Wednesday, Mar 26, 2008
It's Just Getting Worse
Fool.co.uk: Half of Home Loans are History
I have grim news for homeowners and those looking to leap onto the property ladder. The worldwide credit crunch which began last summer has made banks very nervous and wary. Banks are no longer willing to lend to anyone with a pulse or anyone who can fill in a mortgage application, at least.
Posted by renting2 @ 09:13 AM (374 views) Add Comment
4 Comments
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1. Papabear said...
One of the comments on the site, says it all really:
I want to cry!!! Our mortgage, which is with Northern Rock, is up in a couple of weeks and we're SELF CERT!!! And INTEREST ONLY!!!
It looks as if our monthly payments are going to double!
We took the Interest Only option as we're seld employed and wanted less pressure and it did help but now we're flumexed.
Does anyone have any constructive advice they can offer or know of any good Self Cert deals out there?????
PLEASE HELP......
2. plato said...
Big list of facts here that could have come straight out of HPC warnings and some good catch phrases like; "Mortgage massacre" and "in this new world".
The article deserves to be on the Front Page of popular newspapers to contradict the dreaming and denial propaganda that has been floated around by those who do know better.
3. Landedgentry said...
More beautiful news !
4. Fools said...
@ papabear
A lot depends on your deposit/ equity, and what rate you are currently paying but if you feel house prices will drop like many on this site then you might want to consider selling/renting medium term (as prices haven't dropped yet), if not see a decent mortage adviser rather who should be able to get you a better deal. Despite everything we read on moneyweek, there are still lenders wanting to lend.