Tuesday, Nov 25, 2008
Banks agree to follow the rules for a change
Times: Banks agree to give mortgage holders more time to pay
Homeowners who are struggling to meet mortgage repayments were given a lifeline yesterday as some of Britain’s biggest lenders agreed not to repossess properties until at least three months after borrowers first go into arrears. Repossession would only be sought as a last resort after other alternatives, such as a minimum payment plan, had been pursued. However the Council of Mortgage Lenders (CML) said that not all borrowers would be protected by the three-month “moratorium” on repossessions because only a handful of big lenders had agreed to the proposal. Customers with sub-prime or buy-to-let deals from smaller, specialist lenders could still be repossessed within three months.
Posted by drewster @ 02:04 AM (615 views) Add Comment
8 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. matt_the_hat said...
I feel like asking my landlord if I can make the minimum payments and not pay rent for 3 months - what do you think is answer will be.
If you rent you have a choice - move to a real country that values you. Can anyone tell me what normal productive people who keep this country going got in the pre-budget report
2. Alan Lubin said...
Assuming that this just applies to owner occupiers - 3 months seems reasonable to me. as long as they don't extend it to lie-to-bet deals then fair enough. families get a chance to keep a roof over their heads (i'd have to pay for their re-housing anyhow) and the gamblers still get burned.
3. Mameha said...
I can understand protecting people who bought a first home at a stretch and got stung, but I think they have to punish the buy-to-letters. Those were the guys really being greedy at the expense of first time buyers.
4. last_days_of_disco said...
"Can anyone tell me what normal productive people who keep this country going got in the pre-budget report"
In any budget report since this work shy bunch of spongers called new Labour came to power you mean. All elites offer their followers the ultimate delusion, something for nothing. They then proceed to take that something from someone else. That is the trade you make with any elite that offers you free stuff in order to look the other way while they run the place.
5. jackas said...
Matt - don't be a mug and work hard and save like me
just go out and buy things you can't afford to keep - the government will help you
6. matt_the_hat said...
3. jackas - I would do but like gideon (george osbourne) said yesterday, the government have designed a lazar guided pin-point accuracy weapon of financial mass destruction, and it was targeted to cause maximum destruction for everyone in my position - renter, saver, worker. It feels like being in the centre of bagdad with shock and whore (or something like that).
7. jackas said...
matt,
Unfortunately we are not in the majority in the country. I feel like an alien every time I read a newspaper report about overstretched homeowners and businesses screaming for lower interest rates. The only hope that we have is the government forcing interest rates up through crowding out the capital markets and resisting the urge to turn the printing press on. Somehow I can't see that happening.
I feel like the whole nation is being hoodwinked by this government.
8. fjcruiser said...
I wonder how long before we need to knock on the IMF door.