Why did you take out a mortgage that you were struggling to pay on a full weeks wages? Surely you have to take responsibility yourself for agreeing to borrow this amount if you found it a struggle to pay it back from the very beginning?
The bank didnt MAKE you borrow the money - you asked for it.
In the reckless years banks changed the criteria by allowing you 40% of net income to be your monthly repayments. Low taxation meant this figure would easily surpass 4 times your salary. While banks were reckless they did not put a gun to peoples heads. Remember, the banking crisis came about because people can/wont pay what they owe back.My mortgage loan amount approved and granted was 7 times my annual salary
That day should have happened around September 2008. However the government stepped in with their guarantee.I hope a day will come when bankers are held to account for their recklessness.
In the reckless years banks changed the criteria by allowing you 40% of net income to be your monthly repayments. Low taxation meant this figure would easily surpass 4 times your salary. While banks were reckless they did not put a gun to peoples heads. Remember, the banking crisis came about because people can/wont pay what they owe back.
Ok, so say a judge agrees that the contract should never have been entered into in the first place so the contract is null and void - what's the upshot of that? I don't think it would be 'sure don't bother paying it back' - much more likely to be 'contract declared void, put everyone back in their pre-contract positions, borrower to pay back money today' - will this help borrowers?The borrower should never have been giving the funds in the first place. There is equal culpability.
I expect that you would have to show that they misled you in some way.
In my experience of mortgage applications, the misleading tends to come from the customer more than the lender.
Brendan
I hope a day will come when bankers are held to account for their recklessness.
The banks were reckless for helping to inflate the bubble. They should have considered that they were lending in a bubble environment.But who appears more reclkess? The bank that made sure it had a charge on what appeared to be a solid asset, valued by a third party or the guy who committed to pay it back on the assumption that the good times were here to stay... as they say it takes two to tango!
Just wondering if anyone has ever sued their mortgage lender?
My mortgage was granted about 4 years ago and even back then I was struggling to pay it with a full weeks wages.
Is it possible to sue a mortgage lender for approving a loan that I would never be able to manage?
Thanks
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