One self-inflicted blow to the housing shortage was the decision to change the system of housing benefit payments some years ago. Instead of paying private landlords direct, it was paid to tenants and left to them to pay their rent. Guess what, arrears soared and most pulled out of the sector. The consequences of defaulting on a mortgage are greater still all round. Maggie’s Right to Buy may have been a vote winner, but had long-term (easily foreseen) consequences. This bonkers idea will have still more.
Turmoil in the mortgage market
When I was but a youth, I was often told to enjoy myself before I had the ‘millstone of a mortgage around my neck’. It was then assumed that you’d be dragged down by it for another 25 years, a lifetime when you’re but 25 yourself.
