Honestly, as someone who owns a house I kinda agree. I bought two years ago and will be screwed next year when my low fixed term ends, but what I pay for my mortgage is nothing compared to what I’d be paying for rent. Not just for something similar but even for a room. Things are tough for most people right now but I don’t think this is the best use of the money.
I think something like the electricity credit would help more.
Could anyone explain why the government would be giving mortgage relief?
Agreed completely. We all know that you’re not going to be approved for a mortgage beyond your means, so most people should really be able to absorb interest increases even if they’re not on fixed rates. In most cases, the mortgage repayments on a given property are less than the equivalents rent on the same property, so giving relief to homeowners over renters would be ridiculous imo. And I say this as a homeowner.
So the Government cant interfere in the markets except when it suits them 🤔. If you take a loan out and cant repay it down size, fuck that.
Anyone that hasn’t fixed a low or affordable rate now is financially irresponsible. Anyone that’s coming off a long term fixed rate now has had years of extremely low interest rates and should be in a position to handle this.
When you get a mortgage, you have to plan for rate hikes like this. Anyone that’s got a mortgage post recession, the banks would have factored this in when considering how much you can borrow. Anyone that’s holding a pre-recession mortgage should have a lot of equity and would be in a good position to refinance or downsize
We should not be bailing out irresponsible borrowers.
Total bullshit if they reintroduce that. I’m not voting for those shitehawks anyway but still…
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Honestly, as someone who owns a house I kinda agree. I bought two years ago and will be screwed next year when my low fixed term ends, but what I pay for my mortgage is nothing compared to what I’d be paying for rent. Not just for something similar but even for a room. Things are tough for most people right now but I don’t think this is the best use of the money.
I think something like the electricity credit would help more.
Could anyone explain why the government would be giving mortgage relief?
Agreed completely. We all know that you’re not going to be approved for a mortgage beyond your means, so most people should really be able to absorb interest increases even if they’re not on fixed rates. In most cases, the mortgage repayments on a given property are less than the equivalents rent on the same property, so giving relief to homeowners over renters would be ridiculous imo. And I say this as a homeowner.
So the Government cant interfere in the markets except when it suits them 🤔. If you take a loan out and cant repay it down size, fuck that.
Anyone that hasn’t fixed a low or affordable rate now is financially irresponsible. Anyone that’s coming off a long term fixed rate now has had years of extremely low interest rates and should be in a position to handle this.
When you get a mortgage, you have to plan for rate hikes like this. Anyone that’s got a mortgage post recession, the banks would have factored this in when considering how much you can borrow. Anyone that’s holding a pre-recession mortgage should have a lot of equity and would be in a good position to refinance or downsize
We should not be bailing out irresponsible borrowers.
Total bullshit if they reintroduce that. I’m not voting for those shitehawks anyway but still…