bbc1 prog about house reposessions

[legendis.god]

Its just starting.
One thought before its all on.
Folk dont seem to realise that they dont own the house they only own the mortgage or the debt.
The building society owns the house until you pay the last payment.
Until then the house does belong to the building society.


Do some people go into buying a house without realising the implications of non-payment of their mortgage.
Is this the reason for the credit crunch?
People living beyond their means?
Or am i wrong?

[legendis.god]

Get 3 months behind and the building society can reposess the house.

Its a terrible situation but i wonder if people living beyond their means is the main reason ?

[cazzz1975]

one couple were in the process of being repo'd even though they had never missed a payment, the reason was because they had a consolodation loan 2 years ago..

scary business!

[ELVIS68]

I was aware of that

[Sasha13]

The family being repoed after never missing a payment... there was a bit more to it than that. Can't remember the exact details, but my belief is they'd withdrawn equity against the house so that the loan to value of the mortgage was high and then got a �100K consolidation loan secured against the house.

So, basically got a lot more debt secured against the house than the house is worth.

Bank repoed.

Fair enough in my opinion - who on earth needs a �100K loan to consolidate debts????????

[legendis.god]

Its it just me.
The guys got a bad credit history.
So hes on a high rate mortgage.
Hes blaming the high rate mortgage.
But how did he get the bad credit history?
Is it all the building societs fault or is it a case of overspending and finally it catches up with you?

[legendis.god]

I might be comin across as unsympathetic , but surely if your income is a grand a weekso therefore 4 grand a month then you cant spend more than 4 grand a month.

Didnt these folk do maths at school?

[cazzz1975]

blimey a grand a week is good wages :O

[Sasha13]

And legend - just to add.

Reasons for the credit crunch, in my opinion????

People thinking property prices only ever go up so taking out stupidly high mortgages (multiples of salary and loan to value)

Banks a la Northern Rock giving out 100-125% mortgages

Buy to Let market getting out of control as people see property as being an investment instead of a non existent pension (see point 1 about house prices only ever going up

Property p0rn shows like Buy It, Sell It, Bank It and Location, Location, Location constantly touting that, you guessed it, property prices only ever go up and bricks and mortar are things to invest in rather than live in

I could go on and on.

[pastafreak]

It is the fault of the lenders for offering mortgages that stretch people to the limit. Most people trust lending instututions to guide them in the right direction........not anymore.

[ummmm]

I'm having trouble with my house due to a split. The bank are bending over backwards to help us. This may be due to the fact that even in this climate my house is still 100k in equity.

[ELVIS68]

Property prices do go up and up, just not at the moment

[Sasha13]

Sorry pastafreak - any numpty should realise that a mortgage of 6 times their salary is NOT affordable

Rent on a two bedroomed house where i live = �550/month

Interest Only Mortgage on same house = �900/month

Renting = saving �350 per month.

It's not rocket science :0)

[cazzz1975]

well its nice to see houses returning to a more realistic set of prices

[Sasha13]

It's lovely cazz!!

[Ice.Maiden]

Low house prices at the moment, mean that there's the possibility of more young couples getting their foot on the property ladder. The problem is, that no one knows what interest rates are going to go back up to one day, and if loans are taken out on top of the mortgage, or spending's too high, when that time comes, it means that many of these couples are going to find themselves in serious trouble. I don't know what the answer is, except that folk are encouraged to spend beyond their means, which does no one any good at all.

[legendis.god]

this is a result of maggie thatcher trying to turn working class folk into pseudo middle clas.
working class folk maybe 40 years ago very rarely owned property and voted mainly labour.through a cunning con, yes you can own your house , wellits debt ,the working class man then changed his way of thinking.cunningly thatcher also found a way to trick folk into spending more cash.
yes you guessed it the "add double glazing/fitted kirtchen/luxury bathroom " and your 10 grand will triple as it adds value to your house.

now roughly 30 years after the tories gave folk the right to buy and dilussions of affluence , people that were working class and lived mainly in council housing look down on folk in council housing.
the country is split and it now is a classsless society.
people measure class by wages and their house and a perceived notion that if you own a mortgage /debt on a house .you're somehow a better person than the poor guy down the road who does work but lives in a house he rents from a housing association.


its a mix of that and excessive spending that i personally blame for the credit crunch and the curre3nt excessive debt in the uk.

though its a personal opinion and i'm an idiot .
so take it with a pinch of salt folks.


d t h?�

[legendis.god]

tony dont get me started on my how maggie thatcher turned labour supporters into 2nd class tories.

and dont be in any doubt.

look down on the folk in council houses and think youre far above them.
then try going to the local conservatives club.
im sure they will find you space in the back kitchen with the staff.


well they wont let the likes of you in.
seriously think about it.

to tories , working class folk with their own houses are merely " trash with cash ".


and thats a fact.

[christine847]

I have been watching it.......scary

[legendis.god]

chrissy yeah.

if youre in deep like them id advise anyone get help sooner rather than later.

dont get yourself in too deep , and always read the smalll print.

and the main thing dont commit too much of your wages towards a mortgage .
you have other bills and they all rise annually.