Was a gun held to their heads prior to drawdown?
Why did they sign off on a BTL at that age?
Was a gun held to their heads prior to But in this particular case when a frequent poster asks a reasonable question is it necessary for immediate nasty gibes like dereko's "did they have a gun to their heads" or the quite vitriolic comments of p15574 ?
Hi,
Husband is 61, was working at application stage but retired at drawdown
Wife, 55, working 4 years after being a homemaker for previous 30 years, no pension entitlement and won't get a full state pension when she is made redundant this year
they got a BTL mortgage for 255k (80%) in 2007, term of loan was 25 years with the first 3 years interest only
should the loan have been issued? does it break any consumer protection codes?
I'm looking at this from the point of view of the term of the loan granted
Thanks
k
I think the last two posts are a bit unfair. Kildon was only asking about legalities and did not mention not paying etc. Not everyone was greedy etc and some people were genuinely stupid and some banks gave out money when they ought not to have and the regulator did not do his job etc.
In any case the whole of Ireland is now trying not to repay if they can find that elusive loophole. Actually not the whole of Ireland, some people who can pay but don't want to pay. Particularly the very very wealthy. And probably they will get away with it.
+1 Bronte.
If the OP's elderly friends were "greedy" trying to biuy a hosue and accept a generoud loan from their bank so be it. They wwere also a bit silly to take on such a deal.
But the real stupidity and greed surely was with the highly paid ,so-called professional expert bankers who thew the money at them.
Anyway, we've gone around this argument a hundred times on this AAM. It's an interesting debate.
But in this particular case when a frequent poster asks a reasonable question is it necessary for immediate nasty gibes like dereko's "did they have a gun to their heads" or the quite vitriolic comments of p15574 ?
That sounds fair enough P15 as you've explained your stance which is absolutely understandable.
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