Should mortgage and rent payments be abandoned?

[belboid]

Someone should get in touch with Acorn about renters. They may/should have plans.

I may even do so myself

It appears they’re on it - Sign the Petition

 

[weltweit]

I believe it is usually possible to take a mortgage holiday - I don't know any example of this with rent though.

 

[Badgers]

Landlords dont like void periods and are always terrified of the unknown. Many will make allowances over this.

This

I suspect a lot of us will be making calls to banks, credit cards and landlords tomorrow.

 

[og ogilby]

Forcibly removing people in a house that could be infected...

Start coughing and spitting on the bailiffs and they'll soon fuck off.

 

[Kaka Tim]

The majority of people that have mortgages will have a job. If they have a job, they should not be suffering hardship unless they are mainly on commission.

unless their workplace is shut down or goes bankrupt, or cant work cos they have to look after kids cos schools are shut, or they need to self isolate for an extended period of time, or they are self employed or run a cafe, pub, restaurant etc etc. Yeah be fine.

 

[marty21]

I'm guessing that for council tenants there will be a freeze on court action for rent arrears.

 

[Marty1]

If the country goes on lockdown then mortgage and rent payments need to go onto pause without penalty until people are safe/healthy to return to work.

 

[Proper Tidy]

unless their workplace is shut down or goes bankrupt, or cant work cos they have to look after kids cos schools are shut, or they need to self isolate for an extended period of time, or they are self employed or run a cafe, pub, restaurant etc etc. Yeah be fine.

Innit.

The idea all mortgage borrowers are in safe secure employment with six months full six months half is fucking barking tbh. Mortgage lenders simply want evidence that you can pay a monthly payment, it doesn't matter whether you are employed, self employed, whatever. Provide evidence of sufficient self employed income for between one to three years and there will be plenty of normal mainstream lenders prepared to give you the money. Even without evidence you can get a mortgage but the rate will be higher. Loads of people with significant health issues reliant on PIP etc have shared ownership mortgages with HA also charging rent, fuckloads of self employed have mortgages, fuckloads of employed people don't have the kind of sickness safety net common in public sector and big firms and will be straight onto SSP, which is subsistence level without considering costs of housing.

Support for mortgage interest, the HB equivalent for homeowners, has been fucking gutted, the wait period is 39 weeks (by which point without other resources you will def have a completely fucked credit history and will probably be close to or at litigation/repo proceedings) and even then the sum you will get probably won't cover all of the interest and will be in form of a loan secured against the property by way of legal charge.

I know london is basically a different housing market to rest of uk hence this us and them and assumption homeowners are all sitting pretty getting rich for fuck all but that doesn't match the reality in lots of other places.

 

[maomao]

Innit.

The idea all mortgage borrowers are in safe secure employment with six months full six months half is fucking barking tbh. Mortgage lenders simply want evidence that you can pay a monthly payment, it doesn't matter whether you are employed, self employed, whatever. Provide evidence of sufficient self employed income for between one to three years and there will be plenty of normal mainstream lenders prepared to give you the money. Even without evidence you can get a mortgage but the rate will be higher. Loads of people with significant health issues reliant on PIP etc have shared ownership mortgages with HA also charging rent, fuckloads of self employed have mortgages, fuckloads of employed people don't have the kind of sickness safety net common in public sector and big firms and will be straight onto SSP, which is subsistence level without considering costs of housing.

Support for mortgage interest, the HB equivalent for homeowners, has been fucking gutted, the wait period is 39 weeks (by which point without other resources you will def have a completely fucked credit history and will probably be close to or at litigation/repo proceedings) and even then the sum you will get probably won't cover all of the interest and will be in form of a loan secured against the property by way of legal charge.

I know london is basically a different housing market to rest of uk hence this us and them and assumption homeowners are all sitting pretty getting rich for fuck all but that doesn't match the reality in lots of other places.

I 'own' (180 grand left to pay, still cheaper than renting) a house within Greater London and I don't feel wealthy or secure generally and less so now.

 

[Bahnhof Strasse]

One thing to note, if you take a mortgage holiday that goes on your file and can be frowned upon when you try to get a new one. Obviously these are exceptional times, but it's worth noting...

 

[Proper Tidy]

One thing to note, if you take a mortgage holiday that goes on your file and can be frowned upon when you try to get a new one. Obviously these are exceptional times, but it's worth noting...

Yeah, at the moment there is a lot being made of lenders going easy when it just sounds like standard policy, not enough meat on bones to draw any conclusions. I'd hope to see something setting out a genuinely crisis specific stance - so no updating of credit files for those who miss payments provided they notify lender, no collections activity, no immediate demands for arrears as soon as crisis declared over etc.

 

[Badgers]

This would be a great time to drive the money lenders out of the temple.

I fear the opposite will happen

 

[hash tag]

Thinking about this, there are thousands of staff that are being told to take unpaid leave, from airlines, holiday companies Etc.
I fear that they will not have jobs to return to. Must be a knife edge for people working in theatres, restaurants, cinemas, pubs, hotels Etc.

 

[maomao]

Yeah, at the moment there is a lot being made of lenders going easy when it just sounds like standard policy, not enough meat on bones to draw any conclusions. I'd hope to see something setting out a genuinely crisis specific stance - so no updating of credit files for those who miss payments provided they notify lender, no collections activity, no immediate demands for arrears as soon as crisis declared over etc.

