oh dear: First-time buyers face financial breakdown

[Numptycorner]

How can a pokey sh1thole flat in a scummy part of London be worth 200k?

[Pondlife]

Some 770,000 people have missed one or more repayments in the past year, a Citizens Advice survey suggests.

It also found that 11% of all those surveyed wrongly believed a secured loan meant they could miss repayments but their home would still be safe.

A further 10% of people thought it was a loan where borrowers could pay back as little or as much as they want each month.

The survey suggests two million people fear they cannot keep up with their monthly payments.

From the beeb

Some people are just plain stupid.

[teabag]

Its the FTBs that were duped into buying at ridiculous mulitples that I feel sorry for. A lot of these guys will really feel the pinch with a couple more quarter poin rises !!

Last in first out..

[meridian]

Does anyone know if that mortage agent scandal went anywhere ? The one where some mortgage advisers were encouraging buyers to declare unfeasibly huge incomes in order to buy the property of their dreams (and get the agent his/her enormous commission). These people were declaring something like 5, 6 or more times their actual income, which is just plain stupid because their salary isn't going to rise by more than a couple of percent a year if that. It was on the telly a couple of years ago, and I bet it's still rife.

If it's the Money Show one that was on about 7.30pm a year or two ago, that was a load of Estate Agents in Ealing being trapped on hidden cams recommending self-cert mortgages.
Nothing happened as far as I am aware, all the agent businesses are still there and a few of the EAs got slapped knuckles.

[sasguru]

How can a pokey sh1thole flat in a scummy part of London be worth 200k?

Because the market decides.