TV Tonight

ManAtHome

Obviously not a good long-term strategy, but if he gets out (or is forced out) at the right time - back to mum+dad, it's almost like paying the minimum balance on your cc, then getting the balance wiped off without having to go bankrupt.

Bit of a poke in the eye for the lenders and the "no sub-prime" posters though - at one stage, he had debts around 12 times income (mortgage+loans around £120k on £10k salary, errm lets say £40k plus company car etc...).

dolce_vita

Great programme.

It was all in there - MEW, BMV, buying abroad, buying a boat, buying with friends, moving back in with parents.......

It was even presented by a sell-to-renter.

They could have called it HPC : The Movie

Melissa177

!!!!!!? wrote: »

Fantastic programme - it really exposes the rotten side of the house price boom that's so often presented as a massively win-win for everyone.

So many 'jaw dropped in disbelief' moments: The young baby essentially living in a cupboard, the woman who sold her house to a shyster 'we buy your home and rent it back to you' company, the idiot estate agent who was MEWing his way into ever greater debt to buy luxuries he couldn't afford, the couple living in a perfectly nice terraced house facing compulsory purchase so developers could build new houses that they could never possibly afford.....

Whoops, in danger of getting too negative and being banished to the ghetto thread just created to keep rational discussion under control :mad:

The thing is, I think we're mistaken if we think that these people are somehow representative of most people in the UK.

There are plenty of shysters, people who've been ripped off, and types MEWed to the hilt, but there are many many more people who are sensible.

epz_2

what a slimey sod that EA was, funny thing is if the market slows then he will likely lose his job as well.

im sure his his bank will love his attitude of "if the market slows ill have to look at reposession" even if he is paying 8% interest.

Pobby

Agree with you about 26 year old squeeky voice and his Audi TT.What a knobber.However on a far more serious note I was very saddened by that program.When I was younger it was quite possible to buy a home.Making sure that you had everything second hand and not sucked into the so called ``celeb``(read talentless chavs with money} culture it was all very do able.


As a famous ``bear``(and I might add no vested interest being mortgage free,I find the current state of the UK property market such a shambles.The couple that bought the boat had a joint income of £45k.Not many years ago that would have got them a perfectly good property in London.

Shame really for me. As someone who really thought that Nu Labour would make a difference,I am appalled at the way they have driven even a greater wedge between rich and poor in this country.Wow,the tories couldn`t have done better if they tried.

So here we are,all sitting on the fence.Do we buy,do we sell to rent,do we loie to buy-what a mad state of affairs.

Melissa177

ManAtHome wrote: »

Obviously not a good long-term strategy, but if he gets out (or is forced out) at the right time - back to mum+dad, it's almost like paying the minimum balance on your cc, then getting the balance wiped off without having to go bankrupt.

Bit of a poke in the eye for the lenders and the "no sub-prime" posters though - at one stage, he had debts around 12 times income (mortgage+loans around £120k on £10k salary, errm lets say £40k plus company car etc...).

People with high LTV or high salary multiple loans are not subprime.

I remain to be convinced that the UK has anything like the US in terms of NINJA loans (No Income, No Job or Assets). The figure they gave was 800,000 sub prime loans, which I find deeply suspicious.

Lotus-eater

Melissa177 wrote: »

The thing is, I think we're mistaken if we think that these people are somehow representative of most people in the UK.

There are plenty of shysters, people who've been ripped off, and types MEWed to the hilt, but there are many many more people who are sensible.

Umm, have you looked how many people post on the "debt free" board?

ManAtHome

Melissa177 wrote: »

The thing is, I think we're mistaken if we think that these people are somehow representative of most people in the UK.

But most telly (and MSE) generally represents the edges of whatever - the majority (and non-MSErs) would be a bit boring...

Melissa177

Lotus-eater wrote: »

Umm, have you looked how many people post on the "debt free" board?

Yes, but they're a self-selecting group. That board is teeming with people who have MEWed and sank into debt because, well, it's a board for people who have MEWed and sank into debt.

ManAtHome

Melissa177 wrote: »

People with high LTV or high salary multiple loans are not subprime.

But if prices stall and/or interest rates go up and/or lenders re-price risk they will be.