1 million in negative equity

[RobM]

Not sure I see the significance. Abbey - Spain...hmmm.

 

[MrB]

I just got two lodgers to pay my mortgage for me. Much easier!

 

[Southend_Lady]

If the markets carry on the way they are then I think as a first time buyer then I will be taking full advantage. I am hopefully going to buy somewhere towards the end of next year if possible. Hoping to grab a bargain, especially if I can keep adding to my savings. Seems silly to not take advantage of it really.

 

[RobM]

True enough but don't over-stretch!

 

[Mad Cyril]

If the markets carry on the way they are then I think as a first time buyer then I will be taking full advantage. I am hopefully going to buy somewhere towards the end of next year if possible. Hoping to grab a bargain, especially if I can keep adding to my savings. Seems silly to not take advantage of it really.

You can only take advantage if you can get a mortgage or pay cash.

 

[graysblue]

If the markets carry on the way they are then I think as a first time buyer then I will be taking full advantage. I am hopefully going to buy somewhere towards the end of next year if possible. Hoping to grab a bargain, especially if I can keep adding to my savings. Seems silly to not take advantage of it really.

my advice,

wait a year and then find a gaff at the auction,REMEMBER TO HAVE A SURVEY DONE 1ST AND NEVER BUY BLIND.

 

[Southend_Lady]

You can only take advantage if you can get a mortgage or pay cash.

I should be able to get a mortgage as will have large deposit. So hopefully should be ok. For someone like me, I'd be silly not to jump into the market if I have decent deposit, can afford the mortgage and house prices fall. If I find it hard to afford then I would just rent out the spare bedroom.

 

[Yorkshire Blue]

thats why goverment and banks should have applied the brakes years ago.

allowing the public to go on a spending rampage will make every single one of us suffer.

my card has been increased to 14k the bank are constantly contacting me to tempt me into using the .poxy thing

Should the government hold your hand when you cross the road as well?

People should stop blaming the banks and take some responsiblity for their actions. Just because the bank is willing to give people credit beyond their means, doesn't mean they should accept it.

 

[RobM]

Unfortunately, some people can't resist temptation. The banks are, in my opinion, totally to blame.

 

[graysblue]

Should the government hold your hand when you cross the road as well?

People should stop blaming the banks and take some responsiblity for their actions. Just because the bank is willing to give people credit beyond their means, doesn't mean they should accept it.

in an ideal world i would agree,yet bankers have preyed upon people by throwing cash at them.

 

[RobM]

Exactly - in a mad lust for profit.

 

[graysblue]

when the likes of carol vorderman endorse stupid loan companies and gullible public plunge head 1st into crazy deals the goverment should have stopped these barking mad adverts.

 

[Yorkshire Blue]

in an ideal world i would agree,yet bankers have preyed upon people by throwing cash at them.

If the people can't pay back the loans the bankers lose.

 

[graysblue]

If the people can't pay back the loans the bankers lose.

hence why the money markets are in meltdown.

 

[Yorkshire Blue]

hence why the money markets are in meltdown.

The markets may be in meltdown, but I don't think we've seen a significant amount of repossessions or defaulting in the UK (at least yet).

 

[Napster]

The markets may be in meltdown, but I don't think we've seen a significant amount of repossessions or defaulting in the UK (at least yet).

You speak too soon

http://www.guardian.co.uk/money/2008/oct/28/repossessions-debt

 

[graysblue]

The markets may be in meltdown, but I don't think we've seen a significant amount of repossessions or defaulting in the UK (at least yet).

repos were at 26,000 in june with this figure set to rise big time.

i reckon the final figure will exceed 100,000.

 

[MrB]

People should stop blaming the banks and take some responsiblity for their actions. Just because the bank is willing to give people credit beyond their means, doesn't mean they should accept it.

It's like the US culture of suing the bar after you've drunk yourself stupid, walked out and been run over after staggering into the street! It's up to you to work out when enough is enough.

 

[RobM]

As I said before - temptation is too great for some. Not everyone is sensible and the banks have played on this.

 

[graysblue]

As I said before - temptation is too great for some. Not everyone is sensible and the banks have played on this.

hit the nail right on the head.