Interest only Mortgage - sign this petition pls

pmartin86

As of now, 1,138views on a thread in a forum championing money saving and consumer rights, you have 2 signatures, 1 of which is your own, take a hint and give up

Thrugelmir

BritGuy wrote: »

Your lack of experience in understanding what really is happening to certain mortgage holders is very clear.

A very clear understanding. Interest only mortgages have been discussed on here for some years since the GFC of 2007/08.

The question for you is why you haven't taken proactive action given the low mortgage interest rates of recent years. While it may not solve the problem entirely. Within everyone's own power to pay down the mortgage by as much as possible. Rather than spend disposable income on non essentials. That's personal choice. Expecting a bail out is sheer laziness. Accept personal responsibility for your own actions.

ThePants999

Very unhappy with your petition, OP. As one of the large majority who understood what they were getting into, since it was completely clearly spelled out for me at the time, I benefited significantly from the availability of interest-only mortgages when I started on the property ladder. You're now here trying to remove that option for future borrowers simply because some people are financially irresponsible. Next thing we know, the Guardian will report on some people who had their car taken back because they couldn't pay the PCP balloon payment, and you'll be here with a petition to ban car finance.

csgohan4

Basically blame someone else for your own lack foresight and responsibility.


If you get repo'ed on an I/O mortgage, you knew what you were taking out at the time, cheaper mortgage but living for the present and giving foxtrot Oscar about the future.


Why should the bank pay for your own mistakes?


No sympathy tbh from me.


I am glad most of them are removed from the market.

ACG

The stupid people are the ones who are aware Interest only means the balance of the mortgage will still be due at the end of the mortgage?!?

Just to add, im not saying those unaware are stupid. Im just pointing out the irony of yoru post.

worried_jim

My first mortgage was I.O. and I bought a house and rented it out. Made £50 a month. Sold it two years later and made 100%. Rolled it into my current place where I live on a repayment mortgage and now over 50% is paid off with £170k equity. I sleep like a baby at night!

nobblyned

Oh, for crying out loud, spare us please from this drivel.

In the words of the scarecrow from wizard of Oz, "If only I had a brain"

Upsidedown_Bear

BritGuy wrote: »

I should really call you all 'Putty People' by the way you have all played into my hands.

I rolled you around a bit, ruffled you all up a bit, rolled it out and you did the rest with your, over silly,
opinionated answers.

I award you last responders nuts to go with the Bananas !!

You financial 'experts' you all - still paying your mortgage you are so plsd with having.

No rich people here.

Just the working, foolish, sheep.

_______________________________________________________________________

Baaaaaaaaaaaa

nobblyned

All this mis-selling could have been easily avoided if only the entire concept of these mortgages was clearly and succinctly summed up in their name... Oh, hang on.

upoiupou

BritGuy wrote: »

I should really call you all 'Putty People' by the way you have all played into my hands. _______________________________________________________________________

Er.... what? Are you a Bond villain now?

BritGuy wrote: »

You financial 'experts' you all - still paying your mortgage you are so plsd with having.

No rich people here.

Just the working, foolish, sheep.

_______________________________________________________________________

I'm going to start a petition to have people make sense when they post.