Wednesday, May 28, 2008
Mortgage companies very scared to lend ££'s
aboutproperty.co.uk: Mortgage shelf life falls dramatically
The average shelf-life of mortgage products in the UK market has fallen dramatically over the last year, according to new research.
At present deals remain on the market for an average of just 11 working days, down from 30 per cent just one year ago, finds research from MoneyFacts.co.uk.
Indeed, following the Bank of England's decision to cut the base rate of interest during April, deals appeared and were subsequently removed from the market in as little as six days.
Posted by housebear @ 01:06 PM (483 views) Add Comment
3 Comments
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1. housebear said...
When all of these people that bought houses, who cares when, last year, 5years ago or 10 years ago.
Did they not factor in, that things in life go up in price as well as the value of houses, food petrol, intrest rates, ect.
I know I'm preaching to the converted, but good god sheeple, did it ever enter their brains that maybe they should not have taken the plunge.
There comes a time when you actually have to repay the money. And by that I mean with money that you have in a bank account i.e. NOT borrowed.
It all has to be repaid some time.
All these people are pressumabley not shortening the term over which they are borrowing.
Sorry about that folks, just needed to get that of my chest.
2. planning4acrash said...
They aren't sacred to lend £'s, they are busy lending them to commodity speculators!
3. uncle tom said...
The god of consumer choice has got out of hand with financial 'products', with finance companies often making their offerings excessively complex in order to snare the unwary.
It's time to have some national standard "plain vanilla" packages (both for savings and loans) that are granted a small degree of tax advantage; leaving the consumer confident that the structure of the deal has no nasty surprises, and free to simply seek out the provider who is offering the best rate.
But perhaps that's just too sensible for today's politicians...