An example of the sheer insanity of the house market

Bogof_Babe

Caveat emptor. Why is everyone who screws up always a victim?

And why did they need five bedrooms?

bo_drinker

Unfortunate people, I think not in this case...
Had things worked out for this couple.... miracle required for it to work out I'm afraid.
It was good while it lasted let the tax payer pick up the tab....... again. As I say IDIOTS.

Bogof_Babe

Just saying :hello: to Bo, who I see is a fellow Herefordian. Wonder which side of town you live on - I'm HR4. Windy here today isn't it? .

Sorry, back to topic...:o .

Turnbull2000

Dithering_Dad wrote: »

And unfortunate people are "F.kn idiots"

Had things worked out for this couple and they retired with a really nice house, would it still be "F.kn idiots" or would it be "working class heroes who took a risk and it paid off. Great stuff to see people like us get one over the system"?

Yeah, they are f.kn idiots. £300,000 mortgage, £60,000 mew'd, £100 p/m earnings.

How the hell is that supposed to work out? That's not a calculated risk, that's financial suicide. Suicide is self-inflicted and they're getting exactly what they deserve. One over the system? Stop talking fantasy.

bo_drinker

Dithering Dad you assumed right, mortgage paid off, no other debts, never had a credit card.
Bogof Babe.. Hi I am in HR1 nr Blind college. Very windy up here also.
Back to topic. Thanks Turnbull 2000 my thoughts exactly.

Turnbull2000

Dithering_Dad wrote: »

The newspaper just quoted her earning, not his. I'm not sure where he worked, but I know that London cabbies can earn up to £60,000 and there are advantageous tax advantages to working for oneself that the 60k earned by someone who is self-employed goes much further than a PAYE 60k earner.

Hey, and let's imagine he supplemented his imaginary £60,000 income with some imaginary second job too! Maybe he was earning £80,000! Imagine that!

They were given the money despite relatively low earnings

I suppose you could say an income of £60,000 is relatively low to say, city traders maybe?

Turnbull2000

Dithering_Dad wrote: »

Maybe the newspaper twisted the truth in order to make the story more interesting?

City traders earn millions, so 60k is probably spare change to them. I have to disillusion you a bit here though and say that a LOT of people are earning way over 60k for ordinary jobs, especially here in London. You can drive a petrol tanker and earn £40k or drive a tube and earn £45k basic. Many of the I.T people in the department I'm currently contracting in are earning 80k plus.

Then why don't you kindly disprove the quote below, rather than guessing and saying "maybe".

They were given the money despite relatively low earnings

bo_drinker

Dithering Dad your wife lives in the house because of the wording later in your posting. You said it yourself. You have the mortgage to pay. Obvious really, like thousands of other households up and down the country, not rocket science.

LisbonLaura

*Louise* wrote: »

.but someone even more stupid gave them the money in the first place.

Oh please people, how can I get this through?!!!!!

It Was NOT Stupidity!!! (no offence Louise, you are one of many)

It is very important (least I think it is) that you understand why loon multiples were lent to folk who previously would never have qualified for a loan.

The two Johns sub-prime explains the truth well enough.....just replace USA with UK.
Everyone has seen it surely?
http://www.youtube.com/watch?v=SJ_qK4g6ntM

If you want more then start delving into the excrement that is mbs, cdo, siv.
That is if you have the time tearing around in circles, run off your feet helping the poor banks recover from their 'unforeseen' mistakes.

ler01kjh

LisbonLaura wrote: »

Oh please people, how can I get this through?!!!!!

It Was NOT Stupidity!!! (no offence Louise, you are one of many)

It is very important (least I think it is) that you understand why loon multiples were lent to folk who previously would never have qualified for a loan.

The two Johns sub-prime explains the truth well enough.....just replace USA with UK.
Everyone has seen it surely?
http://www.youtube.com/watch?v=SJ_qK4g6ntM

If you want more then start delving into the excrement that is mbs, cdo, siv.
That is if you have the time tearing around in circles, run off your feet helping the poor banks recover from their 'unforeseen' mistakes.

Bring back the campaign for plain English. We need a bit here!