No interest on first home mortgages under four bedrooms. And for landlords who can prove they have waived rent payments. Or something. I'm bricking it about losing my home though.

 

[danny la rouge]

There’s no substance to anything so far. We need to demand a working class bail out. Fuck pissing around with applying for this and that case by case. They can bail the banks out? Bail us out. Now.

 

[Proper Tidy]

No interest on first home mortgages under four bedrooms. And for landlords who can prove they have waived rent payments. Or something. I'm bricking it about losing my home though.

Same mate. Was already in the shit, other half not working, I went self employed in Jan and factored in not making any money for first three months and living off credit, took out a loan to cover it, now its all fucked. Got enough left to just about cover mortgage and bills for one more month then no fucking idea

 

[Sasaferrato]

Yes, or at least deferred and amalgamated into next year's payments.

 

[Sasaferrato]

Same mate. Was already in the shit, other half not working, I went self employed in Jan and factored in not making any money for first three months and living off credit, took out a loan to cover it, now its all fucked. Got enough left to just about cover mortgage and bills for one more month then no fucking idea

The social aspects of this bloody thing are going to be as bad as the medical ones.

 

[Sasaferrato]

Thinking about this, there are thousands of staff that are being told to take unpaid leave, from airlines, holiday companies Etc.
I fear that they will not have jobs to return to. Must be a knife edge for people working in theatres, restaurants, cinemas, pubs, hotels Etc.

It is truly dreadful.

 

[hash tag]

Have just written to my extended family...among them, two are self employed, one runs a nursery and another is a holiday rep
Really concerned now about all of them

 

[danny la rouge]

Thinking about this, there are thousands of staff that are being told to take unpaid leave, from airlines, holiday companies Etc.
I fear that they will not have jobs to return to. Must be a knife edge for people working in theatres, restaurants, cinemas, pubs, hotels Etc.

Indeed. I’ve been in touch with people who work in retail, gyms, bars, restaurants, music venues. All bricking it. The gig economy has already slumped. And nobody is taking responsibility. Not insurance companies. Not the government.

And how do you get universal credit if you’ve got to self isolate anyway? You can't attend meetings with your job coach.

 

[maomao]

There’s no substance to anything so far. We need to demand a working class bail out. Fuck pissing around with applying for this and that case by case. They can bail the banks out? Bail us out. Now.

That stuff about the London living wage last night was bollocks. It's not even mandatory in London and doesn't apply to most of the country. Fucking prick. Really wish I'd chinned him on one of the many occasions I had the opportunity a few years ago (used to pass his gaff every morning on way to work).

 

[maomao]

And how do you get universal credit if you’ve got to self isolate anyway? You can't attend meetings with your job coach

Signing on has been suspended for claimants at our local job centre where Mrs maomao signs on.

 

[LDC]

Total debt amnesty, everything written off, all occupants now own their homes outright. NOW.

 

[hash tag]

Indeed. I’ve been in touch with people who work in retail, gyms, bars, restaurants, music venues. All bricking it. The gig economy has already slumped. And nobody is taking responsibility. Not insurance companies. Not the government.

And how do you get universal credit if you’ve got to self isolate anyway? You can't attend meetings with your job coach.

Parts of the gig economy could thrive what with more people than ever opting to get stuff delivered rather than risk a trip to the shops.
Also, this might be a way of guaranteeing a supply of toilet paper and hand sanitisers.....

 

[Doctor Carrot]

There's so many nuances to the worry that they just need a blank bail out. I'm really frightened for my mum and step dad because she works in a supermarket and that won't shut even in a lockdown. If she gets infected she'll bring it in the home where my step dad will get it and he'll be in serious trouble. I want her to just pack in work for several months and I'll send her a couple of hundred quid from my job on a similar wage. Well and good but there's no guarantee she'll have a job to return to. They should just put isolation on everyone with an at risk member of the household because it's so frightening!

 

[maomao]

Parts of the gig economy could thrive what with more people than ever opting to get stuff delivered rather than risk a trip to the shops.
Also, this might be a way of guaranteeing a supply of toilet paper and hand sanitisers.....

Delivery drivers have to risk their health so that everyone else can stay at home. Lovely. Should cut RM down to a couple of drops a week and restrict other deliveries to the necessary only.

 

[Sasaferrato]

Indeed. I’ve been in touch with people who work in retail, gyms, bars, restaurants, music venues. All bricking it. The gig economy has already slumped. And nobody is taking responsibility. Not insurance companies. Not the government.

And how do you get universal credit if you’ve got to self isolate anyway? You can't attend meetings with your job coach.

The problem is that this is completely new territory, we've never been here in living memory. It is going to be very much a 'work it out as we go along' scenario.

This is the worst epidemic since 1918, or even 1665.

 

[Sasaferrato]

Delivery drivers have to risk their health so that everyone else can stay at home. Lovely. Should cut RM down to a couple of drops a week and restrict other deliveries to the necessary only.

My mate the delivery driver for Sainsbury's has high blood pressure treated by an ACE inhibitor, he now cannot work.

 

[chilango]

Total debt amnesty, everything written off, all occupants now own their homes outright. NOW.

Instant boost for the economy