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Smi Still At 3.63%

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Given that the SMI rate is still at 3.63%, and that mortgage rates have been dropping like a stone recently, below 2% in some cases, it raises the question, how much of the Capital is being paid off for the borrower by the taxpayer, and how many are there? There must be a lot of people not believing their luck with the current arrangement. There was talk about charging those on SMI interest on their loan, but that`s gone quiet now.

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Still a bargain for tax payers compared to HB and they have to maintain their house out of their own money. No story here as far as I can see.

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No story except it keeps people in their homes, reduces the number of repos and therefore avoids price dscovery of the true value of housing? No story?

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It helps to keep the UK uncompetitive and economically unbalanced as a nation with high house prices and land prices. That and all the other house price props and subsidies.

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wot, defaulters dont get penalty rates and monthly £20 letters these days.

Not sure how these people can be getting the current rate drops either.

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No story except it keeps people in their the taxpayer-owned banks' homes, reduces the number of repos and therefore avoids price dscovery of the true value of housing? No story?

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Still a bargain for tax payers compared to HB and they have to maintain their house out of their own money. No story here as far as I can see.

Oh ffs, not this again. What about the costs imposed on millions of other people by this policy?

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Exactly what I thought

So no argument then?

Home owners should have the good grace to admit that they're only winning because that particular position was chosen. No other reason.

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Unemployed people with mortgages should get LHA at the same rate and with the same qualifying conditions as anybody else. Oh, and housing equity should count towards your assets for benefits-claiming purposes just as much as cash in the bank does.

This strange concept is called "fairness".

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Unemployed people with mortgages should get LHA at the same rate and with the same qualifying conditions as anybody else. Oh, and housing equity should count towards your assets for benefits-claiming purposes just as much as cash in the bank does.

This strange concept is called "fairness".

Beautifully put. Sadly will never happen.

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