Wednesday, Nov 28, 2007
Computer will be saying "no" in 2008
Firstrung: 2008 could spell disaster for credit impaired customers needing mortgages
Moneynet's chief executive, Richard Brown: "There is no question that the current climate is tough for those who don't fit the criteria for standard mortgages. "There are deals to be had but the rates can be extremely high, as much as 9.99 per cent fixed until November 2009 from Alliance & Leicester in order to offset the allowances made for unlimited CCJs, unlimited mortgage arrears and a blind eye turned to defaults on credit card payments."
Posted by converted lurker @ 09:56 AM (402 views) Add Comment
4 Comments
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1. Genie said...
Cheshire mortgages, a sub-prime lender has just written to all their brokers to say...they got no more $$$ for dodgy loans. Boo hoo
2. shipbuilder said...
A perfect example of why dropping rates will make no difference whatsoever other than destroy our savings.
3. seanb303 said...
crash gordon could class 'credit impairment' as a disability and pay out extra benifits
4. C'mon Correction said...
Credit tightening will always be a spiral effect, it would seem the spiral has started now, it's been set in motion - nothing will stop it run it's course. I think we'll see this tighten and tighten for 5 plus years to come yet. I don't think we'll see huge drops in 2008 maybe -5%, it'll 2009/10 that will see the real free-falling. By 2011, people will look back in amazment on what the FTB'rs in 2006/07 would risk just to say "we own a house".