Mortgage holiday

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paulatky
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Mortgage holiday

Post by paulatky » Tue May 05, 2020 10:30 am

Unless its really necessary otherwise you will have to default, it’s probably unwise to ask for a mortgage payment holiday.

Although the payment holiday doesnt affect credit reports many lenders are now asking new applicants if they have ever taken a payment holiday and that into account.

Also at the moment a lot of lenders have reduced their loan to value criteria which in the short term will affect those coming to the end of fixed rate deals being able to switch to another lender.

How long the short term hit to house prices last is the big question.

Marney&Mee
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Re: Mortgage holiday

Post by Marney&Mee » Tue May 05, 2020 10:35 am

is giving plenty of people a little breathing space with all the uncertainty around.

Anyone have a feel/thought for what interest rates will do over the next 2 years ?

Quickenthetempo
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Re: Mortgage holiday

Post by Quickenthetempo » Tue May 05, 2020 10:41 am

Why would anyone want a fix rate deal at the minute?

Interest rates have dropped like a stone.

Any good deal you might find is usually cancelled out by the finders fee.

paulatky
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Re: Mortgage holiday

Post by paulatky » Tue May 05, 2020 10:45 am

Quickenthetempo wrote:
Tue May 05, 2020 10:41 am
Why would anyone want a fix rate deal at the minute?

Interest rates have dropped like a stone.

Any good deal you might find is usually cancelled out by the finders fee.
I certainly wouldn’t want to be on a lender’s general rate after coming off a fixed rate in the next month or 2

Not dropped like a stone, dropped to their lowest ever but from a very low point before that. There are some right drama queens on here

Burnley1989
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Re: Mortgage holiday

Post by Burnley1989 » Tue May 05, 2020 10:51 am

I have a family member with a huge mortgage, he will probably be out of work for most of the year, if not until next year now due to his line of work so for me it makes sense. Before anyone says it, he absolutely can afford the mortgage he has, but not knowing weather you will have any income for 8 months , you'd be silly not to play it safe whilst the option is there.

AndrewJB
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Re: Mortgage holiday

Post by AndrewJB » Tue May 05, 2020 10:55 am

paulatky wrote:
Tue May 05, 2020 10:45 am
I certainly wouldn’t want to be on a lender’s general rate after coming off a fixed rate in the next month or 2

Not dropped like a stone, dropped to their lowest ever but from a very low point before that. There are some right drama queens on here
I’ve been on the building society’s SVR for about eleven years. It’s 1.5% above the BoE rate, and I’ve never found anything comparable.
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paulatky
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Re: Mortgage holiday

Post by paulatky » Tue May 05, 2020 11:00 am

AndrewJB wrote:
Tue May 05, 2020 10:55 am
I’ve been on the building society’s SVR for about eleven years. It’s 1.5% above the BoE rate, and I’ve never found anything comparable.
Are you prepared to say which lender that is as I very much doubt what you have said there

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Re: Mortgage holiday

Post by Quickenthetempo » Tue May 05, 2020 11:10 am

paulatky wrote:
Tue May 05, 2020 11:00 am
Are you prepared to say which lender that is as I very much doubt what you have said there
Mines pretty similar with Lloyd's. Although I took it out 15 years ago with C&G. I had a 3 year fixed and left it for 12 years as interest rates kept dropping.

Never paid a finders fee once.

No drama queenery here my friend

TVC15
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Re: Mortgage holiday

Post by TVC15 » Tue May 05, 2020 11:16 am

SVR is the bank or building society’s standard variable rate. 1.5% over base rate seems remarkably low and the last time I looked most of the SVRs were nearer to 3.5% or 4% over base rate.
Not doubting what some people are saying but they may be on a different deal than SVR....for example they might have a tracker rate mortgage deal. I had one at 0.5% over base rate....which was of course a very good deal.

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Re: Mortgage holiday

Post by paulatky » Tue May 05, 2020 11:41 am

TVC15 wrote:
Tue May 05, 2020 11:16 am
SVR is the bank or building society’s standard variable rate. 1.5% over base rate seems remarkably low and the last time I looked most of the SVRs were nearer to 3.5% or 4% over base rate.
Not doubting what some people are saying but they may be on a different deal than SVR....for example they might have a tracker rate mortgage deal. I had one at 0.5% over base rate....which was of course a very good deal.
At last someone else who knows what they are talking about.

