Home owners trapped in rip-off high rate mortgages, MP's
call for government action
call for government action
British MPs are urging the government to intervene and help
170,000 "prisoners" who are trapped it mortgages with high interest
rates.
170,000 "prisoners" who are trapped it mortgages with high interest
rates.
Many of the borrowers are lower paid frontline workers, like
nurses and hospital workers, who have no choice but to pay up to double the
interest they would be charged on a normal competitive mortgage.
nurses and hospital workers, who have no choice but to pay up to double the
interest they would be charged on a normal competitive mortgage.
They cannot re-mortgage to a cheaper deal offered by other
lenders due to stricter affordability rules brought in by the Bank of England after
they borrowed the money.
lenders due to stricter affordability rules brought in by the Bank of England after
they borrowed the money.
MPs are now calling on the government to order regulators to
investigate the profits firms make from the borrowers.
investigate the profits firms make from the borrowers.
They want the Competition and Markets Authority (CMA) and
the Financial Conduct Authority (FCA) to consult and introduce a cap on
so-called “standard variable rates”, which will help all borrowers coming out
of fixed or discount rate mortgage deals.
the Financial Conduct Authority (FCA) to consult and introduce a cap on
so-called “standard variable rates”, which will help all borrowers coming out
of fixed or discount rate mortgage deals.
Hundreds of thousands of borrowers are unable switch
mortgages because their loan is too high against the value of their home or
because they are now too old to re-mortgage. This leaves them at the mercy of
their lender which can legally charge whatever rate they like.
mortgages because their loan is too high against the value of their home or
because they are now too old to re-mortgage. This leaves them at the mercy of
their lender which can legally charge whatever rate they like.
The FCA reformed the affordability rules last October to
allow lenders to help mortgage prisoners with cheaper home loans, but no lenders
have changed their criteria.
allow lenders to help mortgage prisoners with cheaper home loans, but no lenders
have changed their criteria.
Borrowers with bankrupt lenders, such as the Northern Rock,
are prisoners to the new owners who are neither offering competitive products
or looking after their borrowers.
are prisoners to the new owners who are neither offering competitive products
or looking after their borrowers.
Some borrowers have been paying between 6% and 9%pa after
coming off initial fixed rates several years ago.
coming off initial fixed rates several years ago.
Self-employed have only days left to apply for government
grant phase 1.
grant phase 1.
If you’re eligible and your business has been adversely
affected you must make your claim for the first grant on or before 13 July
2020.
affected you must make your claim for the first grant on or before 13 July
2020.
This scheme is being extended. If you’re eligible for the
second and final grant, and your business has been adversely affected on or
after 14 July 2020 you’ll be able to make a claim from 17 August 2020. You can
make a claim for the second grant if you’re eligible, even if you did not make
a claim for the first grant. Find
out more about the extension to the scheme.
second and final grant, and your business has been adversely affected on or
after 14 July 2020 you’ll be able to make a claim from 17 August 2020. You can
make a claim for the second grant if you’re eligible, even if you did not make
a claim for the first grant. Find
out more about the extension to the scheme.
In this Money
Tips Podcast episode:
Tips Podcast episode:
1.
Nationwide starts lending again to
riskier home buyers
Nationwide starts lending again to
riskier home buyers
2.
Travellers arriving in the UK from dozens
of countries no longer need to self-isolate
Travellers arriving in the UK from dozens
of countries no longer need to self-isolate
3.
Rules relaxed for arrivals from more than
70 countries and British overseas territories
Rules relaxed for arrivals from more than
70 countries and British overseas territories
4.
Beauty salons and “open air gyms” allowed
to reopen with more reopening to follow
Beauty salons and “open air gyms” allowed
to reopen with more reopening to follow
5.
Eat out to help out meal deal scheme
launches in August to help hospitality sector
Eat out to help out meal deal scheme
launches in August to help hospitality sector
6.
Stamp Duty slashed until 31 March 2021 by
raising the threshold to 500,000
Stamp Duty slashed until 31 March 2021 by
raising the threshold to 500,000
7.
Chancellor Rishi Sunak keen to boost the
property market and “build build build”
Chancellor Rishi Sunak keen to boost the
property market and “build build build”
9.
Opportunity is everywhere for everyone, especially
in property! But you have ACT!
Opportunity is everywhere for everyone, especially
in property! But you have ACT!
10. Even
the 'Secret law of attraction' requires you to get off your ass and TAKE
ACTION!
the 'Secret law of attraction' requires you to get off your ass and TAKE
ACTION!
11. Homeowners
will get vouchers of up to £5,000 for energy-saving improvements
will get vouchers of up to £5,000 for energy-saving improvements
12. The
poorest will receive up to £10,000 in £2 billion energy saving grant scheme
poorest will receive up to £10,000 in £2 billion energy saving grant scheme
13. Will
your job be one of millions phased out by automation, innovation and AI?
your job be one of millions phased out by automation, innovation and AI?
15. Time
to your economy or Uconomy started whatever the economy is doing!
to your economy or Uconomy started whatever the economy is doing!
16. You
can create a second income during the lockdown…and come out stronger
can create a second income during the lockdown…and come out stronger
Millions of people face a bleak future post-Coronavirus
lockdown, as businesses disappear and the job furlough scheme eventually comes
to an end. However, life doesn’t have to end because of lockdown! You can join
thousands of ordinary people who have increased their income and added
streams of new income during this period.
lockdown, as businesses disappear and the job furlough scheme eventually comes
to an end. However, life doesn’t have to end because of lockdown! You can join
thousands of ordinary people who have increased their income and added
streams of new income during this period.
Are you ready to adapt to the new economic model?
As lockdown restrictions around the world are being eased,
the economic model has subtly changed forever. How will you adapt to this new
way of working and running a business, what obstacles and opportunities lies
ahead? Will you be a participant or spectator in this revolution?
the economic model has subtly changed forever. How will you adapt to this new
way of working and running a business, what obstacles and opportunities lies
ahead? Will you be a participant or spectator in this revolution?
By Charles Kelly, Property Investor, Author of Yes, Money
Can Buy You Happiness and creator of Money Tips Podcast.
Can Buy You Happiness and creator of Money Tips Podcast.
There are more examples and practical
steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3
R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it
out on Amazon http://bit.ly/2MoneyBook.
steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3
R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it
out on Amazon http://bit.ly/2MoneyBook.
If you’d like further information on how to survive the
crisis and even quit the rat race, email me at Charles@CharlesKelly.net
or send me a message through Facebook or my Money Tips Daily community. See
more articles at www.moneytipsdaily.com
crisis and even quit the rat race, email me at Charles@CharlesKelly.net
or send me a message through Facebook or my Money Tips Daily community. See
more articles at www.moneytipsdaily.com
Join the
free training here: https://bit.ly/3gLXaKW
free training here: https://bit.ly/3gLXaKW
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