Friday, Nov 23, 2007
Another lender pulling out of the subprime market""""""
mortgage strategy: Bank of Ireland pulls sub prime range
The bank of Ireland is pulling it's range of subprime mortgage at 5pm today. It has emailed broker according to mortgage strategy.
Posted by moley20 @ 02:28 PM (942 views) Add Comment
11 Comments
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1. tyrellcorporation said...
I can't help thinking these decisions are at least 6 months too late!
2. dohousescrashinthewoods said...
"Steeeeerike!" Another one past the HPI star hitter. Looks like HPI's really lost its form.
I hope to be buying a house in just a few short years. As an investment, it will be appalling, but as an affordable home it will be perfect. I can see things bumping along the bottom for the next couple of decades.
3. dohousescrashinthewoods said...
Oh, and gold is nearing it's brief peak of a few weeks back. Perhaps this time it will stay there and move on.
4. confused76 said...
A spokeswoman for BoI, says: Following Kensington's announcement to temporarily pull out of the adverse credit market, due to current market conditions, we have also withdrawn our range.
Sheeple!!
MWAUAU AUUUUU AUUUUU AUUUUU UAUUUUUU UAU UU U A
AGAGGGAGG AHHHHHH A HHHHAH AHHAHHHAHHAH H
UUUUUUUUUUUUUUUU AAAAAAAAAAAAAAAAHAHHHAHH
5. confused76 said...
read this ... too funny
The Financial Services Authority regulates Britain's mortgage market but its mandate does not extend to the buy-to-let residential property sector which is classified as a professional business activity.
The UK Treasury said this week it has no plans to alter that, but mortgage brokers said that could yet change because the market was potentially accumulating some problems.
"I am surprised that the FSA has not given guidance to buy-to-let mortgage brokers and mortgage lenders on what it expects them to disclose in respect to likely investment returns," Lee Grandin, managing director of buy-to-let mortgage broker Landlord Mortgages, told Reuters.The Financial Services Authority regulates Britain's mortgage market but its mandate does not extend to the buy-to-let residential property sector which is classified as a professional business activity
"If a huge number of investors with a virtually identical product all look to sell on completion, then the rental yield that had been quoted as an example by the developer based on other similar properties ceases to be relevant and becomes a complete fiction because there is an oversupply," Ray Boulger, senior technical manager of mortgage broker Charcol Limited.
"You could argue naivety but some buy-to-let investors have also been encouraged by property investment clubs to buy these sorts of properties because they were able to negotiate a discount with the developer, but a discount to what?"
http://www.guardian.co.uk/feedarticle?id=7096871
6. confused76 said...
great pictures of the housing market at this link
http://www.timesonline.co.uk/tol/news/world/article2928759.ece
7. drewster said...
LOL @ confused.
Seriously though, Bank Of Ireland are a fairly big presence in the UK mortgage market, especially sub-prime. They provide mortgages in the UK under the Bristol and West name, and online as Giraffe Money (seriously). One of my mates got a 6x mortgage from them back in June.
8. happyrenter said...
'...no it's not an iceberg, it's a small amount of negative liquidity before the market comes back to the boil.....'
9. Quiet Guy said...
@confused76
I checked out the picture with a few VIs.
Apparently, there is not a problem.
The ship just has a few dents in it because it scraped an ice cube.
Next year, the ship will be standing tall again.
You've got to look at the bigger picture and consider the long term.
When was the last time you saw a ship sink? See! it never happens.
Please stop spreading irresponsible, panic mongering rumours.
The VIs advise the passengers to get back on board and enjoy their cruise.
10. Orwell said...
Amazing!
I think this may be just before the real shit hits the fan and there is not guarantee they aren't deeply up to the neck in it...
Goodness gracious this great...
11. I-could-mrdr-a-blt said...
I can see it now, Kirsty & Phil.
They will be doing programs about which location that you should be selling in.
The most down and going places around. Hehe
You gotta laught at the press, do they really have a clue, I dont think so.
Really how can you categorically say that the UK has no subprime issue 1 minute, and a subprime 1 the next.
Its complete tosh.
Thank god for the Human Rights Act(freedom of thought), and HPC.co.uk.