Clint,

I think he will win regrettably. Dancing Dave is no match...

What did they say about Neil Kinnock in 1992? He managed to snatch defeat from the jaws of victory...

Austin Tassletine, South West, UK

I have to say that I feel anything but sympathy for people who borrowed more than their house is worth. Its like voluntarily walking into negative equity. Idiots. Just because a high street bank says you can do something, it doesn't mean you should.

And I agree with Clint.. Labour are SO out of touch with young people. I don't know a single potential first time buyer with any faith in them. At the moment it looks like they're losing the votes of young and old savers in favour of BTL investors and those with mortages. With fuel, utilities and food prices rising at 10% or so, I don't think anybody believes the Bank of Englands central remit is to avoid infaltion. It will be amusing to see the BoE (aka Labour) attempt to avoid a house price crash at all cost.

James, Leamington Spa, UK

The northern rock 125% mortgage was excellent in my case. Luckily I took a 5 year fix with 3yrs and 8 months to run. Hopefully time enough for the market to recover somewhat.

The extra funds were used to buy a second property which was then subsequently sold for a £20k profit with only £10k put down as a deposit.

This extra money has enabled me to quit my job and start my own business. The value that the initial property increased by also enabled me to take out further borrowing, which I have used to buy a buy to let property which has already been valued at £20k more than the purchase price.

I was a first time buyer less than 2 years ago and this rising property market has enabled me to prosper and realise my aspirations to be sucessful in life (I'm now 25).

All these people moaning are just people hating on those that want to actually make life better for themselves and the people around them.I am shortly going to take on my first member of staff.
Get a life moaners

Jay, London,

"Lured into", "succumbed to". These were adults making their own decisions. Greed got the better of them. They freely decided to take a highly-leveraged bet at what turned out to be the top of the market. They do not deserve our sympathy as their huge bets goes sour.

Dr. Keith Anderson, Durham, England

This article is typical of the "blame somebody else" litigious culture that has become so prevalant in the UK.

Were the people mentioned in the article forced at gunpoint to borrow far in excess of their assets? I do not see these people as victims of an unscrupulous lender, but more victims of their own greed.

Jon, Expat,

Sorry this was bound to happen as we have seen in the US the institutions have to protect there investors in these turbulant times

Mr Jobs, london, uk

Common sense said these mortgages were risky and unsustainable. Some of us were patient and haven't jumped at these dangerous offers choosing to save a deposit instead. However it is both the banks and borrowers jointly responsible for this failure.

Gavin, Reading,

let the market crash! It needs a correction, so first time buyers can get back into the housing market, the life blood of the economy.

But then again with higher rates they to will be unable to afford lower loans when they have to pay higher rates of interest. It's a catch 22 situation and they almost always lead to recession.

Well done Gordon and Co you done a wonderful job of regulating the market, forgive but what did the FSA stand for?

Harry, Gravesend, UK

Its not just customers from NR who will fall foul of this. It's any borrower from any bank wishing to remortage or a new deal.
Very scary stuff maybe for upto 1 million mortgage lenders.

tuggy, melton mowbray, Leicestershire

These 100% plus mortgages may have helped some people to become 'home-owners'.The only problem is,many are going to end up being owned buy their home.Charging interest rates of 15% isn't going to help anyone.The bank should take some of the blame for lending the money in the first place.No wonder Mr Branson walked away.The £100 billion mortgage book doen't appear as solid as people thought.

stephen hulton, eure, france

I always thought that those who were unwise enough to speculate on BTL investments, using aggressive Loan-to-Value loans to buy overpriced properties, were being incredibly stupid, were hurting the UK economy, and "deserved to be beat hard with a very big stick."

These high rates are THE BIG STICK. So the wild speculators are now getting their just desserts. They are learning some important lessons, and long may they remember them.

DrBubb, London and Hong Kong, UK, Hong Kong

The authors use of words like "lured" or "succombed" or "trapped" suggest a lack of impartiality in the article. The first move had to be by the borrower and all mortgages come with a contract.

Northern Rock had a flawed business model in a market that had had a flawed regulatory regime imposed on it by incompetent politicians. The obvious. and only, remedy for the subjects of your article is to pay up and to remember who set the market up when the next election comes.

John Wilson, Bognor Regis, Sussex, UK

'...succumbed to a 115% mortgage with Northern Rock a year ago...'

A mortgage is not a disease. Please don't use words designed to invoke pity. If you can't afford it, don't buy it. Those of us who have resisted buying/trading up are now proping up a nationalised bank which has previously engaged in some of the most reckless lending in the UK. If Mr B thinks that he has any chance of winning the next election after conning the careful voters who have lived within their means and saved - he needs to think again.

Clint, Stafford, UK