Thursday, Aug 14, 2008
MoneyŁacts research "Mortgages will never again become as easily and widely available as they were a year ago"
FT: Damage to mortgages is irreversible: Moneyfacts
Research into the market by financial advice website Moneyfacts, published on Monday, shows the full extent of the credit crunch, with the number of available products down about 70 per cent to fewer than 4000 this August. Average rates and fees are up across fixed and tracker mortgages while average maximum LTVs have dropped to 80 per cent. And lenders have stopped offering 100 per cent plus products altogether, while only two offer 100 per cent mortgages, compared with 33 last August. SEE TABLE
Posted by jack c @ 10:01 AM (716 views) Add Comment
10 Comments
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1. hpwatcher said...
Ah, so common sense has finally returned?
2. Ccamper said...
How can curbing recklessness be construed as damage?
The F.T. are morons.
3. Tara747 said...
Good.
4. Eternal Sceptic said...
Chance would be fine thing
5. Whostolemyendowment said...
Wait until the peak of the next cycle.....so give it 18 to 20 years (and if any of us are still around - including the banks) - they'll be throwing money at us again.
In the meantime the headline should read 'houses will not be as easy to buy and sell as they were a year ago'....
6. japanese uncle said...
Does 'easily available' mortgage for just a few years mean a thing, unless rates are fixed for the whole repayment period? God knows what would happen during the rest of the 25 or 35 years ahead, quite like the crunch we see now. 'Easily and widely available mortgage' for just a limited period of time simply works as a bate to catch those less intelligent population in the prison of exploitation for the rest of their lives.
No thanks for the 'easily available' mortgage' entrance to the death traps.
7. Ijjhall said...
'But Jeremy Law, products chief for Bradford & Bingley-owned provider Mortgage Express argued the market would return to its August 2007 position once liquidity in the sector did the same'.
Nice to see B and B in such safe hands..
8. shipbuilder said...
Most people simply don't understand that banks were only able to lend what they did by packaging the loans and getting them off their books (as I understand it).
In other words, they don't understand that this won't ever happen again - fuelled by the media, the 'experts', even the banks themselves, people still believe that easy credit is just around the corner once the banks recover.
Only when the wider public realise that, with permanently tighter lending, it is actually impossible for prices to 'recover', will we see the full return to a sensible market.
9. nooneo said...
Jeremy Law must be on happy pills !
10. nopensionnohouse said...
JU... Food for thought: The clue is in the name:
Lets not forget that the dictionary definition of Morgage is:
[Origin: 1350–1400; earlier morgage, ME < OF mortgage, equiv. to mort dead (< L mortuus) + gage pledge]
Or you could say... Hunted till you are dead. Check it out.
http://dictionary.reference.com/browse/mortgage
http://dictionary.reference.com/browse/mort
http://dictionary.reference.com/browse/gage
Mort =
1. Hunting. the note played on a hunting horn signifying that the animal hunted has been killed.
2. Obsolete. death.
Gage = to pledge, stake, or wager.