Another Government scheme to stop re-possessions

pickles110564

edgex wrote: »

They should just make all the lenders write off 5% of the value of each mortgage, for all mortgages, each year for the next few years.
All the losses have to be recognised at some point on their books, so may as well do it gradually.
It would also reduce the payments that everyone is making, but dosnt actually bail anyone out.

Make sure you dont email Gordy with this idea because he is probably stupid enough to go for it.

wintersunshine

Generali wrote: »

If I had a mortgage on a house and had no chance of paying it back I'd seriously consider just not making any payments and living rent free for a couple of years.

Generali, I'm disappointed in you:rolleyes: Luckily us homeowners have a longer term perspective than 2 years. As has said before,it is our home, why would we put it at risk?

Generali

wintersunshine wrote: »

Generali, I'm disappointed in you:rolleyes: Luckily us homeowners have a longer term perspective than 2 years. As has said before,it is our home, why would we put it at risk?

I put in the qualifier about having a mortgage that is effectively not repayable. Lots of people seem to have very large interest only mortgages that they are never going to be in a position to repay. I have spoken to people that have these and they plan to sell the house and downsize once they are in their 50s, using the cash realised to repay the debt and provide an income for their old age.

They are delusional and this may be a way to solve their problems at least in part. I wouldnt do this but the I havent landed myself with a massive mortgage that I cant pay off!

purch

I guess if the Interest is only Deferred, and that Deferral is underwritten by us Taxpayers, then the Banks can still consider it a Performing asset on their Books.

Yet more dodgy Accounting practices condoned, :mad: sorry I mean encouraged by the Government.

cuddlymarm

Hi

Maybe I'm being innocent but isn't it better to have a bit of breathing space where they'll let you defer some of the payment till later than lose your home. After all this is your home not an investment.

Trust me we're in the process of having our house taken off us due to bankrupcy and its not nice. Our home was also our business so we've lost it but I'd like to think that not everyone that gets into trouble is going to end up losing their homes.

I'm looking at this from a keeping my family warm and fed point of view and any help is worth a try. Not everyone wants the country to pay their bills but a little extra time is always nice.

Cuddles:rotfl:

gastroboy

What about the people who rent? Will Gordy pay the rent if they lose their jobs?...another stupid scheme to prop up the "wealth" of the nation through property prices....When can we get rid of this idiot?

purch

....When can we get rid of this idiot?

Next year hopefully :T

Thats, of course, as long as Gord doesn't try to force through new Emergency Powers, keeping him in #10 until he has sorted out his mess !!!!

silvercar

gastroboy wrote: »

What about the people who rent? Will Gordy pay the rent if they lose their jobs?...another stupid scheme to prop up the "wealth" of the nation through property prices....When can we get rid of this idiot?

Rent is already paid through the HB/ LHA.

chewmylegoff

Lex (the FT's on line news service) have an article due to be published later. The title is:

"UK mortgage holiday
Propping up an overvalued market is insane. "

No real need to actually read the article when it comes out!