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https://www.bbc.co.uk/news/business-53421787

"....remortgaged their home to pay for a holiday of a lifetime with their two children in Florida, only for coronavirus and bad luck to ruin their plans.The couple finished paying for the holiday in January.."

Clearly they didn't "finish" paying for it in January

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It's the govt's job to make sure house prices keep going up so hard working strivers like this can continue to achieve and get orn in life.

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47 minutes ago, longgone said:

who the feck remortgages for  6k ???

jesus these people don`t have a pot to piss in. They should have their passports removed.

Some people don’t know how to make money 

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27 minutes ago, Glental said:

I had a good laugh when I read this the other day. Can't believe people remortgage for a ******ing holiday 

Not really, its generally the cheapest way to borrow so makes perfect sense. You don't have long to make memories, one of the better  things to borrow for IMO.  

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56 minutes ago, locky82 said:

Not really, its generally the cheapest way to borrow so makes perfect sense. You don't have long to make memories, one of the better  things to borrow for IMO.  

Quite.  Mortgage rates are so low it’s not much more expensive than saving up 6k for the holiday instead. 

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19 hours ago, shlomo said:

Some people don’t know how to make money 

if they shopped around i`m sure they could halve the holiday price.  i have gone to lots of places for peanuts creating your own package saves a fortune. 

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14 hours ago, locky82 said:

Not really, its generally the cheapest way to borrow so makes perfect sense. You don't have long to make memories, one of the better  things to borrow for IMO.  

Just can’t get my head around getting in debt for a luxury item that is gone in a week or two. Taking money from your house to do it is even worse

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23 minutes ago, Glental said:

Just can’t get my head around getting in debt for a luxury item that is gone in a week or two. Taking money from your house to do it is even worse

I am beginning to wonder how widespread and for how long, this using homes as cash cows for luxuries has been going on for.

I recall about 7 years ago, a guy came to install our Sky and told me he had a rental house, which meant it was easy for him to big up his wages. He just remortgaged every few years, as his house kept increasing in value, so enabling his rental house to give him lots of extra spending power for hols/cars.

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1 hour ago, longgone said:

if they shopped around i`m sure they could halve the holiday price.  i have gone to lots of places for peanuts creating your own package saves a fortune. 

Have you ever worked on a market stall, in your yoof off course 

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22 hours ago, Monkey said:

MEW should never be allowed for holidays. 

No debt should last longer than the item it was used to purchase it with.....so a holiday 12 months, car 5 years etc........nobody should be paying for meals with credit they ate years ago, can't remember what they ate, or where they ate it.....with interest added the meals could well have cost them double...and still more meals to eat, holidays to go on and cars to buy..... ;)

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Heres the thing, they see the equity of their home rise in value, then release that increase to subsidise a lifestyle beyond their earnt income.

They hold the illusion that because they've gained in equity, they're successful in life; part of the "them", rather than the "us".

Trouble is, when there's a crash, they'll realise they're in negative equity and in deep doodah.

That latest iPhone, latest fashion accessory, is two or three years out of date. 

Society has very much become divided, home owners v renters. The haves v the have not.

There's going to be a lot of cries for bailouts for homeowners in trouble shortly, Rishi be warned.

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5 hours ago, Blink said:

.

There's going to be a lot of cries for bailouts for homeowners in trouble shortly, Rishi be warned.

I suspect they only concern Rishi will have is maintaining sufficient levels of demand in the economy. Beyond this I wouldn't think he'll try to do any favours, I wouldn't think he'll have the leeway to do so.

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7 hours ago, Blink said:

Heres the thing, they see the equity of their home rise in value, then release that increase to subsidise a lifestyle beyond their earnt income.

They hold the illusion that because they've gained in equity, they're successful in life; part of the "them", rather than the "us".

Trouble is, when there's a crash, they'll realise they're in negative equity and in deep doodah.

That latest iPhone, latest fashion accessory, is two or three years out of date. 

Society has very much become divided, home owners v renters. The haves v the have not.

There's going to be a lot of cries for bailouts for homeowners in trouble shortly, Rishi be warned.

I suspect most would use the equity they have built up by paying down the loan. Although I'm sure some people are happy to constantly be at 95% ltv. What would bail outs for homeowners look like? Would it cost more than housing benefit? 

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5 minutes ago, locky82 said:

I suspect most would use the equity they have built up by paying down the loan. Although I'm sure some people are happy to constantly be at 95% ltv. What would bail outs for homeowners look like? Would it cost more than housing benefit? 

It's called Support for Mortgage Interest.

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And for at least some people you would be wrong ...

https://www.bbc.co.uk/news/business-53421787

Lynn and Martin Fox had remortgaged their home to pay for a holiday of a lifetime with their two children in Florida, only for coronavirus and bad luck to ruin their plans.

The couple finished paying for the holiday in January, but Mrs Fox, 42, then lost her cabin crew job at Flybe when the airline collapsed in March.
Weeks later, as the virus lockdown took hold, work dried up for her husband, a pipe-fitter.

?‍♂️

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2 minutes ago, locky82 said:

SMI is a loan that incurs interest. It wasn't the type of bail out I thought Blink was alluding to. 

Indeed. I think it's all they'll get though.

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  • 417 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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