okaycuckoo Posted June 7, 2010 Share Posted June 7, 2010 (edited) 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 June 7, 2010 by okaycuckoo Quote Link to comment Share on other sites More sharing options...
_w_ Posted June 7, 2010 Share Posted June 7, 2010 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. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted June 7, 2010 Share Posted June 7, 2010 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'? Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted June 7, 2010 Author Share Posted June 7, 2010 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. Quote Link to comment Share on other sites More sharing options...
RufflesTheGuineaPig Posted June 7, 2010 Share Posted June 7, 2010 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. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted June 7, 2010 Share Posted June 7, 2010 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. Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted June 7, 2010 Author Share Posted June 7, 2010 (edited) 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 June 7, 2010 by okaycuckoo Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted June 7, 2010 Author Share Posted June 7, 2010 Bump. Don't want forum to abandon its purpose for another evening of student-union outrage over bullfighting/gaza. Quote Link to comment Share on other sites More sharing options...
South Lorne Posted June 7, 2010 Share Posted June 7, 2010 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.... Quote Link to comment Share on other sites More sharing options...
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