‘Shocking’ numbers to retire with mortgage debt, finds poll
I cannot see the problem, surely a low mortgage payment will still be far lower than paying rent on another property like first-time buyers forced into rented properties because they cannot have an interest-only mortgage? Will the goverment pay people’s’ rent after they retire if they can’t afford the payments?
Marilyn Holmes
24 Aug 2012 | 10:11
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Santander blames SVR rise on higher banking costs
Once again a lender shows their complete indifference to customers struggling with existing commitments. Joe Public has to live within their means but when it comes to banks, they increase costs without a regard to the very people that are most vulnerable.
David
22 Aug 2012 | 13:20
I think its only natural that Santander have increased their SVR rates. Surely Santander customers could see this coming after other lenders increased their SVRs at the start of the year. People need to be realistic that given the current financial climate and the fantastic savings rates that Sanatnder consistently offer, they need to cover their costs somehow.
Mark
22 Aug 2012 | 14:30
While I am no fan of Santander’s mortgage processing at the moment and I can see how some of its most vulnerable clients might be concerned, it should be noted the banks are not public service charities. They are companies who have to make profits to satisfy their investors and they also have to make enough margin to pay savers. When rates go down, the press report how savers are affected and when they go up they champion the cause of borrowers. All banks have to make detailed calculations on their optimum pricing and Santander would not have made this change lightly. It will also have considered that its best customers on SVR (repayment mortgages, less than 4x income and low LTVs) are best placed to move lenders, so the remaining borrowers on their SVR will be those most at risk of arrears or very small loans with small profit margins.
Arron Bardoe
22 Aug 2012 | 16:13
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Wonga confirms mortgage market launch “some way off”
Errol Damelin, Wonga’s chief executive, said: “It’s (the mortgage market) inefficiently priced.” Priceless!
Ray Boulger
21 Aug 2012 | 17:12
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HMRC swoops on £200m in tax avoidance crackdown
It’s always good to hear the rescue of taxes through HMRC successes against morally questionable tax avoidance schemes. Yet, finding a way round the regulation is how high paid consultants stay in business. A recent TV documentary highlighted a major plc Accountant ‘saving’ hundreds of millions of due UK taxes for themselves and their clients. It would be good to see HMRC succeed against these mega-firms too. But, do they have the will, experties and resources that large business can affort to even begin.
Mr. DG. John
21 Aug 2012 | 10:47
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Build more houses to fuel growth – Darling
If the banks are not lending as Alistair admits then what is the point of building more houses that no one can buy? Get the banks lending first and then build more houses. Bearing in mind that the numbers of self employed are growing and are automatically being penalised by the banks and lenders who will offer less to the self employed than they do the employed – who have to pay their expenses after tax has been deducted whereas the self employed are able to offset a portion of their expenses against tax, which brings down their net profit and reduces the amount that lenders are willing to offer them. It would make sense to give the self employed higher multiples but common sense does seem to be in short supply.
Richard Green
20 Aug 2012 | 12:02
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Thank you for all your comments.
