First Repossession by the Peoples' Bank

[bogeyman]

I'm just waiting for all these cheap properties to flood the market

Do you really work at GCHQ?

[Diver]

Do you really work at GCHQ?

If I told you, I would have to kill you

[bogeyman]

If I told you, I would have to kill you

New one or old one?

p.s. your avatar looks disturbingly like Evan Davies. It's not nice.

[Diver]

Glad I don't work in the basement at GCHQ. they were underwater in the floods

[Bagpuss]

I'm just waiting for all these cheap properties to flood the market

Should be loads by year end, as the government tries to offload the NR loanbook by raising mortgage rates.

[bogeyman]

Glad I don't work in the basement at GCHQ. they were underwater in the floods

With their acuity I'm surprised they noticed any difference.

[Diver]

With their acuity I'm surprised they noticed any difference.

[ASB]

I don't have any mortgages on my properties

There is no reason to lose your home if you are out of work. our taxes pay for the governments housing benefits handout, that pays the interest on your mortgage while you are unemployed, it is up to you to renegotiate an interest only or extended mortgage that you can afford to cover.

Alternately, you take out insurance to cover the eventuality.

Housing benefit only applies to tenants. Interest on mortgages is called ISMI and doesn't kick in for 39 weeks - I think this is still capped at the interest on 125,000 capital.

I agree with the general sentiment though, but it's not easy for that many people to get themselves in the postion where they can survive on 50 quid a week. If you do happen to have a chunk stashed with the intent of tiding you over until ISMI kick in that doesn't work. since once you move off UB it's means tested, so you have to spend that rather than getting any other benefit.

The system fails anybody who tries to be responsible.

[BoredBloke]

I really think NL is trying to give the Tories all the bullets they could ever want. First you have the Tories raise the issue of taxing non-doms which Darling nicked and which he has been watering down ever since. Then a run on the bank. Now we have the treasurey appointing a non dom guy to run it who himself appoints another as his number 2. How they managed to neatly tie 2 of Darlings problems up into one neat bundle is pretty good even for this lot

[Diver]

Housing benefit only applies to tenants. Interest on mortgages is called ISMI and doesn't kick in for 39 weeks - I think this is still capped at the interest on 125,000 capital.

I agree with the general sentiment though, but it's not easy for that many people to get themselves in the postion where they can survive on 50 quid a week. If you do happen to have a chunk stashed with the intent of tiding you over until ISMI kick in that doesn't work. since once you move off UB it's means tested, so you have to spend that rather than getting any other benefit.

The system fails anybody who tries to be responsible.

I stand corrected.

So a re mortgage to interest only would be the only option, given that there was enough equity in the property to make the lender interested.
shocking