Would you like a re-mortgage sir? – Yahoo! UK & Ireland Answers
Would you like a re-mortgage sir?
Q) Yes please, how much can I have.
A) You can 110% of your property value
Q) My property is valued at £240,000
A) In that case sir, we will advance you £264,000 and you don't need a deposit, can you comfortably afford the repayments on this amount sir?
Q) Yes of course I can.
A) The funds are in your account sir
12 months later the bottom drops out of the financial market and “Sir” finds himself out of work and in negative equity
The government send a letter to sir stating “Please put your head in the fire”
Sir refuses to do as the government ask.
So who's fault is it that sir is in financial strife?
Why is “Sir” now down in London protesting at the G20 summit?
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did sir consider buying a smaller cheaper property?
did sir consider mortgage payment protection insurance?
did sir not think he was biting ff more than he could chew applying for a 110% mortgage?
there's blame all round including sir!
Madam agrees 100% as this is EXACTLY what happened to the area she came from….
Buy To Let merchants ..I hope they lose everything and it well and truly comes and bites them on the ****. AND I am not talking about professional; property developers but , as you call them 'the average Joe'…Naked greed.
When there are a lot of Sirs they get into cheap but nice areas, they drive up the price of property out of the reach of working families and let their property to any druggie, smack head or scumbag, just to get their mortgage paid you understand.
Do the Sirs live in the area they are destroying? Not a chance.
Do I have any sympathy for Sirs? No I call them speculators, and I cheer every time I hear that the price of property has fallen for another month. The greedy barstewards deserve everything they are getting.
'Sir' is at fault for over extending himself in a volatile jobs market knowing full well that there is no equity in his property.
Simple economics …….. something that seems to elude the banks and the population in general.
Clearly not so simple economics ;-}
But then there were always others who borrowed thousands on their credit cards with no intentions of ever paying them, people lived way beyond their means, holidaying every few months, all mod cons, partying and living it up all year round, 2,3 & 4th home, who was going to pay for that?
The banks knew that if they didn't offer the money, there's always someone else who will, even worse people could end up using loan sharks, that's their job at the end of the day, they're not social workers, they're there to provide a service which now is been used to crucify them with, we all need to have a look at our role in this.