Sunday, Mar 23, 2008
Back to the future
The Independent: Homebuyers hit as bank crisis turns the mortgage clock back 15 years
"It's not just the number of mortgage deals being pulled; it's lenders making it harder for people to borrow by insisting on a deposit of at least 10 per cent," said Ray Boulger, technical manager at mortgage broker Charcol. "It's like the clock has been turned back 10 or 15 years."
Posted by crash bandicoot @ 10:27 PM (488 views) Add Comment
5 Comments
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1. planning4acrash said...
And this happens every house price cycle. The surprise is what is staggering. Most of these people lived through the 1990's crash and the 1980's crash, so why the hell are they surprised?!
2. confused76 said...
RAy Boulger.. AHGHA AH AHAH AHHAH AHAHAHHAHA
3. bystander said...
Buy-to-let: Get-rich-quick scheme by which people were told that if they borrowed money to purchase homes they could make vast profits renting to the property-less classes – ironically not the case.
Six-figure bonus: What the people responsible for all this mess will get, but the rest of us won't.
Loving these last two paragraphs....excellent breakdown of what has and is and will happen.
4. Fed Up said...
A return to sanity.
5. alan said...
I can't see what's wrong with asking people to put down a deposit of 10%. If you buy a house it's right to complete payments on a mortgage, and one day, own it.
The "125% mortgage" was just a facility to specluate - lots of people have done that, clearly. When I first started looking at this site, over 2 years ago, I realised that. I was also reminded that interest rates could go up as well as down and short term fixed interest mortgages would need to be renewed one day.