Its a development of houses and apartments.
Build by a couple who have great incomes and decide that they will buy some land in Loais and build some property to make a quick buck.
They sold all of the properties, at the height of the boom and now have a fortune sitting in their bank accounts.
Number 1 ,Loais street is purchased by a young couple,both Public Sector workers,who have a steady reliable income,and little chance of being made redundant.However, in order to bail out the banks their salary's have been cut,they now have to contribute more to their pensions and they have to pay a new charge called the USC.
Due to the decrease in their salary's their mortgage becomes unaffordable.The property bought at the height of the boom is now in negative equity,however this doesn't bother the couple as they are happy in their home and it meets their needs.
Number 2 Loais Street, is purchased by a couple in the Private sector,they have four kids and need to build an extension to cater for their family,they put a basic extension at the cost of 100k,both had good jobs at the time,however with the downturn,the man has no work,and their mortgage has become unaffordable.
Number 3 Loais Street is purchased by an accountant and an engineer,they don't have any children but think it would be nice to have a big house so they borrow even more,build a massive extension ,put the best of everything into it,and go on a holiday,and they purchase two expensive cars,they have maxed out on their credit cards and maxed out on their overdrafts to cater for all of this.
With the downturn they are both out of work and their mortgage is unaffordable.
Number 4( a basic apartment) is purchased by a young couple,who have no children,its a small two bed apartment,it is purchased with a view to moving up the ladder when the need arises.With the downturn one of them has no job,and they can no longer afford their mortgage.They are also in negative equity and are expecting twins.
Number 5 loais Street ( an apartment) is bought by a couple who are engaged to be married,they decide to buy at stage one of the development as they know stage two will be 25k more.They are led to believe there will be a " soft" landing,and they hope they can get on the property ladder before it gets out of their reach.Its a one bed apartment,however they go on to have a child and when they try to sell the apartment the economy has taken a dive and they are now stuck
Number 6 Loais Street is purchased by a young mother who cannot afford to buy either near where she was brought up,nor near her job.She has to travel a 60 mile,return journey each day to get to work,her salary has been slashed and the crèche fees have increased.Her mortgage is now unaffordable.Also she is on a variable rate mortgage and it is getting higher and higher each month.
Number 7 is bought by a speculator,who hopes to make quick buck,by holding onto the property and selling it on at a later stage,however,the house is now in negative equity and if they sell it on ,they will not cover the cost of their mortgage.They cannot pay the bank back and the mortgage is no longer affordable.
Number 8 Loais street is bought by a recently separated man,in his 50s with no children,he has sold his other house and made a considerable profit from it,he uses this money to put down a deposit,pay stamp duty etc.He wants to improve the house so borrows an extra 50k for this,so decides it would be a idea to be on interest only for 5 years.However his salary is slashed and he can only afford to pay back a certain amount per month now.
Number 9 Loais Street is purchased by a couple who have saved a considerable deposit,they don't feel they can extend it as they are a bit nervous about the future,they don't max out on their credit cards or their overdraft.When the downturn comes,they find themselves in an OK position,as they still have their jobs and they didn't overspend,the house however is in negative equity and may become unsuitable for their needs in the future.
Number 10 loais Street is purchased by a woman,who has sold her previous house,she puts all the profit from that house into number 10,the house is in negative equity,her salary has been slashed however she is still able to make the repayments,but their is a chance that if the government are to squeeze her salary any more,her mortgage will become.unaffordable.
And number 11. This was bought by a couple who got in just before prices went sky high, they have also taken a salary reduction,the mortgage is a fair bit lower than the cost of the house,They are comfortable and are doing OK even with the downturn,however they see that many others are in trouble with their mortgages and feel they may be hit for even more taxes,if this happens their mortgage will no longer be affordable.However they have a tracker mortgage which makes things a lot easier.
And number 12 Loais Street. here we have a rented property,this was taken on a lease by someone who chose not to pay what was being asked by the seller.They made the decision that they could not afford to buy even though they had a relatively secure job and good income.And even though they took a hit like everyone else,they remain in number 12 on a rental basis.Possibly having some room for negotiation with the landlord.They are not suffering from negative equity nor are they tied to the house or a mortgage.
And finally number 13. This was rented to social welfare tenants on the RAS scheme,the landlord has a guaranteed income negotiated with the county council for approx 3 years.The landlord has taken a hit from his salary and from the reduced rental income,and when the tenancy ends he will no longer be able to afford the mortgage.The tenants have taken cuts in their social welfare ,however they have no negative equity issues and no mortgage to worry about
Do you recognise yourself on Loais Street,or have I missed you?
Most if not all of the neighbours are in negative equity.
Some of the neighbours went a bit mad during the boom.
Some of the neighbours bought a home they could afford at the time.
Some of the neighbours are now unemployed.
Some of the neighbours are living in homes that are unsuitable for their needs.
Some of the neighbours are managing fine..at the moment.
All of the neighbours who are working have had their salary's slashed.
Most of the neighbours are under stress due to the cost of their mortgages.
Some will be ok .
Which if any of the above on Loais street,deserve debt forgiveness?
Which if any of the above should be made bankrupt?
Which if any of the above should be allowed to pay back their mortgage over a much longer period of time?
Which if any of the above,if they are forced to sell their homes by the banks will end up costing taxpayers more money?
Which of the above ,who may be forced to sell their homes,will have to put up with it and pay for a rental income themselves?
Which if any of the above ,should have their debts restructured and be allowed to pay only a portion of the mortgage until it becomes viable for them to pay the full amount?
