Ruined Property Tycoon Goes on Hunger Strike

Hectors_House

James_Green_1982 wrote: »

Am I correct that any mortgage lender has the right to ''call in'' any mortgage loan at any time?
ie the bank can just ask you to pay off all your mortgage tomorrow (or maybe 30 days etc) and if not re-possess your house. Despite the fact that mortgage has 20 years left to 'run' etc?

I understood this rule was in place as some kind of 'safeguard' for mortgage lenders - but is hardly ever used.

I may be wrong but from what I understand the worst thing you can do is leverage properties against each other.

One of the banks only needs to find an excuse to call in one of the loans and can take the lot.

Why financial advisers suggested leveraging is beyond me. It’s a time bomb waiting to explode.

James_Green_1982

''Ruined'' means something else (in slang terms) in my experience.
Made me laugh when I read this!

snowqueen555

A £10 million loan with only £800k in yearly revenue is madness. The guy was highly leveraged and put his home up at risk too.

The banks probably made a killing taking all this property .

triathlon

Have to admit the banks have a lot to answer for, how have they loaned some uneducated people so much. It still is not clear how much the Wilson's were loaned, that would be an interesting story.

phillw

The craziest thing about this story is that when it was deemed by someone else that he was missold, they fixed that misselling by ruining him.

That would be like being in a car accident where someone drove into you and you lost your legs, then you go to court for damages because of the pain and suffering and they decide that the best thing to fix that pain and suffering would be to kill you.