Wednesday, Apr 30, 2008
Is Anyone Left?
ftadvisor: Mortgages plc and Wave suspend lending
Merrill Lynch has confirmed that both of its UK lending arms, Wave and Mortgages plc, have temporarily suspended new lending.
The news follows the announcement that both Pink Home Loans and The Mortgage Times Group are consulting staff over potential redundancies.
Posted by renting2 @ 05:02 PM (508 views) Add Comment
15 Comments
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1. jack c said...
Yes there are lenders left in the market but they are shrinking in number by the day. Those that remain are becoming more and more selective about the business they will process - I can see 50% min deposit as the norm if this keeps up !!
2. planning4acrash said...
A whole country on standard variable rate?! If they all go, and anybody with less than 50% equity ends up on SVR, bail out is inevitable, so is destruction of £. Hello !
3. planning4acrash said...
Oops, hello Euro!
4. uncle tom said...
How long before the likes of Ocean Finance go down?
In a falling market, their cash is far from secure..
5. jack c said...
P4C - correct many (not all) will be forced to accept lenders SVR's - the potential carnage is such that a bail-out of some description looks inevitable
we are now TRULY in unchartered territory
6. uncle tom said...
The SVR's are not much more expensive than the fixes now.
7. jack c said...
UT - correct - for example Standard Life Bank 5 year fixed rate re-mortgage @ 6.47% against their SVR of 7.21%
Oh for the days of 1.99% fixed from Northern Rock !
8. last_days_of_disco said...
I have little faith in the idea of the UK bailing out all the banks, or all home loans, or anything like that. Its crazy, it won't fly.
9. planning4acrash said...
But this is the age of just in time finance, no buffer. 1% extra will push many over the edge. Particularly BTL. 1% cld mean about 2k extra/yr on 200k mortgage. Expensive fixes just means that most are screwed.
10. malct said...
huge transfer of real wealth and in a hurry
(done on a huge scale everyday via taxation, inflation and a debt based money supply, but)
something massive is going to happen
think WW1 - crash - WW11
11. Sold My Soul To The Never Never Never said...
jack c mentioned Northern Rock's 1.99% fixed - do you remember the 0.99% fixed out at roughly the same time?
Ah - those were the days - they seem so long ago!
12. jack c said...
@last_days_of_disco
How about a period of temporary public ownership for all UK Banks - the 1 million+ borrowers coming off fixed rates are going to need some real assistance !
13. The 12 Monkeys said...
Who remembers the lenders in the last correction The Mortgage Corporation, Household Mortgage Corporation, National Home Loans, BNP and how quickly they all disappered!
14. The 12 Monkeys said...
Who remembers the lenders in the last correction and how quickly they disappeared - The Mortgage Corporation, National Home Loans, Household Mortgage Corporation, BNP all relied on LIBOR funding - The same as the current lenders disappearing daily Edeus, Paragon, Wave etc
15. planning4acrash said...
Funny that, clause 4 in again, through the back door!