Government allows mortgage payments to be deferred for 2 years

[BrilloPad]

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

And what makes you think the Torys would do any different?

[bobhope]

Hardworking households

I snorted coffee over that one. Surely, he knows that the phrase is a parody of itself?

Plus, what's the big deal? They are not having their interest paid for them, they are just having a payment holiday and increasing the outstanding debt.

It's a negative amortization mortgage, in effect (the ones that helped America get into the sub-prime mess it's in)

[Turion]

It is not a free ride. The interest is only deferrred for 2 yrs max. It will roll up on the existing debt so it is not a free handout. It sounds like it will help people who hit hard times temporaily eg people who do normally work for a living and that will include many contractors. Also, what happens when houses get repo'd. The homeless family must be re-housed at the tax payers expense. Hardly good for the country at large. There will still be many more repos next year whatever happens.

[BrilloPad]

It is not a free ride. The interest is only deferrred for 2 yrs max. It will roll up on the existing debt so it is not a free handout. It sounds like it will help people who hit hard times temporaily eg people who do normally work for a living and that will include many contractors. Also, what happens when houses get repo'd. The homeless family must be re-housed at the tax payers expense. Hardly good for the country at large. There will still be many more repos next year whatever happens.

75,000 repos due in 2009 - government policy will affect around 9000 of those. 66,000 is still alot.

[TimberWolf]

Seems like under the old rules people on benefits could have had their mortgage interest paid for them for free after x months, but now they have to go into personal debt from day 1. Isn't this a good thing? But I'm only qualified to make knee-jerk comments since I don't know what the new rules are or old rules were.

[Turion]

75,000 repos due in 2009 - government policy will affect around 9000 of those. 66,000 is still alot.

They're trying to keep it below the 75K that the Tories clocked up in '92

[BrilloPad]

They're trying to keep it below the 75K that the Tories clocked up in '92

So 66k in 2009, 2010, 2011, etcetc.

The debt bubble needs to be deflated a little.