‘Renters will be frustrated that they are not receiving any support.’
Political Commentator for Young Voices UK, Ben Cope, discusses Jeremy Hunt’s new measures to help homeowners with mortgage repayments but argues it will ‘only prolong the cost of living crisis for renters.’
#mortgages #mortgagerates #interestrates #bankofengland #jeremyhunt
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Renters will be frustrated with lack of support, argues Ben Cope
The ongoing COVID-19 pandemic has put a strain on economies around the world, leaving millions of individuals jobless and struggling to make ends meet. One sector that has been particularly hard-hit is the rental market, with countless renters finding it increasingly difficult to pay their monthly rent. However, amidst this crisis, there seems to be a worrying lack of support for these individuals, leaving them frustrated and at risk of losing their homes.
Ben Cope, a real estate expert, argues that it is crucial to provide significant mortgage support to renters during these trying times. While the focus has primarily been on homeowners and their mortgage payments, there seems to be a glaring disregard for the widespread issue faced by those renting their homes. This lack of attention and support can have devastating consequences for many families and individuals who are already struggling to keep a roof over their heads.
Cope argues that society often forgets that the rental market is a vital part of the housing system, and the individuals who rely on it also deserve support and assistance. Many rental properties are owned by small landlords, who are also facing financial difficulties due to the economic downturn caused by the pandemic. Without proper support, many of these landlords may be forced to sell their properties, displacing countless tenants and exacerbating the ongoing housing crisis.
Furthermore, Cope highlights that the rental market often serves as a stepping stone for individuals and families aiming to save for a down payment on their own home. If support is not provided, this dream could slip further out of reach for many, leaving them trapped in a cycle of renting without the means to build their own financial stability and wealth.
In response to this lack of support, Cope suggests that governments and policymakers need to implement several measures to safeguard renters. This could include offering direct financial aid to those struggling to meet their monthly rent payments, providing rent relief programs, and implementing eviction moratoriums to protect tenants from losing their homes.
Additionally, Cope emphasizes the need for open communication and collaboration between tenants, landlords, and government agencies. Creating channels to discuss payment plans, understand individual financial situations, and find feasible solutions will be key to mitigating the impact of this crisis on renters.
It is essential to recognize that supporting renters is not just a matter of providing financial assistance. It is a matter of ensuring social stability, preventing mass evictions, and protecting the most vulnerable members of our community. By neglecting renter support, we risk worsening the already fragile housing situation and leaving countless individuals and families in dire straits.
In conclusion, Ben Cope urges policymakers and society as a whole to pay attention to the needs of renters during these tough times. By offering significant mortgage support, implementing measures to protect renters, and fostering open communication, we can work towards mitigating the impact of the pandemic on the rental market. It is high time that renters receive the support they deserve to weather this storm and emerge from it with their homes and financial well-being intact.
The don't give a fk there motto is let them sink I remember late 80s early 90s negative equity when we had probably the worst post war pm John major who had much charisma as a sprout
Be clear the government is deliberately making the renter situation worse, 1.2 million extra migrants this year alone!!! adding extra demand on a very tight market!!!
Renters are already protected. Renters who lose their jobs can claim a large portion of their rent in housing benefits. Something mortgage payers can't claim. This is a cost to the taxpayer who is already paying towards the housing costs of the unemployed.
Am I missing something? Can we not increase VAT, won’t that curb spending habits and pay back the National debt? Moreover, won’t rich people have to contribute more as they buy more expensive things anyway?
Yawn. They could always move abroad.
All this Government has done in the last 13 years is borrow money whenever there is a problem.
They cannot afford to print or borrow more money.
They are clueless and useless.
Here’s a suggestion… treat everyone with respect and provide help equally !
Not everyone owns a house .. and I’m sorry , you get a mortgage , you know ahead that potentially the rate could climb !! So why should YOU get special treatment over others !!?? You made the choice…by the way I have a Mortgage so I know this is my responsibility
It’s the Govts job to get this inflation under control not babysit my mortgage !!
Mortgage-payers deserve help. Tenants do not! Mortgage-payers are better than horrid common tenants who are just losers who will never own anything!
I feel that if any relief measures are put in place, it should be for owner/occupiers only – the "buy-to-let" model is clearly struggling, but should be left for the market to sort out (just like any other business).
Whilst not an ideal solution, but if I could no longer afford the rent, the loan on a car etc.. then I'd downsize. Likewise with a mortgage, it's a loan, and like all loans, it comes with risks. The interest rates have been held far too low for far too long by the BoE who have clearly failed in their duty, you could argue they they've actually been negligent. Bailey and other senior management at the BoE need to go.
Savers have been seen off for years with the low interest rates, and although the savings rates have started to climb, they are still below what they ought to be.
All of us over leveraged and bought bigger properties over the pandemic! Now we can't cope with interest rate rises! Save us!!!
The day when government goes bankruptcy will be a good day.
This will always available so all this is doing is making people aware but really nothing new is happening here. They never helped savers when interest rates were kept artificially low so I don’t see them helping now.
Rental support also lags.. the Local Housing Allowance is still set at 2020 rates, (locally) which is making it only approx 60% of actual average rentals.
The rental market is becoming impossible for both tenants & landlords & this govern has made things worse, undoubtedly.
People who rent are not all Tory voters so why help them? That’s the problem with leaders who favour only their vote base. They are only holding the fort until the people remove the lot
Every time government gets involved, they make things worse.
Just let the markets fix them selves. Stop kicking the can down the road.
All these "help" schemes have exacerbated the issue
Money printer go brrrrrrr
So people who can not afford their credit cards lose their credit score but people who can not afford their mortgages get a free ticket? This is how the uk government functions, god forbid property prices fall and renting becomes less profitable for all the mp’s wealth from property.
So at minimum to get into a property you need the help of generational wealth plus mortgage support…
The TAX payer should not be supporting peoples mortgages, that is unaccaptable, The government cannot be allowed to 'take ownership' or control of private property. The people bailed the banks out, time for the banks to return the favour.
Need to fully grasp these Brexit freedoms that we now have?
Build back better & Take back control…..
500+ will make the journey today…..
so what going to happen within the 6 mouths?
Bank of England is a load of BOLLOCKS under Andrew Bailey. It’s locked us all into a corner for years to come.
CAUTION! Before you alter your mortgage terms be sure it will not affect you CREDIT SCORE – it could cost you £1000’s. Act with caution.
It’s almost like they want people to default on their payments so homes can be repossessed and what’s your bet that they’ll be rented out to the undesirables!
So the middle class have parents to help them while the poor have circo hoovering up all the rentals so they don’t even have a temporary home let alone mummy and daddy paying for their owned one!
….there's going to be a lot of new homeless people in the next 12 months whether you rented or owned. It's looking very grim.
Banks and politicians put us here.
I wonder how many 'overstretched' themselves when mortgage rates were low without budgeting for interest rate rises?
I wouldnt pay $500 for that female in the thumbnail.
The renter is a delusional individual.
Tell them to go home then.