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Debate House Prices


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Please - No more help for zombie mortgage holders

Graham_Devon
Graham_Devon Posts: 58,560 Forumite
Part of the Furniture 10,000 Posts Combo Breaker
edited 12 April 2012 at 10:30AM in Debate House Prices & the Economy
Another newspaper, another article against further props.

http://www.telegraph.co.uk/finance/comment/jeremy-warner/9198439/Please-no-more-help-for-zombie-mortgage-holders.html

RE: the debt forgiveness, i've started another thread!

Comments

  • BrotherJohnf_2
    BrotherJohnf_2 Posts: 5 Forumite
    edited 12 April 2012 at 10:32AM
    If the governemnt stop paying people interest on their mortgages in their benefits then the UK will not have big enough auction houses to put up all the repossessions.
    "I strongly advise you to take possession of real gold and silver, at anywhere near today's prices, while you still can. The fundamentals indicate rising prices for decades to come, and a major price spike can happen at any time." Google BrotherJohnF
  • BrotherJohnf_2
    BrotherJohnf_2 Posts: 5 Forumite
    Thats interesting my reply was posted before the OP started the thread :)

    Its OK the forum team are doing a good job of keeping the forum tidy.

    On a related note, when the £480 benefit cap comes in next year will it affect all those relying on benefits to pay their mortgage interest?
    "I strongly advise you to take possession of real gold and silver, at anywhere near today's prices, while you still can. The fundamentals indicate rising prices for decades to come, and a major price spike can happen at any time." Google BrotherJohnF
  • nearlynew
    nearlynew Posts: 3,800 Forumite
    These "zombie mortgage holders" are in the same position as priced-out potential buyers.

    i.e. neither group can afford to buy a house.

    They should be repossessed.
    "The problem with quotes on the internet is that you never know whether they are genuine or not" -
    Albert Einstein
  • N1AK
    N1AK Posts: 2,903 Forumite
    Part of the Furniture 1,000 Posts
    As someone who got a thorough lesson on how the benefit system feels about people who are 'responsible' getting no help with rent when I was employed for 2 months because the person I live with had savings, when we could have gotten assistance with a mortgage if we had spent the money buying, the whole system looks like a joke to me.

    That said I don't think encouraging a gigantic wave of repossesions is the morally right or economically best option. The government should be covering no more than mortgage interest, it should also be negotiating that interest with the bank (the risk of lending to someone supported by the government is low) and finally it should treat the mortgage repayments as a low interest loan to be repaid through PAYE once the person is working again.
    Having a signature removed for mentioning the removal of a previous signature. Blackwhite bellyfeel double plus good...
  • nearlynew
    nearlynew Posts: 3,800 Forumite
    A free market without repossessions is like christianity without hell.


    - it doesn't work.
    "The problem with quotes on the internet is that you never know whether they are genuine or not" -
    Albert Einstein
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Wonder why the forum team edited out my quote from the article?! Bit bizzare.
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