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I didn't even know mortgage interest benefit was still a thing...

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Not repaid until the house is sold.Im not sure on that.Im sure the loan needs to be paid if your income goes up.Il have to look at all the rules once they are up in April next year.One things sure,a second charge on a house will mean you cant re-mortgage if its eaten up the equity because otherwise someone could simply re-mortgage up to the full house value and avoid paying the loan back on sale.

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5 minutes ago, nothernsoul said:

Contrast how sympathetic this Mail article is compared to ones written about people claiming other benefits. 

 

Very good point. I'd not registered that.

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Quote

She is already struggling with arrears on her mortgage interest, having been granted a self-certification interest-only loan in March 2006 by then Lehman Brothers-owned mortgage lender Southern Pacific Mortgages Ltd (SPML). 

Sub-prime bingo full house right there!

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1 hour ago, nothernsoul said:

Contrast how sympathetic this Mail article is compared to ones written about people claiming other benefits. 

 

yes home 'owners' are a privileged group.

A friend of mine has separated from mother of his kids but she still lives in the house they jointly own. The mortgage interest is paid by the state . My friend believes when the kids are grown and house sold he is going to benefit from the hpi gains (Essex) at least a doubling in price and yet he hasn't contributed anything during that period of hpi....he contributed only a little at the outset....i dont get it.

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7 minutes ago, Wayward said:

yes home 'owners' are a privileged group.

A friend of mine has separated from mother of his kids but she still lives in the house they jointly own. The mortgage interest is paid by the state . My friend believes when the kids are grown and house sold he is going to benefit from the hpi gains (Essex) at least a doubling in price and yet he hasn't contributed anything during that period of hpi....he contributed only a little at the outset....i dont get it.

He wont either

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How come pensioners get to incur interest at the gilt rate (2ish%) for their government sponsored loan, while students have to pay RPI + 3% for theirs?

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Why are they removing the two year limit on this,  without wishing to sound callous, if they cant pay the mortgage by then its unlikely they ever will. Are these changes in anticipation of a serious economic depression where home owners will be kept on lifesupport? 

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I have two accounts at Nationwide with £1 in each and I don't have a mortgage anywhere.

Today was the first time they sent me a letter wanting to save me money on my mortgage. It included a 'Borrowing in Retirement' scheme. I can apply any time before my 80th birthday and use the money for home improvements, downsizing and helping the family with expenses like University fees. I cannot use it for debt consolidation, savings or investments because that could affect my entitlement to benefits. Do they have an eye on SMI?

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17 hours ago, TheCountOfNowhere said:

He wont either

hope you are right (even if he is my friend) but I am not sure on the law on this point...I expect you are wishful thinking also???  or do you know??

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2 hours ago, Wayward said:

hope you are right (even if he is my friend) but I am not sure on the law on this point...I expect you are wishful thinking also???  or do you know??

Doesn't it depend on the exact financial order in that particular divorce? That usually specifies what percentage of the equity each partner should receive once the house has to be sold.  But a percentage of any uplift in value is still money for doing naff all.

 

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  • 293 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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