Heart breaking story in the Daily Wail

[scooterscot]

I can just see those hard up southerners flocking in they're droves oop north to snatch similar properties at half the price.

Cammo House is an attractive traditional late 18th century house with later alterations and addtions. Sitting room, living/dining room, sun lounge, kitchen, WC, 5 bedrooms, study, bathroom, boxroom, spacious workshop/garage, attractive garden.

http://www.ckdgalbraith.co.uk/property/KEL100230/Duns

[AtW]

You look to be overqualified to be put up for a gig at the Treasury

What about me?

[sasguru]

What about me?

You'd do very well as a junior flunkey in some European pig-trough quango.

[Platypus]

Fair, but most of us are not bitching about being skint in a national newspaper are we.

...

[doodab]

Like them you have a typical New Labourite mentality that stops people taking responsibility for their choices and actions.

While they are obviously idiots it sounds to me like they are fairly aware of their culpability.

And through a combination of bad financial planning and events beyond our control we were forced to sell.

Certainly, we overstretched ourselves when we bought our lovely period home for £419,000 in 2002. But with mortgage companies practically throwing loans at us in a rising property market, we slept soundly at night, smug in the knowledge the house was making us money.

But over the next seven years we steadily, and stupidly, stretched ourselves too far. It started with the thousands of pounds we spent renovating. When we ran out of money we didn’t worry — we just remortgaged.
The valuer had barely been in the house for five minutes yet we were able to borrow a further £80,000. Looking back I don’t think we fully appreciated what we had. We were lulled into a false sense of security about our wealth. Whenever we overspent we just remortgaged without comprehending the consequences of taking yet more equity out of the property.

[Platypus]

While they are obviously idiots it sounds to me like they are fairly aware of their culpability.

Actually, I wasn't THAT stupid. I withdraw my previous post.

[doodab]

Actually, I wasn't THAT stupid. I withdraw my previous post.

According to some people, I'm among the stupidest of all because I never overstretched myself to buy a place in the first place and I certainly didn't withdraw additional equity to use as deposit on a BTL portfolio.

If I had, I'd be either a millionaire or a bankrupt. I know people who are both.

[sasguru]

According to some people, I'm among the stupidest of all because I never overstretched myself to buy a place in the first place and I certainly didn't withdraw additional equity to use as deposit on a BTL portfolio.

.

Both of those actions would have been stupid.
What about buying a place within your means and using earnings as a deposit on BTL? Of course that assumes you're in the right place at the right time.

[doodab]

Of course that assumes you're in the right place at the right time.

Exactly. I was a few years too late, and a self certified 95% mortgage at 5x turnover never seemed like a good idea to me.

[DodgyAgent]

What about me?

You are destined for greater things than just running a nations economy