Jump to content
House Price Crash Forum
Sign in to follow this  
exiges

Ask The Government To Cancel Smi Payments

Recommended Posts

The claim is that paying unemployed persons mortgage interest is propping up house prices artificially. I think it would only have this effect if it were a benefit without end. It should be limited to 12 months only. The cost, both human and monetary of people going into arrears and becoming repo's for short term unemployment is too high to just cancel this help.

Share this post


Link to post
Share on other sites

Paying mortgage should be taxable expense, that's treated just like a business loan.

Afterall your not taking up the "right " of council housing that's for the "scroungers"

Edited by Zngland

Share this post


Link to post
Share on other sites

Paying mortgage should be taxable expense, that's treated just like a business loan.

Afterall your not taking up the "right " of council housing for the "scroungers"

So should private renting then

Share this post


Link to post
Share on other sites

So should private renting then

Never really thought of that angle , you have a point that is for sure , just like travelling to work.

I think on both counts the politicians have it their way.

Share this post


Link to post
Share on other sites

Coment Added

What a fool I was when I took out mortgage payment protection insurance, apparently I don't actually need it.

Do I have a valid case for miss selling ?

Share this post


Link to post
Share on other sites

Won't happen. Why not suggest something that might like adding the interest paid to the mortgage once the borrower gets a job. That way the taxpayer gets the money back and the borrower pays the real cost.

Share this post


Link to post
Share on other sites

Won't happen. Why not suggest something that might like adding the interest paid to the mortgage once the borrower gets a job. That way the taxpayer gets the money back and the borrower pays the real cost.

Agreed. SMI is designed to protect the mortgage lenders and to prop up asset prices not to help borrowers. Falling house prices equals banks failing balance sheet stress tests which will trigger demands for more bailouts. Collapsing house prices may be good for many HPC denizens and for the long term future of the economy but I very much doubt that they are something Osbourne and the Treasury want to see in the medium term. The government might want to take up your proposal but of course that will do nothing to bring down the UKs ludicrously high property valuations which is what most people on here want to see.

Edited by realcrookswearsuits

Share this post


Link to post
Share on other sites

The best bit is the gov pays out on the assumption that your interest is 5%. Current interest rates? 0.5%

The government is paying of the principle of many claimants as well as the interest.

Share this post


Link to post
Share on other sites

The best bit is the gov pays out on the assumption that your interest is 5%. Current interest rates? 0.5%

The government is paying of the principle of many claimants as well as the interest.

the tentacles of govt all wrappping all destroying of sense.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 150 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%



×
×
  • 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.