BBC PANORAMA Mortgage Prisoners

The 'Expert' who says these Clients should be paying 1% to 1.2% on the open market tells you everything you need to know about the attention to detail of the research on this programme.

As to the 'Poet' saying there were no background checks, I was never aware of Northern Rock lending 125% with no background checks. That was quite simply never possible.

Of course, if the Government sold these mortgage assets without any clear enforceable protection for the borrowers with regard to charges and rate options going forward, someone should be accountable.

The whole 'mortgage prisoner' issue across the market keeps getting talked about but it is not being dealt with.

I watched the programme with self interest. I had a Together Mortgage which i renewed to a 95% mortgage in 2006 with NRAM. I was tied in for 5 years after which my own credit rating was in a state and i couldnt re-mortgage and am stuck on this until my debt situation is completed ( early next year). Its not ideal knowing that those with better money management have the opportunity to pay less for mortgages but it is how it is. My LtV rate is nearer 70% it wasn't interest only as a few are assuming but its likely that those of us still locked in are for a reason such as bad credit history. Many others with similar debt issues have been able to re-mortgage because their provider has other products. Landmark dont so have to pay the 4.78% ( although you do get a 0.25% discount for being stuck with them for 7 years plus!) I tried recently to remortgage with a high risk company but found it comparitive so am just going to wait it out.

Feel a bit like someone on a meter with their gas/elec bad financial behaviour is penalised. On the positive side though, when Im all sorted and on a better mortgage eventually, i wont panic at 5 or 6% where others may really feel the pinch when inflation rate rises above these abnormally low levels. I've not lost my house i ve not found it absurdly expensive just a little envy for those who have more disposal cash than myself for now. Its not the end of the world and it is literally £200 ish/ month saving if i had a great deal. Thats not a life changing amount. Its all been part of my learning to deal with money properly i guess.

amnblog wrote: »

The 'Expert' who says these Clients should be paying 1% to 1.2% on the open market tells you everything you need to know about the attention to detail of the research on this programme.

As to the 'Poet' saying there were no background checks, I was never aware of Northern Rock lending 125% with no background checks. That was quite simply never possible.

Of course, if the Government sold these mortgage assets without any clear enforceable protection for the borrowers with regard to charges and rate options going forward, someone should be accountable.

The whole 'mortgage prisoner' issue across the market keeps getting talked about but it is not being dealt with.

I can only assume they mustve meant 1% to 1.2% plus BoE base? Even then with high LTV and/or other financial committments they would still be pushed to get on at 1.75% to 1.95% as they would be deemed high risk

For that first couple - they took out their mortgage in 2006, at which point the average interest rate was 5.25%. Now their rate is under 5%. If they say it is unafforable now, how was it affordable when they took out the mortgage?
Plus got to love the shot of their house with the flash Audi and Mini Cooper on the drive. Maybe if they hadn't spent beyond their means, they wouldn't have to be 'borrowing' money from their family members to pay the bills?