Mortgage firms rush to repossess homes as families feel credit crunch

[oracleslave]

Peckham? What kind of muppet would want to live in the **** hole that is London.

About 7.5 million of them. Shurely they can't all be wrong?

[Bagpuss]

I can remember when only the poor lived in the inner cities

[fzbucks]

No, no there shouldn't.

Lenders have made their bed now they have to lie in it. I for one am hoping for lots of families being kicked out onto the street to fend for themselves (especially those owning 3+ bedroom houses - roomy). After all these are the same people that were not worry about first time buyer like me when values went through the roof in the last 5 years.

I like the phrase "the value of investments may go up as well as down" that gets printed on all financial stuff. I also like how people think that houses should only ever go up and they should automatically make a few grand every year just becuase its an "investment".

You pays ya money you takes ya chance.

I agree and I don't feel selfish about it at all, afterall I could have took on a huge mortgage to pay for a poxy house but felt renting for now was the best option - why couldn't they put up with renting instead of falling for the "get on the ladder before it's too late" line.

[chicane]

I agree and I don't feel selfish about it at all, afterall I could have took on a huge mortgage to pay for a poxy house but felt renting for now was the best option - why couldn't they put up with renting instead of falling for the "get on the ladder before it's too late" line.

Alternatively, why did they have to buy a house on the top end of their affordability scale? Would these same people buy a BMW 5 series on credit when a Passat would do the job?

[Zippy]

No, no there shouldn't.

Lenders have made their bed now they have to lie in it. I for one am hoping for lots of families being kicked out onto the street to fend for themselves (especially those owning 3+ bedroom houses - roomy). After all these are the same people that were not worry about first time buyer like me when values went through the roof in the last 5 years.

I like the phrase "the value of investments may go up as well as down" that gets printed on all financial stuff. I also like how people think that houses should only ever go up and they should automatically make a few grand every year just becuase its an "investment".

You pays ya money you takes ya chance.

Harsh SP but I agree.

If you are planning on borrowing £200k, you really should consider how you are going to pay it back when things go t*ts up.

[oracleslave]

Harsh SP but I agree.

If you are planning on borrowing £200k, you really should consider how you are going to pay it back when things go t*ts up.

What drivel. Just because you didn't have the guts to take a leap when the opportunity was there you now wish ill on others? You hope to see families in the streets?

[Ruprect]

yep I agree with SP - this is down to deregulation of the finance industry, which inevitably will have consequences at some point. If you're going to adopt market driven practices then this sort of thing was always going to happen.

[wendigo100]

I thought that there was government legislation in place now that helped protect people in Debt and in repossession situations.
and if not there should be

No, no there shouldn't.

Quite right there shouldn't. The rest of us would end up paying for it.

This will be a good thing. It's not just house prices, it's easy credit as well. It will teach people that borrowing to live like they have been for the last 10 years is stupid.

In life people make decisions - they win some they lose some - but they are their decisions, not mine.

[Ruprect]

What drivel. Just because you didn't have the guts to take a leap when the opportunity was there you now wish ill on others? You hope to see families in the streets?

So by your rationale you should take a mortgage for any amount you like and not consider how you're going to pay it back? FFS

[chicane]

What drivel. Just because you didn't have the guts to take a leap when the opportunity was there you now wish ill on others? You hope to see families in the streets?

Many homebuyers of the last five years were driven by greed, and seemingly completely blind of the risks involved. The facts were written down in history from the last boom/bust cycle, but they chose to remain ignorant of those facts. They don't call it "risk vs reward" investment for nothing.