Jump to content
House Price Crash Forum

freemoney

New Members
  • Content Count

    16
  • Joined

  • Last visited

About freemoney

  • Rank
    HPC Newbie
  1. Repayment mortgages risk being inflated out of value. Interest only mortgages risk ending up with nothing if you dont have a viable investment vehicle.
  2. I have another idea. Choose a mortgage product that does not penalise you for make overpayments. Then use this cash and pay off your mortgage early. Thats what I have been doing since the crunch. Only £20,000 left, and soon to vanish leaving me mortgage free. Surely that is the goal, not messing about with risky hedge funds and interest only mortgages. Although I am sure bankers think paying off your mortgage early is a really stupid idea.
  3. Yes but it would be unsecured borrowing and not borrowing against the roof over your head.
  4. I fail to see a benefit to Mortgage Equity Withdrawl. It is a cheap way of raising finance precisley because its is added to your most prized possesion, your home. Get a unsecured loan, and if you default, then your not putting yourself on the streets.
  5. If you get a repayment mortgage instead of interest only, you will end up owning a house outright without having to move in the future. If you have a interest only, you never pay off the debt and when your mortgage ends, you have paid all that money to the bank and dont own your home outright. Interest only mortgages are a bad deal for the consumer, but a great deal for the banks, unless you know something I dont.
  6. I have taken a look at my credit file online and I have around 15 defaults over the past 6 years. 4 CCJs all of which expire in Oct 2010. I am on the electoroll. I have never been any good at paying back credit. The only debt I have successfully repaid is my sub prime mortgage from which is now held with BARCLAYS. It was originally given to me by Clydesdale, but I have they have been merged or sold our debt. My interest rate on a repayment mortgage is 3.5% fixed for another 3 years and works out at just £550 a month. I applied for a sub prime credit card, aimed at putting your credit file back on track. I was accepted with a £500 credit limit from Capital One. I am thinking of paying a month off my mortgage with the credit card and just repay the minimum balance each month, so they offer me more credit. It just goes to show, is there any incentive to paying back your debts. Also it also shows the sub prime market is far from finished but booming. Total debts = Less that £30k I just default on everything besides a mortgage and let them drop off my credit file and do it all again.
  7. Why should Iceland pay back the UK ? Iceland took deposits from all over Europe especially from UK and NL. They then gambled that money away and subsequently broke the bank. The governments of the UK & NL stepped in and compensated their savers and now wanted Iceland to pay them the money back. They have had long enough for christ sake. It makes good business sense for the governments of the UK and NL to want to cover their loss their losses and in addition make a little something for their trouble. Iceland should pay UK and NL back all they owe and then some interest or else sanctions should be taken against the Icelandic people, state and financial contributions. When you live on a rock in the North Atlantic, you cannot afford to have sanctions taken against you.
  8. You also get a some hanky panky, if your that way inclined, good luck getting a leg over anything in that place.
  9. I dont seem to really care what, some Eurocrat in Brussels says where I live. If Southen England & France become the new Transmanche Zone, then so be it. I wont be losing too much sleep through worry about it. Sometimes, the press know how to wind us up and then theres time like this when they seem pathetic. No doubt the Daily Mail, wanted to spin some public opinion against labour. All they would need for that is a picture of Gordon Brown smiling.
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.