Prisoner in my own home: Trapped by high interest rates and mortgage payments 

£750 is now considered a high mortgage repayment? People pay more than that renting a 1 bed flat.

Very sad case . My heart goes out for this chap. Its amazing the resilience he shows in the face of it all. God bless you and really pray things improve for your circumstances.

As a realtor in my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.

I admire his resiliency. I pray that things get better for him.

Here’s what ya do mate, put a bedroom in every room and sub let the bell outta the house on air, I know you don’t have a buy to let, but they fkd you first. Don’t expect any help from anyone. Start overpaying and get that sold asap

Sounds like he hasn't sold the house because he still wants to make a profit. Any house can be sold if you're willing to take a loss. And £750 a month a lot less than most renters, for whom it's money down the drain.

And though, 750 is still less than tenants are paying in the UK and across the EU

I feel for this guy, he’s had a bad run. Things will get better 🤝

WoW, £750 on repayment! Poor people on mortgages with crazy interests! Not like the renters, who have been paying way more than that for years.

The UK housing market is unstable because of the idiotic way homes are financed in the UK, there can be no housing stability with adjustable rate mortgages, it is madness to finance a house that way.

My wife and I bought (On mortgage) an old run-down bungalow in the mid-eighties. It was in a beautiful location, and we considered, with a lot of hard work, this would be our forever home. We lived in the bungalow whilst we did the work, but I must admit it was heavy going. All the ceilings, floors and windows needed replacing, but we got stuck into it, completing that phase around 1989. In 1990 I became acquainted with a self-employed mortgage broker who said he could raise extra funds for our home. (By this time, we were mortgaged up to our limit, restricted by my salary.) We decided to go for an extension and increase the bungalow by 50%. The mortgage broker set up the funding, and we remortgaged through some bank I'd never heard of. We completed the extension, adding 2 more bedrooms. We were by then living in a four-bedroomed detached bungalow. We were so happy. By then, the financial market was stirring, and interest payments were increasing. However, our payments to the Bank were increasing much higher than the Bank of England rate. By 1993, our interest rate had gone into double figures, and we were struggling to make the payments. To cut a long story short, we had to sell the bungalow or risk mortgage default and have it taken away from us. We sold quickly, selling at much less than the property was worth. Heartbreaking.

I was in the same position, bought my first house in 2007 for £130k and had to borrow £20k to decorate and make it livable in, all the carpets needed replacing etc, by 2009 after the crash it was valued at £95k and I had to move for work and I split wtih my partner, I had to do 2 hour commutes, in the end I rented it out for £600 per month while paying £800 per month on the morgage, and rented myself for £750 per month a 2 bed flat by 2010. In 2016 I was finally able to sell for £130k and I still had to finish off paying the debt I took for renovating it, at the time my rent went up to £1,200 in 2016 renting a 3 bed appartment. and its taken 7 years until now to save £25k so I am just about to buy a £200k house and just you watch the price crash after I do!? over the last 15 years I have paid out £175k in rent which has more than fully paid for at least one of the houses I have rented. some of us just seem to have cought the housing market at the wrong angle / time.

Sending love x

At the end of the day every one is stuck with the sum of their decisions. Many people put too little down and buy a more expensive house than they should.

interest rates were never going to stay at.01% for ever this happened only because 2008 financial crisis which will happen this year or early next year again BAD FINANCIAL ADVICE

£750 a month? Thats quite reasonable for a house. Appreciate youre facing oroblems and I hope things improve for you.

I was about to have some sympathy until he said interest only. By definition you will never pay down the principal.

Arrest the money printers.

Same thing happened in the 90s and 00s every ten years. Very sad story, please do hang in there

First person I do feel sorry for - keep going 👍

Poor guy

So sad

We are required to renew every five years despite term of mortgage. Some changed to variable over fixed hoping the rate hikes would improve. Now very slow sells and renting costs more. Imagine monthly cost jumps between $400 - $600. I see more foreclosures and bankruptcy.

I pray God blesses you mate. There is a lot more going on in your life than just the financial burdens.

I think some calling him a boomer and critisizing his choices re interest free mortgages in among his wife dying and raising an autistic child , are not helping . He is depressed enough . And easy to say tent out his bedrooms but having an autistic child there may be extremely stressful solution for the child . I wish him well .

How horrible. What a sad story.

Let me get this straight. He signed a mortgage loan, with one lender. And the loan was sold over and over again. Now the question becomes, did the interest or conditions change with any of the new mortgage buyers? If they didn't, then he must honor the loan. Don't misunderstand me, I'm not heartless, because losing a loved one. Is extremely difficult. But he did sign that agreement. If the interest or conditions did change, then shouldn't the loan be voided? Ya..... This seems illegal.

Brave guy, hope his luck improves

Good luck to him....

Feel sorry for him. Its a very diifficult situation. I take it he was unable to move his mortgage to another lender for better rates. If he bought his house pre credit crunch financial crisis & did home improvements, then its got to be worth a lot more today? Can he sell & down size? Or move to another lender as better equity/loan ration now than before? Even if it was interest only, i expect the rate to be more favourable than what he is paying right now. Hope the situation improves for him.

