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House Price Crash Forum

buytoilet

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Everything posted by buytoilet

  1. and this is the next ticking time bomb with over 30% of all mortgages on I/O the lenders are shittingg themselves
  2. What this does is reduce available funds as most people can not afford today's prices on a repayment mortgage. so prices will have to come down in-line with peoples affordability.
  3. Email from Lloyds, no more pure interest only lending. Abbey have already stopped pure interest only mortgages I guess other lenders will follow Dear Intermediary, Following our strategic review of interest only lending, which we communicated to you in May, we would like to update you on our continued activity in this area. Acceptable repayment vehicles for interest only lending are set out in the list below. Mainstream Lloyds Banking Group brands will only accept vehicles on this list. The Group will shortly be randomly selecting cases and asking you to provide paperwork which evidences the repayment vehicle stated on the mortgage application. This sampling will be on cases submitted after 15 October 2010 and will be carried out after the offer stage. As a responsible lender, it is important for us to undertake random sampling, which is a process already in place for other areas within Lloyds Banking Group. In order to satisfy a sampling request, you will need to provide the following: Endowments Copy of the latest projection statement dated within the last 12 months Stocks & Shares ISA Copy of the latest investment statement dated within the last 12 months Unit Trusts/Open Ended Investment Companies (OEICs) Copy of the latest investment statement dated within the last 12 months Pensions Copy of the latest projection statement dated within the last 12 months Investment Bonds Copy of the latest investment statement dated within the last 12 months UK Stocks & Shares Copy of the share valuation on date of assessment Savings (UK Sterling) Copy of passbook/statement of balance within the last 12 months Sale of Second Home (UK) Property details, amount of any mortgage debt and mortgage provider. (Property valuation and land registry search carried out by us if needed e.g. if the property is unencumbered). Should you be unable to satisfy a sampling request, we will contact your client directly to request the appropriate documentation. As with all lending decisions, if we do not receive the appropriate documentation when requested, we may have to review the original application. For more information, please refer to one of the following intermediary brand websites: Halifax Intermediaries C&G Intermediaries Scottish Widows Bank LTSB Scotland Thanks for your continued support. Peter Curran Head of Intermediary Distribution, Lloyds Banking Group
  4. Due to my job, I get email updates from lots of unsavory characters. MD of Goadsby says market to be flat, is that estate agent speak for knackered . The big question - What of the future?? Greg comments "We believe the current supply will remain constant and with steady demand their will be little or no increase in house prices"." Home owners are going to have to be realistic in setting their asking prices and if they take this advice it will result in strong interest and a sale being achieved". In summary - Be realistic!!!! click here for your link to news letter
  5. Ok you can do it with a mortgage, but if you where one of my clients I would strongly advise against it. You also need to be sure the lender can get the offer out in 28 days, if there is any delay you are going to be right in the proverbial
  6. To buy at auction you need 100% cash or bridging finance. You cannot remortgage a property until you have owned it for 6 months. This is what the BMV guys do, purchase with 30% discount of open market valuation. You then take out 100% bridging finance of the purchase price(+30% of Injin deposit), with all fees rolled up into the deal. 6 months later you remortgage off the bridge onto a btl mortgage or flip to a punter. This is also called a no money down deal and if you got your sums right you get a big fat cheque in your hand at the end. Down side you got your sums wrong and paid to much, market slides over 6 months and not enough equity to jump to BTL, you get declined for a mortgage because your a twit. You cant sell because the market is dead. The refurb takes longer than you thought, during the refurb you uncover something that cost you money to fix. Back in the day of B&B and Mortgage Express you could do a day 1 remortgage, release your 15% deposit and be back down the auction house the next day to rinse and repeat and look at the mess the got us in. Now then, that will be £2,500 for a weekend seminar on how to be a property investor, if you could pay the lady on the left as you leave that would be great. You can also purchase one of my many sort after books on how I became a bmv gazzillionaire. We also currently have a whole host of 1 and 2 bed flats where we manged to negotiate a 15% discount off the purchase price from the builder( who also happens to be my brother in law). See me later and I will give you my personal mobile number, but dont tell anyone else. Sorry got a bit carried away the the first paragraph should cover what you need to know.
  7. I love the smell of falling house prices in the morning
  8. http://www.forexfactory.com/calendar.php according to the Forex calendar house prices are down
  9. Sorry everyone it should be -0.4% Last month Forex predicted +0.6% So we could get a whole 1% drop this month
  10. Forex are predicting that Halifax HPI will be -0.4% lower this month and as they have been way out over the last 4 months we may see an even bigger drop. I think the report comes out 7am Thursday
  11. Hi Snapshot welcome to the mad house At the end of the day people can put the house on the market for what ever they like, will it sell thats something else.
  12. Hi Conrad I was beging to think I was talking to myself. Agreed Boomers will buy, but they can buy every house. I guess this could have a bigger effect on the local economy http://www.thisisdorset.net/news/tidnews/8280818.5_000__jobs_under_threat_at_JP_Morgan_/
  13. Well its been a bit quite of late, but looks like HPC is now back on track This guy still not sold http://www.rightmove.co.uk/property-for-sale/property-14653362.html and this just dropped a nice 25k http://www.rightmove.co.uk/property-for-sale/property-25631926.html looks like the crash is back on
  14. Well as you can see I joined this site awhile back, so I was prepared for when the SHTF.
  15. As a mortgage broker i kind of got a handle on how it works
  16. My outlaws have moved to the Express, they gave up on the sloppy journalism of the Mail. I shityou not
  17. Great Self Cert loans to be banned, 2 years after the last self cert lender left the UK. you can still fast track at 75%, Halifax will fast track at 85% Fast Track explained by Ray your friendly but dull mortgage advisor
  18. Its all bull shit and it keeps you in a job. I have a purchase going through TMW, they emailed me to ask for proof of deposit. you can download the form on line http://www.themortgageworks.co.uk/includes/pdf/T392_v2.pdf I asked them if they need to see a bank statement or any other paperwork, they said just complete the form and send a hard copy, because a fax will not do
  19. Looks like all the indexes are going negative, will be interesting to see Nationwide and land reg figures next month.
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