Mortgage Help From The Taxpayer!

December 3, 2008

This came as somewhat of a surprise. Not previously mentioned in the Pre-Budget Report, or ‘leaked’ by Brown’s googly delivering spinners, or given as an exclusive to the Daily Mirror, but actually announced in the House of Commons! Could it be that the PM seeing the lack of enthusiasm for the measures in the PBR has been forced to randomly announce another policy, or has he been taken aback at the potential 75 000 homes likely to be repossessed next year with another 200,000 homeowners expected to be at least three months in arrears by the end of 2008?

As the PM doesn’t know how bad the recession is likely to be, he obviously doesn’t know how many people are likely to take up this offer of help and what it is likely to cost. I suppose when he is borrowing whatever he feels like with no care for how it will be paid back, another pledge supported by borrowing to him is no big deal.

Banks Continue With Repossessions

November 21, 2008

11,300 homes were repossessed in the third quarter of this year which represents a 12% increase, and is further evidence that banks will do as they please regardless of what Government says. Interest rate cuts are not passed on to mortgage customers and small businesses are not given loans or overdraft facilities in troubled times but we as taxpayers are all expected to bail out troubled banks because it is apparently the right thing to do.

I wonder how those people who have lost their homes feel when they learn that some of the tax they have paid has gone to pay their bank to keep it afloat which in turn has repossessed their homes?

We wait for the pre-budget report on Monday to see what measures the Chancellor will introduce to help struggling homeowners!