World in Action The Repossessed (1991)

[@jamesmc1272]

I had a mortgage at that time £30k mort on a house worth £22k. Payment tripled. work in construction was intermittent. People forget that at that time is you got 3 months behind with the mort, you got a letter with a repossession hearing at the county court 3 weeks hence. 1991 repos and forced sales were 250 thousand homes.

[@GrahamGroovyUK]

Sue and Bev Irvine's house in Woodroofe Square (No 12) Went from £44500 in 1998 to £168000 in 2017.

[@redroselace9545]

Nostalgiaaaaaa omg thank you for upload! You're a hero love old things

[@jasonladd6400]

I was 23 and penniless in 91 but didn't have a mortgage then thankfully.

[@danh5637]

And today?

[@ewanc1]

The important thing to remember is that the banks, building societies and other lenders don't have your best interests at heart. All I would say is to bear this in mind whenever you need to borrow money.

[@Robblue55]

The problem with this country is one person can buy as many houses as they like… it should of been 1 house per person.. not multiple purchases.. there’s a block of flats on Islington and one woman owns 3 flats in the building - no wonder councils have not got the housing stock to home homeless families

[@barryshitpeas5837]

So the homeless you describe they’d have bought the flats instead right?

[@stuntmansynyster]

The fact you use Islington as an example, proves you have no idea what the real world is like. 😂😂

[@danh5637]

So nobody should build multiple homes to rent or sell. Just one man one home? Just demolish all the blocks of flats?

[@jamesmc1272]

When Marxism meets reality, disaster ensues. the housing situation is caused by the supply and demand problem.. Not enough Homes. then invite 10 million people to live in England. what do you expect. As indigenous britons we are far too tolerant.

[@CountryLifeEngland]

London and Quadrant had a scheme where by they would offer tenants that paid their rent for one year without assistance from the state £16k to buy back their tenancies. The condition was to use the money to apply for a mortgage on another property within a 5 mile radius of the original property. I took up their offer and followed the conditions. I never looked back, I only moved forward, eventually finding my forever home. Thank you London and Quadrant.❤

[@minnowpoo]

I love your vids ..thank you 👍

[@Noallegiance]

If you need a mortgage you are not legally a homeowner. It ain't yours.

[@danh5637]

It’s yours when you pay down the mortgage.

[@Noallegiance]

@danh5637 Irrelevant in the context here. People who own their own homes don't get repossessed by banks or have to work out a debt payment plan, nor do they fall into negative equity.

[@danh5637]

@@Noallegiance dur

[@Noallegiance]

@@danh5637 You made the dickhead comment, not me.

[@paulturton9265]

People in the UK legally own their homes when they have a mortgage. A mortgage is a loan from a bank or building society to purchase a property. The borrower is responsible for making repayments on the loan, but they still own the property. Explanation Ownership types There are several ways to own a property in the UK, including freehold, leasehold, and shared ownership. Freehold The highest form of ownership, where the owner usually owns the property and the land it sits on. Leasehold The owner has the right to use the property for a set period of time, but does not own the land. Shared ownership The owner pays a proportion of the property's value and has the right to buy the remaining share over time. Secured loan The bank has the right to take back the property if the borrower can't make their repayments. Legal ownership Legal ownership establishes a clear record of ownership, which helps prevent disputes and fraud. The Land Registry holds information about ownership for most residential properties. Title deeds are usually held by the owner, their solicitor, or the lender.

[@resnonverba137]

Despite their predicaments, the people featured here seemed surprisingly sensible. The same can't be said about the lenders, it seems.

[@jacqueline8559]

NEVER include overtime pay,in your Salary, when applying for a Mortgage. It's all well and good thinking you're getting a bigger amount. You're also getting a bigger debt, which is unpayable, if you lose that overtime pay. Use that 'extra' money as rainy day money in a savings account. It will soon mount up to a decent amount, giving some peace of mind

[@insertnamehere5146]

Back then everyone did it and even made-up overtime payments because the building societies did not check. it was the wild west of lending with 100% mortgages. These lenders were all irresponsible and reprehensible in hindsight.

[@jonathanw844]

Yes, very silly and irresponsible of the chap imo.

