"£100million recession action plan"

**NellyD** · 3rd December 2008, 20:08

This has really made my day, what Gordon Brown has proposed, helping people with their homes, by "Freezing mortgages up to two years.. So that means I can keep my house now and stay on the property ladder...

This is good news for ever property owner, that have lost their jobs or taking a pay cut; they can keep their homes going...

http://www.londoninformer.co.uk/lond...3489-22197466/

**GARY3306** · 3rd December 2008, 20:19

I think that is the interest on the payments is to be frozen for two years, not the payments themselves and the interest will still have to be paid at the end of the term. They aren't sure if the banks could manage to do it yet though

**NellyD** · 3rd December 2008, 20:24

Originally Posted by GARY3306

I think that is the interest on the payments is to be frozen for two years, not the payments themselves and the interest will still have to be paid at the end of the term. They aren't sure if the banks could manage to do it yet though

I thought that it might be to good to be true, but not paying the interest will still help for the 2 years... Everyone that is struggling with their homes, ;losing their jobs and have children; are having a hard time

So something needs to be done, as most people will loss their homes and everyone wants to stay on the property ladder

**Duncan** · 4th December 2008, 00:29

Originally Posted by NellyD

....as most people will loss their homes....

Blimey, that's worse scaremongering than the media Diane! Yes, the number of repossessions has risen sharply and are forecast to continue to do so next year but blimey, you sound like all the tabloid media with all these 'gloom and doom' threads you've started of late.

Come on, look at the glass being half full instead of half empty!

**Big Sig** · 4th December 2008, 00:34

Yay, lets get the government to borrow our way out of this problem that all started with massive borrowing!

If people can't afford a home then they need to sell up and rent. If you can't afford it, don't buy it. Although just my opinion.

**Hideous** · 4th December 2008, 00:43

Don't like this idea.
Once again, the taxpayer is going to have to pay for some of this.

**john_k_sri** · 4th December 2008, 00:44

Originally Posted by NellyD

as most people will loss their homes and everyone wants to stay on the property ladder

I agree with Duncan. Most people struggling with mortgage payments will not be repossessed. There are millions of mortgage holders out there.

It has been said today it would be wise to wait for the 'small print' and the list of conditions that will inevitably apply before jumping for joy.

I think it is immoral that repossessed houses are auctioned off at way below their market value so that the mortgagors can cut their losses or simply 'get shot', as those repossessed are faced with the double whammy of the loss of a home, and a remaining mortgage repayment shortfall to have to pay off, whilst the successful bidder at auction gets the repossessed house at a bargain price. But that's 'business'.

No sentiment in business nor in government initiatives, however well-meaning they may sound. I would like to be proved wrong but I feel what is being proposed will make very little difference to those who are most affected particularly in the longer term.

**NellyD** · 4th December 2008, 00:47

Originally Posted by Duncan

Blimey, that's worse scaremongering than the media Diane! Yes, the number of repossessions has risen sharply and are forecast to continue to do so next year but blimey, you sound like all the tabloid media with all these 'gloom and doom' threads you've started of late.

Come on, look at the glass being half full instead of half empty!

The reason for the gloom and doom, a few people that I know, are in trouble with their homes and just lost their jobs...

It is a hard time, for even vendors that I know, companies are being bought out and people that I have worked with in the past, are facing hard times...

**MalcGSI** · 5th December 2008, 13:56

Originally Posted by NellyD

The reason for the gloom and doom, a few people that I know, are in trouble with their homes and just lost their jobs...

It is a hard time, for even vendors that I know, companies are being bought out and people that I have worked with in the past, are facing hard times...

Maybe, but not the same as most people will lose their homes, indeed most people won't be negatively affected by this recession, they won't lose their job or home. They may lose some interest on their savings which will affect some of the retired most of all and some may get a reduction on their mortgage repayments.

**Penfold101** · 5th December 2008, 20:13

This is why I've held off for years on buying a property, as unless the payments are small enough to be able to afford them no matter what (700 squid a month is just ridiculous if you ask me...) then it's not a good idea getting into so much debt without a year's worth of payments in your savings account just in case...

People know that mortgage rates go up and down by quite a lot even if it's only 1/2% but then complain when they say they can't afford it...

As was said above - if you can't afford it, don't buy it...