Wednesday, Apr 30, 2008
Why easy mortgages have gone for good
MoneyWeek: Why easy mortgages have gone for good
The collapse in the number of loans available to borrowers is all about the financial sector's (un)willingness to lend. And this means no going back to ‘normal’ mortgage conditions anytime soon...
Posted by damien @ 02:26 PM (804 views) Add Comment
8 Comments
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1. Buy_to_regret said...
I found this http://petitions.pm.gov.uk/BoERescuePlan/ and thought you guys may be interested.
2. renting2 said...
More squeezing?
RBS have announced the following policy changes:
New build = any property that has been built, converted or subject to major refurbishment within the last two years (from completion)
For all new build properties, the total amount of builders' incentives offered against a property will now be deducted from the advertised purchase price to give a "net purchase price". The valuer will then take the total incentives into account when providing the valuation figure.
The maximum LTV on new builds will be 85%, which will be calculated against the lower of either the 'Net Purchase Price' or the valuation figure.
For all new build buy-to-let flats the new maximum LTV will now be 65%.
3. Sneaky said...
'At the BBC last week an interviewer persistently asked me when the mortgage market would return to “normal.” '
Well, normality only started to reappear in the summer of 2007 and there's still a long way to go , ha ha
4. bystander said...
This is huge renting2, at last one of the big boys is putting to rights some of the fraudulent scams that have been delivered upon the sheeple, albeit to protect themselves against further losses. Wonder how long until this is emblazoned over all mortgage agreements of all types. The HPC noose tightens.
5. Btl Rules said...
The fact is that the mortgage market is showing signs returning to normal as a number of new products are coming to the market clearly shows
6. montesquieu said...
1) they don't want the business
2) the REALLY don't want the business
3) if someone REALLY wants a mortgage from them on these terms then they are covering themselves for a substantial drop in value (and on TODAY'S valuations, not last year's)
4) did I mention they seriously don't want the business?
7. jack c said...
@Btl Rules - could you give us some specific examples please
8. Jimmyb said...
Sorry BTL the mortgage market has changed since the bad old days of last year, the banks may be stupid but they are experts at covering their ass and who do you think will pay for that ass covering? the morgagee that's who.