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House Price Crash Forum


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About DC73

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    HPC Newbie
  1. Unless you can pay cash for it and exchange in 28 days forget the idea..don't even consider trying to get a mortgage for a repo property. Hope that helps.
  2. No I don't, but I think the figures will go a lot lot worse that the number quoted in this story as there are long waits for people to actually get a court date and consequently a lag in the figures. This is based on a conversation with a someone working on repos for a lender. They believed there was a 3 month wait to get a court date in January this year as opposed to 3 days the previous year!"
  3. Not sure where I fitted - have a small mortgage but no intention whatsoever of selling up or down the ladder.
  4. I've seen things getting more difficult with lenders over the last few months with daily changes to products, criteria, LTV, property types etc. This has lead to cases being more difficult to place, but mainly in the sub prime sector. The sector will undoubtedly see substantial job losses, people stopping trading etc as the cake has got a lot smaller in respect to amount of business, fees paid by lenders so it only follows that people will exit the industry. Agree that people will get stuck on SVR as LTV & criteria changes mean they will find it hard to remortgage, I feel this will be particularly bad at the sub-prime end of the market. Puzzled by the advert for lead generation sites...everyone knows they are rubbish and particularly in a market such as this, you'd be lucky to get a 10% conversion rate which doesn't add up.
  5. Is this really so? If you keep saying something is going to happen, for instance a HPC, then eventually it will. Of coure prices had to come down, but I don't think anyone can claim any expertise. However if someone predicted a crash in a certain time frame and backed it up with reasoning and it consequently happened then that would be impressive
  6. Sorry wasn't clear..I meant that the lender doesn't have to sell it for the market value, hence the 'best price' may conveniently be only enough to discharge their debt, after all that is all the lender is really interested in. Naturally the lender may sell it for a loss and use the Insurance to cover the shortfall, but am not sure if all mortgages are covered by this, thought the Higher Lending Charge was only in place for High LTV mortgages say everything above 75% LTV - could be wrong though. Cheers
  7. I reckon it's part of the impending repossession order saying that the lender has been given possession of the property in lieu of the borrower not upholding their end of the bargain ie not paying the mortgage
  8. Think I'm right in saying this. When a property is repossessed the lender in question is only concerned with discharging their debt, not obtaining the best price they can. Conversely I doubt they would take the attitude that something is better than nothing. Can't see there is any leverage you can get that would put you in a better position than any other Joe at an auction...but good luck with it
  9. Not wanting to be argumentative, but.... why on earth would this have any bearing on anything?? These incentives would not affect the valuation of the property so don't think the solicitors or valuers would have been worried by these small incentives. Solicitors and Valuers only tend to be interested when a deposit is being provided by the vendor/builder or the property is being sold undervalue, then any loan would normally be calculated against the purchase price and not the valuation. providing people with misinformation isn't helpful. All this leaflet is doing is trying to drum up a bit of trade...however I doubt a couple hundred quid of freebies isn't going to help in this market though
  10. Hi I was merely trying to point out that people confusing sub prime and self cert does not really help the discussions here. As for whether the risk is the same I don't think that helps either as no one knows. The US subprime market included poor security properties and mortgage rates with very short discounts and considerable tie ins at higher rates. Something similar exists in the UK. People with poor credit records who could previously obtain mortgages may well not be able to do so once their current deal comes to an end as a large number of lenders (majority of them backed by US investment banks) have either exited the market or tightened criteria, hence people will be trapped on variable rates.
  11. I've been reading with interest a whole range of topics on this site. Something strikes me as consistent in a number of these threads..there seems to be a lot of information that is quite plainly incorrect;parts of this thread this thread being a prime example. Sub-prime in the mortgage sense relates to people with less than perfect credit records eg defaults, CCJ's, missed mortgage payments, bankruptcies, IVA'a etc. Self- Cert is not Sub Prime, although Self Cert loans can be offerred on to people who fit the sub prime credit criteria. Sub Prime does not necessarily equal Self Cert.
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