Interest-only mortgages expiring

AdrianC

...or who don't want to compromise on other outgoings - shiny new cars, holidays, consumer bling...

gettingtheresometime

Didn't Martin say that having an interest only mortgage is liking paying rent to a mortgage company ?

AdrianC

gettingtheresometime wrote: »

Didn't Martin say that having an interest only mortgage is liking paying rent to a mortgage company ?

If he did, he's wrong. It's nothing like.

Rosemary7391

AdrianC wrote: »

Blame the electorate's short-term thinking and NIMBYism for that.

How many places have you been to or through with loads of signs up saying things like "NO TO 1,000 NEW HOUSES!", "NO TO DEVELOPERS RUINING OUR TOWN!"?

How many of those developments make even a pretence at including enough infrastructure, roads, schools etc?

angela110660

FBaby wrote: »

I think there is a mix of people who genuinely have no choice but to get a 40yo mortgage to just get on the ladder, but it can't be denied that there are also many families who want their dream house beyond their need, ie. a room for each child even when close in age/same sex, and are choosing to take on a 40y mortgage to be able to pay for it.

Slightly away from topic but on theme above - Spoke to 82yo mum yesterday about growing up during the war. Her mum and dad rented 2bed council house for a family of 5 daughters and mum and dad! Across the road a family of mum and dad and 12 children rented same size council house! Can you imagine anyone being able/allowed to do that today?

Miss_Samantha

Rosemary7391 wrote: »

How many of those developments make even a pretence at including enough infrastructure, roads, schools etc?

You have the same protests overtime you try to build a realistically-sized road.

Schools (and roads) are the council/government's responsibility.

AnotherJoe

Getting back to the point of this post, it was painful listening to someone who is so willfully stupid.

Even when, as the interviewer asked "it says here in bold letters in the second line of the letter that you need to make arrangements to pay off the mortgage did you not understand that?" she evaded the question with, and I paraphrase "oh well i thought it would be OK when it ended and they'd let me off needing to pay it back".

The other irritating thing was that apparently being 70 and paying your mortgage on time is regarded a general get out. Great, I'll be scot free soon as well then.

davidmcn

Rosemary7391 wrote: »

How many of those developments make even a pretence at including enough infrastructure, roads, schools etc?

Miss_Samantha wrote: »

Schools (and roads) are the council/government's responsibility.

But typically with the developers contributing towards the cost as part of the planning process.

AdrianC

davidmcn wrote: »

But typically with the developers contributing towards the cost as part of the planning process.

Indeed. Where required to by local government as part of the planning permission.

Apodemus

Miss_Samantha wrote: »

You have the same protests overtime you try to build a realistically-sized road.

Schools (and roads) are the council/government's responsibility.

Not entirely.

Roads on new developments are built by developers to a specification agreed with the local authority. Developers will want to minimise the scale of expense on roads and it is in their interest to minimise traffic-flow projections and other specifications. They are able to throw cash at expert reports that are difficult for a Council to refute, without being seen as unreasonably delaying occupation of much-needed homes.

For new developments, new schools (or expansion of existing schools) are partly paid for by developer contributions. Again there is a process of negotiation and a test of "reasonableness", which may not go in the local authority's favour. Even if a development makes a reasonable contribution to new school provision, it is very unusual for this to cover the total costs of construction/expansion, so the balance needs to be met from the Council's capital - in competition with a range of other much-needed projects.