How about some help for those of us without mortgages?
What a load of nonsense. Why is it always home owners that get the help? What about renters?
If people have over extended, isn’t that their fault? Not really the tax payer that should be propping up these people.
If any help gets a percentage of that property and future profit from sale or rent, then fine. Otherwise, I’m not so sure we want the inflated market propped up by government money. It will go beyond the insanity it is now.
They could, of course, just cap mortgage rates and push full term fixed rates more. It’s probably a little late for the latter, but it will mean protecting people from huge jumps in their monthly mortgage payments.
Anyone who thinks this is a good idea, doesn’t understand how the economy works.
Sounds like printing money during inflation and a bad idea, if there is help given it’d have to be limited.
The whole idea of interest rate rises is to hoover up money to snuff out inflation
Of all the dumb things this must be right up there. Hunt saying “interest rate rises are the only tool we have” and then Gove saying “help with mortgages under review”. Do these clowns actually talk to eachother?
This is third world country economics, it’s embarrassing.
Pffffft, what a load of nonsense, this country is all about free money! Sooner or later tbis mess has to crash, its the only healthy way, the longer its is held together at the seems the worse it will be when the game is up and there is no other option!
I think most people have missed the point on this one. It’s not ‘under review’ at all. He just didn’t want to say “Were doing nothing about the mortgage crisis we created” on TV. That’s all.
I can’t see anybody with a brain in the treasury signing off on this. It would be petrol on a fire.
So we are propping up mortgages while rents go through the roof?
There’s some things they can do to help in the benefits system.
Most folk have to wait 9 months for help with their mortgage under Universal Credit. And that help is simply a loan. They could reduce the waiting period and/or change it from a loan to a grant. That might help some people ride it out.
I suspect they’ll just “encourage” lenders to be more accommodating, not to pile on charges for arrears cases and/or to capitalise arrears onto the loan amount. Not ideal but might prevent repossessions if lenders play a longer game.
No.
Unless you also plan to give that help to renters.
The point of raising interest rates is to stop spending. Any reduction on the impact just causes more inflationary pressures
Oh yeah renters have been paying over mortgage rates for literally ever but please, do use my tax money to help the already privileged.
This is ridiculous. How about help with rent or food if we are going this far?
If there is mortgage relief it better be across the board, I’d be pretty miffed about my taxes paying off someone else’s mortgage.
‘Across the board’ should help out renters in some capacity too.
Honestly here what they should do :
Run a SQL query against HMRC database. Give anyone that didn’t get any lockdown financial help, the equivalent to the average amount received as mortgage help.
People haven’t read the articles. There’s no suggestion that the government will offer mortgage help.
Interesting article in the Sunday Times today, saying this is a bad idea as UK plc can neither afford to keep bailing the population out at large (literal cost, induced inflation) and people need to make choices in life of where to spend money or not.
I’m really hoping he’s just saying that for politeness and that they don’t honestly try to bail out mortgages.
Please 🙏 don’t fuck our economy anymore. Leave it alone.
The definition of a Ponzi scheme is quite simple, it’s “using investment from a new investor to pay off the old ones within a system that is unsustainable”.
​
We build little new housing, most of it just changes hands back and fourth. And the “value” of UK housing stock rose from £2tn in 2001 to about £8.6tn now.
We have roughly the same number of houses, but they’ve quadrupled in value because young people were able to take on increasing amounts of debt.
​
Having maxed out that system, there’s no way for it to keep going, or even stay flat while the UK goes through financial turmoil. It’s unsustainable.
People exchanged the same property back and fourth with increasingly big mortgages, and now the unsustainability of the Ponzi may be emerging.
​
Btw I’m not some bitter renter, I have a mortgage. I just think it’s all a Ponzi.
I get that another big crash and repossession crisis would be more costly (economically and socially) than the cost of any rescue plan. At the same time I wonder how it is possible to find money to assist the middle of society to prevent a *potential* economic crisis, but we apparently can’t afford to fix *on-going* social crises like food bank use.
I know that there is a lot of hate on this sub for people with mortgages, but we need to look at everything else that is happening in the economy before we say people have extended above their means. At the end of the day, people may be losing their homes in droves, and a lot of those people have worked really hard to get what they have against the odds. Is it really that bad for people to get support for what they have earned?
Raise interest rates to reduce spending by reducing disposable income of mortgage holders to reduce demand to reduce inflation then bail them out with tax payers money to undo all that … This government do not give a shit. They have zero clue.
Fuck off bbc I watched it live and he absolutely made the point nothing would be done.
