OK Angela, I understand that but parking 34% of the interest simply stacks up more unpaid debt. Does that not simply postpone the eventual crisis?
I can see a certain logic if the house is a sole family residence it may give the debtor space and time to successfully deal with the matter. There again it simply may make a bad situation much worse.
However, please not for holiday homes in Spain. That’s just plain daft. 🙂
I actually believe that the banks should have gone to the wall. It was a huge error to bail them out. Shareholder accept risk, depositors receive refunds due to statutory laws. Why spent billions keeping them afloat?
Britain’s defences are now being weakened with cuts because in part banks were bailed out. It’s institutionalised insanity.