To think the banks should shoulder some of the responsibility?

[dingdongthewitchisdead1]

I've NC'd for this.
We are in negative equity on an interest only mortgage. Bought the house just on the cusp of the property crash, paid top dollar for it.
Now we are in a position where we can't move and will have to pay back a mortgage which is almost double the value of the house.
When we bought it, we put down a 20% deposit.
I don't want to shy away from my responsibilities and I want to pay the mortgage, but I've had a niggling feeling for a while that the bank should also take some of the responsibility. They made a bad investment too! I'm not sure what a fair outcome is in this scenario, but I wanted your thoughts! Thanks!

The mortgage is very real though

There is buttered... north, south... it's all the same!

Very real brummie unfortunately

Just to add our experience. We purchased a house in 2007 on a NRAM 125% mortgage for £116k. In 2012 we decided to move abroad we were due to break even if someone offered full asking price.

We couldn't sell the house, NRAM were not willing to negotiate, help or assist in any way, the wouldn't even let us rent the house.

In the end we mailed the keys back to them we had no other option as it wouldn't sell, and when we left for our new country we didn't have jobs lined up so couldn't support a mortgage back in the UK.

Wasn't the best way to end the situation, it's a shame it had to end that way

If they hadn't given you the mortgage would you be stuck in rental hell? You needed money for a house, they lent it too you. They took the risk on you & count yourself lucky they did

No such thing as Southern Ireland buttered it's The Republic of Ireland Would Eire make you happier.

no such thing as Southern Ireland buttered it's The Republic of Ireland. Geographically there is

YABU. The bank didn't make a bad investment, they facilitated you investing in your house, If it had been an investment, as PPs have suggested, any increase in value would have needed to be shared with them. You can't seriously expect a bank to lend you money, bail you out if house prices fall but make no gain if prices rise - now that indeed would be a very bad investment.

Interest only mortgages have always been a gamble on house prices and when you make huge financial decisions the onus is on you to understand what you're doing. It's not rocket science to understand if you take out an interest only mortgage, you are only paying interest and will need a plan to pay back the capital paid - the clues in the name 'interest only'.

Actually buttered and harder the country is called Ireland. It is only corrected called Eire when speaking the Irish language.

The UK has domestic law stating Ireland is to be called the Republic of Ireland or Eire but a one country can't impose a name of it's choice on another. It would be a bit like Trump issuing an executive order decreeing Great Britain should be referred to as Britain because only America is great.

Well, I'm glad we got that settled then. What about upper and lower Ireland.

Butter you made me lol

Aw I sit in my ridiculously over mortgages house!!!

As, not aw!

I sympathise with you but agree with InTheDessert

Unfortunately you were lent the mortgage on the 'then' value of the house. Can understand it is completely gutting to feel you are paying against a debt owed on less than the property value but, sadly it's the loan you owe. If you run up credit card debt and then get through the useable life of the products you spent on, ultimately you still owe the debt on what you initially spent- know it's not the same but that's one way of looking at it. You have my sympathies as it must be a crappy situation.

YABU

agreeable, it is crappy but we've accepted it. like someone else said, its only valuable when you come to sell it, and i'm not looking to do that.
i think id be happier if the bank offered us a rate other than svr..