Broadcast: BBC 1, Tuesday, January 6th, 2009. 10:30pm (I think it was a repeat, not entirely sure).
The TV guide describes it as the following:
Powerful documentary about three families battling to save their homes from repossession as the housing crisis tightens its grip. With 50,000 homes having been repossessed in the past year, some experts predict that as many as half a million more may be at risk as families struggle to meet their mortgage payments.
What a pile of shit. That’s not what it was about at all. It was about 3 families that made 3 very distinct mistakes, as opposed to the tough market taking its toll.
Here are the 3 cases:
- Family 1: remortgaged several times to renovate their home. They initially only had a 40k mortgage, and after several equity releases, they ended up with a 150k mortgage with multiple lenders.
- Family 2: They had bad credit history so was only able to get a 11% mortgage deal (the guy was a mortgage broker as well)
- Family 3: they didn’t understand that once the fixed rate period ends, they’ll have to pay a higher standard variable rate- apparently that was the lender’s fault. The guy was also angry that their lender was rubbish because they wanted to repossess after 3 months of arrears. Oddly, this guy confessed that he spent most of his time fighting and messing around at school, consequently couldn’t read and write all that well. Great.
3 very extreme cases of stupidity, as opposed to economic conditions, right? The strangest part about it all was that none of the families took blame, they all passed the buck onto the “mean” lenders.
Don’t get me wrong, I felt sorry for the families because regardless of their mistakes, they were all families involving young children, which were losing their homes. Essentially, they weren’t “bad” people, they were just people that made very stupid decisions.
I just thought the production was lousy and misleading, and the “careful” screening process the producers did was obviously extremely inaccurate to the description of the documentary.
Anyone watch it? Your thoughts.
For those who missed it, I highly recommend watching it, so you can bitch about it with me. It’s available to watch on the BBC website.
Disclaimer: I'm just a simple landlord blogger; I'm not qualified to give legal or financial advice. Any information I share is my opinion based on my personal experiences as an active landlord, and should never be contrued as legal or professional advice. For more information, please read my full disclaimer.