Mortgage prisoners are a certain type of people who are caged inside their own house just because they couldn’t repay their loans. According to a survey, sometimes they suffer from heart attacks, commits suicide due to loneliness and stress. Statistics say that some people have to repay their loans or debts much excessive than the original amount. This actually happened due to the change of affordability rules by the government.
Mortgage prisoners are generally mobile to the lenders by obeying the “Standard Variable Rates”. According to some statistical surveys, around 2 lakhs people are trapped in mortgage prisons. Before that, they already faced certain critical situations while paying off the mortgage money. According to the responses to certain surveys, people felt much pressure on the repayment process from the upper hand people like ministers and other financially superior people.
Reports of Statistical Surveys
According to the survey, people of the United Kingdom revealed that someone got a massive heart attack right after a few years. It happened when their house is held under the mortgage. As a result, based on government rules, regarding the overpayment, they cannot afford to repay their mortgage money at last.
Every time, one of their close one proceed to the payment date, each and every time the government people adds up charges. For a very long time, that particular person is still now paying off the loan amount. If someone has kids as well as family, someone who is seriously ill, then it not at all fair to load charges upon charges on him/her.
Some of the most frequent problems that came up from the reports are that anxiety, depression, as well as problems while sleeping generally causes trauma. This can easily lead to nightmares, mental illness, a greater amount of panic attacks and mood swings. Many people’s opinion is that these overwhelming factors are very much sufficient to drive a person crazy. In addition to that, there are also some more consequences that are very much serious in nature.
Experiences while Staying as a Mortgage Prisoners
The survey reports also state that there are various types of people who were mortgage prisoners who had a bitter taste of internal body trauma. They were nearly struggling in order to survive and repay the mortgage money. But sadly, the mortgage company didn’t allow them to have a certain deal that has a minimum value.
Some of their family is suffering for a longer span of time due to the extremely high rate of interest. In some cases, a mortgage prisoner’s dear one has already taken her last breath due to stress and anxiety. Someone in the same family is also suffering from depression and cannot work either. People are given certain prescriptions for antidepressants who are facing a difficult time with their mortgage loans.
This is not really the end, another woman who had to end her marriage once as her husband was the mortgage prisoner. Moreover, her husband couldn’t manage the repayment and that is the only thing responsible for such a devastating act. Lastly, the woman ended her life finally. We can well understand from this very pathetic situation that mortgage loan repayment has played a huge and critical role in this downfall.
Reports of Survey Findings
There are reports that they have seen people suffering from mental trauma and eventually ending their lives. According to recent survey findings, a few mortgage prisoners sarcastically said that in the United Kingdom, the very certain amount of time that a person stays in prison is just the same as a time bomb. It will eventually explode after the time is over.
There are also some external factors that took place with some lucky prisoners. While staying in prison, most of their mortgages are overwritten by the United Kingdom government as the creditor expired due to some obvious reasons. In the UK, they are generally “Zombie” lenders, as usual, cannot offer someone new loans or credits upon assets.
According to the past analysis and statistics, you must know that for the last 12 years, there is an enormous number of mortgage prisoners who are still struggling and repaying their loan amount to the United Kingdom government. Not on that, they are forced to pay a critical rate of interest that is really inhuman in nature.
There is a certain mortgage term that the government has to follow. As a result, due to these terms and conditions, people have lost their properties and as a result, they are still wandering around here and there homeless, jobless and without money. The property, that the government captures, is sold to a certain number of private companies under high rates. They didn’t even bother to consult about the rates.
Words from the Financial Authority of the UK
Owing to the Financial Authority of the United Kingdom for introducing a new set of rules. Those rules are helpful for the mortgage prisoners. The lenders will allow the mortgage prisoners to afford a certain amount of proportion on the mortgage.
It will only happen when they meet a few numbers of criteria. On the other hand, the changes can affect around just 6% of the mortgage prisoners. As a result, the lenders can show some respect and appetite to the prisoners. <