pete.hpc
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http://www.bbc.co.uk/news/business-11796277
'Bidding war' for homes to rentPeople looking for houses to rent in many parts of the UK are encountering a new hurdle in their hunt for a home.
Landlords, or more often their letting agents, are increasingly asking would-be tenants to compete by making "sealed bid" offers for the home they want.
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:angry:
http://www.thisismoney.co.uk/mortgages-and-homes/article.html?in_article_id=518584
Borrowers offered a mortgage lifelineBy Jo Thornhill
21 November 2010
Reader comments (16)
Millions of borrowers who feared that they could be shut out of the property market have been thrown a lifeline.
Thrilled: Nicola Mossman and Thomas Dunlea fought to get a mortgage
WANT TO KNOW MORE?
What next for mortgage rates?
Mortgage rates trimmed by banks
Is buying cheaper than renting?
Interest-only borrowers, the self employed and first-time buyers without a chunky deposit or wealthy parents all stand to benefit after the Financial Services Authority climbed down over its plans to push through its controversial Mortgage Market Review reforms.
The City regulator is determined to stamp out irresponsible lending by imposing more stringent affordability checks on all borrowers.
But following an outcry from the FSA's own Consumer Panel to halt the proposals, the FSA has agreed that it needs to take more time to look at all the possible consequences of stricter regulation.
The FSA has said that it intends to publish more detailed analysis and final proposals before next summer.
It could provide a window of opportunity to struggling first-time buyers and those needing to remortgage, among others, who are concerned that they will not meet stricter affordability criteria.
Under the FSA's proposals, lenders would use specific tests when assessing a borrower's ability to repay their mortgage.
Affordability would be based on a repayment basis over 25 years for all consumers, taking into account a borrower's daily household budget and expenditure, even if customers want to take out a mortgage over a longer term or on an interest-only basis.
And the test disregards the possibility that borrowers are able to cut down on discretionary spending, after they purchase a home or move up the housing ladder.
First-time buyers, interest-only borrowers and the self employed would be the hardest hit under this regime. But the Consumer Panel has pointed out that even borrowers already on the housing ladder could struggle to remortgage.
The rules would mean less innovation and less flexibility in the market at a time when many borrowers, particularly those with little equity, are struggling to remortgage at a reasonable cost.
'We welcome the FSA's decision to take more time in assessing the full impact of the MMR,' says Adam Phillips, chairman of the Consumer Panel. 'It is essential that the regulator assesses the possible unintended consequences and side-effects of its proposals for the rest of the market.'
We had a £24k deposit but still got turned down
Self-employed dance teacher Nicola Mossman, 25, and her partner, Thomas Dunlea, 28, who works in post-production for a television company, have just moved into their first home in Rickmansworth, Hertfordshire.
They are thrilled to have made the first step on to the housing ladder and say it was a struggle to get the 15% deposit required, saving hard for many years and also borrowing from family.
Under the FSA's new proposals, the couple believe they could have been shut out of home ownership for many years.
Despite putting up a £24,000 deposit on their £164,000 property and the mortgage repayments being well within their monthly budget, Nicola and Thomas were turned down by the first lender they approached. They eventually secured a two-year fixed-rate deal at 5.69% with Halifax.
'I was able to show three years of accounts from my business, and Thomas and I have a good credit record, yet one lender still wouldn't offer us a mortgage because we were first-time buyers,' says Nicola.
'If affordability checks are made stricter it will hamper the market even more. First time buyers are the lifeblood of the market.'
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Not sure what the fuss is about, he's blatantly right when it comes to homeowners, forget the actual festering sore of an economy surrounding it, homeowners have never had it so good, despite their place right at the very heart of the cause of the recession
Only when they are asked to do their bit will things actually start moving forward, if not necessarily improving immediately
No more inflation to bail out homeowners and speculators, no more low IR's to bail out homeowners and speculators, no more mortgage relief schemes, no more bailing out banks, no more wailing about people who made stupid mortgage decisions having to be reposessed and join the rest of us in the rental sector
No more stealing from savers to bail out borrowers
They've never had it so good
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There are very few coherent arguments to be made against the housing benefit cuts, but this article by Grace Dent shows just the type of ill-informed, hand-wringing bleating that is going to make IDS's job that much harder.