25 comments
How about some help for those of us without mortgages?
What a load of nonsense. Why is it always home owners that get the help? What about renters?
If people have over extended, isn’t that their fault? Not really the tax payer that should be propping up these people.
If any help gets a percentage of that property and future profit from sale or rent, then fine. Otherwise, I’m not so sure we want the inflated market propped up by government money. It will go beyond the insanity it is now.
They could, of course, just cap mortgage rates and push full term fixed rates more. It’s probably a little late for the latter, but it will mean protecting people from huge jumps in their monthly mortgage payments.
Anyone who thinks this is a good idea, doesn’t understand how the economy works.
Sounds like printing money during inflation and a bad idea, if there is help given it’d have to be limited.
The whole idea of interest rate rises is to hoover up money to snuff out inflation
Of all the dumb things this must be right up there. Hunt saying “interest rate rises are the only tool we have” and then Gove saying “help with mortgages under review”. Do these clowns actually talk to eachother?
This is third world country economics, it’s embarrassing.
Pffffft, what a load of nonsense, this country is all about free money! Sooner or later tbis mess has to crash, its the only healthy way, the longer its is held together at the seems the worse it will be when the game is up and there is no other option!
I think most people have missed the point on this one. It’s not ‘under review’ at all. He just didn’t want to say “Were doing nothing about the mortgage crisis we created” on TV. That’s all.
I can’t see anybody with a brain in the treasury signing off on this. It would be petrol on a fire.
So we are propping up mortgages while rents go through the roof?
There’s some things they can do to help in the benefits system.
Most folk have to wait 9 months for help with their mortgage under Universal Credit. And that help is simply a loan. They could reduce the waiting period and/or change it from a loan to a grant. That might help some people ride it out.
I suspect they’ll just “encourage” lenders to be more accommodating, not to pile on charges for arrears cases and/or to capitalise arrears onto the loan amount. Not ideal but might prevent repossessions if lenders play a longer game.
No.
Unless you also plan to give that help to renters.
The point of raising interest rates is to stop spending. Any reduction on the impact just causes more inflationary pressures
Oh yeah renters have been paying over mortgage rates for literally ever but please, do use my tax money to help the already privileged.
This is ridiculous. How about help with rent or food if we are going this far?
If there is mortgage relief it better be across the board, I’d be pretty miffed about my taxes paying off someone else’s mortgage.
‘Across the board’ should help out renters in some capacity too.
Honestly here what they should do :
Run a SQL query against HMRC database. Give anyone that didn’t get any lockdown financial help, the equivalent to the average amount received as mortgage help.
People haven’t read the articles. There’s no suggestion that the government will offer mortgage help.
Interesting article in the Sunday Times today, saying this is a bad idea as UK plc can neither afford to keep bailing the population out at large (literal cost, induced inflation) and people need to make choices in life of where to spend money or not.
I’m really hoping he’s just saying that for politeness and that they don’t honestly try to bail out mortgages.
Please 🙏 don’t fuck our economy anymore. Leave it alone.
The definition of a Ponzi scheme is quite simple, it’s “using investment from a new investor to pay off the old ones within a system that is unsustainable”.
​
We build little new housing, most of it just changes hands back and fourth. And the “value” of UK housing stock rose from £2tn in 2001 to about £8.6tn now.
We have roughly the same number of houses, but they’ve quadrupled in value because young people were able to take on increasing amounts of debt.
​
Having maxed out that system, there’s no way for it to keep going, or even stay flat while the UK goes through financial turmoil. It’s unsustainable.
People exchanged the same property back and fourth with increasingly big mortgages, and now the unsustainability of the Ponzi may be emerging.
​
Btw I’m not some bitter renter, I have a mortgage. I just think it’s all a Ponzi.
I get that another big crash and repossession crisis would be more costly (economically and socially) than the cost of any rescue plan. At the same time I wonder how it is possible to find money to assist the middle of society to prevent a *potential* economic crisis, but we apparently can’t afford to fix *on-going* social crises like food bank use.
I know that there is a lot of hate on this sub for people with mortgages, but we need to look at everything else that is happening in the economy before we say people have extended above their means. At the end of the day, people may be losing their homes in droves, and a lot of those people have worked really hard to get what they have against the odds. Is it really that bad for people to get support for what they have earned?
Raise interest rates to reduce spending by reducing disposable income of mortgage holders to reduce demand to reduce inflation then bail them out with tax payers money to undo all that … This government do not give a shit. They have zero clue.
Fuck off bbc I watched it live and he absolutely made the point nothing would be done.