Will 2013 be the year of the repossession?

Throw in some legal challenges at the court stage and you can stall for at least a year or so. Also judges will grant a stay of 6 months to a year so a new house can be found.

If an errant person knows the system they can live rent free for up to 7 years imho.
 
Wishes said:
I'll probably be slammed for asking this but should people stop paying interest only and start building a nest egg?
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You'd probably be slammed but it doesn't mean we shouldn't talk about it. In your own case as you're emigrating I cannot see how anyone would be annoyed with you if you needed to build up a nest egg to start a new life in Oz for example or we've had posters on here who need to go to the UK to go bankrupt but to do that they need to have about 6 months savings for living, bankruptcy costs, rent and deposit. Cannot see anyone giving out about that either. How else are people going to be able to go abroad.
 
There will be more repossessions now that the law on this is becoming more concise. However, the dramatic increase will be in BTL properties. And there are lots...
 
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