Friday, May 30, 2008
But it's okay - repayments are affordable
Guardian: Quarter of borrowers relying on windfall to pay off mortgage
Another poke in the eye for the dim VIs who claim there are fewer interest-only loans now - forgetting that interest-only these days means interest only, with no repayment plan. Even the CML, prince of the VIs, grudgingly acknowledges as much. "Oh sh1t ...."
Posted by letthemfall @ 04:11 PM (476 views) Add Comment
3 Comments
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1. housebear said...
A lot of people think they have a right to to own property in this country.
I'm sure a lot of these so called property owners look down on people renting.
In reality when buying on interest only, they are doing nothing more than renting from the bank.
Will the bank fix the boiler, cooker washer ect?
NO.
INTEREST ONLY= fur coat and no knickers!
The new underclass. Some chavs have probably got more brass to rub together!
2. uncle tom said...
Although I don't think it likely, it begs the question 'what happens if house price deflation is accompanied by wider deflation?'
Although interest rates would be low, you would see falling incomes while the debt remained unchanged...
[I actually believe we will see higher inflation, with mean wages failing to keep pace]
3. confused76 said...
'It reflects the fact that some people haven't been funding their mortgages properly"
Surprise, surprise