Saturday, Apr 28, 2007
Dash for the exits
Times: Lenders pull plug on fixed-rate mortgage quotes
Thousands of borrowers with fixed-rate mortgage quotes from some of Britain’s biggest lenders have been told that the figures are no longer valid after banks withdrew products in preparation for rising interest rates.
Posted by sovietuk @ 09:41 AM (363 views) Add Comment
2 Comments
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1. Magnifico said...
This is very significant. Banks and Building Societies are in the business of making money and have their finger on the economic trend pulse.
Whilst they were dishing out competitive long-term rates I knew they had the confidence on the effect of their spin and lobbying. This is the clearest sign that they now have conceded that the party is over.
HPC in the Autumn of this year, you heard it from Magnifico first.
2. Scott said...
Magnifico, most of us have predicted a bust to start this year. Especially the guy on YouTube that has discovered that the UK has had a recession every 18 years for the past 300 years (excluding the war years) and the last recession was in 1989 so 2007 does not look good.
I was wondering if you could predict by how much the prices in the UK, especially London, will drop in terms of percentage, how quickly they will drop and how long they will take to recover.