Tuesday, Aug 26, 2008
Why Borrow When You Know The Value Of Property Is Crashing????
yahoo: More lenders slash rates
The survey found that 45% were finding food and utility prices the biggest pain of the credit crunch, followed by 27% who felt petrol prices had hit them the hardest. In contrast, just 11% felt payment shock on mortgage payments was the biggest consequence of the economic downturn.
Posted by mark @ 01:23 PM (517 views) Add Comment
3 Comments
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1. Gotout2006 said...
Despite mortgage lending still down by 27% since 2007, July did see a slight uplift with £24.8 billion lent during the month. This is a 5% increase from June, and is the first month-on-month increase since April.
Would any of this lending be from customers from northen rock with deals ending.
2. the haunted said...
0.25% = Slashed? Oh come on, if its 10% off the value of a house its a slow down and not a crash but 0.25% off the interst rate of a mortgage and its crazy slashing. Lowered, I think the word you were seaking is lowered.
Anyhow, I am not convinced it's the interst rates that are keeping people out of the mortgage market. I suspect it is the much increased (soaring?) LTV and the fact that house prices are being "slashed" on a daily basis.
3. alan said...
Lenders are slashing staff too. The Halifax has just shed 100 staff from their Estate Agencies!