First Repossession by the Peoples' Bank

[PAH]

Guess where the computers are sited in our wunnerful new PFI council building...

Guess why the street it's located on is named "Water Street"

They obviously bought some smarmy sales guy's pitch of water cooling at no extra cost.

[SizeZero]

I stand corrected.

So a re mortgage to interest only would be the only option, given that there was enough equity in the property to make the lender interested.
shocking

Re-mortgage with no job, then tell the lender they'd have to wait 9 months for their first payment anyway? This is exactly why ISMI fails - no bank would buy that (9 missed payments?). How many people do you think have savings to see them through 7 or 8 mortgage payments (not counting contractors, but average person earning an average or lower wage)? NL knew it would save them shedloads when they increased the qualifying term from 3 months to 9 months, at the start of their rule.

All it takes is a car accident or illness that keeps you out of work for a while - could happen to absolutely anyone and it does happen, every day of every week.

[ASB]

Re-mortgage with no job, then tell the lender they'd have to wait 9 months for their first payment anyway? This is exactly why ISMI fails - no bank would buy that (9 missed payments?). How many people do you think have savings to see them through 7 or 8 mortgage payments (not counting contractors, but average person earning an average or lower wage)? NL knew it would save them shedloads when they increased the qualifying term from 3 months to 9 months, at the start of their rule.

All it takes is a car accident or illness that keeps you out of work for a while - could happen to absolutely anyone and it does happen, every day of every week.

ISMI recipients average wages 20% run into arrears, lower wages 80% run into arrears.

This figures are regarded as encouraging (for what I wonder ).

However, the social policy is that people with mortgages should insure them against these sorts of things (never mind the often prohibitive cost and the fact that they rarely pay out).

I'm not against this in principal, I don't see why society (i.e. me) should fund the incautious or irresponsible. Equally I don;t see why tenants should be treated more favourably.

The problem is that the people who really suffer are those who do try and be responsible. As zeity said it's designed that way - and it truly is.