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Re: Mortgage holiday

Post by AndrewJB » Tue May 05, 2020 11:45 am

paulatky wrote:
Tue May 05, 2020 11:00 am
Are you prepared to say which lender that is as I very much doubt what you have said there
I’m with nationwide. The SVR is a legacy one.

TVC15
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Re: Mortgage holiday

Post by TVC15 » Tue May 05, 2020 11:50 am

AndrewJB wrote:
Tue May 05, 2020 11:45 am
I’m with nationwide. The SVR is a legacy one.
So not available to new customers and likely to be tracked to base rate type variable product rather than a SVR.
(Is i think all the other poster is saying)
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paulatky
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Re: Mortgage holiday

Post by paulatky » Tue May 05, 2020 11:53 am

TVC15 wrote:
Tue May 05, 2020 11:50 am
So not available to new customers and likely to be tracked to base rate type variable product rather than a SVR.
(Is i think all the other poster is saying)
Exactly so not available to everyone and that is not the current standard variable rate for that particular lender.

A bit of digging gets out the truth

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Re: Mortgage holiday

Post by TVC15 » Tue May 05, 2020 11:57 am

Simple mistake - I doubt most people know what SVR actually is and just think it’s any variable rate mortgage. I only know because of my previous job.
Keep the debate civil
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Blackrod
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Re: Mortgage holiday

Post by Blackrod » Tue May 05, 2020 12:06 pm

Mortgage Holidays are certainly right for some people in the current climate. Everyone has a different set of circumstances. Plenty of smug ( think they) no it alls in the comments sections of money and finance articles.

LS7
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Re: Mortgage holiday

Post by LS7 » Tue May 05, 2020 12:06 pm

Huge long running argument between a load of dickheads alert
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martin_p
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Re: Mortgage holiday

Post by martin_p » Tue May 05, 2020 12:17 pm

I didn’t think you were allowed to go on holiday during lockdown.

paulatky
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Re: Mortgage holiday

Post by paulatky » Tue May 05, 2020 1:05 pm

LS7 wrote:
Tue May 05, 2020 12:06 pm
Huge long running argument between a load of dickheads alert
A certain irony in your remark. I love it

paulatky
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Re: Mortgage holiday

Post by paulatky » Tue May 05, 2020 1:07 pm

Blackrod wrote:
Tue May 05, 2020 12:06 pm
Mortgage Holidays are certainly right for some people in the current climate. Everyone has a different set of circumstances. Plenty of smug ( think they) no it alls in the comments sections of money and finance articles.

Good advice in my original post.

I did put unless its absolutely necessary.

tim_noone
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Re: Mortgage holiday

Post by tim_noone » Tue May 05, 2020 2:07 pm

paulatky wrote:
Tue May 05, 2020 11:53 am
Exactly so not available to everyone and that is not the current standard variable rate for that particular lender.

A bit of digging gets out the truth
Yes... you can always tell when someones telling porkies. :D

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Re: Mortgage holiday

Post by J50 » Tue May 05, 2020 3:34 pm

So what do we reckon will be when we hit the sweet spot for timing re-mortgaging in the current climate? I have a cash purchased BTL/HMO which is worth around £240k and will re-mortgage at some point, preferably sooner; I had started the process before the walls came crashing down. Previous one for a similar property was a 5 year fix at 1.96% LTV75%. I might do 60% LTV this time.

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Re: Mortgage holiday

Post by Sean Dyche's Watch » Tue May 05, 2020 6:30 pm

AndrewJB wrote:
Tue May 05, 2020 11:45 am
I’m with nationwide. The SVR is a legacy one.
Do you mean BMR? This is a legacy rate, which guarantees to be not more than 2% above the Bank of England base rate.

I'm on this, and have been since 2013. I've resisted several attempts by Nationwide to lure me onto a different deal. I know that if I do this, I would not be able to go back to the BMR when the deal ends, instead I would revert to the higher SMR rate.

