No real sense in mortgage deals; FEEDBACK.
PAT Walker made some interesting points in her letter regarding the decreasing availability of social housing locally (No more homes to swap into The Gazette 29.07.14).
PM David Cameron is encouraging an obsession of home ownership, and in the future, people living in social housing will be regarded as second class citizens.
In other European Countries, such as Germany, a much higher proportion of the population rent their homes.
Why should taxpayers in the UK, living in rented accommodation, subsidise those buying homes? Some three million people have interest-only mortgages.
A recent TV, documentary highlighted a man who was experiencing difficulties paying PS800 per month on an interest only mortgage, on a property of PS130,000.
It was estimated that over a 25-year period, he would pay out in excess of PS200,000, in interest payments on the property and at the end of the term will still owe the original PS130,000 and, if not able to pay this money, could be evicted.
Where is the sense in this? He could then apply for social housing, or alternatively apply for another interest only mortgage for another 25 years on the same property.
KEITH DEWISON, Billingham