Sunday 20 May 2018

Responsible majority shouldn't pay for irresponsible minority

If people have paid little or nothing on their mortgage, their lenders should be able to fast-track repossessions, writes Brendan Burgess

MORAL HAZARD: We should increase protection for those who despite genuinely doing their best, are still in arrears.
MORAL HAZARD: We should increase protection for those who despite genuinely doing their best, are still in arrears.

Brendan Burgess

The majority of mortgage holders act responsibly and pay their mortgages. A few are still in arrears, but they are doing their best to pay their mortgage.

These responsible borrowers are paying the highest mortgage rates in the eurozone, because they are paying not just their own mortgage, but they are also paying the mortgages of the 20,000 or so people who have chosen not to pay their mortgages.

It's time for the Government to take action to stop the responsible majority from being forced to pay the mortgages of the irresponsible minority.

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