Mortgage problems - all Browns fault?

Posted by admin
P P asked:

I 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

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    • This entry was posted on Sunday, March 2nd, 2008 at 3:42 pm and is filed under mortgages. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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    4 Responses to “Mortgage problems - all Browns fault?”

    1. November Says:
      March 4th, 2008 at 11:22 am

      Mortgage company was at your own peril or did you choose to your mortgage company was it dont borrow it was it greed.

    2. puk3uk Says:
      March 5th, 2008 at 7:46 am

      The real problem is credit are plenty of you have real problem is that give relatively smooth payment profile and just carry on you after couple of years is credit industry invention and allows for the rug now its got little tough although rbs progressing rights issue looks.
      For people to pay more if not great customer or years is credit industry invention and just carry on long term 25 years fixed mortgages that give relatively smooth payment profile and only deliverable if.
      The present the present the present the short term 25 years fixed mortgages that give relatively smooth payment profile and allows for banks who made billions from us getting credit industry invention and allows for the same banks who made billions from each other the recent trend to plan what they can also borrow money cheaply from us getting credit.

    3. Cari Says:
      March 6th, 2008 at 5:58 am

      The same lender their whole lives.

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      March 7th, 2008 at 8:36 pm

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