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Re: Mortgage holiday

Post by Sean Dyche's Watch » Tue May 05, 2020 6:33 pm

TVC15 wrote:
Tue May 05, 2020 11:16 am
SVR is the bank or building society’s standard variable rate. 1.5% over base rate seems remarkably low and the last time I looked most of the SVRs were nearer to 3.5% or 4% over base rate.
Not doubting what some people are saying but they may be on a different deal than SVR....
It's the BMR rate, guaranteed to be no higher than 2% above the Bank of England base rate.


https://www.nationwide.co.uk/support/su ... gage-rates

Jakubclaret
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Re: Mortgage holiday

Post by Jakubclaret » Tue May 05, 2020 6:46 pm

Become a recluse & save every penny, I've pretty much worked through the lockdown & spent very little, I promise you'll be healthier & wealthier when we finally come out. The mortgage holiday was tempting but if you can manage without what's the point, just an additional month on top of the remaining term.

NL Claret
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Re: Mortgage holiday

Post by NL Claret » Tue May 05, 2020 7:31 pm

TVC15 wrote:
Tue May 05, 2020 11:57 am
Simple mistake - I doubt most people know what SVR actually is and just think it’s any variable rate mortgage. I only know because of my previous job.
Keep the debate civil
I think this thread has made me understand my mortgage rate and why it has remained so low over the last 12 years. My fixed term with the Alliance & Leicester (remember them!) ended in 2008 and I have stayed with them ever since. My statements are from the A&L even though they don't technically exist. Have periodically done comparisons and never thought it was worth changing. Not long left on it however have been overpaying recently until the uncertainty started, have put that into savings although the rate has dropped.

TVC15
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Re: Mortgage holiday

Post by TVC15 » Tue May 05, 2020 7:36 pm

Sean Dyche's Watch wrote:
Tue May 05, 2020 6:33 pm
It's the BMR rate, guaranteed to be no higher than 2% above the Bank of England base rate.


https://www.nationwide.co.uk/support/su ... gage-rates
Sorry not sure what you are pointing out.

SVR is the generic industry term used in most banks and building societies for their standard variable rate mortgage - ie their normal one of you don’t select one of their fixed products, or trackers or first time buyer ones etc

Caballo
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Re: Mortgage holiday

Post by Caballo » Tue May 05, 2020 8:52 pm

LS7 wrote:
Tue May 05, 2020 12:06 pm
Huge long running argument between a load of dickheads alert
paulatky wrote:
Tue May 05, 2020 1:05 pm
A certain irony in your remark. I love it
That's rich, you've enough logins to prove LS7's point on your own

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Re: Mortgage holiday

Post by Jakubclaret » Tue May 05, 2020 8:56 pm

TVC15 wrote:
Tue May 05, 2020 7:36 pm
Sorry not sure what you are pointing out.

SVR is the generic industry term used in most banks and building societies for their standard variable rate mortgage - ie their normal one of you don’t select one of their fixed products, or trackers or first time buyer ones etc
If you are tentatively embarking upon the first rung as a FTB you tend to run with what the MA endorses usually at a favourable broker fee not necessarily the fixed deal advantageous to the current financial circumstances ;)

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Re: Mortgage holiday

Post by AndrewJB » Tue May 05, 2020 9:01 pm

Sean Dyche's Watch wrote:
Tue May 05, 2020 6:30 pm
Do you mean BMR? This is a legacy rate, which guarantees to be not more than 2% above the Bank of England base rate.

I'm on this, and have been since 2013. I've resisted several attempts by Nationwide to lure me onto a different deal. I know that if I do this, I would not be able to go back to the BMR when the deal ends, instead I would revert to the higher SMR rate.
Sorry, yes that’s it. I went on to it in 2008 (it was the default thing after a two year deal), and it was a better situation than paying to go on a different deal. 2% above BoE rate. Not 1.5%.

TVC15
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Re: Mortgage holiday

Post by TVC15 » Tue May 05, 2020 9:03 pm

Jakubclaret wrote:
Tue May 05, 2020 8:56 pm
If you are tentatively embarking upon the first rung as a FTB you tend to run with what the MA endorses usually at a favourable broker fee not necessarily the fixed deal advantageous to the current financial circumstances ;)
Ok....thanks.
Again not sure why that is a response to my post advising what SVR is.

