Friday, May 14, 2010
Soon.....
Yahoo: Five million home owners unable to afford interest rate rise
More than five million home owners will be unable to afford a rise in interest rates and will be in danger of being evicted from their homes, charities have warned.
Posted by mark @ 10:55 AM (1458 views) Add Comment
18 Comments
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1. This comment has been removed as it was found to be in breach of our Blog Policies.
2. jack c said...
This article was posted up yesterday by happy mondays - currently has 13 comments
3. 51ck-6-51x said...
smugdog,
Firstly, I think you are jumping to conclusions far too readily. I read, "Soon..." and thought Mark meant he thinks rates will rise soon (although I don't agree that it'll be particularly soon myself).
Secondly, I think your last comment is pathetic - I almost clicked Report Comment as I think it is rude and offensive, but I decided to leave that up to others (especially Mark, as it's a personal attack) to decide. It certainly adds no value to the blog entry and I think you should refrain from such behaviour.
Lastly
...what are you thinking making all those redundant paragraphs;
what
function
do
they
serve
?
!
4. This comment has been removed as it was found to be in breach of our Blog Policies.
5. drewster said...
smuggy,
One man's repossession is another man's chance to buy an affordable home - overall there are no losers. It just so happens that those who have to move out scream loudly, whereas those who stand to benefit barely even realise it.
Repossession is unpleasant for the people who have to move out, but what's the alternative? Should taxpayers (i.e. the rest of us) be forced to cover the mortgage payments of the greedy and reckless, or the liar-loans stated-income mortgage holders?
6. jack c said...
Lets be honest the whole thing is really very simple - if you purchase a residential property with a mortgage secured against it then it is your responsibility - end of story (standard paragraph applies - "your home maybe repossessed if you do not keep up repayments on your mortgage"). The mortgage should be based upon genuine affordability with a safety factor built in eg for rise in interest rates and then underpinned by the following:-
Adequate buildings and contents ins (for obvious reasons - remember those numpties in Hull who were dumpling the 32" LCD TV's etc in the skip after severe flooding but had no insurance and hounded Prescott for a bailout)
Life Ins - pays the mortgage off in event of premature death
Critical ilness Insurance - lump sum gives the option to settle mortgage in full in event of policy holder suffering specified critical ilness (heart attack, cancer, stroke etc..)
Mortgage Payment Protection Ins - regular monthly income payable short term in event of accident/sickness or involuntary unemployment.
Income protection (PHI) - protects income in event of long term sickness or disability
The solutions to the problems (financial protection) associated with property purchase are generally available via private arrangement and they are not typically that expensive.
7. doomwatch said...
Leave it out boys. Slugdog is obviously not in a good place this week after the new CGT rules were released.
I really hope Slugdog can cash in before 50% "profit" is taken by the Eaton clubbers in 48 days.
8. alan_540 said...
This goes back to Mark threatening to sue Smuggy a few days ago following one of Smuggy's typical troll-like posts.
Kiss and make up boys.
9. jack c said...
Smuggy only comes on here to taunt - I have yet to see a post from him with any constructive content
10. alan_540 said...
Agreed, but he does raise a wry smile from time to time.
11. wiltshire said...
Jack C @ 9 sums it up perfectly. Although I don't have time to post much at the moment I am sure to never respond to anything Smugdog writes - it's pointless and just encourages him.
12. the number cruncher said...
Smugdog. has one good point through his posts in that when the crash does occur properly, its the children and families that will suffer. and our glee (and that include me) should not forget that fact
It is no joke that the HPC will increase the incidence with domestic violence, increased marriage breakups and suicides. Call me a bleeding heart lefty, but I can feel the tears of the children and we should all show a little humility when he mentions that.
The rest of what he says in his posts is B*ll*cks.
13. mark wadsworth said...
Drewster: "One man's repossession is another man's chance to buy an affordable home - overall there are no losers..."
Exactly. But Home-Owner-Ism is so deeply engrained in us - quite literally, because the Normans and their descendants used to execute people who refused to play along, like poachers - that somehow, there is a stigma attached to buying a repossessed property. It is a far more heinous crime that gazundering, let alone gazumping.
FFS, we are not talking about "possessed" properties (like in horror films) we are talking about buying something of somebody who borrowed recklessly.
14. mr g said...
NC@12
Yes, you are a bleeding heart lefty but you're correct in what you say! (On this occassion)
15. sureseam said...
However well we have or haven't positioned ourselves, the social pain of what ever happens next with our housing market will be ugly. Painful when repossession happens to oneself and agonizing when watching friends and family go through it.
We are still in the phase where it is credible to think that the government can protect consumers from financial folly. The truth is that we are more than consumers and no government can sustainably protect the housing market. Central governments have conspired to have artificially low interest rates and so in a sense they feel responsible because they are responsible.
16. tenyearstogetmymoneyback said...
Drewster said "Should taxpayers (i.e. the rest of us) be forced to cover the mortgage payments of the"" liar-loans stated-income mortgage holders"
We have been for years. Do you think these people pay tax ?
The Inland Revenue should go back through all the Self Certification Mortgages to check that the correct amount of tax
has been paid on peoples declared incomes. As the Government owns the Bradford and Bingley and most of the other
Self Cert mortgage providers it shouldn't be difficult.
17. smugdog said...
On reflection, my tone at post @1 was childish and immature.
I therefore apologise for this.
This will be my last post here as I feel that many prefer the
one sided 'smoking room' debate and without 'troll' interference.
It will be quite a stir over the next 12 months with winners
and losers.
I wish you all well in your endeavours
18. vacuouspolitician said...
17. smugdog said...
Not me Smug. It appears that someone has removed your comment...so I didn't read what you put...but all I can say is keep posting and don't let the 'elite' drive you away. Just because they don't like what you say...all I can say to them is...tough... its a free world!
I'm sure it's just because you don't ar5elick around a certain know-it-all poster who seems to be able to call others but doesn't like it back with interest, this doesn't mean that your posts aren't as valid as his. Besides that, they are amusing and it is welcome to get another perspective... and lets face it... it isn't as boring as wading through dozens of posts from these city shysters. Jar Spoon Spoon Jar.
All the best.