Shotoflight Posted July 7, 2014 Author Report Share Posted July 7, 2014 Don't get me wrong, I'm sure there are many cases deserving of sympathy and many consequentials in terms of finances, worry, health, lost opportunity etc due to poor decision making, advice or percieved necessity. But that goes the other way for people who (for one reason or another) stayed out of the market perhaps feeling they could have been, under different circumstances, providing more suitable accommodation for themselves and their families but unwilling to take a mortgage 9 times their salary or IO. Perhaps there needs to be pain for gain if the market is to move from dysfunctional to functional and perhaps this reset should happen sooner rather than later to lance the boil and release the poison. I don't detect any appetite for this from policy makers or politicians, so we fester with sticking plaster solutions which just prolong the agony and potentially make things worse. At least the report shines some light on the current situation. Telling (many of) those caught up in the bubble that it was their own fault for biting off more than they could chew will not, I predict, be one of the report's conclusions. After all, the taxpayer helps those, by way of the NHS, who make poor lifestyle decisions - smoking/drinking/obesity - perhaps poor financial decisions are deserving of similar taxpayer support? And perhaps I shouldn't be so smug/prescriptive? But it is a big bad world out there and actions, especially where risk is involved, inevitably have consequences. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted July 7, 2014 Report Share Posted July 7, 2014 If you had a large portfolio of bank shares in 2006 -7 you were riding high. Divis were great and share prices were rising. Then the banks failed and had to be bailed out by the govt -- who took the pain? The shareholders took the first pain in loss of equity then as taxpayers they were also on the hook for the bail in. Loads of retired people used the bank shares for income in retirement. They've been well and truly shafted but they knew that shares can go down as well as up so had to take it on the chin. I suggest that those who thought that house buying was a one way bet take it on the chin too. Couldn't agree more. Homebuyers are put on some sort of pedestal here. We try and push everyone into buying, we even when they can't afford it through co-ownership, (still no accounts from this public body). We have the most antiquated rental law in Europe with little or no protection for tenants. There’s very little regulation of agents and LLs. Anyone can walk into a bank and become a LL. Something has to change with the whole messed up system. Quote Link to comment Share on other sites More sharing options...
little fish Posted July 31, 2014 Report Share Posted July 31, 2014 (edited) http://www.cml.org.uk/cml/publications/newsandviews/167/653 Northern Ireland currently has the highest level of buy-to-let arrears in the UK due to the huge appetite for buy-to-let investment during the peak years, the report continues, and negative equity is still a persistent issue that is affecting up to 41%. Some scary figures for NI in the task force report. http://www.dsdni.gov.uk/rtf-initial-evidence-paper.pdf%20%20 Edited July 31, 2014 by little fish Quote Link to comment Share on other sites More sharing options...
little fish Posted July 31, 2014 Report Share Posted July 31, 2014 Page 19 shows the regional mortgage performance for arrears. If it were a competition we would take home the cup. http://www.dsdni.gov...nce-paper.pdf It says I'm not allowed to use the picture on this community?? Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted August 5, 2014 Report Share Posted August 5, 2014 Page 19 shows the regional mortgage performance for arrears. If it were a competition we would take home the cup. http://www.dsdni.gov...nce-paper.pdf It says I'm not allowed to use the picture on this community?? Your link won't open for me here? Quote Link to comment Share on other sites More sharing options...
little fish Posted August 5, 2014 Report Share Posted August 5, 2014 (edited) Your link won't open for me here? Sorry try this http://www.dsdni.gov.uk/rtf-initial-evidence-paper.pdf Initial findings - full report at year end (I think) Edited August 5, 2014 by little fish Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted February 12, 2015 Author Report Share Posted February 12, 2015 Call for banks to offer more help for those facing negative equityhttp://www.bbc.co.uk/news/uk-northern-ireland-31441416 Report here (lots more taxpayer funded advice, SMI, and auctions are bad - compared to 2005 Capital Value figures, interestingly) http://www.dsdni.gov.uk/index/hsdiv-housing/housing-repossessions-taskforce.htm Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted March 10, 2015 Author Report Share Posted March 10, 2015 Minister's tough decisions over private buyers facing mortgage repayment debtshttp://www.belfasttelegraph.co.uk/business/opinion/john-simpson/ministers-tough-decisions-over-private-buyers-facing-mortgage-repayment-debts-31015754.html Quote Link to comment Share on other sites More sharing options...
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