Jump to content
House Price Crash Forum
interestrateripoff

Britain Is Facing A Reposession Timebomb, Vince Cable

Recommended Posts

http://www.telegraph.co.uk/finance/persona...cue-Scheme.html

The scheme, which cost more than £280 million to put in place, was launched at the beginning of this year, with the Government saying it would reach its 6,000 target within two years.

But increasing numbers of households are struggling to meet their monthly mortgage payments and face losing their homes amid the recession.

Politicians described the figures as "absolutely pitiful", saying it didn't begin to address the true extent of the problem facing Britain's home owners.

Liberal Democrat Treasury spokesman Vince Cable said: "Repossession is a ticking time bomb.

"The numbers of repossessions are likely to soar in the next two years because of rising unemployment. Temporary Government schemes are deferring the problem, not solving it."

And he warned: "If interest rates start to rise next year, the problem will become even more severe."

Almost 1,000 home owners are being evicted every week, according to the Council of Mortgage Lenders.

Repossession numbers reached 12,800 in the first three months of this year, a rise of more than 50 per cent from 8,500 this time last year.

Housing Minister John Healey said: "We have put in place help for home owners struggling with their mortgage at every step of the way."

But the problem is now so severe that the Government is establishing a new team to fast-track the cases of those most at risk of repossession.

Under the Mortgage Rescue Scheme, eligible families can either get an equity loan to reduce their mortgage, or sell their home and remain as tenants.

It is one of several Government measures to help struggling home owners, which include the Homeowners Mortgage Support Scheme, which allows home owners facing a loss of income to reduce their monthly mortgage payments for up to two years.

By the end of May, 200 households had repossessions proceedings stopped while they were being assessed for the Mortgage Rescue Scheme.

If we have a repossession timebomb we also have a council housing shortage timebomb as well, just where are these people going to live?

Cable is spot on with it's deferring the problem and not solving it.

The problem is debt but no one is willing to tackle the issue.

Share this post


Link to post
Share on other sites
Cable is spot on with it's deferring the problem and not solving it.

Deferring it for the Tories is a solution for New Labour. It's quite a cunning plan ... just as a generation of people (and their children) thrown out of work hated Thatcher, a generation (and their children) of people thrown out of their homes will end up hating Cameron. After all, it'll be the fault of the "do nothing Tories" for refusing to help hard-working families.

Share this post


Link to post
Share on other sites
Guest DissipatedYouthIsValuable

Viince Cable still making sense.

Share this post


Link to post
Share on other sites

It will sort itself out eventually.

There are plenty of emtpy office blocks and shops to use, once unsold newbuild flats are requisitioned first.

Share this post


Link to post
Share on other sites
If we have a repossession timebomb we also have a council housing shortage timebomb as well, just where are these people going to live?

It's not a problem, there is a standing plan for a mass-homelessness situation, effective since WW2.

They'll start with B&Bs and when they are full it will be B&Bs for high-risk people (famalies with babies) and bunks in community centers for the rest. Once those are full they'll just be moved into the camps... ex-army and air-force bases converted to house people en-mass.

The plan was last used in earnest when there was that east coast flood a couple of decades ago, and the first stages were put into action (with the later stages being prepared) when the high-tide flooding was predicted on the east coast a couple of years back and when gloucestershire flooded.

The plan is no secret.

Share this post


Link to post
Share on other sites
It's not a problem, there is a standing plan for a mass-homelessness situation, effective since WW2.

They'll start with B&Bs and when they are full it will be B&Bs for high-risk people (famalies with babies) and bunks in community centers for the rest. Once those are full they'll just be moved into the camps... ex-army and air-force bases converted to house people en-mass.

The plan was last used in earnest when there was that east coast flood a couple of decades ago, and the first stages were put into action (with the later stages being prepared) when the high-tide flooding was predicted on the east coast a couple of years back and when gloucestershire flooded.

The plan is no secret.

Excellent so in a few decades these tenants will have the right to buy them then?

Tent city here we come.

Share this post


Link to post
Share on other sites

2 large Victorian council houses a street away from me have been empty for 4 years.

They finally got squatted last week, I feel like going round with some cake for them.

