These three are keeping their chins up, after losing their house for missing a payment
Internet payday lender Wonga.com has announced it is to expand into the mortgage market. The move comes as it becomes increasingly difficult for people to get a mortgage without at least a 25% deposit
“Banks are tightening their belts at moment and are very reluctant to lend to people who probably can’t pay them back” Errol Damelin, founder and CEO of Wonga told us. “That’s where we come in. We can offer almost anyone a mortgage all at our competitive APR of 4212%. What’s more is that we offer 100% mortgages so there is no need for a deposit. Mortgages are over 25 years so there is plenty of time for you pay off your mortgage, or to look at it another way, 300 monthly opportunities to miss payments and give us your house. All our customers need to provide us with is a proof of identification and a pulse, or failing that, a the nae of someone they know with a pulse”
Filed under Lifestyle, News
The village of Harold has seen a large rise in the amount of interest from first time buyers as a result of the latest financial ticking time bomb. The village has more interest only mortgages than anywhere else in the UK. The concern is that people will have not saved enough money to pay the final lump sum, leading to repossessions and cheap properties going to auction.
One hopeful home-owner explained “from what I have heard the whole village will be up for sale at this rate. I’ve got my eye on a nice three bedroom property at the moment, but I’ve heard rumours even the church could be up for grabs.”