This paragraph in particular all at once nicely highlights on the one hand, the completely inaccurate claims about what will happen to those that will be affected as well as the typically patronising attitude of your average Guardian journalist purporting to have the interests of "the poor" at heart, whilst quaffing champagne in her Islington flat
Say police and officials come to remove a poor family from my street for non-payment of rent and disperse them somewhere less expensive? What will I do? Close the curtains? Sit indoors making paper-chains and sipping tea from my commemorative Will and Kate china? Turn the sound up on ITV2's Holly and Fearne's Royal Wedding Show to drown out the screaming kids being dragged into vans? Or will I go outside, join my neighbours and try to help? Will I make a collosal show of myself pleading and shouting and getting over-emotional about the people at the bottom of life's pecking order who have no benefits, no savings, no jobs and now no legal aid. Or will I think, well they were poor, it was probably their fault anyway?The police will come to remove a "poor family" from their home? what is this, 1940's Berlin you silly woman?
I was....tearful over talk of mass removal of the working classes from London<facepalm>
http://www.guardian.co.uk/commentisfree/2010/nov/17/government-cuts-royal-wedding
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Can someone please explain to me how a run down semi with no garden, which no doubt has non-stop aircraft noise from Heathrow, can possibly be worth £675K?
Or as it's otherwise known;
$1 million
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Good morning Mr Boulger!
We told you so!
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Does no-one else find this video incredibly disturbing?
And not in a tin foil hat way, but in the sense that this doddery old drunk codger, who no-one ever voted for, is in the house of Lords????????
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No-one's going anywhere, landlords will have to take a haircut on their rents, and that's the end of it really
Do people really believe tens of thousands of landlords are just going to let these guarunteed sources of taxpayer cash up and leave with the prospect of fighting over what tenenats remain with all the other empty homes?
This is just the lefties kicking out 'cos the nasty Tories are in power, they've already all but forgotten about the last 13 years of Labour.
Was reading a comedy forum where someone was asking when comics would start lashing out at the nasty Tories after having nothing to moan about since they were last in power with their corruption and incompetence. Totally oblvious to the last 13 years.
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Some tw*t on Radio 4 this morning going on and on about how there's no evidence rents will drop if housing benefit is cut - therefore 'Kosovo social cleansing' will take place.
How about waiting and seeing what happens you f*cking idiot?!?! :angry:
And even if people have to move, so f*cking what? I and millions of others have to move all the time to find places we can afford you moron!!!
The Lefty's favourite response to this is "so what, everyone should be dragged down to your level?"
And that's the essence of their argument right there, the private sector and those in work in general should be working to improve their lot to match or exceed what's available from the state, regardless of how unaffordable and unrealistic that is :angry:
Bit like when the Beeb goes up against commercial alternatives who actually have to provide a costed and affordable service.
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approvals
so approvals to actual mortgages taken out must be an appalling percentage right now?
i.e. there is more lending than actual demand?
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Doesn't the net lending figure strip out repayments?
Looks like it, so in summary, I have no idea what's going on here
Hopefully someone clever will be along shortly
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The number of mortgages still sitting around 50k, so I assume this means a lot of people are paying off a lot of their mortgage at the moment with rates so low?
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Net lending, which strips out redemptions and repayments, totalled just £112 million during the month, down from £1.62 billion in August, according to the Bank of England -
funny how Charlie never mentions his BTL empire when posting on this site..
are you suggesting he a.) posts here and b.) has a BTL empire?
From memory, he rented for many many years as he was literally clueless and crippingly lazy when it comes to finances
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From Iain Dale's blog, he's on LBC from 7pm to 10pm every weekday and is obviously on our wavelength
I just received this from a reader, which I thought I'd share with you...Iain,Maybe I shouldn't get so worked up about these things but I do.
I've lived in London since I graduated and worked damn hard to be able to afford to be able to live here, in relatively nice accommodation, but nowhere near the centre of town (I've lived in Ealing, Hammersmith, Shepherds Bush and Fulham in my 6 years here).
I now see claims from people like Simon Hughes regarding the 'draconian' nature of only giving people £400pw to spend on a 4 bed property in London and hear all the tales of the ghettoisation of the poor and the segregation of society.
