Shrinking savings put millions at risk of reposession

Graham_Devon

A yougov poll run for shelter. Though if the middle class income thing the other day was acceptable, this should be positively conclusive.

Millions of families are in such a perilous financial state that they are just one pay cheque away from losing their home, research shows.

Nearly four million families who pay rent or a mortgage have so few savings that it would take only a month's missed salary to lose their home, YouGov polling for Shelter reveals. Of these, 2.4 million have no savings whatsoever and would not be able to survive a full month.

The findings come amid fears that a housing bubble stoked by the Government's Help to Buy scheme could leave new home owners with a precarious financial future.

Though I have to say, i don't know who get's paid by cheque anymore....so we can possibly conclude that everything is just fine and everyone was very confused.


http://www.independent.co.uk/news/uk/home-news/shrinking-savings-put-millions-at-risk-of-repossession-9257847.html

Nikkster

Surely it takes more than missing one months mortgage or rent payment before the lender or landlord can kick you out? (the quoted bit says it would only take a months salary to be missed to 'lose their home'). I think that's taking poetic licence a little too far.

I get nervous enough thinking about my mortgage as it is. I don't think I'd be able to get to sleep if I didn't have at least a few months expenditure in savings for emergencies.

mayonnaise

Graham_Devon wrote: »

Nearly four million families who pay rent or a mortgage have so few savings that it would take only a month's missed salary to lose their home, YouGov polling for Shelter reveals.

That's a significant improvement on last year then. :beer:

8 million people one paycheque away from losing their home

http://m.england.shelter.org.uk/news/april_2013/8_million_people_one_paycheque_away_from_losing_their_home

Graham_Devon

mayonnaise wrote: »

That's a significant improvement on last year then. :beer:


http://m.england.shelter.org.uk/news/april_2013/8_million_people_one_paycheque_away_from_losing_their_home

Re-read dear boy, re-read!

From your link:

In total, 3.9 million British families may be just one paycheque away from losing their family home.

mayonnaise

Graham_Devon wrote: »

Re-read dear boy, re-read!

I did and I'm none the wiser. :huh:

The headline of the article is : "8 million people one paycheque away from losing their home"

They continue with : "35%, equivalent to 8.6 million people, could not pay their rent or mortgage from their savings for more than a month."

And then: "In total, 3.9 million British families may be just one paycheque away from losing their family home."

Can you explain please Graham?

mayonnaise

Ignore me.
Got it now.

Graham_Devon

mayonnaise wrote: »

Ignore me.
Got it now.

Well done.

Still, got the native HPI cheerleaders exicted didn't you!

GeorgeHowell

Even if this were true -- a big if -- the potentially homeless generally have not too much to worry about. We still live in a world where financial irresponsibility, f e c klessness, and short-termism are rewarded and prudence, responsibility, and reasonable caution are punished. Those who cannot pay their debts will in large part be bailed out once again by those who can.

CLAPTON

has JSA been abolished?

or Support for Mortgage Interest

or mortgage forbearance

Graham_Devon

LOL, love how many thanks mayonnaise gets!

Even though it's factually wrong, so long as it's optimistic, people applaud it!

chucky

Graham_Devon wrote: »

LOL, love how many thanks mayonnaise gets!

Even though it's factually wrong, so long as it's optimistic, people applaud it!

It tells you how little people think of you. You worry about who Thanks people's posts more than having intelligent discussion.

What are the mortgage default and late payment numbers like for the last few months/quarters?