The council flat next door to me has now been empty for over a year. They put a metal door on it yesterday (probably because of the nearby squatters).

Share this post


Link to post
Share on other sites
It's not a problem, there is a standing plan for a mass-homelessness situation, effective since WW2.

They'll start with B&Bs and when they are full it will be B&Bs for high-risk people (famalies with babies) and bunks in community centers for the rest. Once those are full they'll just be moved into the camps... ex-army and air-force bases converted to house people en-mass.

The plan was last used in earnest when there was that east coast flood a couple of decades ago, and the first stages were put into action (with the later stages being prepared) when the high-tide flooding was predicted on the east coast a couple of years back and when gloucestershire flooded.

The plan is no secret.

This of course means rounding people up at gunpoint - unlike the floods, there will be plenty of empty property for people to go and live in.

Share this post


Link to post
Share on other sites
It's not a problem, there is a standing plan for a mass-homelessness situation, effective since WW2.

They'll start with B&Bs and when they are full it will be B&Bs for high-risk people (famalies with babies) and bunks in community centers for the rest. Once those are full they'll just be moved into the camps... ex-army and air-force bases converted to house people en-mass.

The plan was last used in earnest when there was that east coast flood a couple of decades ago, and the first stages were put into action (with the later stages being prepared) when the high-tide flooding was predicted on the east coast a couple of years back and when gloucestershire flooded.

The plan is no secret.

They won't need to use plans for natural disasters, really.

These are for use when many thousands of people are physically made homeless by some sort of actual disaster causing their houses to be destroyed or badly damaged.

It won't make sense for the government to be housing thousands of people in "camps" while their former houses stand empty, will it?

Share this post


Link to post
Share on other sites
They won't need to use plans for natural disasters, really.

These are for use when many thousands of people are physically made homeless by some sort of actual disaster causing their houses to be destroyed or badly damaged.

It won't make sense for the government to be housing thousands of people in "camps" while their former houses stand empty, will it?

With this labour government?

Share this post


Link to post
Share on other sites
didn't begin to address the true extent of the problem facing Britain's home owners.

Here we go again!

Home owners do not have a problem

only those with a mortgage

& they are locked into a (usually) long term buying process using a secured loan with the lender holding the deeds.

They are not ********* owners!!!!!!

Share this post


Link to post
Share on other sites
Here we go again!

Home owners do not have a problem

only those with a mortgage

& they are locked into a (usually) long term buying process using a secured loan with the lender holding the deeds.

They are not ********* owners!!!!!!

no but they are hard working families.

Share this post


Link to post
Share on other sites
http://www.telegraph.co.uk/finance/persona...cue-Scheme.html

If we have a repossession timebomb we also have a council housing shortage timebomb as well, just where are these people going to live?

Cable is spot on with it's deferring the problem and not solving it.

The problem is debt but no one is willing to tackle the issue.

This again is about joined up thinking is it not. You move someone out of a property they can no longer afford to pay the mortage on into rented accomodation they cannot afford the rent on so you pay them housing benefit. So the lender loses potentially 30 % + on the value of the property depending on what they can get for it at auction and then the government step in and pay housing benefit either for families to stay in hugely expensive but awful hotels that take homeless people, or private rented accomodation.

There has to be a better way.............

Share this post


Link to post
Share on other sites
Deferring it for the Tories is a solution for New Labour. It's quite a cunning plan ... just as a generation of people (and their children) thrown out of work hated Thatcher, a generation (and their children) of people thrown out of their homes will end up hating Cameron. After all, it'll be the fault of the "do nothing Tories" for refusing to help hard-working families.

Yup, since WWII this is how the Labour Party has worked. A shameful group of chip-shoulderers ...

Share this post


Link to post
Share on other sites
Viince Cable still making sense.

Cable is that rare beast: a politician with a modium of common sense and financial acumen.

Although it's not a difficult equation to solve:

an increase in unemployment + an increase in interest rates = booming business for the repo man

Edited by Danny Deflation

Share this post


Link to post
Share on other sites
Viince Cable still making sense.

+ 1

Big shame Nick Clegg is such an uninspiring piece of wallpaper (and i voted LD in the euro elections and prob will at the GE just to try and get electoral reform)

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   295 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

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.