The late 80s were around 9% in the US.

I feel for the guy but many tenants in london pay 850£ plus for a room to rent.

hes one person who truly deserve to be on one of these shows. most are just over leveraged consumer sheep finding themselves in the grips of natural selection.

I think he missed the boat on refinancing. In 2020 interest rates were really low, should he have refinanced then he wouldn't be in a pickle today. Does he keep going to the same bank over and over again? He should get himself good financial advice somewhere.

Investment can go up or down.

QE £875 BILLION HAS CAUSED INFLATION this story has played out in ZIMBABWE ( first to use QE ) with inflation at 289% today

Someone once said " cant go wrong with bricks and mortor". Truth is you can go very wrong

This makes me sick! People need to watch out for what they call “Silent Second” someone took 611K of equity from our home and we don’t know who and we are still dealing with this!

I’m not worried about people who buy house low prices I’m worried about people who buy houses over priced houses with high mortgage rates!! Witch is now!! Last 2 years buyers! 750euro is cheap!! People pay now over 1000 k 3 bed house ! And renting 1.800€ for house a month!!

We are locked into our mortgage due to taking it out with Northern Rock. My health got worse after we bought our home and we have been unable to change mortgage. Each month our mortgage is going up and we have less and less to spend on groceries. We have not had a holiday for nearly five years, my wifes health has also gotten worse and is waiting for an operation because she can return to work, even though she is also my full time carer. This government has not helped at all.

So after 20 years why does he feel entitled to live in a house that he's been unable to afford for years? His personal finances must also be dire or he'd be eligible for a decent mortgage elsewhere. What happened to his wife's life insurance? Property must now be equity positive so he should sell up and rent like millions of others.

The problem is basically caused by financial gurus thinking that its good to have inflation and low interest. FIAT monye is a terrible idea. Basically infaltion (government printing currency) is the same as high taxes. We should be incentived to borrow mone for consumption - but it helps politicians inflate the bubble to win another election.

If a person gets a mortgaged with a fixed rate how can it continue to go up? I understand if your real estate taxes and house insurance is included in that payment it could go up but not if it isn't

People should also look at the total interest paid before they actually own their home.

And did you educate yourself on the consequences of artificially low interest rates? Resource allocation, capital consumption and accumulation? If so you knew low rates were a temporary blip.

I hope an able viewer reaches out and helps this guy!

That solicitor woman didn’t offer to help then 🤷🏻‍♂️😳

There will be NO compensation. Don't take on ridiculous property prices and mortgages.😮 It is clearly a sub prime mortgage scam.

I like renting, though keep hearing it is waste money buying is better because rent increases over time but mortgage doesn't gives stability. Really? Renting - no hassle, flexible, not locked in can move out downsize if need anytime without worrying about negative equity, interest rates etc

Mortgage interest should be set for the life of the mortgage. Banks make a percentage every time we use a debit card. They should not be exploiting home owners.

This is making me so angry 😡

NEVER take an interest only mortgage. Never sign an adjustable rate mortgage. STUDY finance FFS because it's vital to your survival. Nothing you learn will matter more.

I’m so lucky I got a fixed rate for 5yrs it started just before the rates started rising 😅

No rich people are paying 9 % interest on there mortgages that you’d the disgusting thing about this case

Sounds like a priority case for council housing and sell off the house. Saves his life and deals with the disabled child. No house is worth any of this pain.

My sister is one of the MDs of a large supermarket in the UK begin with T. She just got a pay increase of 20% + Bonus. She told me that the prices in her supermarket will not go down.. because her superior also just got 25% rise + bonus. She said that they will pass on the price increase to their customers by using applying significant increase of the rrp price on the stickers than use discount labels to make it as if it is lower. She is a very clever girl.

Main reason being the idiotic mortgage market in the UK. This would not hapoen in Germany.

There are a lot of guilty people who perpetuate this checkbox exercise of owning a home. I’m happy to be free for now :)

Male radio presenter did not say a single word. Bizarre.

Housing is biggest scam around. Ownership is just lesser of 2 evils

I have a buy to let mortgage with a company that bought the mortgage from a subsidiary from Bradford and Bingley. They refuse to offer me any alternative to the variable tracker rate mortgage rate terms (that track the Bank of England rate) that I took out. They also refuse to allow me to extend the term of the mortgage beyond the original term of September 2027.

When I was paying my mortgage we could only dream of the kind of low rates that people are enjoying even now.

Everyone are prisoners now. You can’t move, even trading down is too expensive. Trading sideways will cost you huge stamp duty and real estate fees. Aren’t house price rises the best 👍👍

Legal action for what??? No one forced you to choose deal. Now crying like muppets😂

oh well, at least we have lots of money to send Ukraine. Look at the bright side /s

I requested information from landmark mortgages. Twice now they have sent me other customers information by mistake. Ine posted a video today showing how nuch information they have sent me. They have sent me mortgage statements for a mr Chapman and everything i would need to steal a mr m mial identity.