

terryturbojr
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My sister went to a bank last week, so post MMR, looking at getting a mortgage in principal with her partner. Her salary late 30s, his late 20s. The bank gave them a MIP up to 320k property (I think it would have to be LTV 90% based on what savings I think they have). A such dont think you can blanket apply your decision to all institutions and people out think a mortgage broker would have to lie on your behalf. Hopefully I'll convince them not to apply and to carry on renting instead.
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Yeah. I've noticed it in Walthamstow too. The prices reduced were generally comedy to start with. Some literally 100% up on a year ago. A house nearby just went SSTC in two or. three weeks with a stupid price though. Will need to wait to see if it actually mashes it through the sake prices and what the actual sale price is though.
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Not sure if my view has changed. They're definitely seems to have been some (ridiculously high) plateau being reached in my small part of East London. I never expected it to carry on though (but didnt expect the meteoric rise of recent years either for that matter). I've always been of the opinion we need some sort of major catalyst if we're going to see major falls though, like the financial crisis that preceded 2007, and as yet i'm not seeing any change in that regard. I think these things probably come out the blue though, and things are far from rosey in the world so anything could happen still. Without that I see bobbing along rather than a big fall.
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Is It Possible There Will Never Be A Correction?
terryturbojr replied to Trampa501's topic in House prices and the economy
I do wonder the same. Did countries where renting more the norm have housing bubbles that never corrected, so permanently altering the housing landscape? I also worry that if we do get a major correction institutional investors will step in and clear up the reduced price inventory, so carrying on the trend towards decreased ownership even though prices have dropped. Neither very pleasant thoughts. -
Barclays Appear Happy To Lend Me 5.5X Salary
terryturbojr replied to terryturbojr's topic in House prices and the economy
I agree. But my 30k attempt would suggest Barclays don't. Last time I got a mortgage they had a table of salary vs multiplier, but didn't think it went as far as 5.5x hence surprise on Barclays site. -
Barclays Appear Happy To Lend Me 5.5X Salary
terryturbojr replied to terryturbojr's topic in House prices and the economy
Actually, I stand corrected, sticking 30k in their yields 165k too. -
Barclays Appear Happy To Lend Me 5.5X Salary
terryturbojr replied to terryturbojr's topic in House prices and the economy
It would put me at the high end of multiples though. I dont think they'd offer me 5.5x if I earnt 30k a year. -
Barclays Appear Happy To Lend Me 5.5X Salary
terryturbojr replied to terryturbojr's topic in House prices and the economy
It's not bad. I could probably get a mortgage to buy a 2 bed ex-LA flat in Hackney without lying on the application. Or a 1970s 3 bed cul de sac home in High Wycombe if I didn't mind the commute. As such I feel like I've made it in life.