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‘I’m trapped by my mortgage – let me escape’


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The weeping hearts at the beeb can't seem to understand why higher risk borrowers are charged more interest, but that issue aside, the solution for this problem is to strike down the recourse aspect of mortgages on primary residences.

Just another advantage which BTL parasites leverage over OO; business loans can be erased just by shutting down the Ltd company.

This is going to be a much larger issue very soon!

https://www.bbc.co.uk/news/business-54897989

 

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The weeping hearts at the beeb can't seem to understand why higher risk borrowers are charged more interest, but that issue aside, the solution for this problem is to strike down the recourse aspect of mortgages on primary residences.

Just another advantage which BTL parasites leverage over OO; business loans can be erased just by shutting down the Ltd company.

This is going to be a much larger issue very soon!

https://www.bbc.co.uk/news/business-54897989

 

Unless you have a very large portfolio you only get a BTL mortgage with personal guarantees so that's not actually true.

 

Also if you want someone to lend to you a large sum at a reasonable rate, making it "non recourse" isnt the way.....

 

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How on earth could you still be in negative equity / low LTV after ten years?!

The average person really is quite crap in all areas of life so this shouldn't be too surprising. They might also be lying just to get in the news, but neither are good qualities.

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How on earth could you still be in negative equity / low LTV after ten years?!

Some places have got lower prices today than in 2006/7 .

Saying that if you have a capital repayment mortgage you should have paid off more in capital than those drops.  IIRC I have paid off about half the capital since 2006 so even if I had had a 100% mortgage prices would have had to have dropped by 50%+ to be in negative equity.

I would guess interest only mortgage,  and somewhere as (@captainb said )like NI .

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How on earth could you still be in negative equity / low LTV after ten years?!

*Cough* IO mortgage *cough*

Crap reporting.

No info on hat the house is currently valued at and what the mortgage is.

Or whether its a repayment mortgage.

Or whether  shes got a job/income she could reportage on.

North House prices have barely shifted for ~16 years.

Basically, the women cannot afford the mortgage.

Paying a ~4.9% SVR is not huge sum. Some SVR are a lot higher.

Anyone whos had a mortgage for ~14 years and not paid down at least 30% has to be on an IO mortgage.

Reading the sob story, it appears the woman may not have a job, so is probably on a n IO mortgage paying the absolute minimum.

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'Treasury economic secretary John Glen is now considering new proposals to free hundreds of thousands of homeowners trapped on high-interest mortgages. He has promised to give them "full consideration".'

That seems fair. Snatch the hard earned money from people who cannot afford to buy a home of their own and use it to make house prices and rents more expensive.

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'Treasury economic secretary John Glen is now considering new proposals to free hundreds of thousands of homeowners trapped on high-interest mortgages. He has promised to give them "full consideration".'

That seems fair. Snatch the hard earned money from people who cannot afford to buy a home of their own and use it to make house prices and rents more expensive.

Sounds a rather vague quote. I suspect little will happen.

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  • 442 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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