Well the problems are not just about the mortgages, it's the out of control structure which couldn't carry on, if sir didn't get onto the housing market, he would have never had a chance, the prices where going up by the hour, between the time the place put onto the market and you finally going to see it, 50% was added on avarege, more and more people were offering what ever it takes only to secure a place.

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.

They are both at fault, The bank primarily for extending a loan at more than the market value in what is at best a volatile market.
'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 ;-}

Sir is probably 'buying to let' and hoping to make a killing on the property when the price goes up, and get someone on benefits into the property so the taxpayer pays his mortgage for him.

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.

looks like sir's own fault..if you put your car in a garage for a new tyre. you would not leave with 4 new ones just cause the sales man says you could..

Madam ( moi ) is jumping up and down with glee at Sir Neils answer.

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.

His own fault. We all have choices.

did sir not consider the 'what if' questions?
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!