“There are virtually no repossession proceedings at the moment. So why would people in arrears be persuaded to give up ownership of their home to become renters when they are paying nothing?” he said.”
He is right. If you haven’t been paying your mortgage for 10 years, why would you want to start paying rent now?
Do the owners get any value back when they transition to renting their home to themselves?
I assume the bank collects the rent and from then on owns the home?
“He estimates up to 6,000 people in long-term arrears were paying nothing to the lenders, so are living rent free.”
That’s also 6000 homes that could have been released to genuine buyers. Next time we have the “what’s causing the housing crisis” thread let’s remember the figure…
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“There are virtually no repossession proceedings at the moment. So why would people in arrears be persuaded to give up ownership of their home to become renters when they are paying nothing?” he said.”
He is right. If you haven’t been paying your mortgage for 10 years, why would you want to start paying rent now?
Do the owners get any value back when they transition to renting their home to themselves?
I assume the bank collects the rent and from then on owns the home?
“He estimates up to 6,000 people in long-term arrears were paying nothing to the lenders, so are living rent free.”
That’s also 6000 homes that could have been released to genuine buyers. Next time we have the “what’s causing the housing crisis” thread let’s remember the figure…
They are behind on everything, they are useless.
https://www.reddit.com/user/Mother-Register7238/comments/wdwxo7/social_housing_statistics/