[@danh5637]

Surely it’s easier to rent out spare rooms as studios to tenants and have them pay your mortgage down. Better have some suckers building up equity for you. 🤷‍♂️

[@insertnamehere5146]

@@danh5637 banks and building societies were very snooty about sub letting on a property with one of their mortgages on it in 1991. you could get into big trouble back in those days for doing it. These days they have no choice but to let people do it as properties and their mortgages are at laughably extortionate highs

[@danh5637]

@ you’re not subletting. You’re letting. And it was perfectly legal to have lodgers and have a mortgage back then!

[@boilerroombob]

During the 2007 to 2009 credit Crunch a lender ressurected and pursued 2 friends of ours for a repossession debt from 1990! They were both bankrupt at the time due to loss of buisness ...so they told the bank to jog on ...... but it showed the desperation of banks at the time to recoup cash Needless to say the the man in charge of the legacy recovery was pretty gutted he wasn't getting he's commission. Thankfully some banks today unlike the tin man of oz have a heart.

If i had a secure tenancy from a council or housing association I would have never gone anywhere near mortgages, shared ownership or other home buying scams..! but, unfortunately, I am White, England born native of UK, male, Christian, no kids, no drug/alcohol addictions, no criminal records, didn't come here on a boat or dinghy, and only have 2 names not 22..! so, obviously I will never, ever qualify for social housing I've been told that by 5 different councils in London and Herts now. Great, isn't it, no wonder people don't want to fight for their country..!

[@resnonverba137]

Zzzz...

[@SaoirsenahÉireann1]

Truth....

[@systemofapown]

Good - racists should be at the absolute bottom of the priority list when it comes to social housing.

[@danh5637]

Well isn’t social housing assessed on priority need? If you’re all these wonderful things why can’t you stand on your own feet and need subsidised housing?

[@ThatChrisPryce]

Now, this isn’t a very Christian comment to make on this video is it? I fully agree with the comment above that if you’re so great, where was the need for you to have social housing? Secondly, as unfortunate and arguably unfair as it may be, you were denied social housing because you are a single male with no dependents. At most all you’d need would be a studio apartment (something that there’s not an awful lot of in general never mind in social housing) and with nearly half of all council properties having two bedrooms, that’s just something you don’t need. The system is based on points for the most in need not whether you just so happened to have been born in the UK (that’s a bit entitled of you in my option), prescribe to a particular religion or not and certainly not because you have white skin. Heck, if it was down to me, I’d much rather that same two bedroom flat went to a family fleeing war or persecution to start a new life in a completely new country over you, a bigot that writes vile things on the internet. I think perhaps you need to pray for your soul tonight and every night until these horrid thoughts are banished. 🙏🏻

[@seansmith445]

If you don't keep up with the payments you agreed to make you risk losing your home. Mortgage companies are not charities that exist to make a profit.

[@johnny987345]

You don’t think the odds are stacked a tad unfairly in their favour, no?

[@resnonverba137]

Precisely. People seem to forget that. I don't aim this at the people in this upload necessarily.

[@danh5637]

@@johnny987345 you shouldn’t overcapitalise, or as I do, get tenants and have them pay it for you. Much easier to use OPM than struggle yourself.

[@Rhr118]

There’s a lack of fairness and common sense.

[@philstabler]

Okay Stalin

[@misscoutts6193]

Many people were encouraged to buy when they never should have.

[@Noallegiance]

Gun to the head, was it?

[@resnonverba137]

No-one was forced to do anything. You could have be encouraged to vote for Brexit (for example), it doesn't mean it's a good idea.

[@resnonverba137]

Considering all their trouble, Brewin was an unfortunate surname.

[@Noallegiance]

A housing market damaged by 50 years of central planning interference will not be fixed by more central planning interference.

[@misscoutts6193]

5:10 sickening, people gloating and profiting from others' misfortune.

[@resnonverba137]

Oh please! Don't be so wet. Personal and business should never mix.

[@danh5637]

To be fair it was fairly easy to find a new job back then. If you were fired in the morning you could start a new shift somewhere else in the afternoon. If you remained jobless for months on end. That was a choice.

[@jamesmc1272]

Not like that in the north.

[@danh5637]

@ yes it was I grew up in the North. The job centre was always teaming with offers. She was off work for 6 months with no end in sight it said. I’m not surprised they repossessed.