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Quarter of Brits on interest only mortgages
Comments
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Spartacus. wrote: »Very savvy, however I would suggest that the majority of I/O mortgage holders are not doing this, they are 'down the mall'.
Maybe, but if they lose their job the social will cough up the whole mortgage payment.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Bad timing my son, buying at the top of the bubble not good.
having multiple personalities, trolling various sites and not getting your story straight is slightly more worrying Brit.
how many more times are you going to be discredited on here...
50% drops by Christmas 2009:rotfl::rotfl::rotfl:0 -
Maybe, but if they lose their job the social will cough up the whole mortgage payment.
Afraid not StevieJ.
No benefits repay capital amounts on mortgages. There are benefits to help with the interest payments (after 3 months), but not the capital side. That will remain with the homeowner. Though I accept in the short term it means no need to panic, it will be an issue if there is a prolonged period of unemployment.
ETA: just seen a comment you've made on a similar thread in line with this It's getting harder & harder to keep the government in the manner to which they have become accustomed.0 -
lemonjelly wrote: »Afraid not StevieJ.
No benefits repay capital amounts on mortgages. There are benefits to help with the interest payments (after 3 months), but not the capital side. That will remain with the homeowner. Though I accept in the short term it means no need to panic, it will be an issue if there is a prolonged period of unemployment.
ETA: just seen a comment you've made on a similar thread in line with this
I was replying to the comment below, what have capital repayments got to do with it
Very savvy, however I would suggest that the majority of I/O mortgage holders are not doing this, they are 'down the mall'.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Originally Posted by Spartacus.
Very savvy, however I would suggest that the majority of I/O mortgage holders are not doing this, they are 'down the mall'.Maybe, but if they lose their job the social will cough up the whole mortgage payment.
Apologies if there has been a misunderstanding, but it was the word "whole". It's getting harder & harder to keep the government in the manner to which they have become accustomed.0 -
Yes, 'whole' of an interest-only mortgage.lemonjelly wrote: »Apologies if there has been a misunderstanding, but it was the word "whole".0 -
How do you know these people do not have savings, ISAs, pensions schemes, future inheritance etc.
All mine (except the one that I live in) are 'interest only' but were endownment mortgages, that was very common back in the early 90's. Although I have since cashed in my endownments as obviously they turned out to be IMO poor investments.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
HAMISH_MCTAVISH wrote: »I'll confess to it being an interesting theory, but it's just not credible. That particular bear meme has been oft-repeated of late. "The Tories will save us!!!"
Ummmm, no.
The tories appointed Kirsty Alsopp as their housing advisor.
No new government will plunge the country back into recession, they only have 100 days to make an impression and get the piblic onboard. Theres NO WAY they will kill their popularity rating that early, and ferment opposition for the next 5 years.
The BOE MPC is independant, and rates stayed at 2% after the great depression for 18 of the next 20 years.
Any party that wants to get re-elected, had better not preside over an almighty housing crash. Particularly if the people saw a significant recovery right before they came into power and screwed it up again.
Nice theory. But not going to happen.
PS, Did I mention that the tories appointed Kirsty Alsopp as their housing advisor?:rolleyes:
I wasn't making a political point.
If we didn't have a general election on the horizon. Don't you think that we already of had an emergency budget?
Irrespective of party in power. Changes in taxation , upwards, are heading this way.
Ignore the tv persona by the way. Some people have a far better business head than you may appreciate.
THIS COUNTRY IS IN A FINANCIAL MESS. SO BE PREPARED FOR ANYTHING TO HAPPEN.0 -
If you believe you are disciplined and fortunate enough to be be able to save the entire amount of your mortgage then I salute you. I lack both your optimism and your fiscal wizardy.
My mortgage is £40k, I believe I can save this amount up over the next 21 years or sooner, and pay £120 interest only each month in the meantime. I don't understand why that is so bad or seems so unfeasible?0 -
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