Mortgage holiday

[Danieljwaterhouse]

Huge long running argument between a load of dickheads alert

Absolutely this! Why do people feel the need to belittle someone, disagree by all means but do it nicely, respectfully and a little sarcastically not outright hostility.

You all talk like you didn’t have a mandatory debating teams at school, and it shows.

[NewClaret]

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

If it dropped to say -0.5%, presumably PaintYorkClaretnBlue would start receiving an income off his mortgage? Staggering.

Could also be massively abused if people borrow, don’t spend and just use it to make the repayments, pocketing the difference?

That said, I don’t typically borrow money if I can avoid it, but may be tempted to accelerate buying a few things I was saving up for if I was actually going to be paid to buy them!!

[Billy Balfour]

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.

I don't know, maybe saving accounts will incur a bank charge? I can see the govt going along with such a policy in order to make people spend, rather than save.

[Blackrod]

For many who have taken a holiday they will find their interest rate has dropped in that time meaning they will be accruing the amount owed at a far lower rate. Silver lining for some which will help.

[NewClaret]

I don't know, maybe saving accounts will incur a bank charge? I can see the govt going along with such a policy in order to make people spend, rather than save.

I’m buying a safe then, before there’s a run on them

[paulatky]

For many who have taken a holiday they will find their interest rate has dropped in that time meaning they will be accruing the amount owed at a far lower rate. Silver lining for some which will help.

Have you looked at interest rates charged by mortgage companies lately . Most have increased interest rates and drastically reduced loan to value. Those who have tracker mortgages will have gained in the short term but their options when their deal comes to an end will be much reduced at the moment

[Blackrod]

Yes. Increased rates and reduced LTVs on new apps. Many existing borrowers will benefit as per my last post. If it helps these people then great.