Lewes Forum thread

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Financial downturn

 
 
On 9 Apr 2008 at 11:23am Taff wrote:
So today the Banks are considering a drop in interest rates to cushion the pending global financial gloom period. Well thats hardly going to help those with mortgages that are close to their limit is it. Why dont the 'lenders' offer an increase in payment terms, along the lines of a 35 year mortgage that can reduce the monthly pressure on the borrower and, one hopes in years to come and the financial situation has changed for the better for both the lender and the borrower the term can be reduced, even back to its original remaining term, who knows. Why will this not happen? Because the narrow minded, inconsiderate lenders would rather reposses and knock the property out for less than it is worth just to keep their immediate defecit to a minimum and put up the interest on mortgagees that can divi up because they MUST be profitable as required by the shareholders and other fat cats.
Not a great deal of help to our youngsters who already have massive difficulties getting on to the property ladder anyway. This undoubtedly will have an effect of whatever area we chose to live at.
So to the North Road development, make it affordable property and first choice to those already in the BN7 & BN8 district.
As for the Banks, chill out and consider the longer term option, you may just get results.
 
 
On 10 Apr 2008 at 1:30pm Taff wrote:
Well interest rates down to 5% today. That still means those who can pay more will have to I expect!


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