Saturday, May 05, 2007
"Hardship" fund for people who took loans out against their home
BBC News: Help for elderly in mortgage trap
Basically, these people took out loans of around 25% of the value of their homes 10 years ago. The loan stipulated that when they sold their house, 75% of the rise in value would go to the bank.
This story is full of emotive quotes like "I ended up paying back £96,680 for a £20,000 loan" but basically these people have homes, and are getting a hardship fund set up for them - not because they're in hardship, but because the terms of this deal would put them in a similar situation to first time buyers!
Posted by paulos @ 06:38 PM (121 views) Add Comment
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