Mortgage misery: The homeowners facing repossession

[Band]

1 minute ago, One percent said:

Yep. I was taught two things:

neither a lender or a borrower be

and

if you can’t pay one week one week, you can’t pay two the next. 

I have forgone fancy fancy holidays and other frivolities. I’ve bought my first new car ever recently, but only because I had the money to do so.  Yet, I see people driving brand new cars, look at their earning power and wonder how the hell they do it. 

I think that they are not abiding by my two life rules. 

Seems no one taught these old fashioned values to these snowflake boomers. 

Thing is they are so desperate not to be renters but were desperate for more insane levels of hpi which would/has resulted in 2 generations being forced into renting.

Ive sympathy for workers who've been priced out and live in 6 to 12 month ASTs, not these fuckers who created the situation.

[One percent]

8 minutes ago, Banned said:

Seems no one taught these old fashioned values to these snowflake boomers. 

Thing is they are so desperate not to be renters but were desperate for more insane levels of hpi which would/has resulted in 2 generations being forced into renting.

Ive sympathy for workers who've been priced out and live in 6 to 12 month ASTs, not these fuckers who created the situation.

These two though, he was a black cabbie. They earn shedloads and pay little tax. Wtf were they doing with it? Unless he was a lazy bastard. 

[leonardratso]

1 minute ago, One percent said:

These two though, he was a black cabbie. They earn shedloads and pay little tax. Wtf were they doing with it? Unless he was a lazy bastard. 

looks white to me, but even so, whats his colour got to do with his chosen profession? do they earn more if they are a different colour?

[One percent]

Just now, leonardratso said:

looks white to me, but even so, whats his colour got to do with his chosen profession? do they earn more if they are a different colour?

Behave. 

[leonardratso]

ah vertiligo, i see, hence the 'was' a ....

Im setting up a go fund me page for the 2 'cants' from daaahhhn sarffff, if you want to donate - then just send me cash and ill make sure the cash makes it to them.

[Band]

1 hour ago, DTMark said:

I suspect that when (not if) cases like this become commonplace the Government will compel the banks to allow people to stay in their houses and only pay the interest - the banks can have the property when all the mortgagees die. If it requires a "bung", the "money" will be found (e.g. from taxation).

There really is no way that I can see where banks will be "allowed" to mass-repossess.

Thats been the case since 2008, hence the minimal amount of repossessions compared to prior to 2008. 

[invalid]

I really dont get what they are complaining about. That house is worth £600 - 700k depending on where exactly in Essex it is. They can sell up and walk away with up to £200k profit, which was their plan anyway?

That shitbox is almost twice the size of the shitbox I live in along with wife and 3 kids. But at least I own my shitbox.

Its people like that driving up prices that one of the reasons that have prevented me from ever being able to own what I would consider a 'family' home before the kids grow up and want homes of their own. And then the double wammy of my kids not being able to afford even a shitbox half the size the tiny shitbox we live in at the moment.

Oh well, gravel for breakfast......

[kibuc]

Banks are not in property flipping business; they are in the money-making business. One of the main reasons they hate to reposess is that they end up with a property on their hands, and for them it's more trouble than it's worth.

If there's one thing they would hate even more than having to sell a repo-ed property, it's having to KEEP the property on their books as new owners and rent it out, with all resulting obligations. There's no govt in the world that could make them think otherwise.

I don't know if extend & pretend is still an option on a large scale, with Basel 3 and whatnot, of it there will be more helicopter money to keep the mortgagee solvent, but banks will only repo non-performing loans en masse if prices start to fall, to cut their loses while they are still managable.

[sleepwello'nights]

3 hours ago, Banned said:

Ive sympathy for workers who've been priced out and live in 6 to 12 month ASTs, not these fuckers who created the situation.

I didn't create the situation. I adapted to it. I would prefer houses to be priced at the same multiple of average wages that they were when we bought our first house in the mid 70s.

The reason why prices increased so much was not supply and demand, that the laws of economics predict, but the availability of credit. I didn't change the lending criteria adopted by the lenders. If the lenders had stuck to the original multiples then prices would not have risen as they did because buyers would not be able to access the amounts needed. 

