So much for the Governments 'rescue' package

steadysaver

Has there been any more information released regarding the "free" five year loans.

I would love to read the fine print on this deal. I guess the fine detail will probably be an after thought and pop up sometime during the pre-budget report

Jumping_Bean

"However, it is important to remember that mortgage rescue is only part of a range of options the Government has put in place to help families at risk of repossession, including expanding free legal representation at county courts, more free debt and advice, and on-going work with lenders to help ensure repossession is only ever a last resort."

Am I reading that right? The government are offering "more free debt" as a solution to... erh debt? Actually, that does sound about right.

neverdespairgirl

somi wrote: »

if you are on 5% deal at most banks should be considerate, understanding and either retain the same rate or at most 0.5% higher if they think borrower can afford that, simple as that,.

And why on earth should that happen?

Dan:_4

somi wrote: »

To save off repossesion and make life easier for thoes struggling, banks should not put people into these expensive SVR deals as it causes hardship and some people just can't afford it, this applies today more than ever since lot of people in the last 2-3 years took mortgages either beyond their means or have lost job or cut back on their salary combined with higher cost of living these days, if you are on 5% deal at most banks should be considerate, understanding and either retain the same rate or at most 0.5% higher if they think borrower can afford that, simple as that,

and thoes with equity should be retained as much as possible. i also think some fees are too expensive for remortgaging. banks are getting their money anyway if they retain the rate and at the same time securing their lending if they show more consideration to the borrower by not switching to SVR which never should be above 6% anyway.

To be fair to somi's post - this is what an awful lot of the general public think.