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Tsunami Of Homeowners Falling Behind With Mortgages

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http://www.thisislondon.co.uk/money/article-23964891-a-tsunami-of-homeowners-falling-behind-with-mortgages.do

A "tsunami" of homeowners face falling behind on their mortgage repayments as soon as interest rates begin to rise, a leading banker has warned.

Richard Banks, the chief executive of UK Asset Resolution (Ukar), believes a "scary" number of families face being repossessed unless lenders prepare for higher rates.

In an interview with the Guardian, Mr Banks, whose organisation was set up to run the nationalised mortgages of Bradford & Bingley and parts of Northern Rock following the banking crisis, also said mortgage providers had been too lenient with some customers, forcing them further into debt.

Edited by nmarks

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I am torn between:

1) Let rates stay low for ages so my mortgage stays at 2.5%

2) Raise rates so the financially dumb go bust and house prices crash so I can buy a nice big dream home (and then let my other property become a long term "investment")

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Tsunami Of Homeowners Falling Behind With Mortgages

If they aren't paying the mortgage are they really homeowners.

Should the headline not read "Tsunami of squatters falling behind with mortgages"?

Edited by Goat

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If they aren't paying the mortgage are they really homeowners.

Should the headline not read "Tsunami of squatters falling behind with mortgages"?

Falling behind on the mortgage makes sense if they don't repossess.

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I am torn between:

1) Let rates stay low for ages so my mortgage stays at 2.5%

2) Raise rates so the financially dumb go bust and house prices crash so I can buy a nice big dream home (and then let my other property become a long term "investment")

I think you mean so the financially dumb go bust and followed by the majority of everyone else. If you think you can survive good luck to you.

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Dick W@nks, chief sensationalist should be commended on his sympathetic use of metaphor. Likening mortgagees to drowning tsunami victims will conjure up memories of the recent Japanese disaster. Dick W@nks will be joining Ratner's marketing team shortly. Let's just hope a tsnunami of turds doesn't drown this witless cold-calling cretin.

Edited by Xurbia

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Type 'house prices' into Google news and there are numerous articles about US house prices still falling and Canada, Oz and NZ about to crash... but here in the UK he madness continues...

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Just the latest in a week long media campaign to prepare for decreasing forbearance by banks.

There is nothing 'for bears' in forbearance for struggling mortgage debtors.

They've had more than enough given to them on top of SMI rules slackened down to 13 weeks, and until recently paying out above the interest owed for most people claiming it. Roll on January 2012, unless they extend it yet again.

From January 5, 2009 changes to SMI were made on a temporary basis to reduce the waiting period from 39 or 26 weeks to 13 weeks; and to increase the limit on eligible mortgages from £100,000 to £200,000. A two-year time limit was also introduced for receiving SMI for those claiming Jobseeker’s Allowance.These changes were due to expire on January 5, 2011. But as part of the comprehensive spending review the Government has extended these changes to January 4, 2012.

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There is nothing 'for bears' in forbearance for struggling mortgage debtors.

They've had more than enough given to them on top of SMI rules slackened down to 13 weeks, and until recently paying out above the interest owed for most people claiming it. Roll on January 2012, unless they extend it yet again.

The BoE has been banging the gong on banks being too lenient - if the banks start to tighten up on broken LTV covenants, converting to IO, and recapitalising arrears that will have a big impact. But I think what's in store is that banks will have to mark adjusted loans on their books, with some jiggery-pokery to save them from having to make provision for those adjustments.

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Low rates means money is cheap.

People still cant afford to buy a house, in the main.

Money is cheap, so it becomes worth less, therefore inflation is set...we already have this.

we are between a rock and a hard place.

People are going to default one way or the other...See Greece.

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Low rates means money is cheap.

People still cant afford to buy a house, in the main.

Money is cheap, so it becomes worth less, therefore inflation is set...we already have this.

we are between a rock and a hard place.

People are going to default one way or the other...See Greece.

Epic Fail

Greece is about to boom with a new Keynesian stimulus for Hard working Stavros's

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Epic Fail

Greece is about to boom with a new Keynesian stimulus for Hard working Stavros's

we should hand back the olympics.

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They've had more than enough given to them on top of SMI rules slackened down to 13 weeks, and until recently paying out above the interest owed for most people claiming it. Roll on January 2012, unless they extend it yet again.

Doesn't Jan 2012 mark the time people can no longer start claiming it? Someone who sneaks an application in on Dec 31st 2011 could still be getting help until the end of 2013, or have I not understood this correctly?

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When are the banks finished with SLS repayments? Are the banks likely to be less supportive of those behind with mortgages once they're no longer backed by public money?

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  • 312 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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