Friday, Nov 30, 2007
"buy-to-let market virtually destroyed"
MoneyExtra: The incredible vanishing sub prime mortgage
Not a great article but it makes an interesting point: the housing market is dead for a looonnggg loooooooonnnnnnngggg time. "If the [credit] market fails to recover in the longer term, borrowers coming off a sub prime fixed term deal in the next year or two could be placed in a difficult position, especially if their financial position has not improved sufficiently to allow them back into the prime market" but there is no chance the credit market "improves" since the cheap credit of the past was a one-off aberration
Posted by confused76 @ 05:24 PM (632 views) Add Comment
2 Comments
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1. confused76 said...
"On the other hand the sub prime market has continued to take a beating. Since the last report from Moneyfacts in October, a further 20% of sub prime residential products have been withdrawn and a further 62% of sub prime buy-to-let deals have disappeared, taking the overall total reductions since July to 63% and 89% respectively."
WOOOOOOOOOOOOWWWWWWW!
2. uncle tom said...
Unless you like nerd-speak, pass on this one - a basic analysis concluding the bleedin' obvious!