Mortgage problems - all Browns fault?
Sunday, March 2nd, 2008I understand that G Brown was always very keen on fixed rate mortgages, and put a lot of effort into promoting them.
In the past people had standard variable rate mortgages with a lender and would probably never move their mortgage unless they moved house.
Now the trend for G Browns ‘fixed rate’ mortgages (but only fixed for a few years, with un-economic rates at the end of the fixed period) means that millions of people have to re-mortgage every few years, to pick up on the next deal.
And it is this remortgaging that seems a complete gamble — noone can know what the financial circumstances will be when the remortgage is required - if it comes when a Credit Crunch hits, then you are stuffed, cos noone is going to give you a new mortgage…
Isn’t this the root of the problems that are just about to hit?
http://news.bbc.co.uk/1/hi/business/6292266.stm
Maybe I should say - I have done well out of property and have no mortgage problems - but I hate the unpredictability that G Brown has generated (end of ‘boom and bust’ - ha ha ha)
Question posted courtesy of: Justin
