There are many people out there who are struggling with there loans and many people are blaming the banks for lending them the money, but who is really to blame. I would say the majority of the blame should really rest on the borrower. If the borrower had acted responsibly, then I would say in the majority of cases there would not be a problem.
The trick is not to borrow more than you can afford and always leave a buffer in case of interest rises and other unknown circumstances. Every time I have taken a loan, and this included any of my mortgages, I have always made sure that I still had some cash in the bank for emergencies. If I couldn’t do this then I would go without the loan until I could.
Those who already have a mortgage might even consider to remortgage the property as they may be able to get a better rate. Those who want even more security may even consider mortgage payment protection as an extra safety guard
I beleive the blame is the borrower, before you buy an house you see what you can afford and if you job is not stable take in the facts that some months might be better than others!
Unfortunately a lot of people don’t look at it that way. Thanks for your comment.