Recuce Mortgage interest PETITION

opinions4u

davieesox wrote: »

Again very true,but if someone loses a house getting employment is made harder and the state then has to pay to house the family and pay benefits etc, so why not keep the family in the house and at least give the family a chance, the bank will only auction off the house more often than not at below its value, if the family are alowed to stay put and do get back on ther feet the mortgage should be extended in length.

So how long can you extend it for? In most cases people can't afford interest only payments, let alone payments that are higher.

You're effectively proposing that the debt is allowed to grow even though the property value continues to fall.

It's madness.

The banks are basically are owned by the goverment anyway

I don't think HSBC, Barclays, Nationwide, Co-op etc would agree with that. Only Northern Rock (good bank) are wholly owned and other than that only RBS is majority owned.

if we can afford to pay for obscene bankers bonuse's we can afford to pay the mortgage of the taxpayers who

I'm not defending the obscene bonuses. But add up the value of them and you get a number in millions. Add up the cost of what you're proposing and you get a number in billions. One would not pay for the other. What your suggesting is along the lines of having £500 in your pocket and claiming to be able to fund the cost of a new Ferrari.

opinions4u
spoken like a true ex-banker

You don't actually say which of my comments you're referring to. I'm quite happy to justify anything I've posted here and I've no problem with people challenging my assertions too.

But I think it is patently obvious that a strong banking sector is better for the economy than the risk-averse low-lending banks that we have at the moment. You won't achieve that by turning them in to charities.

kingstreet

My main feeling, in a kind of "head them off at the pass" mentality is allowing the banks to circumvent Basel II was a big problem.

Allowing the cozy arrangement where the likes of AIG can flog credit default swaps on no collateral but the firm's AAA rating was the mechanism that triggered the generation of the cash which permitted the silly lending.

An unlimited supply of cheap cash doesn't provoke great responsibility and thought in the minds of lenders.

alexlyne

for the record, I'm in the :rotfl:brigade, for the same reasons that have been posted by others.
And yes, I do have a mortgage.

magpiecottage

If think that it is possible to make a decent profit on a margin of 1% over base rate then go ahead and do so.

Put the money in, make sure you have adequate capital reserves pay your compliance fees, FSA Fees, Financial Ombudsman Service Levy, Financial Services Compensation Scheme levy, premises, systems, staff, training, National Insurance, employers liability, uniform business rate, power costs and so on.

If you need to borrow money make sure you pay those you borrow from at least sufficient, after tax, to keep place with inflation (it is only fair that their buying power is maintained). That means you are paying out around 6.5% and bringing in 1.5%.

I look forward to seeing the "success" of your business.

Thrugelmir

opinions4u wrote: »

As for the imbalance in lending, I have no idea around the truth of what Moore did or didn't say, although his evidence to the Treasury Select Committee is public record. His suggestion that HBOS was a business that didn't encourage challenge is untrue. Under Crosby and Hornby the retail business clearly encouraged challenges, ideas etc and would often respond with well thought through change, making life better for customers and staff. Obviously I didn't work directly for either of them though. He did.

Moore's major issue was the ethics and culture of the business. Profit at all costs, the "love of money" as he put it. In terms of regulatory control. He was replaced by a sales manager with no previous experience of risk management.

In many ways he came across in a similar vein as the financial director of Northern Rock at the time of demutalisation. Who resigned as he disagreed with the business model that the board adopted. Identifying fundamental flaws that eventually have crystallised.

Froggitt

eddie701 wrote: »

Regards Edward Strickland"

Surely if you dont like your mortgage interest rate, you re-mortgage elsewhere with someone who you do like.

Slacker!!!!

_Andy_

Froggitt wrote: »

Surely if you dont like your mortgage interest rate, you re-mortgage elsewhere with someone who you do like.

Slacker!!!!

Post of the year, superb

You're a slacker McFly just like your father was!

_Andy_

I need to generate the 1.21 jigawatts of electricity to get the Bank Of England base rate to fall further

Froggitt

1.21 jigawatts??? Great Scott!!!

_Andy_

Froggitt wrote: »

1.21 jigawatts??? Great Scott!!!

you mean this sucker is.....nuclear?