To start with, a quick look on gumtree shows no shortage of 4+ bedroom properties in London. Yes, they might not be in Kensington but why should they be? I doubt I will ever be able to afford to live in Kensington at any point and I earn a great deal more than the median wage mentioned as the cap. Just because people on benefits can't live in central London doesn't mean they all have to congrigate in one big ghetto. Here's what you can get for £400, all advertised in the public domain, I can provide links if needs be:
Putney: 4 bedroom flat located in a desirable area of Putney. The property benefits from 4 double bedrooms , 2 bathrooms and private balcony. The property has been Renovated last year and is in very good condition. Close to Transport link (East Putney tube station and Putney Rail) and shops. To Arrange a viewing please call our letting team (£365pw)
Brentford: well maintained four bedroom semi detached house with garden in sought after location of Brentford - Enfield Road. The property on the ground floor consists of huge living room with fireplace and dining section, conservatory leading to low maintenance garden with shed, fitted kitchen, roomy bathroom with whirlpool bath. Upstairs there is a master bedroom with fitted wardrobes, single bedroom with roof terrace and two additional bedrooms (one is a loft room). The house benefits from double glazing, real wood flooring through and gas central heating. There is parking available on the street. (£356pw)
Lewisham: An absolutely superb opportunity to rent this luxurious house situated in the much sought after residential road. Being extremely spacious , the property comprises: security video entry system, welcoming entrance hallway, superbly designed lounge and dining room, luxury fitted kitchen with granite worktops and built in appliances, study, guest cloakroom, master bedroom with ensuite bathroom having fabulous fitted bathroom and dressing room, second double bedroom with ensuite shower room. (£400pw)
I could go on but I'm sure you get the idea.
Next, the cap of £400pw is the equivalent of £1,738pcm or £20,857pa. I'm pretty sure that someone earning the median wage wouldn't be able to afford that amount after taxation is applied to their £26,000, let alone living costs. But to make someone out of work rent for such an amount is 'draconian'? Do me a favour.
I really can't believe the furore over this and in fact if anything the furore should be produced over the amount that is still being offered when people who have worked pretty damn hard can't afford a place themselves as rentals are kept artificially high in London due to DSS/housing benefits paying these amounts.
Maybe I've missed something but it still seems pretty extravagent to me
Best regards
XXXXX
Well he certainly makes some good points, doesn't he?
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Good find (and tonkers)... but I guess that the gap between July 09 and Feb 10 would be big enough for a buy and sell on. Having said that, if someone had bought in that period it should definitely have had time to find its way onto the records. I am gonna complain... if the information they gave is wrong then they must not be allowed to get away with it.
Edit for shocking spelling
You go girl!
I love things like this and the mass-emailing of that turd Simon Hughes
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You sad losers need to get real. Mo one else wants house prices to go down. Tory, Labour, Socialist Workers Party, no-one. The HPC will blow the economy out the water. All the "growth" is the construction sector. House prices in my view will probably fall 50% but none of you will be able to buy as you will be on the dole. Keep supporting the cutter-nutters - they are laughing at you.
Someone's angry
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One of the chief architects of this whole mess.
Why do people even give this guy airtime?
Shameless, ramping scum.
****** off Blanchflower, just ****** off.
I think we should vote him off at the next oppurtunity
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Can't we move all the pun posts in these threads to off-topic please?
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Keep us updated Eric
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Clarke is a vile fascist, globalist, Bilderberger.
They had this collapse planned for decades - they are just carrying out their plans whilst pretending to be warning you of a collapse!
Oh grow up
I like Clarke, says it like it is. Could be part of an act I suppose, but I get good feelings from him. Bit of a rebel, not hiding a great deal.
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I think the OP has a point, when I was not as well off as I am now, I always knew exactly how much petrol I would be putting in the car, and it would always be 5, 10, 20 maybe 30 quid at a push, whereas I always fill up now because I don't want to keep pissing around at petrol stations. That's an advantage of being able to afford the costs of motoring.
Same as bosses I've known in the past, with big juicy exec mobiles, always filling up, never f**king about with 10's or 20's here and there.
These people are pretenders, all the bling, but with nothing to back it up.
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He lost me when he said that taking money from a household on 45k and giving it to one on 80k was "fair"
He never said it was fair, just that it was necessary.
I think he may well go down in history as these are truly unprecedented times and he is actually starting to deal with the worst financial crisis we have ever faced.
Time will tell.
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It looks interesting. Is it free to download? Do you have a link please? Cheers.
It is completely free, though I think they just signed a deal with one of the satellite channels to make some new stuff for TV, though that's exactly how these things should work; Make some great free stuff and get a TV deal
You'll probably know Llewellyn as the guy from Red Dwarf and Scrapheap Challenge
He get's some proper A-lister's to interview in his car;
Nigel Farage
in House prices and the economy
Posted
Of course he was, amazing anyone could read it any other way, unless they were deliberately misunderstanding the situation of course