Friday, Apr 25, 2008
Surely just another £50bn would do the trick
Telegraph: Cheltenham & Gloucester raise rate again
One of Britain's biggest mortgage lenders has raised its rates for the second time in three weeks.Mortgage experts said the move highlighted how the Bank of England's pumping of £50 billion into the financial system earlier this week had failed to "stop the rot" in the mortgage market.The country's largest house builder also warned yesterday that the worst mortgage conditions in 30 years were causing havoc. Cheltenham & Gloucester, the fourth-largest mortgage company, is putting up its rates for new customers, some by as much as 0.6 per cent.
Posted by jack c @ 02:57 PM (397 views) Add Comment
4 Comments
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1. letthemfall said...
"Until confidence returns, mortgage pricing will remain high and indeed edge upwards." - Melanie Bien
So, another insightful comment from Savills's money woman. Wonder how much she's paid for such wisdom. Are we feeling confident?
I shall make a prediction: mortgage pricing will remain high until it falls. Oh, and until all the debt taken on at the encouragement of Savills and the rest is reduced to normal levels. Any further advice to Savills will have to be paid for.
2. yorkshireman said...
Rot usually starts at the oustide and works its way in, so it is relatively easy to cut back the bad area and see how badly the structure has been damaged. The rot in the mortgage market is at its very core. It is impossible to assess the damage for a number reasons.
1. The Mortgage lenders are less than honest.
2. The regulatory bodies are asleep at work.
3. There are too many people with their own interests at heart.
So, the solution is to ask the taxpayer to forego hospitals, education and welfare, in order to prop up a decaying, rotting dream which pervades the market and our society. We would be better to get Rentokil in.
3. inbreda said...
yorkshireman - sad but true
4. Nmarks said...
Yes I'm sure another £50 billion would do the trick . . . . and then another . . . . and another . . . . and another . . . . ad infinitum . . . . .