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Support for mortgage interest benefit cut by thousands of pounds
Comments
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There has to be some parity between people getting support to pay their rent and people getting support to pay the interest on their mortgage.
LHA is a cheap and cheerful calculation, as is SMI. Winners and losers on both but what we don't want to see is the administration costs of running the scheme eating up thousands of taxpayers money.
A sensible pragmatic approach, then again we could kick them all out on the street and pay them nowt :eek: We wouldn't be cutting that police force or army though.'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 -
wherediditallgothen wrote: »This might seem a stupid idea to those with far more knowledge about the subject than I, but could the interest payment system track the base rate plus a certain % to account for a margin for error? Or is that the theory behind what it does now?
The % above could be based upon past interest rates, and could be reviewed every so often?
But mortgage rates no longer follow the base rate apart from the lucky ones locked into trackers.'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 -
If you know your job is at risk, you should not be taking out a new mortgage. I would consider that irresponsible.
Oh, it is only for new mortgages you wouldn't expect current mortgagees to take out insurance. So you are suggesting that public sector workers before the election should not have taken on mortgages?'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 -
But mortgage rates no longer follow the base rate apart from the lucky ones locked into trackers.
Fair enough. Though there might be a catch somewhere and missed something blindingly obvious
Set your goals high, and don't stop till you get there.
Bo Jackson0 -
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wherediditallgothen wrote: »Fair enough. Though there might be a catch somewhere and missed something blindingly obvious
To be fair I think your idea would be pratical in a normal economic environment.'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 -
you've also got to consider the costs of reposession to the lenders. is this cost greater or smaller than paying mortgage interest for these people?Graham_Devon wrote: »Can you imagine the costs of such a department that would be needed to calculate everyones interest payments....then change them if any circumstances change...and pay all these different individual payments?
i'd even mention the economic and even social costs of putting these people up after repossession for x amount of years.
paying their mortgage interest is probably the cheaper option. maybe not the right one but a better one than the alternatives...0 -
Anyone with an existing mortgage should already have the insurance in place.
Why you would have only just brought the legislation in?Altenatively, why not bring in legislation that says any mortgage MUST have an associated insurance policy which will pay out for a period of one year in the case of loss of a job.'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 -
True, but I was thinking in the medium term. Just think we should try to change attitudes to supporting oneself.
Does the same apply to tenants who lose their jobs?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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