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Re: Mortgage holiday

Post by Jakubclaret » Tue May 05, 2020 9:05 pm

TVC15 wrote:
Tue May 05, 2020 9:03 pm
Ok....thanks.
Again not sure why that is a response to my post advising what SVR is.
Just a insightful overview of certain peoples knowledge or maybe lack of!

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Re: Mortgage holiday

Post by AndrewJB » Tue May 05, 2020 9:09 pm

TVC15 wrote:
Tue May 05, 2020 7:36 pm
Sorry not sure what you are pointing out.

SVR is the generic industry term used in most banks and building societies for their standard variable rate mortgage - ie their normal one of you don’t select one of their fixed products, or trackers or first time buyer ones etc
I think what is now called the BMR used to be the SVR, but was replaced by Nationwide around when interest rates fell.

As an aside, back around 2000 one bank was offering a 25 year 6% fixed rate, which could have been attractive to those who recalled people struggling with high interest rates back in the ‘80s.

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Re: Mortgage holiday

Post by TVC15 » Tue May 05, 2020 9:11 pm

Jakubclaret wrote:
Tue May 05, 2020 9:05 pm
Just a insightful overview of certain peoples knowledge or maybe lack of!
Ok - tbf it’s historically a very complicated market. And partly this is the fault of the lenders who have historically made their products deliberately complicated and on top of this you have the various mergers and takeovers in the market with a whole raft of legacy products.
This is actually an area the regulator has cleaned up a lot so they can’t get away with as much but it’s still pretty confusing for customers.

Volvoclaret
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Re: Mortgage holiday

Post by Volvoclaret » Tue May 05, 2020 9:17 pm

Why does anyone want to take their mortgage on holiday?

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Re: Mortgage holiday

Post by Billy Balfour » Tue May 05, 2020 9:29 pm

My line of work is IT, hence this question: I know that we currently have historically low interest rates, however, surely interest rates will go up if we continue to print money at the current rate? If not, will money become devalued by inflation?

Is there also a danger that govt bonds also become devalued, making govt borrowing more expensive or will this be like the quantitative easing we had for over a decade?

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Re: Mortgage holiday

Post by Jakubclaret » Tue May 05, 2020 9:40 pm

TVC15 wrote:
Tue May 05, 2020 9:11 pm
Ok - tbf it’s historically a very complicated market. And partly this is the fault of the lenders who have historically made their products deliberately complicated and on top of this you have the various mergers and takeovers in the market with a whole raft of legacy products.
This is actually an area the regulator has cleaned up a lot so they can’t get away with as much but it’s still pretty confusing for customers.
The devil's in the detail, still doesn't excuse your naivety, you think that's complicated, good night time reading material scrunitise the small print in critical life & illness cover & analyse the merits of the claims & the evidence required.

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Re: Mortgage holiday

Post by TVC15 » Tue May 05, 2020 9:47 pm

Jakubclaret wrote:
Tue May 05, 2020 9:40 pm
The devil's in the detail, still doesn't excuse your naivety, you think that's complicated, good night time reading material scrunitise the small print in critical life & illness cover & analyse the merits of the claims & the evidence required.
I meant complicated in terms of the number of mortgage products and the old tricks they used to get up to of renaming products, offering better deals to new customers etc.
Some of the bigger banks will have literally hundreds and probably thousands of different legacy products. For savings it’s even worse than mortgages.

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Re: Mortgage holiday

Post by PaintYorkClaretnBlue » Tue May 05, 2020 9:48 pm

I was lucky enough to switch to a lifetime tracker in 2007 which is 0.17% above the base rate. It has saved me a fortune over the years!
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TVC15
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Re: Mortgage holiday

Post by TVC15 » Tue May 05, 2020 9:49 pm

PaintYorkClaretnBlue wrote:
Tue May 05, 2020 9:48 pm
I was lucky enough to switch to a lifetime tracker in 2007 which is 0.17% above the base rate. It has saved me a fortune over the years!
Now that’s a cracking deal !!

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Re: Mortgage holiday

Post by PaintYorkClaretnBlue » Tue May 05, 2020 9:53 pm

TVC15 wrote:
Tue May 05, 2020 9:49 pm
Now that’s a cracking deal !!
It is with the Woolwich (now Barclays) I phoned them on the day that I saw it to ask about it and he told me it was being withdrawn that day so I did the application there and then!

