RE: Rishi Sunak25 Oct 2022 12:34
mar
'' If interests rates go up again some people may have to foreclose and the bank takes over the mortgage . I know this is harsh but if Lloyds picks up cheap houses like this and then rents out then this will be big business for the bank''
If Lloyds have lent money for a mortgage, they should have allowed for increased rates up to a certain level in their affordability test when giving the loan, and borrowers should have done the same. So long as both parties have done so and there is no loss of job, this would help in keeping repossessions down. I am sure that Lloyds would help as much as possible before taking the action of repossession