Wednesday, March 5, 2008

Government Tampering to Underpin HPI?

Call For Stronger Mortgage 'Safety Net'

Better safeguards need to be put in place to help protect the growing number of people who are at risk of having their homes repossessed, a charity believes. The Joseph Rowntree Foundation is calling for a new insurance scheme to be set up to help people who are unable to keep up with their mortgage repayments. Thousands at risk of losing home. The group is proposing a Sustainable Home Ownership Partnership (SHOP) to cover total mortgage repayments for 10 months if homeowners are unable to work. Will this be announced the next budget?

Posted by buyatthebottom @ 12:51 PM (416 views)
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3 thoughts on “Government Tampering to Underpin HPI?

  • Buyatthebottom says:

    Crash Gordon will no doubt be keen to bail out mortgages defaulters, especially those with Northern Rock Mortgages! More medalling to artificially inflate house prices!

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  • “The scheme would be run as a partnership between the Government, lenders and borrowers and would provide a much cheaper form of insurance than is currently available.”

    In my experience, people who suggest partnerships with Government expect the latter to supply all the money.

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  • So, the tax-payer would fund insurance now.
    Every buyer is given the option of taking out insurance to cover building, contents, life, critical illness, mortgage payments and income. The ones that don’t take the risk of losing their home. If the mortgage payments are too high for them to afford it then that proves they are borrowing too much.

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