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Re: Mortgage holiday

Post by claretonthecoast1882 » Wed May 06, 2020 8:15 am

Volvoclaret wrote:
Tue May 05, 2020 9:17 pm
Why does anyone want to take their mortgage on holiday?

Cheaper than the mrs

Takes less shoes on holiday

Makes less noise

Doesn't nag

:D
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Re: Mortgage holiday

Post by paulatky » Tue May 19, 2020 11:50 pm

In this week’s Martin Lewis update he warns about taking mortgage holiday affecting people’s future mortgage applications.

Something I warned about 2 weeks ago !!!

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Re: Mortgage holiday

Post by NewClaret » Wed May 20, 2020 12:40 am

Billy Balfour wrote:
Tue May 05, 2020 9:29 pm
My line of work is IT, hence this question: I know that we currently have historically low interest rates, however, surely interest rates will go up if we continue to print money at the current rate? If not, will money become devalued by inflation?

Is there also a danger that govt bonds also become devalued, making govt borrowing more expensive or will this be like the quantitative easing we had for over a decade?
Think the mire we’re going to be in will keep interest rates very low for years. Saw some media commentary today suggesting negative interest rates were about to become a thing. How that works, I’ll never know.

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Re: Mortgage holiday

Post by paulatky » Wed May 20, 2020 7:49 am

NewClaret wrote:
Wed May 20, 2020 12:40 am
Think the mire we’re going to be in will keep interest rates very low for years. Saw some media commentary today suggesting negative interest rates were about to become a thing. How that works, I’ll never know.

You would be paid to borrow money so that you would spend to keep the economy going is the idea I guess.

Similar to the oil price going negative at the end of last month. Will no doubt do the same for a few days at the end of this month also.

We have certainly never seen times like this before

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Re: Mortgage holiday

Post by Burnley1989 » Wed May 20, 2020 7:55 am

paulatky wrote:
Tue May 19, 2020 11:50 pm
In this week’s Martin Lewis update he warns about taking mortgage holiday affecting people’s future mortgage applications.

Something I warned about 2 weeks ago !!!
If people need to do it they absolutely should though, we need to concentrate on the present moment, unfortunately that's what's important at the minute. (Whilst I do understand your message)

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Re: Mortgage holiday

Post by claretonthecoast1882 » Wed May 20, 2020 7:57 am

paulatky wrote:
Tue May 19, 2020 11:50 pm
In this week’s Martin Lewis update he warns about taking mortgage holiday affecting people’s future mortgage applications.

Something I warned about 2 weeks ago !!!

Was it you or your mrs ?

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Re: Mortgage holiday

Post by paulatky » Wed May 20, 2020 8:14 am

claretonthecoast1882 wrote:
Wed May 20, 2020 7:57 am
Was it you or your mrs ?
Does it really matter. Its the message that’s important not the messenger. Hope someone benefitted from the advice.

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Re: Mortgage holiday

Post by claretonthecoast1882 » Wed May 20, 2020 8:16 am

paulatky wrote:
Wed May 20, 2020 8:14 am
Does it really matter. Its the message that’s important not the messenger. Hope someone benefitted from the advice.
Of course it matters because you have just claimed you said it. Now if it was your wife who said it then technically you are making a false claim, unless you are your wife too.

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Re: Mortgage holiday

Post by paulatky » Wed May 20, 2020 8:17 am

Burnley1989 wrote:
Wed May 20, 2020 7:55 am
If people need to do it they absolutely should though, we need to concentrate on the present moment, unfortunately that's what's important at the minute. (Whilst I do understand your message)
Indeed should only be done as a last resort.
Like a lot of things , some people are doing it “just because they can”

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Re: Mortgage holiday

Post by Goobs » Wed May 20, 2020 8:21 am

paulatky wrote:
Wed May 20, 2020 7:49 am
You would be paid to borrow money so that you would spend to keep the economy going is the idea I guess.

Similar to the oil price going negative at the end of last month. Will no doubt do the same for a few days at the end of this month also.

We have certainly never seen times like this before
Surely you would still make repayments only you would ultimately pay back slightly less than you borrowed?

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