Government allows mortgage payments to be deferred for 2 years

[DiscoStu]

Mmm, maybe time to buy that des-res in ToryCyberShire? We can't lose!!!

Be quick, prices are still rising round there!

[thunderlizard]

Two years? Now, remind me when the next General Election has to be called by?

[zara_backdog]

This sounds massively unfair to rent payers (unless their rent is paid when they're unemployed? not sure).

In this case you may be able to get 'housing benefit'. Does not always cover the entire cost of the rent if you find yourself unemployed, or your income is such that you can claim other benefits.

[thunderlizard]

They never do care much about renters. After all, they haven't played their part in the great smoke-and-mirrors boom game so why should they get any sympathy? Unless they've paid their rent on credit of course.

Just like how negative equity (where what you've paid out is greater than the value of your asset by a factor of about 10%) is a disaster; but renting (where what you pay out is greater than the value of your non-existent asset by a factor of infinity) is tickety-boo.

It's the same the whole world over.
It's the poor that gets the pain.
It's the rich that gets the gravy.
Isn't it a blooming shame?

[BrilloPad]

Erm, won't this just make the debt mountain even bigger?

Exactly my first thought. This will just prolong the misery. Japan style 15 year depression here we come.

[TimberWolf]

I must say I have really enjoyed the last 10 years and I can't wait to see what happens in the end.

[SantaClaus]

Two years? Now, remind me when the next General Election has to be called by?

Exactly, this ruse might con the very "intelligent" British public into keeping New Lie in for another term.

[Peoplesoft bloke]

I liked this para:
Currently, those on benefits have their mortgage interest payments covered for two years if their mortgages is below £200,000.

That's not the whole story - if you are on jobseekers or income support and subject to other means tests, you may get some payments towards the interest portion only, but only after 36 weeks on the benefits and not if you have significant savings.

[OwlHoot]

Apparently last night several banks said they knew nothing about these plans, and hadn't agreed anything, and are now hopping mad

On the plus side, in fairness, someone on another forum made the point that if the Government has a duty one way or another to rehouse people after repossessions, then it may be cheaper for the taxpayer to guarantee these deferred mortage payments, in the hope of reducing the number of repossessions.

[Purple Dalek]

Holy Mackerel!

I wish I had a mortgage now so that I could default on it.

Linky

You wouldn't have been eligible anyway. Mark my words, it'll only be for party members.