Tuesday, Nov 20, 2007
Buy to Let - alive and well, hmmm okay if you say so.
Telegraph: Buy-to-let specialist Paragon crashes
In a clear warning that the bank could be forced into run-off, Paragon said that, although the value of its existing mortgage assets "remains strong", "if we are unable to secure new warehouse facilities... we will have to scale back new lending activities significantly and manage costs accordingly".
Any counter arguments - anyone ?
Posted by darren @ 09:34 AM (273 views) Add Comment
3 Comments
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1. p. doff said...
Downvalued a BTL last week (yes, they are still buying them) as the purchase price was not supported by comparable sales evidence (and I'm not sticking my neck out for anybody in this market). The estate agent has rung me three times so far accusing me of talking the market down and asking me to reconsider. This is all part of the pressure that is traditionally applied by the more pushy agents and brokers, and I can understand why some valuers give in. I have capitulated in the past, to be left in peace to get on with other work, in the knowledge that the rising market will 'cover' the overvaluation, but this would now be risky in my view. The prospective buyers now whingeing because their purchase is being frustrated will be the first to complain that they trusted the professionals and surveyors who 'let them pay too much' if things go wrong.
It's always somebody elses fault isn't it!!!
2. dohousescrashinthewoods said...
Yep - no one has the character to tke responsibility any more. Why is that? Is it because everyone is all too keen to throw the first stone? Why should people in the limelight be shredded for every mistake when a spotlight on our own lives would reveal far worse.
3. paul said...
It's just hit me that for months - nay years - we've been making up our own titles for these articles we post. Reading between the lines and putting our own spin on things. Now that isn't that case any longer - the press make brash statements like "buy to let going under", Paragon crashes" etc.
The game is up. The emperor really does have no clothes and the realisation is spreading like wildfire!!!