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Fletcher

1000s more households face losing their homes after switch to UC

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If only there was some sort of insurance policy people could take out to protect their loan repayments in the event of not being able to work due to a redundancy, then we'd have far fewer problems with benefits.

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8 minutes ago, Diver Dan said:

If only there was some sort of insurance policy people could take out to protect their loan repayments in the event of not being able to work due to a redundancy, then we'd have far fewer problems with benefits.

If only there was some means family could do something to pay for their living cost.

Maybe they could go somewhere, mon- fri, 9am til 530pm. And someone could give them money.

I know, far fetched isnt it.

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4 minutes ago, spyguy said:

If only there was some means family could do something to pay for their living cost.

Maybe they could go somewhere, mon- fri, 9am til 530pm. And someone could give them money.

I know, far fetched isnt it.

???? choked on my smoke 

 

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8 minutes ago, spyguy said:

If only there was some means family could do something to pay for their living cost.

Maybe they could go somewhere, mon- fri, 9am til 530pm. And someone could give them money.

I know, far fetched isnt it.

I wasn't actually being serious.

Underemployment is really the big problem for a lot of folk in the current economy and universal credit, while possibly a good idea in theory for smoothing out the peaks and troughs of unstable incomes; it has been a disaster in its implementation so far.

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1 hour ago, Fletcher said:

You missed the best part off:

"Thousands more households in danger of losing their homes after switch to universal credit as critical safety net is removed, banks warn"

As if the bankers care about the people, instead of taking a loss on a forced sale asset. It's just a give us more taxpayer's money. SMI is another bank bailout. Bankers want it increased and to last forever, so they can lend more in the casino but get their losing bets repaid.

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11 hours ago, Fletcher said:

Anything to do with that ball achingly boring early morning finance radio show?  Only second to Farming Today that one.

Anyways, went straight to the photo as you do.  Yeh, nothing worse than having to work after a bender.  But then read that caption thing - "UK Finance, the banking trade body, has warned.....".  What, like I'm a tool?  Sure, and I've got a submarine to sell you.

Toshers.

Edited by Fence

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10 hours ago, Diver Dan said:

I wasn't actually being serious.

Underemployment is really the big problem for a lot of folk in the current economy and universal credit, while possibly a good idea in theory for smoothing out the peaks and troughs of unstable incomes; it has been a disaster in its implementation so far.

 

You say it's a big problem but everyone I know who claims tax/universal credits have CHOSEN to be underemployed (i.e part-time) even though permanent full time hours are available to them.

 

 

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10 hours ago, spyguy said:

If only there was some means family could do something to pay for their living cost.

Maybe they could go somewhere, mon- fri, 9am til 530pm. And someone could give them money.

I know, far fetched isnt it.

Excellent!

 

In addition, if housing costs were lower, as rents as well as house prices, then the financial strain would be less. Does that somehow go against the bank's interests?

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14 hours ago, spyguy said:

If only there was some means family could do something to pay for their living cost.

Maybe they could go somewhere, mon- fri, 9am til 530pm. And someone could give them money.

I know, far fetched isnt it.

somewhere=pub/snooker club/social club

money=benefits

someone=govt (via borrowing+taxpayer)

 

this already happens.

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Im still waiting on the small print for the loans for SMI from April.Is the loan a 2nd charge?.Will the banks count it for a re-mortgage ie equity eaten up in the 2nd charge?.

What is the repayment scheme?.What % of income and over what level?

What happens when the 2nd charge keeps growing and there is no equity ?.

This is a very good move of course,and will stop people getting the state to pay the mortgage then passing on the equity/MEWing,equity release pension etc later.

This doesnt work so well on interest only mortgages though as there might never be any equity.

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And if only there was something the banks could do to spread the risk a bit.  Phew, I don't know, maybe bundle them up and sell them on or something.

Edited by Fence

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6 hours ago, Fence said:

And if only there was something the banks could do to spread the risk a bit.  Phew, I don't know, maybe bundle them up and sell them on or something.

And if there was only way to pay for that risk premium across the financial system, like raising IR spreads say.

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The same story has a link to this

http://www.thisismoney.co.uk/money/mortgageshome/article-4962692/Thousands-low-income-pensioners-risk-losing-homes.html

Quote

One lady, aged 68 and who wished to remain anonymous, got in touch with This is Money claiming that her mortgage lender wrote to her in September threatening to evict her, citing, as part of the issue, the withdrawal of SMI.

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). 

She kept up with her payments until she retired in 2009, when she began to fall behind.

Who thinks giving someone who is 56 a self cert interest only mortgage is a great idea? 

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On 10/12/2017 at 7:08 AM, nome said:

 

You say it's a big problem but everyone I know who claims tax/universal credits have CHOSEN to be underemployed (i.e part-time) even though permanent full time hours are available to them.

 

 

Rational decision. When full time work for many pays peanuts, and you can get more or less the same working part time and getting topped up it makes sense to do so.

Unless you earn 80k plus as earned family income in the south east, no point in full time work.

Solution is proper living wages in the first place, and reducing the cost of housing so people can have a family and a life.

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The last thing I would like to see is people losing their homes especially if they go to people who benefit from  others misfortunes.......having said that far too many, for too long have buried their heads in the sand, sometimes people have to stand up and be accountable to the actions they take or lack of actions.;)

Edited by winkie

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1 hour ago, winkie said:

The last thing I would like to see is people losing their homes especially if they go to people who benefit from  others misfortunes.......having said that far too many, for too long have buried their heads in the sand, sometimes people have to stand up and be accountable to the actions they take or lack of actions.;)

 

2 hours ago, iamnumerate said:

The same story has a link to this

http://www.thisismoney.co.uk/money/mortgageshome/article-4962692/Thousands-low-income-pensioners-risk-losing-homes.html

Who thinks giving someone who is 56 a self cert interest only mortgage is a great idea? 

You're f##king kidding me, right?  The State has been paying her mortgage interest since she retired in 2009?  Lord, tell me this is not true.

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Just now, Fletcher said:

 

You're f##king kidding me, right?  The State has been paying her mortgage interest since she retired in 2009?  Lord, tell me this is not true.

Looks like it, then again if she and the mortgage company knew this might happen then it explains why she took out a mortgage 3 years before she retired.

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1 hour ago, winkie said:

The last thing I would like to see is people losing their homes especially if they go to people who benefit from  others misfortunes.......having said that far too many, for too long have buried their heads in the sand, sometimes people have to stand up and be accountable to the actions they take or lack of actions.;)

The first thing I want to see is people losing their _properties_.  I may as well be honest. Not anybody that I know.  And not any individual. But en masse, it's a necessary evil for those who have endured a lot, a LOT, of pain for many many years to see a light at the end of the tunnel. 

Of course, we'd all like only BTL LLs to lose their properties, and not individuals losing their primary residence. But this is not an ideal world. 

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5 minutes ago, iamnumerate said:

Looks like it, then again if she and the mortgage company knew this might happen then it explains why she took out a mortgage 3 years before she retired.

F##king motherf##king hell. I want to vomit. 

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1 minute ago, Fletcher said:

 

You're f##king kidding me, right?  The State has been paying her mortgage interest since she retired in 2009?  Lord, tell me this is not true.

Did not read the link.....but people who rent, both public and private rents have their ever increasing rents paid if they can't afford to pay......interest on IO is a tiny sum and falling rapidly in comparison...... homes once were  purchased when homes were not purchased as an investment and there was no such thing as a BTL mortgage.....BTL rents and housing benefit has benefited landlords very well over the years.

If the cost of housing was less more could afford to pay it with the wages they earn, like they used to......;)

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