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okaycuckoo

Wales Mortgage Rescue Scheme Grinds To Halt

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This is the scheme that funnels central government funds through local authorities to buy out the mortgages (and charges - don't forget the plurality!) of homeowners most at risk, with ownership transferring to housing associations on a below-market rental for the lucky mortgagors.

I came across one of these today - just about to be completed - on a property that had been bought from the council on the right-to-buy scheme for £27k fifteen years ago. The owner is ex-forces, decent guy, remortgaged over the years to improve the property, lost his job six months ago, and has a valuation of £185k. This leaves him some equity, with which he proposes to pay off his unsecured debt at about 50p on the £.

You tell me who really has benefited from this farce - does it begin with Bank and end in -ster?

http://www.sheltercy...ar=2010&Det=220

Mortgage Rescue Scheme: update

07 June 2010

Following further discussions between Shelter Cymru and Welsh Government officials, it is clear that the Mortgage Rescue Scheme has been a victim of its own success. In short, all the funds have already been allocated and the scheme is unable to deal with any new applicants

Final question: Will Downing St pull the plug across the country?

Edited by okaycuckoo

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remortgaged over the years to improve the property

It's amazing how everyone that remortgaged did it to 'improve the property'

You tell me who really has benefited from this farce - does it begin with Bank and end in -ster?

Why does it always have to be the hamster that gets the blame.

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So how does that work then?

Assuming they have used all the money then does it mean that they will somehow find money for all those who were already on the scheme or does it mean all those people who were 'saved' will now be 'unsaved'?

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It's amazing how everyone that remortgaged did it to 'improve the property'

Why does it always have to be the hamster that gets the blame.

Dunno. That's the way it works on Top Gear.

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So how does that work then?

Assuming they have used all the money then does it mean that they will somehow find money for all those who were already on the scheme or does it mean all those people who were 'saved' will now be 'unsaved'?

The scheme is a one-off "buy-out" scheme, not the pay-your-motgage-for-2-years scheme.

Essentially it involved buying houses at peak prices to avoid them going on the open market and crashing house prices big time.

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The scheme is a one-off "buy-out" scheme, not the pay-your-motgage-for-2-years scheme.

Essentially it involved buying houses at peak prices to avoid them going on the open market and crashing house prices big time.

Thanks.

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So how does that work then?

Assuming they have used all the money then does it mean that they will somehow find money for all those who were already on the scheme or does it mean all those people who were 'saved' will now be 'unsaved'?

Once the money is paid over that's it - signed, sealed, delivered. A good deal for the people of Brrrritayne.

Those in the queue will have to hope. The deals in England were very few last year, but more and more being done now - still a drop in the bucket. So I wonder if the government will weigh the relatively small expense against the damage of a Daily Mirror "nasty party" headline.

Edited by okaycuckoo

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It's amazing how everyone that remortgaged did it to 'improve the property'

...they should ask and only progress against receipts....dishonesty is always in the air when it comes to money....don't trust anyone.... :)

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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