Have tou been on the rock 'n roll recently?

Discussion in 'The Intelligence Cell' started by dhobidust, Apr 7, 2013.

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  1. I'm asking because I got made redundant last year (big fire in the factory) as a mortgage payer I'm screwed, they only pay the interest, I was lucky enough to find temp work here and there and currently I am temping again. This is a bloody awful situation though, if I was renting I would be quids in because that would be paid by the state, however I prefer to stand on my own two feet, old school maybe but that's how I am. So I ask should the state pay for rented accomadation and not mortgage, after all it amounts to the same thing, probably cheaper in mortgage or am I being simple?

    edit: may not be current affairs but I wanted semi serious answers so not posted in the NAAFI
     
  2. Is our bank happy enough with interest only payments for an unspecified amount of time?
     
  3. for about 10 weeks then the heavies come in, or rather I have to leave. They are happy enough but I need to keep them informed if I miss any payments (which I haven't yet, and I've paid them for the last 15 years)
     
  4. So essentially you want the tax payer to subsidize not just landlords charging over market rates for their shitty property but your already artificially low interest borrowing in order to speculate on a large illiquid and volatile asset that's probably overvalued by 20% and that you may have to sell at a loss if you have to move to get a decent job.
     
  5. They're normally great! Pal of mine went down with mentalism a while back and I had to manage her affairs. I have to say Halifax were a dream.

    'Payment break? No problem, no problem at all. Is six months enough? Listen, don't worry if it's not... we'll sort it! And don't worry about the arrears either. We'll sort it in 20 years if needs be at the end'

    Magic.
     
  6. Thanks for that Driver, and Alib you might have noticed I am still paying but I do not have a £2million mansion, just a modest house, so a bit of help from the govt would be appreciated, after all rent is about the same as mortgage on a small house, but thanks for the input.
     
  7. Wordsmith

    Wordsmith LE Book Reviewer

    Your interest is being paid on the mortgage. Most banks and building societies are happy with that as they assume over the lifetime of a 25 year mortgage people will be made redundant occasionally. What this means is that the capital in the mortgage is not being paid of, but neither is it growing. Paying interest only is thus financially neutral. You stay in your house, but the overall value of the mortgage is not paid down by the taxpayer.

    It looks as if you get this support for 2 years.

    https://www.gov.uk/support-for-mortgage-interest/what-youll-get

    So you should be OK for 2 years after you were made redundant - yet you say you lose your house in 10 weeks.

    There's a piece of the jigsaw missing...

    Wordsmith
     
    • Like Like x 1
  8. Wordsmith is correct. I had a mate who was made redundant and this is exactly what happened. The state paid his interest* for nearly 2 years, his mortgage lender was fine with that. I don't understand why your lender won't accept interest only payments for longer than 10 weeks.

    *which cost the tax payer £285 a month, if the council didn't pay this then he'd have lost his home and then he would have been entitled to a maximum LHA rate of £650 a month for a one bedroom flat. So in effect it saved the council £365 a month.
     
  9. Forastero

    Forastero LE Moderator

    Int Cell's good for this sort of thing, chat and discussion and all that.
     
  10. Ok thanks for that, the whole thing was never really explained to me very well, even by citizens advice. I was under the impression that although the interest was being paid I was still liable for the monthly payments. Fortunately, having saved a bit, I never had to broach that subject. You might say I was being a bit naive but never having been in this situation before you tend to realise what questions you should have asked at the time but didn't. Once again thanks for advice and info.

    edit: ah ok thanks forastero, can you shift it?
     
  11. Forastero

    Forastero LE Moderator

    Done already chap.
     
  12. Go self employed and control your own future, no idea what your trade is but there is bound to be something you can do. (As long as its not just killing people) I valet cars here because they are a racist bunch and getting a decent job also requires decent french language. Am now thinking about buying a wood chipper and selling wood chipping services as it eco good and they have stopped us having fires here. So there are lots of ideas you just got to think of something to do and then control your destiny Good luck
     
  13. Well where I live you can barely move for people with wood chippers (Norfolk , yes yes I know, but I wasn't born here so all my fingers and toes aren't webbed) I am however trying to start out doing what I did before on a one to one basis with previous customers (I was a cam engineer) this temp job I have will help and I should be able to fit in what work comes my way from any cam stuff, of course I will have to be careful about tax but I have a friend who is an accountant who should keep me in the clear.
     
  14. What's tax?
     
  15. well it's not the thing that gets stuck in your foot, or your arrse when you sit down :)