Spotted by TBH in The Daily Mail:
Homeowners who run into financial trouble will be able to make reduced mortgage payments under a deal brokered by Chancellor Jeremy Hunt at a summit with bank bosses yesterday.
The Treasury said last night bank chiefs had agreed a series of measures to help struggling customers. Those who run into difficulty with payments will be offered targeted help, which could include a ‘short-term reduction in monthly payments’, a temporary switch to interest-only payments or extension of the mortgage term to reduce monthly costs.
Banks also agreed that households coming to the end of their fixed rates should be offered a new deal without another affordability test, provided they have kept up with payments.
This is how they will keep the credit/land price bubble going for another two or three years before the inevitable big financial crisis/house price crash in 2025. Apparently, a recent Welfare Reform Bill had similar measures for people claiming Universal Credit.
Thursday, 8 December 2022
They own land, give them (easy) money!
My latest blogpost: They own land, give them (easy) money!Tweet this! Posted by Mark Wadsworth at 10:46
Labels: Home-Owner-Ism, Jeremy Hunt
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7 comments:
Stuff the Daily Mail. The financial trade press is equally dire - as are the comments from the 'regulators' - e.g. the financial catastrophe authority
...sounds of tin can being kicked down the road, the timer (Japanese made) to start the complete melt-down when Starmer - sorry, Milliband, takes over the HoC and continues, then worsens the total cock-up of what we're all going through now, and will certainly endure in a few years time!
I'm lucky that I'm so old, I couldn't give a monkey's.
This is how they will keep the credit/land price bubble going for another two or three years before the inevitable big financial crisis/house price crash in 2025.
With luck they will succeed well enough not to be totally annihilated in the next GE and we will have a hung Parliament with the Red Tories in power with the help of the Tartan Tories, or some other coalition of enemies.
Scrobs. That's my general sentiment too. But, I have children and grandchildren....
L, I know, you send me the occasional article full of Home-Owner-Ist drivel from FT Adviser and the like.
Sc, it will happen 2025, whoever is in charge.
B, sadly, the next GE is 2024 latest. House prices will still be buoyant and there is therefore a good chance the Tories scrape back in, and maybe the worst of the crash will be over by 2029...
Mark, the Tories scraping in with, say, a majority of three or four would be a good result. They will be blamed for the inevitable crash which could lead to the government losing its majority and unable to pass all the fascist measures it would so dearly love to. Then in the next GE they could be annihilated. Starmer will be no better, but there is at least the possibility of Labour stopping being a bunch of Tories, unlike the Conservatives.
I'm tempted to go interest only on my 1.59% repayment mortgage and whack the capital into a risk free 3% cash ISA. Would come out with tens of quid on the spread!
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