which is to pay down/off the debt.

From your post you seem to have been successful in step one, how is step two going?

Graham_Devon

Mr._Pricklepants wrote: »

I'm probably old school, but I'd never shove my personal debt onto a loved one.

I wouldn' either. But the use of the word "shove" represents something completely different to what actually hapened.

If these sorts of posts make you happy, then fair play. But honestly, they don't half look petty and immature to others.

Harry_Boyle

Graham_Devon wrote: »

I wouldn' either. But the use of the word "shove" represents something completely different to what actually hapened.

If these sorts of posts make you happy, then fair play. But honestly, they don't half look petty and immature to others.

To be fair, the DFW boards are full of ex-girlfriends, ex-boyfriends and family members who have taken on debt for a third party and lived to regret it. In this case it may have worked out (though we have not heard yet if the debt has actually now been repaid or if percy's OH is still holding it), but there are plenty of cases where it goes wrong.

I'd hesitate to move debt around in this way in order to buy a house. Either you can afford it or you can't and regulations are there to protect borrowers from themselves as much as to protect the lender.

To be honest I'm surprised to see Derv and yourself seemingly approving of this 'hiding' of debt in order to obtain a mortgage, given your stance on tighter lending regulation, liar loans and the like?

Graham_Devon

Harry_Boyle wrote: »

To be fair, the DFW boards are full of ex-girlfriends, ex-boyfriends and family members who have taken on debt for a third party and lived to regret it. In this case it may have worked out (though we have not heard yet if the debt has actually now been repaid or if percy's OH is still holding it), but there are plenty of cases where it goes wrong.

I'd hesitate to move debt around in this way in order to buy a house. Either you can afford it or you can't and regulations are there to protect borrowers from themselves as much as to protect the lender.

To be honest I'm surprised to see Derv and yourself seemingly approving of this 'hiding' of debt in order to obtain a mortgage, given your stance on tighter lending regulation, liar loans and the like?

Wait for the facts before jumping the gun.

The debt is gone. He then saved a deposit. He then bought.

Infact, I know you know this as you have been down this route under a different name. So clearly you are pretending you don't in order to confuse and create another false scenario in order that you something to moan at.