Tuesday, October 10, 2017
Thousands of feckless borrowers set to lose state subsidy
Support for Mortgage Interest overhaul: thousands 'at risk of losing homes'
OAP and on an interest-only mortgage? Well come next April the government will stop paying your mortgage bill and will offer you a loan on fantastic terms instead.
Posted by landofconfusion @ 01:26 PM (6514 views)
10 thoughts on “Thousands of feckless borrowers set to lose state subsidy”
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mombers says:
Simple – if their stoooopid interest only mortgage comes to an end, rather than the owner selling and dumping themselves on the private rental sector at the taxpayer’s expense, the gvmt pays off the mortgage and the pensioner can live there until they die. Then the home can be used to house those on HB at a much lower cost and higher standard than the dreadful PRS
nickb says:
A loan you don’t have to repay is a bung! So I’m not sure the “feckless” have much to fear from this. Other than being less able to pocket speculative gains from a sale and downsizing. So will contribute to misallocation of housing by making people less mobile in order not to repay the loan?
landofconfusion says:
Feckless because interest-only mortgage into retirement, no realistic prospect of repayment and apparently no hope of leaving it to the kids (which is according to some leftist people here where I live, absolutely terrible).
Still, it was nice to see the comments on that article go against the narrative for a change.
nickb says:
As a card carrying leftist, I have little sympathy for their plight beyond the fact that none of us should have to pay our way out of slavery in the first place. This system of pumping up site values on slithers of land released for development and sold off by the landed gentry is feudal. A land value tax would go a long way towards fixing it if the revenue is redistributed. And this is not a leftist solution, it has advocates across the political spectrum, including Churchill and Milton Friedman!
techieman says:
They could lose their homes…. unlike some who have never been able to get a home of their own .
I wonder how many of the pensioners will downsize as they are in homes that are too big for them , but we’re happy to continue I’m them so long as someone else was paying for it ?
Interesting to see how many take up the loan option and how many don’t.
Perhaps this is “just another brick in the wall”
jack c says:
The likelihood is that the majority of the pensioners affected will be able to look at Equity release with a no negative equity guarantee as an alternative.
“We don’t need no Support for mortgage interest, we don’t need no Government loans, no dark sarcasm from the Tories, hey Boris, leave the housing market alone”
techieman says:
Jack of trumps !!
jack c says:
How are you doing TM? no doubt riding the S&P 500 wave (FANGS for the memories might fit somewhere in the repertoire in due course)
techieman says:
Not so bad , cutting back on size on the way up and waiting for the next correction…. cautious to say the least.
jack c says:
Understandable – stock markets have become like the housing market ie they only go up and up !