Mortgage holidays until Coronavirus is no longer a threat?

John_

PasturesNew said:

Traditionally, one'd take out, or at least investigate/consider taking out, a death/illness insurance policy to cover mortgage payments.  Back then people were more thoughtful of such things because the old Dole/Mortgage payments used to not kick in for 9 months.  It was reduced during the 07/08 crisis to its current 3 months or so. 

It'd be unfortunate if one were to miss a mortgage payment due to the current climate, but it shouldn't be somebody else's responsibility all the time to go round 4rse-wiping. 

Indeed. A lot of people who normally preach self-sufficiency seem to change their tune when they themselves failed to make appropriate provisions.

OP, you need to take out insurance if you are worried that you can’t service your debts, and save up a good emergency fund. It’s not the state’s place to pay your mortgage for you.

p00hsticks

Back then people were more thoughtful of such things because the old Dole/Mortgage payments used to not kick in for 9 months.  It was reduced during the 07/08 crisis to its current 3 months or so. 

It's back to 9 months now (9 consecutive universal credit payments or 39 weeks of any other qualifying benefit) unless you  get pension credit, when it kicks in straight away. And it's a loan now, not a payment

https://www.gov.uk/support-for-mortgage-interest/what-youll-get

jacko74

triathlon said:

I am sure there is going to be a lot of financial distress for a great many people this year, how about a mortgage holiday this year for when things start getting really tough?

I honestly can't tell anymore if Triathlon is a HPCer wumming the house price rampers... or a house price ramper wumming the HPCers!

triathlon

John_ said:

PasturesNew said:

Traditionally, one'd take out, or at least investigate/consider taking out, a death/illness insurance policy to cover mortgage payments.  Back then people were more thoughtful of such things because the old Dole/Mortgage payments used to not kick in for 9 months.  It was reduced during the 07/08 crisis to its current 3 months or so. 

It'd be unfortunate if one were to miss a mortgage payment due to the current climate, but it shouldn't be somebody else's responsibility all the time to go round 4rse-wiping. 

Indeed. A lot of people who normally preach self-sufficiency seem to change their tune when they themselves failed to make appropriate provisions.

OP, you need to take out insurance if you are worried that you can’t service your debts, and save up a good emergency fund. It’s not the state’s place to pay your mortgage for you.

This is not just some little blip, we are talking about millions of mortgaged homeowners having to take time off work, encouraged to take time off work. 

silvertooth

John_ said:

triathlon said:

I am sure there is going to be a lot of financial distress for a great many people this year, how about a mortgage holiday this year for when things start getting really tough?

How about Tesco give you free food, too, and Sky throw in some premium packages?

Onnthe flip side, airlines are struggling, so maybe everyone should be forced to pay up for the empty seats, then not use them, or just set up a direct debit to the airline to help them through.

There is a difference between real things and virtual units of fiat currency. It doesn’t cost anything for the government to create trillions more units of currency and give them to the people this time instead of the banks

silvertooth

Can anybody answer what is China doing about all the people not going to work for so long? How are they paying rents and mortgages?

https://youtu.be/m0rCB9enjG8

Jonbvn

Italy has just suspended mortgage payments according to a BBC article.
https://www.bbc.com/news/business-51814481
It sounds like they are proposing payment holidays.

silvertooth

Jonbvn said:

Italy has just suspended mortgage payments according to a BBC article.
https://www.bbc.com/news/business-51814481
It sounds like they are proposing payment holidays.

Do tenants still have to pay rent?

silvertooth

Jonbvn said:

Italy has just suspended mortgage payments according to a BBC article.
https://www.bbc.com/news/business-51814481
It sounds like they are proposing payment holidays.

Is there no interest applied during the holiday?

what about tenants not able to pay their rent? Is the government going to give all landlords a holiday on their mortgages and if so how long until the banks totally collapse due to no income?

Herzlos

Sounds like Italy is considering the same, but they've essentially shut the country down so people will likely not be getting paid.