"The prime minister told MPs the eight major mortgage lenders had signed up to the plan, which will start early in the new year and is meant to cut the risk of homes being repossessed."However I hear reports that Lloyds TSB and HBOS have not yet agreed to the details of the scheme, despite being two of the eight banks. What is Gordon Brown up to? Has he lost track of reality?
So Gordon Brown has announced a "plan" that may or may not have been agreed with the banks. A plan that allows borrowers to defer interest payments for up to two years, presumably whilst interest is charged on the deferred capital repayments. And all of this is paid for by the taxpayer so as to help Gordon Brown get re-elected.
I resent this policy, myself and Mrs NotaSheep have a mortgage but unlike so many of our friends we did not bow to to great god "leverage", our mortgage is manageable and leaves us with enough money to have holidays etc. We don't buy a new car every year or two (on finance or otherwise), both of our cars are old and fully paid for. We don't have a flat screen television in every room nor do we eat out three or four evenings a week. In summary, we live within our means and what is our reward? Our reward from this Labour government is to pay more income tax and to have our futures pledged to pay for public sector final salary pensions etc.
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