Mortgage advice

Ned Land said:
I’d be interested to know how a scheme would work.

I.E. does the government help someone with their own mortgage and a buy-to-let mortgage?

Would it have to be a payment to anyone with a mortgage?

Or help for those who are close to repossession from the banks who get supported by government money yet make massive profits?
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If it’s about helping their mates, as some policy seems specifically designed to do, it’ll only be buy to let! I don’t think they’ll do anything but banks might have to give extended breaks before taking action against mortgage holders.
 


Stevensr123 said:
Correct move.

You can’t just keep and helping everyone when situations change for the worse otherwise it’s going to be an endless cycle of inflation and government overspending.

Not to mention it’s unfair on people who don’t have a mortgage. You got the mortgage, signed the contract and took the risk.

Otherwise what next, pay off peoples credit cards?
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The car industry is going to be in for a huge shock once people start to get hit by big mortgage increases. Suddenly those continual year on year "renting" of a car will be shown up for what it is and people will suddenly work out its a huge cost saver for them to ditch those schemes.

Been overpaying our mortgage for a good few years now. Brought it down significantly, but still not looking forward to the impact a new rate will have come July 2025 - but plenty of time to try and chip away even further at it!
 
Stevensr123 said:
Correct move.

You can’t just keep and helping everyone when situations change for the worse otherwise it’s going to be an endless cycle of inflation and government overspending.

Not to mention it’s unfair on people who don’t have a mortgage. You got the mortgage, signed the contract and took the risk.

Otherwise what next, pay off peoples credit cards?
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We are really feeling the pinch, and I agree.

Still pretty irritating that my cousin's benefits are rising with inflation so she can keep her collagen and cocaine habits up, but I suppose we'll be better off in the long run if we just do without and muddle through now.
 
Hair Flick said:
I was like a kid counting down to Christmas as I ticked off mine. The day it was paid off was actually a bit of an anticlimax, even more so when the bank just wrote a letter saying you don’t owe us anymore but no deeds returned or owt.

Looking back though, it was the best thing I ever did, overpaying like buggery when the rates were low.
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they should send you the deeds (or a copy of them) and also inform the land registry to remove the charge on your house.
a fair few years after we paid ours off we got another small one to buy another property and found out they hadn't removed the charge.
that one will be paid off in a couple of years and you're right it is a bit of an anti climax.
 
humbug said:
they should send you the deeds (or a copy of them) and also inform the land registry to remove the charge on your house.
a fair few years after we paid ours off we got another small one to buy another property and found out they hadn't removed the charge.
that one will be paid off in a couple of years and you're right it is a bit of an anti climax.
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Deeds are all electronic now, and if you want them for an older house or copy for newer house, you have to pay for them. If you don't pay, and have an old house, original deeds are destroyed.
 
42 said:
Deeds are all electronic now, and if you want them for an older house or copy for newer house, you have to pay for them. If you don't pay, and have an old house, original deeds are destroyed.
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aye, i know. we were given ours back then. a canny bundle and quite interesting tbh.
 
humbug said:
aye, i know. we were given ours back then. a canny bundle and quite interesting tbh.
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I’ve had a read through next door’s (we live in a Victorian semi) deeds which were very enlightening. We always thought our house was one of the newer ones in the street but it turns out they were the first built. The bloke who built them lived in 1 with his family and rented out the other. An original buy to let landlord.
 
buster said:
Can’t afford your mortgage, put the property up for sale and move on , it’s been happening for years man.

Why some folk expect bailouts …
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If too many people do that the housing market crashes, property prices fall, more are left in negative equity and can’t afford to sell as they can’t cover the shortfall.
Shouldn’t be a “bailout” but targeted assistance should be an option.
 
Drifter said:
If too many people do that the housing market crashes, property prices fall, more are left in negative equity and can’t afford to sell as they can’t cover the shortfall.
Shouldn’t be a “bailout” but targeted assistance should be an option.
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They don’t care. Crashes are built into the system & not a single person in the UK govt will lose their home.
 
Drifter said:
If too many people do that the housing market crashes, property prices fall, more are left in negative equity and can’t afford to sell as they can’t cover the shortfall.
Shouldn’t be a “bailout” but targeted assistance should be an option.
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If that’s the case , you’d agree with the government taking a share of any capital gain when you’ve sold a property at a profit ?
 
monkeytassle said:
In what format?
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Extension/variation of SMI, means tested. Sunak was keen to reintroduce help to buy last month so funding must be available to offer some form of support.
buster said:
If that’s the case , you’d agree with the government taking a share of any capital gain when you’ve sold a property at a profit ?
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Would be too costly to administer, as they’d need to take a charge over the property. Other “benefits” aren’t repayable just because you’ve sold your home. As I said, wouldn’t be a bailout.
 
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Sure when I got my mortgage they asked if I could pay an increased rate of xxx % if they rose. . Wonder how many people took that part serous and thought the low rates from the last few years would last forever and paired with the help to buy repayments.

Worse case is if people do need to sell the way the market has rose they won’t get out of pocket.
 
googleboogle said:
Sure when I got my mortgage they asked if I could pay an increased rate of xxx % if they rose. . Wonder how many people took that part serous and thought the low rates from the last few years would last forever and paired with the help to buy repayments.

Worse case is if people do need to sell the way the market has rose they won’t get out of pocket.
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Im sure it was a mortgage test. They simulated if the mortgage went up to 7% and whether the applicant could afford it. Im sure they just got rid of the test recently in the last year.
 
googleboogle said:
Sure when I got my mortgage they asked if I could pay an increased rate of xxx % if they rose. . Wonder how many people took that part serous and thought the low rates from the last few years would last forever and paired with the help to buy repayments.

Worse case is if people do need to sell the way the market has rose they won’t get out of pocket.
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The bank doesn't just take your word like.
They've got all your financial info.
If they were wrong it's their fault as much as the borrower.
 

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