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House Price Crash Forum

whynow

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About whynow

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    HPC Newbie
  1. Spoke to an advisor today who reckons the process didnt even get to the credit checking stage because i lived in Spain for a year in 2012/13 and came back only a year ago. Natwest is also my bank so suppose they know all this before any credit checking takes place. Just to check how much Natwest dislike me i tried their online loan service and they also denied me this. Perhaps its a case of being refused based on my working abroad recently
  2. Nah, regular rate but on about 4 year fix now. I really have no idea. I guess I'll see what the broker says but maybe pull the lot and buy outright up north. Problem is that will make me a horrid rentier! And an annoyed London renter. Maybe a loft conversion.....!
  3. Just to be clear, natwest said wasnt an affordability issue, we know its a credit report issue as they didn't run it, it was an internal, nope get lost.
  4. Salary 100k/deposit 100k/new house outside of london but commutable 300k - no cc debts pay in full each month/no loans/nuffink
  5. Just before the new rules came in, days before infact. East London terrace to do up at £600k
  6. Bruce - That may be a good idea. But reading this website not sure I want all my money sat in the bank either! Hmmm, maybe though.
  7. I have a friend, who I warned, has got herself into £600k of mortgage debt over two houses with a salary of 55k. I have no idea how she has managed to do that but I perhaps you're right! Lucky to be refused, will keep the kid in a drawer till things cool down.
  8. Hi Sorry Wanting to move and have a mortgage already with natwest, wanting to port part of it.
  9. Ouch@venger. Well, I can't get an extra bedroom I need for an expanding family. Yes I am annoyed to be blocked when friends and relatives are able to move. I'm locked into where I live forever it seems like and that does have negative consequences.
  10. Hello, I've just spent a pointless afternoon on the line with Natwest, who after 9 years of perfectly paying off all credit cards/mortgage payments and loan repayments and passing the affordability test have told me "computer says no" for no reason. Apparently they have a system that will just throw up a block against you and not give a reason at all according to the chaps on the phone. The first of which told me to get my Equifax report (which turned out to be excellent) and Equifax told me Natwest didn't even run a call against me. So I was barred without a check into my credit anyway. On complaining to the phone staff they told me there is no recourse and nothing I can do to go any further with them to get a mortgage and when I threatened to move mortgage account and close my natwest current accounts they said fine. I'm not landed gentry but I do pull a 6 figure salary and they really don't give a toss to lose my business. So I spent the rest of the afternoon speaking to an independent mortgage broker who told me that all kinds of ridiculous reasons are coming out for refusals of loans and mortgages his favourite question of which from one provider was "how much steak do you eat". I feel like jacking the whole process in and just staying put (which I know you guys will tell me is probably for the best anyway!) Angry of London
  11. So, everyone is calling the top, if it's true, it's been a long wait, but what's your plan when house prices crash? How much will they crash by? When they go, will it be a scramble or a slow decline and where will you be buying when they bottom out? A relative of mine bought a 3 bed terrace near Limehouse today at double the price of 2007 at £625000, opposite a low rise council block and on the road of a very rough pub, it is a 5 min walk to the dlr thou... It's simply insanity. The above home is not my plan for a hpc though... I'd be happy to see 50% inside the m25 esp in the crazy crapholes like Catford and Plumstead. (Sorry to those who live there but prices have gone bonkers there too)
  12. My fault for using the word deal. I bought my house 10 years ago. On a 25 year mortgage. But every 5 years, my fixed rate, runs out, its about to do so again and i can fix for another 5 years at 4%. What i'm wondering is, this is usually easy to do online, are we now saying that half way thru a 25 year mortgage I will have to go over coals to fix my rate?
  13. Hang on I'm not talking about teaser rates, maybe the guy I quoted was. I'm talking about if you usual mortgage deal of 5 years runs out and you have to get a new deal, and you have 15 years remaining for example, will they test you like this even to pay a mortgage you've been paying 10 years on non teaser, regular 5% fixed terms?
  14. If anyone knows would like this cleared up too?
  15. Although I've recently moved back to London I had been living in Barcelona for several year. In the heart of Barri Gotic, two streets over from Le Seu Cathedral you can buy a 3 bed flat with terrace for around €250k though the really nice decked out ones go for closer to €350k, these have come down in 6 years from almost double that price and my friends who ramain in BCN think they've further to fall. I think this is incredible value comparing to central London where I work now whereby that gets you 2 bed terrace in zone six. If you an find work out there, I would recommend it in a flash. Fantastic food/wine/entertainment, street vibe is incredible, artistic and lively town.
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