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Support for mortgage interest (SMI) extended AGAIN
Comments
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can someone please, please explain how averages work because they just don't get it do they....0
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Graham_Devon wrote: »No. It does not.
It pays one payment based on 3.67%.
If that payment is more than the interest paid on the mortgage, the rest will go towards paying down capital.
What's your point? If it's simply that someone with a mortgage of 3.00% gets a tiny amount of money towards the capital then you really are sweating the small stuff because there will be someone with a mortgage of 4.00% who doesn't get all of their interest paid let alone the capital.0 -
What's your point? If it's simply that someone with a mortgage of 3.00% gets a tiny amount of money towards the capital then you really are sweating the small stuff because there will be someone with a mortgage of 4.00% who doesn't get all of their interest paid let alone the capital.
My point is, going round claiming it only pays interest, over and over again, is clearly wrong. Has been proven to be wrong. And isn't going to be right just because people just keep saying it over and over.
It's not sweating anything. The same people have asked for proof that it can pay of capital. You give it them. They ignore it or try and pick up the fact that you have guestimated something as there is no other way of doing things and make a mountain out of that, and then go back to going round stating it doesn't pay of capital.
Whats the point in any discussion if this is all it is? Whats the point in asking people for proof, if people are going to sugest that it doesn't pay off capital as some people may not get capital paid?
There is no point.0 -
Graham_Devon wrote: »My point is, going round claiming it only pays interest, over and over again, is clearly wrong. Has been proven to be wrong. And isn't going to be right just because people just keep saying it over and over.
It's not sweating anything. The same people have asked for proof that it can pay of capital. You give it them. Ignore it, and then go wrong stating it doesn't pay of capital.
Whats the point in any discussion if this is all it is? Whats the point in asking people for proof, if people are going to sugest that it doesn't pay off capital as some people may not get capital paid?
There is no point.
The thread was about the extension of SMI it's been lost in pointless arguments about the horrific possibility that someone might in a few months of unemployment end up with £50 paid off their mortgage capital.
I know you understand what an average is but you've chosen to ignore this and just focus on minutiae.
We are in agreement - there is no point.
P.S. I can't prove the £50 claim0 -
Graham_Devon wrote: »No. It does not.
It pays one payment based on 3.67%.
If that payment is more than the interest paid on the mortgage, the rest will go towards paying down capital.
Look Graham,
It pays the interest.
For administrative purposes it is based on 3.67%, to do it any differently would be more expensive for the taxpayer.
For some the payment might be a bit more than they are paying in interest, it might be a bit less.
However we do know that people who are unemployed tend to be on higher rates of interest than the average borrow.
How do we know this - well it says in one of the parliament docs previously posted. Or you could try ringing a broker and getting a mortgage deal when unemployed.0 -
How do we know this - well it says in one of the parliament docs previously posted. Or you could try ringing a broker and getting a mortgage deal when unemployed.
They didn't get their mortgage deal when they were unemployed. Pretty silly thing to come up with.
50% of claimants get capital paid, whichever way you wish to spin it. That's also in the parlimentary docs.
Bored now. You probably can't hear me anyway, with your head buried so far down in the sand.0 -
Graham_Devon wrote: »They didn't get their mortgage deal when they were unemployed. Pretty silly thing to come up with.
50% of claimants get capital paid, whichever way you wish to spin it. That's also in the parlimentary docs.
Bored now. You probably can't hear me anyway, with your head buried so far down in the sand.
50% get capital paid - what about the other 50%?
I'm on to you Mr. Devon. You're missing the point on purpose just to wind people up.0 -
Graham_Devon wrote: »50% of claimants get capital paid, whichever way you wish to spin it. That's also in the parlimentary docs.
It is (or should we now say was) indeed the case - see the first paragraph on page 6 of this document:
http://www.parliament.uk/briefingpapers/commons/lib/research/briefings/SNSP-05818.pdf0
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