Regardless, I adapted to the situation, and whether through luck or judgement made the right call. 

[King Penda]

4 hours ago, Banned said:

Seems no one taught these old fashioned values to these snowflake boomers. 

Thing is they are so desperate not to be renters but were desperate for more insane levels of hpi which would/has resulted in 2 generations being forced into renting.

Ive sympathy for workers who've been priced out and live in 6 to 12 month ASTs, not these fuckers who created the situation.

most snowflakes are not baby boomers,in fact they get the flack for voteing out and tory

[King Penda]

3 hours ago, null; said:

I really dont get what they are complaining about. That house is worth £600 - 700k depending on where exactly in Essex it is. They can sell up and walk away with up to £200k profit, which was their plan anyway?

That shitbox is almost twice the size of the shitbox I live in along with wife and 3 kids. But at least I own my shitbox.

Its people like that driving up prices that one of the reasons that have prevented me from ever being able to own what I would consider a 'family' home before the kids grow up and want homes of their own. And then the double wammy of my kids not being able to afford even a shitbox half the size the tiny shitbox we live in at the moment.

Oh well, gravel for breakfast......

evict them boomers or not,they are just takeing the piss .they are apealing to the snowflake generation/mindset.after all just watch something on tv from cowell every fucker on it has a sob story.for the sympathy vote.

[King Penda]

4 hours ago, One percent said:

These two though, he was a black cabbie. They earn shedloads and pay little tax. Wtf were they doing with it? Unless he was a lazy bastard. 

they might blame thatcher and reggan for being brought up in the decadence that was the 80s,when between aids and nuclear war many litteraly did live for tommorow not the future

[Band]

2 hours ago, sleepwello'nights said:

I didn't create the situation. I adapted to it. I would prefer houses to be priced at the same multiple of average wages that they were when we bought our first house in the mid 70s.

The reason why prices increased so much was not supply and demand, that the laws of economics predict, but the availability of credit. I didn't change the lending criteria adopted by the lenders. If the lenders had stuck to the original multiples then prices would not have risen as they did because buyers would not be able to access the amounts needed. 

Regardless, I adapted to the situation, and whether through luck or judgement made the right call. 

Where did i say you created the situation .. or where have i implied you changed the lending criteria, if you can direct me. 

And you hardly adapted to it, if you bought in the 70s FFS, yet you imply you're some kind of financial guru by buying a house in the 70s for making a judgement call.

Nope sir it was 100% luck and down to when you were born, the fact you can't see this speaks volumes.

[spygirl]

21 hours ago, Banned said:

Just WoW, unfucken believable, when greedy thick bastards become victims, these cunts should have been evicted in 2008 when interest rates should have spiked.

Like hundreds of thousands of other homeowners, the Kings appear to be a victim of the excessive lending that took place in the years before the financial crisis.

 

In this case its excessive borrowing.

The Kings sort out a broker to get the most money for the least income.

This is why the compo people have told them to fuck off.

If theyd gone into a branch, spoke to a bank employee, and got a mortgage there might have been a different outcome - althought mortgages were unregulated at this time.

As it is, Kings and the IFA would have committed mortgage fraud - or pretty lose to it.

 

 

[spygirl]

12 hours ago, DTMark said:

I suspect that when (not if) cases like this become commonplace the Government will compel the banks to allow people to stay in their houses and only pay the interest - the banks can have the property when all the mortgagees die. If it requires a "bung", the "money" will be found (e.g. from taxation).

There really is no way that I can see where banks will be "allowed" to mass-repossess.

No.

Bnks cannot just give a pass and let the stay in.

Banks are banks not rental companies.

The issue here is, as it stands the bank will have ~10k capital tied up in the house.

Its not classifyign the loan as bad -hence they can stay in it.

If they stay in then the bank will need to raise that 10k to 350k.

KLeverage in banking is so high that a few bad loans sink them.

 

[spygirl]

11 hours ago, null; said:

I really dont get what they are complaining about. That house is worth £600 - 700k depending on where exactly in Essex it is. They can sell up and walk away with up to £200k profit, which was their plan anyway?

That shitbox is almost twice the size of the shitbox I live in along with wife and 3 kids. But at least I own my shitbox.

