nmarks Posted June 30, 2011 Share Posted June 30, 2011 (edited) 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 June 30, 2011 by nmarks Quote Link to comment Share on other sites More sharing options...
jfk Posted June 30, 2011 Share Posted June 30, 2011 Quote Link to comment Share on other sites More sharing options...
Superted187 Posted June 30, 2011 Share Posted June 30, 2011 I'll get me surf board Quote Link to comment Share on other sites More sharing options...
IDN Posted June 30, 2011 Share Posted June 30, 2011 http://www.thisislondon.co.uk/money/article-23964891-a-tsunami-of-homeowners-falling-behind-with-mortgages.do yer yer yer IR aren't going up anytime soon :angry: :angry: :angry: :angry: :angry: Quote Link to comment Share on other sites More sharing options...
nohpc Posted June 30, 2011 Share Posted June 30, 2011 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") Quote Link to comment Share on other sites More sharing options...
Goat Posted June 30, 2011 Share Posted June 30, 2011 (edited) 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 June 30, 2011 by Goat Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted June 30, 2011 Share Posted June 30, 2011 Just the latest in a week long media campaign to prepare for decreasing forbearance by banks. Doesn't matter whether a base rate rise is in prospect. Quote Link to comment Share on other sites More sharing options...
leicestersq Posted June 30, 2011 Share Posted June 30, 2011 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. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted June 30, 2011 Share Posted June 30, 2011 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. Quote Link to comment Share on other sites More sharing options...
Xurbia Posted June 30, 2011 Share Posted June 30, 2011 (edited) 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 June 30, 2011 by Xurbia Quote Link to comment Share on other sites More sharing options...
Ritters Posted June 30, 2011 Share Posted June 30, 2011 We're gonna scare yer so we don't have to put rates up. Expect loads of the same next week as it's BoE meeting Weds/Thurs Quote Link to comment Share on other sites More sharing options...
long time lurking Posted June 30, 2011 Share Posted June 30, 2011 We're gonna scare yer so we don't have to put rates up. That's the way I see it ,it`s like clock work ,at the turn of the month the how fecked we are if interest rates rise story's start Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted June 30, 2011 Share Posted June 30, 2011 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... Quote Link to comment Share on other sites More sharing options...
sarahleyburn Posted July 1, 2011 Share Posted July 1, 2011 Just the latest in a week long media campaign to prepare for decreasing forbearance by banks. Doesn't matter whether a base rate rise is in prospect. +0.25. My thoughts exactly. Quote Link to comment Share on other sites More sharing options...
Venger Posted July 1, 2011 Share Posted July 1, 2011 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. Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted July 1, 2011 Share Posted July 1, 2011 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. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted July 1, 2011 Share Posted July 1, 2011 If they aren't paying the mortgage are they really homeowners. I think they mean "mortgage owners". Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted July 1, 2011 Share Posted July 1, 2011 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. Quote Link to comment Share on other sites More sharing options...
Georgia O'Keeffe Posted July 1, 2011 Share Posted July 1, 2011 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 Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted July 1, 2011 Share Posted July 1, 2011 Epic Fail Greece is about to boom with a new Keynesian stimulus for Hard working Stavros's we should hand back the olympics. Quote Link to comment Share on other sites More sharing options...
guitarman001 Posted July 1, 2011 Share Posted July 1, 2011 I'll get me surf board LMAO Quote Link to comment Share on other sites More sharing options...
symo Posted July 1, 2011 Share Posted July 1, 2011 Quote Link to comment Share on other sites More sharing options...
rantnrave Posted July 1, 2011 Share Posted July 1, 2011 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? Quote Link to comment Share on other sites More sharing options...
rantnrave Posted July 1, 2011 Share Posted July 1, 2011 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? Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.