Monday, Aug 24, 2009
Party finally ending for the feckless
Telegraph: The party is over for borrowers with tracker mortgages
Lots of fixed rate mortgage resets in the coming months. This should get the market moving again!
Posted by paul @ 12:42 PM (1717 views) Add Comment
7 Comments
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1. uncle tom said...
I suspect that those who have scooped a windfall from these deals will have spent as much as they have saved, and there will be those who have suffered a fall in household income and will have real difficulty meeting the new payments.
Does anyone have any stats on how many of these there are?
~~~
Can't help feeling that the arrangement fees charged on many mortgage deals only serve to confuse and obfuscate. Is there a compelling argument why they shouldn't be banned?
2. stillthinking said...
"Confusopolies" are a necessary part of selling commodity products to the public. In this case what difference will it make for those in trouble? They can't move mortgage provider anyway.
3. mark said...
this could mean either bigger profits for banks or increased losses due to repos...
4. mrr19121970 said...
I feel very sorry for these people who have been ***missold*** these mortgages. But they should be able to get together and perform a 'group litigation order' to get out of the deal.
;)
5. mark wadsworth said...
Good to see that the state-owned banks Lloyds and Halifax have the lowest SVRs. I knew the government would look after taxpayers' money properly...
As Uncle Tom says, this is all good stuff, but how many borrowers will this affect over the next year? The article just says "many" which is not very helpful.
6. Tjm007 said...
I don't see how it was feckless to take one of these deals, save the difference or overpay - just financial good sense.
7. little professor said...
But most people didn't save the difference or overpay - I've got loads of colleagues that have been boasting about how much spare spending money they have now that their mortgage payments are next to nothing. It doesn't even cross their mind to overpay or set up a savings pot.