Its people like that driving up prices that one of the reasons that have prevented me from ever being able to own what I would consider a 'family' home before the kids grow up and want homes of their own. And then the double wammy of my kids not being able to afford even a shitbox half the size the tiny shitbox we live in at the moment.

Oh well, gravel for breakfast......

I doubt it.

Houses  re only worth what someone can get a mortgage for.

There have been sod all trasnaction over the last 15 years so your idea on what price youll get might be based on previous mortgage lending.

 

[MrXxx]

12 hours ago, Banned said:

Seems no one taught these old fashioned values to these snowflake boomers. 

Thing is they are so desperate not to be renters but were desperate for more insane levels of hpi which would/has resulted in 2 generations being forced into renting.

Ive sympathy for workers who've been priced out and live in 6 to 12 month ASTs, not these fuckers who created the situation.

Or people having seen the banks bailed out for their poor decisions (or greed for profits), employers salary costs being subsidized by benefits (via the taxpayers), and the alternative of poor security of tenure (due to the weakest housing law in Europe) have decided to make up their `own rules`...the more I see everyday as someone who was nurtured on `doing the right thing` and `living within my means`, the more I realized that they may be right and I may be wrong.

[invalid]

8 minutes ago, spygirl said:

I doubt it.

Houses  re only worth what someone can get a mortgage for.

There have been sod all trasnaction over the last 15 years so your idea on what price youll get might be based on previous mortgage lending.

 

Pretty standard 4 bed semi SSTC, listed at £650k, obviously we don't know what it actually sold for but even if they took an offer then say £600k

https://www.rightmove.co.uk/property-for-sale/property-62756125.html

Even in my less desirable town a house like that in the article would be listed at £600k.

Prices in Essex are insane and its not all kite flying, they do sell (all be it slow to move at that price range).

Go onto right move and do a search on Brentwood to see the madness. Rental prices are also insane.

Don't get me wrong, I would love for prices to fall and price reductions are seeming to become more common but at the moment I'm well priced out from being able to get what I consider a decent size family home. I think part of the problem is that those with the family homes were bought decades ago and as they have small or no mortgage are not under any pressure to sell.

[sleepwello'nights]

5 hours ago, Banned said:

Where did i say you created the situation .. or where have i implied you changed the lending criteria, if you can direct me. 

And you hardly adapted to it, if you bought in the 70s FFS, yet you imply you're some kind of financial guru by buying a house in the 70s for making a judgement call.

Nope sir it was 100% luck and down to when you were born, the fact you can't see this speaks volumes.

Oh Fuck off, here's what you said: "I've sympathy for workers who've been priced out and live in 6 to 12 month ASTs, not these fuckers who created the situation.

I adapted because I borrowed money to buy some houses and rented them to other people. That's adapting to the situation. I took a risk and fortunately it paid off. 

There are many others who were born the same year as me, some are much wealthier others less wealthy. So your claim that its down to when I was born is total bollocks. When you're born you're dealt a hand, how you play it is up to you. 

I daresay there are many others who were born the same year as you , some are wealthier than you, and me as well, others less wealthy. Exactly the same applies. They're dealt a hand when they're born, how they play it is up to them.

Rather than lay the blame on circumstances, look at yourself and ask yourself "what do I need to do?" So easy to blame everyone and every thing than take responsibility for yourself.

 

 

[Band]

30 minutes ago, sleepwello'nights said:

Oh Fuck off, here's what you said: "I've sympathy for workers who've been priced out and live in 6 to 12 month ASTs, not these fuckers who created the situation.

I adapted because I borrowed money to buy some houses and rented them to other people. That's adapting to the situation. I took a risk and fortunately it paid off. 

 There are many others who were born the same year as me, some are much wealthier others less wealthy. So your claim that its down to when I was born is total bollocks. When you're born you're dealt a hand, how you play it is up to you. 

I daresay there are many others who were born the same year as you , some are wealthier than you, and me as well, others less wealthy. Exactly the same applies. They're dealt a hand when they're born, how they play it is up to them.

Rather than lay the blame on circumstances, look at yourself and ask yourself "what do I need to do?" So easy to blame everyone and every thing than take responsibility for yourself.

