bluemonday Posted December 23, 2008 Share Posted December 23, 2008 Clicky Homeowners who have not missed a single mortgage payment could still be threatened with repossession by lenders who use an emergency clause to demand that the entire loan is repaid at short notice. Link to comment Share on other sites More sharing options...
manxy Posted December 23, 2008 Share Posted December 23, 2008 ClickyHomeowners who have not missed a single mortgage payment could still be threatened with repossession by lenders who use an emergency clause to demand that the entire loan is repaid at short notice. Absolutely amazing was my first thought, but the comments further down the page might explain it a little and await one of our regular members to explain it in more detail Another paper has more of this story - they allegedly have a second £100k consolidated loan secured against this property. With an interest only mortgage and falling house prices, the property no longer covers the debt. Link to comment Share on other sites More sharing options...
oldmanxfella Posted December 24, 2008 Share Posted December 24, 2008 Absolutely amazing was my first thought, but the comments further down the page might explain it a little and await one of our regular members to explain it in more detail Another paper has more of this story - they allegedly have a second £100k consolidated loan secured against this property. With an interest only mortgage and falling house prices, the property no longer covers the debt. A consolidated loan for £100k? I bet its those nice guys at 'Picture' who are so easy to talk to. Particularly when they want to talk to you about repossessing your house! I bet they don't talk about the friggin football then! Link to comment Share on other sites More sharing options...
thebees Posted December 26, 2008 Share Posted December 26, 2008 Only scary if you REALLY cannot get the rest of your mortgage together I think we could if we had to but it might mean borrowing from parents, grandparents and everyone else we know. I remember when mortgages were repayable, back in the 70's you could buy a fairly posh house for £5K, the 80's £15k, 90's £50k now what you looking at? maybe £300K plus - property prices are off their heads and people with stupidly high mortgages are more stupid than they look. If the government took a stock of houses from the banks' they own repossessions maybe things would get a bit better, but at the moment I see many years of trouble. Link to comment Share on other sites More sharing options...
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