Monday, Jun 21, 2010
Trouble for mortgage renewal
Guardian: First-time buyers face tougher mortgage restrictions
... people might be prevented from taking out a home loan for more than, say, 75% of the property's value.
Posted by mken @ 05:35 AM (1169 views) Add Comment
4 Comments
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1. sosoon said...
This is how it once was, 75% Mortgage and MIG for the remainder.
2. mark wadsworth said...
I'm a bit disappointed with the Graun on this one, as we have said on this site many times before, mortgage caps are the best thing that can possibly happen to FTB's.
£15,000 cash saved up @ 75% Loan to value = house price £60,000
£15,000 cash saved up @ 90% Loan to value = house price £150,000.
But fear ye not, Home-Owner-Ists, although the Lib-Cons are going to dampen reckless lending a bit, they'll more or less shut down new development, cut council tax (subsidised by higher VAT or higher NIC contributions), reduce SDLT and so on. The house price bubble is safe in their hands!
3. mark said...
there are other squeezes going on, for example, every couple of months halifax send me a letter stating they are reducing my credit card limit, now this is a problem for me as I use it for extensive travel and need a high limit, I do pay it off some months, other months they make some money out of me, however it is clear they are keen to reduce it to a very low limit, the sneaky ways they keep shaving a little from the limit now and then, they also state in the letter they are acting in a responsible manner and assessing my credit history when making a decision, however according to equifax my history is perfect, so what is really going on?
4. jack c said...
mark said..."according to equifax my history is perfect, so what is really going on?" - they probably dont see you as profitable enough having started to segment their client bank (nothing more, nothing less)