This week’s first comment is in response to: Interest-only demand ‘not as high as expected yet’ say brokers ‒ analysis
Arron190 said: “For most, interest-only should only be considered if necessary. There is no guarantee rates will fall, and this could be the new normal, so borrowers need to be cutting their cloth now instead of prevaricating.
“Borrowers need to be reviewing their outgoings now rather than hoping things will change. What’s worse is the six month interest-only programme announced by the banks. If there is not proper advice given, as happened with the payment holidays that should have been called deferments, many will take this up as a “freebie” even if they do not need it; and they might continue taking on more unsecured debt instead of paying it down.”
This week’s second comment comes from: Let’s not waste another opportunity to reform the transaction process – Rudolf
Michelle Lawson said: “Well said! I’ve been in the industry for 20 years now and the process really hasn’t changed let alone for the better. The key thing is for housing to be a major government post and not a feeder for junior ministers.
“The industry needs to be taken seriously and there is so much opportunity for change and progression rather than regression. Sadly, I think this is falling on deaf ears and we will be saying the same in five to 10 years’ time.
“We are also very accepting as a nation, so we just plod along. That doesn’t mean it is right though, although the other option is pointless as well as nobody really listens.”
The comments here are from our readers and do not necessarily reflect the views of Mortgage Solutions and Specialist Lending Solutions.
