An example of the sheer insanity of the house market

Toto

I am usually sympathetic to people making mistakes, but sometimes I just can't find it in me. This woman values £100 a week enough to get out of bed and go to work in a cafe, her husband is a cab driver. Unless he was earning something like 6k a month I really can not see why on earth they would think taking out a mortgage with repayments of over 2k a month is a good plan

obsessed_saver

Dailymail wrote:

Mrs Georgiou knows she is not without blame. She said: 'People have to be responsible for their own actions. But if a bank is saying, "You can have all this", it is very tempting.

'For this generation, it has become too easy. Northern Rock should have done more checks. They just willy-nilly gave money away. Yes, we are responsible, but I don't think there are enough regulations.'

:rolleyes: Yeah. So you would walk into a store, if there wasn't anybody about, you'd take whatever you like and just leave?

SouthCoast

And the tax payers will be left to pay for the sheer stupidity of the lenders.

The Fat Cats are still getting their cream.

SingleSue

I am sure some people leave their brains at home...

Surely anyone in their right mind could see that this was no way affordable to them (I am talking about those who took the mortgage out), or did they think the mortgage fairy would pay it?

poppysarah

But there's been too much of this "it's their fault for lending it me" and we've not started yet.

I don't know what the answer is - but people need to be responsible for the debt they have built up and banks need to have some very strict rules about lending people money.

*Louise*

I feel sorry for them - they obviously stretched themselves beyond their means

Maybe the original £1,500 mortgage was easy for them to pay. They weren't to know that they would split up, and maybe didn't consider the extra £800 it would cost when the fixed rate term ended.

I can't get over the madness of them getting an extra 60k though! (Wonder what they spent it on...)

It's a shame...

LisbonLaura

SouthCoast wrote: »

And the tax payers will be left to pay for the sheer stupidity of the lenders.
.

Except in no way was it stupidity. It was greed.
With the new dynamic of securitised lending the more you lent the higher the bonuses.
The criminal privatised profits were large
The socialised debt is somewhat larger.
Prepare for at least twenty years of decline

SingleSue

Even though I have been through the trauma of repo, I actually don't have sympathy with them.

Anyone can see that a 300k mortgage will cost ooddles each month and one partner taking home £100 a week plus a taxi driver (which if my brothers income is anything to go by per week as a taxi driver) other partner is no way enough to afford that level of mortgage.

And that is without the extra 60K!

What made them think that they could afford an extra loan on the house if they were already struggling to afford it as it was.....the mind boggles.

Yes it is unfortunate that the mortgage increased due to interest rates but you are always told to look at what you could pay if interest rates do go up and make sure you are able to absorb those increases.

Unfortunately, I think this is just the tip of the iceberg...there will be a lot more stories like this and possibly even worse!

Zammo

And every day, there will be more like her, facing a bleak future after being thrown out of their homes by the Government because of the disaster which overwhelmed Northern Rock.

This goverment is soooooo fooked!

clobber_2

It's the Daily Mail - let's face it whatever happened they'd be able to have a whinge at "The Government"...

!!!!less single mother has £360,000 mortgage paid by YOU the taxpayer!

Hardworking taxpayers are being expected to pay to keep single mothers in houses worth £385,000, it emerged yesterday.

Joe Bloggs, 47, from Kettering, says "It's political correctness gone mad. I've had enough of my taxes being spent on lesbian asylum seeking single mothers."