Your cash to bankroll army of lobotomised monkeys.....
Discussion
From the Times:
[i]In a separate move, up to 40,000 homeowners who have lost their jobs or had a sudden loss of income are expected to be helped under the Homeowner Mortgage Support Scheme to be launched today.
Margaret Beckett, the Minister for Housing and Planning, has reached agreement with a number of banks to take part in the scheme where those with mortgages of up to £400,000 and savings of less than £16,000 will be given help with interest payments for up to two years if they have suffered a sudden drop of income. [/i]
Would it not be more appropriate for someone with a mortgage of around £400K and savings of less than £16k to be beaten with a stick alongside the mortgage broker who structured the deal for them?
Obviously, there will be exceptions whereby perfectly prudent people have had a run of unfortunate circumstances but this plan is fundamentally about you and me giving our money and that of our children to complete planks who need taking to one side and re-educated.
[i]In a separate move, up to 40,000 homeowners who have lost their jobs or had a sudden loss of income are expected to be helped under the Homeowner Mortgage Support Scheme to be launched today.
Margaret Beckett, the Minister for Housing and Planning, has reached agreement with a number of banks to take part in the scheme where those with mortgages of up to £400,000 and savings of less than £16,000 will be given help with interest payments for up to two years if they have suffered a sudden drop of income. [/i]
Would it not be more appropriate for someone with a mortgage of around £400K and savings of less than £16k to be beaten with a stick alongside the mortgage broker who structured the deal for them?
Obviously, there will be exceptions whereby perfectly prudent people have had a run of unfortunate circumstances but this plan is fundamentally about you and me giving our money and that of our children to complete planks who need taking to one side and re-educated.
mrmaggit said:
Or why can't mortgages be like any other loan, you pay back part of the capital AND part of the interest from day 1, not interest from day 1 and maybe a little of the capital after a few years or so?
Because the salesmen got more commission for selling interest-only endowmment mortgages. The whole system was perverted by commisssion.Horse_Apple said:
From the Times:
[i]In a separate move, up to 40,000 homeowners who have lost their jobs or had a sudden loss of income are expected to be helped under the Homeowner Mortgage Support Scheme to be launched today.
Margaret Beckett, the Minister for Housing and Planning, has reached agreement with a number of banks to take part in the scheme where those with mortgages of up to £400,000 and savings of less than £16,000 will be given help with interest payments for up to two years if they have suffered a sudden drop of income. [/i]
Would it not be more appropriate for someone with a mortgage of around £400K and savings of less than £16k to be beaten with a stick alongside the mortgage broker who structured the deal for them?
Obviously, there will be exceptions whereby perfectly prudent people have had a run of unfortunate circumstances but this plan is fundamentally about you and me giving our money and that of our children to complete planks who need taking to one side and re-educated.
If they do that I will be f[i]In a separate move, up to 40,000 homeowners who have lost their jobs or had a sudden loss of income are expected to be helped under the Homeowner Mortgage Support Scheme to be launched today.
Margaret Beckett, the Minister for Housing and Planning, has reached agreement with a number of banks to take part in the scheme where those with mortgages of up to £400,000 and savings of less than £16,000 will be given help with interest payments for up to two years if they have suffered a sudden drop of income. [/i]
Would it not be more appropriate for someone with a mortgage of around £400K and savings of less than £16k to be beaten with a stick alongside the mortgage broker who structured the deal for them?
Obviously, there will be exceptions whereby perfectly prudent people have had a run of unfortunate circumstances but this plan is fundamentally about you and me giving our money and that of our children to complete planks who need taking to one side and re-educated.
king furious.Why? Because I have a mortgage. My income goes up and down. Some years it's ace. Some years it isn't. You can guess which it is at the moment.
But because I am a "fat cat Company Director" there will be not a penny for me in there. Instead I will have to pay MORE TAX to pay someone else's mortgage.
f
k you, New Labour. fk you very much.This bandwagon's got very full rather quickly hasn't it? 
My mortgage is 'up to £400k' and my savings 'less than £16k'
Both are substantially less than that.
When I got the mortgage, it was less than 3x my salary.
First time I got made redundant, I ended up taking a lower paid job.
I then got made redundant again...
First I'll point out that (to mrmaggit) that I do have a repayment mortgage, so I was repaying capital from day one as well as interest, and then that the government will only pay the interest portion of that anyway....
I also had the sense to take out mortgage protection insurance so I'm not benefiting anyway from the scheme announced...
My mortgage is 'up to £400k' and my savings 'less than £16k'
Both are substantially less than that.
When I got the mortgage, it was less than 3x my salary.
First time I got made redundant, I ended up taking a lower paid job.
I then got made redundant again...
First I'll point out that (to mrmaggit) that I do have a repayment mortgage, so I was repaying capital from day one as well as interest, and then that the government will only pay the interest portion of that anyway....
I also had the sense to take out mortgage protection insurance so I'm not benefiting anyway from the scheme announced...
stackmonkey said:
This bandwagon's got very full rather quickly hasn't it?
My mortgage is 'up to £400k' and my savings 'less than £16k'
Both are substantially less than that.
When I got the mortgage, it was less than 3x my salary.
First time I got made redundant, I ended up taking a lower paid job.
I then got made redundant again...
First I'll point out that (to mrmaggit) that I do have a repayment mortgage, so I was repaying capital from day one as well as interest, and then that the government will only pay the interest portion of that anyway....
I also had the sense to take out mortgage protection insurance so I'm not benefiting anyway from the scheme announced...
Taking out insurance and having a repayment mortgage are 2 very clear indicators of forward thinking and self reliance. This makes you unacceptable to GB’s New Order Society, I’m afraid. That’s why you won’t be getting some free cash. But don’t worry about being left out completely, I’m sure that on top of meeting your own debt obligations you will be formally invited, sorry drafted in to contribute on the other side. My mortgage is 'up to £400k' and my savings 'less than £16k'
Both are substantially less than that.
When I got the mortgage, it was less than 3x my salary.
First time I got made redundant, I ended up taking a lower paid job.
I then got made redundant again...
First I'll point out that (to mrmaggit) that I do have a repayment mortgage, so I was repaying capital from day one as well as interest, and then that the government will only pay the interest portion of that anyway....
I also had the sense to take out mortgage protection insurance so I'm not benefiting anyway from the scheme announced...
This whole downturn is a salutary lesson that doing nothing and relying 100% on others around you is the way forward.
stackmonkey said:
If you have £16k worth of savings, you get squat all from the Government; below this, there is a sliding scale.
So if you were remotely responsible about your mortgage affordability, made sure you were on a scheme that guaranteed you would own the property one day, kept some savings in reserve to get you through difficult times then, of course, you will get no help.But if you mortgaged to the hilt to buy a larger more expensive property than was genuinely affordable (and then a bit) and have nothing behind you then the government will reward you with someone else's money.
Disgraceful. Unless they ask for it back. If it's a BoE rate loan then I can see the justification as it keeps people in properties they may be able to afford again in a couple of years. It's nicer for them and probably cheaper for the taxpayer in terms of whether or not they go bankrupt.
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