Build by a couple who have great incomes and decide that they will buy some land in Loais and build some property to make a quick buck.
They sold all of the properties, at the height of the boom and now have a fortune sitting in their bank accounts.
Number 1 ,Loais street is purchased by a young couple,both Public Sector workers,who have a steady reliable income,and little chance of being made redundant.However, in order to bail out the banks their salary's have been cut,they now have to contribute more to their pensions and they have to pay a new charge called the USC.
Due to the decrease in their salary's their mortgage becomes unaffordable.The property bought at the height of the boom is now in negative equity,however this doesn't bother the couple as they are happy in their home and it meets their needs.
Number 2 Loais Street, is purchased by a couple in the Private sector,they have four kids and need to build an extension to cater for their family,they put a basic extension at the cost of 100k,both had good jobs at the time,however with the downturn,the man has no work,and their mortgage has become unaffordable.
Number 3 Loais Street is purchased by an accountant and an engineer,they don't have any children but think it would be nice to have a big house so they borrow even more,build a massive extension ,put the best of everything into it,and go on a holiday,and they purchase two expensive cars,they have maxed out on their credit cards and maxed out on their overdrafts to cater for all of this.
With the downturn they are both out of work and their mortgage is unaffordable.
Number 4( a basic apartment) is purchased by a young couple,who have no children,its a small two bed apartment,it is purchased with a view to moving up the ladder when the need arises.With the downturn one of them has no job,and they can no longer afford their mortgage.They are also in negative equity and are expecting twins.
Number 5 loais Street ( an apartment) is bought by a couple who are engaged to be married,they decide to buy at stage one of the development as they know stage two will be 25k more.They are led to believe there will be a " soft" landing,and they hope they can get on the property ladder before it gets out of their reach.Its a one bed apartment,however they go on to have a child and when they try to sell the apartment the economy has taken a dive and they are now stuck
Number 6 Loais Street is purchased by a young mother who cannot afford to buy either near where she was brought up,nor near her job.She has to travel a 60 mile,return journey each day to get to work,her salary has been slashed and the crèche fees have increased.Her mortgage is now unaffordable.Also she is on a variable rate mortgage and it is getting higher and higher each month.
Number 7 is bought by a speculator,who hopes to make quick buck,by holding onto the property and selling it on at a later stage,however,the house is now in negative equity and if they sell it on ,they will not cover the cost of their mortgage.They cannot pay the bank back and the mortgage is no longer affordable.
Number 8 Loais street is bought by a recently separated man,in his 50s with no children,he has sold his other house and made a considerable profit from it,he uses this money to put down a deposit,pay stamp duty etc.He wants to improve the house so borrows an extra 50k for this,so decides it would be a idea to be on interest only for 5 years.However his salary is slashed and he can only afford to pay back a certain amount per month now.
Number 9 Loais Street is purchased by a couple who have saved a considerable deposit,they don't feel they can extend it as they are a bit nervous about the future,they don't max out on their credit cards or their overdraft.When the downturn comes,they find themselves in an OK position,as they still have their jobs and they didn't overspend,the house however is in negative equity and may become unsuitable for their needs in the future.
Number 10 loais Street is purchased by a woman,who has sold her previous house,she puts all the profit from that house into number 10,the house is in negative equity,her salary has been slashed however she is still able to make the repayments,but their is a chance that if the government are to squeeze her salary any more,her mortgage will become.unaffordable.
And number 11. This was bought by a couple who got in just before prices went sky high, they have also taken a salary reduction,the mortgage is a fair bit lower than the cost of the house,They are comfortable and are doing OK even with the downturn,however they see that many others are in trouble with their mortgages and feel they may be hit for even more taxes,if this happens their mortgage will no longer be affordable.However they have a tracker mortgage which makes things a lot easier.
And number 12 Loais Street. here we have a rented property,this was taken on a lease by someone who chose not to pay what was being asked by the seller.They made the decision that they could not afford to buy even though they had a relatively secure job and good income.And even though they took a hit like everyone else,they remain in number 12 on a rental basis.Possibly having some room for negotiation with the landlord.They are not suffering from negative equity nor are they tied to the house or a mortgage.
And finally number 13. This was rented to social welfare tenants on the RAS scheme,the landlord has a guaranteed income negotiated with the county council for approx 3 years.The landlord has taken a hit from his salary and from the reduced rental income,and when the tenancy ends he will no longer be able to afford the mortgage.The tenants have taken cuts in their social welfare ,however they have no negative equity issues and no mortgage to worry about
Do you recognise yourself on Loais Street,or have I missed you?
Most if not all of the neighbours are in negative equity.
Some of the neighbours went a bit mad during the boom.
Some of the neighbours bought a home they could afford at the time.
Some of the neighbours are now unemployed.
Some of the neighbours are living in homes that are unsuitable for their needs.
Some of the neighbours are managing fine..at the moment.
All of the neighbours who are working have had their salary's slashed.
Most of the neighbours are under stress due to the cost of their mortgages.
Some will be ok .
Which if any of the above on Loais street,deserve debt forgiveness?
Which if any of the above should be made bankrupt?
Which if any of the above should be allowed to pay back their mortgage over a much longer period of time?
Which if any of the above,if they are forced to sell their homes by the banks will end up costing taxpayers more money?
Which of the above ,who may be forced to sell their homes,will have to put up with it and pay for a rental income themselves?
Which if any of the above ,should have their debts restructured and be allowed to pay only a portion of the mortgage until it becomes viable for them to pay the full amount?
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