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    A significant revelation from Guido that I had totally forgotten about and I quote:

    """"Who offered 100% mortgages to low income-earners in the first place? Gordon did. He had a sub-prime lending scheme of his own called Home Buy Direct. No deposit was required, and it didn't matter if you could not afford to repay the full cost of a mortgage for the property you want. Low-income earners were effectively encouraged by the government to buy over-priced new builds. Repossessions are now running higher than in the 1990s, with low income earners are trapped in negative equity as unemployment heads towards 1980s levels...""""

    Well, well, yet another misjudgement from Gordon. If I had done what he did I would be in serious trouble with the FSA and would certainly get fined and would need to pay compensation.

    There is no way I could possible recommend such a mortgage under those circumstances.

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