 

 

Oh so you quote me a  line where i didn't say you were responsible or even insinuate it.

You're one of the thick twat parasites who has been bailed out the last decade and caused this mess and you seem to think that is adapting.

You're a thick twat who got bailed out by a once in a UK human history event, now get that into your head and repeat it in the mirror, do the 118 thick twat dance if you will.

If you weren't born when you were you wouldn't have been able to afford the first house to leverage to buy the 2nd as you're a thick cunt; comprende? But you seem to think becoming a landlord and making money out of being bailed out is down to your limited intellect.

And what i need to do is go back in time and get my parents to conceive me a few years earlier, or take on a ridiculous amount of debt on the presumption the govt will forever bail me out.

Here this is posted above you trying to tell me someone born 25 or 30 years ago needs to get their act together and deal the hand that life served them better to be able to afford it, you truly are a thick cunt aren't to even imply such nonsense. Or even if they did buy it do you think a bank will let them leverage up to buy a load of BTLs and that those BTLs will treble/quadruple in price in the next decade.

https://www.rightmove.co.uk/property-for-sale/property-62756125.html

Now i'm off to church!

[Band]

34 minutes ago, null; said:

Pretty standard 4 bed semi SSTC, listed at £650k, obviously we don't know what it actually sold for but even if they took an offer then say £600k

https://www.rightmove.co.uk/property-for-sale/property-62756125.html

 

Pretty good deal, dunno why you dont buy it, get an agent to rent it out and coin it in. Time you started adapting and stopped blaming others for your situation!

 

[A_P]

13 minutes ago, sleepwello'nights said:

Oh Fuck off, here's what you said: "I've sympathy for workers who've been priced out and live in 6 to 12 month ASTs, not these fuckers who created the situation.

I adapted because I borrowed money to buy some houses and rented them to other people. That's adapting to the situation. I took a risk and fortunately it paid off. 

There are many others who were born the same year as me, some are much wealthier others less wealthy. So your claim that its down to when I was born is total bollocks. When you're born you're dealt a hand, how you play it is up to you. 

I daresay there are many others who were born the same year as you , some are wealthier than you, and me as well, others less wealthy. Exactly the same applies. They're dealt a hand when they're born, how they play it is up to them.

Rather than lay the blame on circumstances, look at yourself and ask yourself "what do I need to do?" So easy to blame everyone and every thing than take responsibility for yourself.

In my opinion it's a funy way of looking at it. Seems more like an gamble than adapting. Yes it paid off, however, it shouldn't have given what we now know.

I'm all for taking responbility for yourself. One of the reasons why I don't have a mortgage or any debt. With that said, in your opinion how should one "adapt" in the current situation with house prices at 8-10 x salaries and interest rates at rock bottom?

[MrXxx]

Adaptation and foresight...you don't see those two words together very often do you?! 

[Band]

12 minutes ago, Admiral Pepe said:

In my opinion it's a funy way of looking at it. Seems more like an gamble than adapting. Yes it paid off, however, it shouldn't have given what we now know.

I'm all for taking responbility for yourself. One of the reasons why I don't have a mortgage or any debt. With that said, in your opinion how should one "adapt" in the current situation with house prices at 8-10 x salaries and interest rates at rock bottom?

Get yourself down the estate agents, nice little family house up there in Essex, got a bit of a good deal going on at 650k, you could have bought it 5 years ago for 300k so it shows prices double every 5 years.

Now it has 8 rooms, so put a lock on each door, stick a shower in each room and rent them out at £400pcm each. thats just short of £40k a year in your pocket.

Circa 20 years of that you'll have paid the mortgage off and got yourself a nice family home. 

[sleepwello'nights]

25 minutes ago, Banned said:

Oh so you quote me a  line where i didn't say you were responsible or even insinuate it.

You're one of the thick twat parasites who has been bailed out the last decade and caused this mess and you seem to think that is adapting.

Now i'm off to church!

Of course it wasn't insinuated in the line I quoted. Then you go and say exactly what your line of thinking was. 

Arseholes like you always blame someone or something else, never down to you or your own inadequacies. The big chip on your shoulder was put there by yourself.

What's the saying? "God helps those who help themselves"