Bloody hell Smug, has he not seen "Deliverance". I would rather take my chance with the wolves and bears than be shagged by a hillbilly
As discussed earlier nor for the idiots who get stuck on Lindisfarne Causeway They should pay the costs.
Fork out £3bn for mortgage help it doesn’t stop there- the renters will say they need their rents assisted as well . Landlords could wop up the rents thinking the govt ( well us) will be filling their pockets. On tv yesterday they had a woman who said landlord had increased rent from £1500 to £1900 because of cost of living. So what world market price of materials is he claiming?
There is no way that taxpayer money should be used to subsidise any mortgage, but allowing a temporary switch from repayment to interest only mortgage costs the taxpayer nothing and only extends the loan period for the home owner.
I thought that was possible in most cases anyway. I've never done it but I'm sure it's possible, as long as you pass the required checks.
It is possible and some lenders are happy to make the temporary change, but Reeves wants to make it mandatory. https://www.bbc.co.uk/news/uk-politics-65973977 My daughter and son-in-law have a number of properties which they rent out, all bought on interest only mortgages. They have more bottle than me, I like to see the money I owe dropping.
Exactly. As Ann Widdicombe said this morning the problem is that people think the period of low rates we've had is the long term norm and haven't understood and accounted for that life has highs and lows. If you revel in backing Red Rum for three grand national years , you shouldn't whinge when you are down in the fourth year.
Property on interest only is a win win 90% of the time probably all the time if you aren’t considering selling.
It's a fair point but it's come on top of massive fuel increases, cost of living crisis, etc ... ... and no hope that it'll improve any time soon. People thought that coming out of Covid, and the EU, would be like pit ponies coming out of the darkness ... .... instead they're still at the coalface and they're not getting their oats.
I heard some "expert" on the radio say that to get inflation back down to the 2% it was before this all started from 10% or whatever it is now, she would expect it to take 14 years
It will do anyway wether inflation comes down or not, otherwise we would still be able to buy a house for £100,000 like we could 14 yrs ago. Sad but true.
It is a tricky one this. Take away mortgage holders, for just a minute. Interest rates going up are an attempt to tackle inflation. The BofE set this policy. The aim, I assume, is to reduce the amount people have to spend which will drive sellers to lower prices or at least stop increases. There is a challenge in this country though in that less people have mortgages than has historically been the case. The impact is therefore lessened. It also takes months for the impact to be seen, as with much monetary policy. We therefore end up with the govt being asked to help again. When you look at how much the govt spent on aid packages like furlough and energy costs we are second only to the US. They did much more than say France. It might be argued that the level of support is a contributory factor to inflation now. So whilst I understand the demand for govt help I think that might need to be a cycle that needs to be broken. Making demands of the banks is reasonable and Hunt will make the case when he meets them tomorrow. In an ideal world the banks would remember the bail out they got in 08 and provide some assistance back. Unlikely as that is. The government do have one thing they could do, which is to raise taxes for us all. That might well be an answer. Imagine the unpopularity a year out from an election though, so there is really no chance of that. This is an ugly challenge to solve. Perhaps everyone, govt, central banks, UK banks all need a common strategy, well explained to the public, so we can all understand it. I reckon it is going to be a tough time ahead, whichever strategy is adopted.
I get that Rooch but I would hate to get to the end of a 25 year mortgage and still owe what I borrowed right at the beginning. My daughter and son-in-law have five properties and rent four of them out, the four they rent out are interest only mortgages. They treat them as a retirement fund and on their retirement they expect that the value of the houses will have appreciated enough to pay the mortgages off and give them a lump sum.
The help the government could give is to run the country more efficiently and calmly. The chaos under Johnson, the disaster of Truss and the bold but stagnating pledges of Sunak haven't helped imo. And although Brexit may prove to be all people hope for I'd say it couldn't have happened at a worse time. I've noticed there's currently a big demand for all kinds of electoral reforms, BoE regulation, civil service, etc etc etc which is all fine ... ... but there are plenty of instances when various governments have managed with the existing circumstances and made a decent job of things. I'd say that before Johnson came along the public had a lot more faith, or at least tolerance, in our administration.
