stevie1969
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of note
CLAPPISON, James (Hertsmere)
8. Land and Property
Farmland in Patrington, East Yorkshire, from which rental income is received.
13 rented houses in Patrington and in Withernsea, North Humberside.
HOGG, Rt. Hon. Douglas (Sleaford and North Hykeham)
8. Land and Property
I am the owner of three properties in London which I have let to tenants.
HUHNE, Chris (Eastleigh)
8. Land and Property
Residential house and flat in Oxford, from which rental income is received.
Residential house and two flats in London, from which rental income is received.
MEACHER, Rt. Hon. Michael (Oldham West and Royton)
8. Land and Property
Four residential properties in London from which rental income is received.
A property in the Cotswolds from which rental income was received for two weeks’ holiday
rental.
WILLIAMS, Roger (Brecon and Radnorshire)
8. Land and Property
Farmland at Tredomen Court, Wales.
Three houses in Tredomen, Brecon, from which rental income is received.
One house in Exmouth, Devon, from which rental income is received.
the list in full
MPs property interests from about a year ago.
Details can be found from the register of members interest
ADAMS, Gerry (Belfast West)
8. Land and Property
Residential property, jointly owned with my wife, in South of Ireland.
AFRIYIE, Adam (Windsor)
8. Land and Property
House in Kent.
ALEXANDER, Douglas (Paisley and Renfrewshire South)
8. Land and Property
Rental of building attached to my house.
Rental of flat in Edinburgh
ANCRAM, Rt. Hon. Michael (Devizes)
8. Land and Property
Small tenanted agricultural estate in Scottish Borders and Midlothian, from which rental
income is received. (Registered 10 October 2005)
ARBUTHNOT, Rt. Hon. James (North East Hampshire)
8. Land and Property
Two flats in London, one providing rental income.
BALDRY, Tony (Banbury)
8. Land and Property
A cottage in Oxfordshire.
BANKS, Gordon (Ochil and South Perthshire)
8. Land and Property
Flat in Glasgow, from which rental income is received.
BARKER, Gregory (Bexhill and Battle)
8. Land and Property
Freehold commercial business park property in East Anglia, from which I receive rental
income.
Rental income from residential property in London.
BARLOW, Celia (Hove)
8. Land and Property
Freehold maisonette and one bed flat in London, from which rental income is received.
BARON, John (Billericay)
8. Land and Property
Two residential properties in London from which rental income is received.
Second home in the constituency from which we run the office.
BECKETT, Rt. Hon. Margaret (Derby South)
8. Land and Property
Residential rented property; flat in London.
BELLINGHAM, Henry (North West Norfolk)
8. Land and Property
Forestry and arable land in Norfolk.
House in West Norfolk, from which rental income is received.
BENN, Hilary (Leeds Central)
8. Land and Property
Part-owner of house in London.
BENYON, Richard (Newbury)
8. Land and Property
Landholdings in Hampshire and Berkshire (some in my constituency) comprising farmland,
residential and commercial property, some potential development land, woodlands and gravel
workings, for some of which rent is received.
Residential and commercial property in Hackney, for which rent is received.
Rural land and property in Inverness-shire.
The majority of property in these estates is held in family trusts in the trusteeship of
Englefield Estate Trust Corporation Limited (see Category 1).
Flat in London, for which rent is received.
BERESFORD, Sir Paul (Mole Valley)
8. Land and Property
Private accommodation and surgery, London .
BLAIR, Rt. Hon. Tony (Sedgefield)
8. Land and Property
Two residential flats in Bristol from which rental income is received.
A residential house in London from which rental income is received.
BLIZZARD, Bob (Waveney)
8. Land and Property
Flat in London, from which rental income is received.
BLUNKETT, Rt. Hon. David (Sheffield, Brightside)
8. Land and Property
Second home in London, from which I temporarily receive rental income.
BOSWELL, Tim (Daventry)
8. Land and Property
Lower Aynho Grounds Farm (as at item 2), Northants/Oxon, from which rental income is also
received.
Land at Great Leighs, Essex (with family interests), from which rental income is received.
BOTTOMLEY, Peter (Worthing West)
8. Land and Property
Income from occasional holiday letting of properties in Isle of Wight and Surrey.
BRADSHAW, Ben (Exeter)
8. Land and Property
Share of house in Salcombe, Devon.
BROKENSHIRE, James (Hornchurch)
8. Land and Property
House in Essex, from which rental income is received.
BROOKE, Annette (Mid-Dorset and North Poole)
8. Land and Property
Business premises (retail shop and store) in Poole.
BROWN, Lyn (West Ham)
8. Land and Property
One quarter share in a holiday cottage in Ambleside, Cumbria.
BURT, Lorely (Solihull)
8. Land and Property
Residential house in West Midlands, from which rental income is received.
BYERS, Stephen (North Tyneside)
8. Land and Property
Commercial property in Forest Hall, Newcastle, from which rental income is received.
CARSWELL, Douglas (Harwich)
8. Land and Property
Residential property in Hertfordshire, from which rental income is received.
CASH, William (Stone)
8. Land and Property
Three houses at Upton Cressett, Shropshire from which rental income is received.
CHAYTOR, David (Bury North)
8. Land and Property
House in Bury, Lancashire.
Flat in London.
CLAPPISON, James (Hertsmere)
8. Land and Property
Farmland in Patrington, East Yorkshire, from which rental income is received.
13 rented houses in Patrington and in Withernsea, North Humberside.
CLELLAND, David (Tyne Bridge)
8. Land and Property
House in Gateshead, jointly owned with my wife.
Two flats in Gateshead, jointly owned with my brother.
CLIFTON-BROWN, Geoffrey (Cotswold)
8. Land and Property
Agricultural holdings in Norfolk and Gloucestershire.
Small amount of forestry in Scotland.
CLWYD, Mrs. Ann (Cynon Valley)
8. Land and Property
A flat in North Wales from which I receive rental income.
COHEN, Harry (Leyton and Wanstead)
8. Land and Property
House in Colchester.
COX, Geoffrey (Torridge and West Devon)
8. Land and Property
Cottage and farmland in West Devon, from which rental income is received.
CURTIS-THOMAS, Claire (Crosby)
8. Land and Property
With my sister, I own a house in Crosby and a house in Crewe which are held in trust for
family members (and on which rental income is received).
DAVIES, Quentin (Grantham and Stamford)
8. Land and Property
Flat in France from which rental income is received.
DJANOGLY, Jonathan (Huntingdon)
8. Land and Property
Interest in woodland in Dumfriesshire.
DORRIES, Nadine (Mid Bedfordshire)
8. Land and Property
House in Gloucestershire, from which rental income is received.
Holiday home in South Africa.
DUNCAN, Alan (Rutland and Melton)
8. Land and Property
Rental income from residential property in London.
DUNWOODY, Hon. Gwyneth (Crewe and Nantwich)
8. Land and Property
Shared ownership of house in Fulham, from which rental income is received.
ENGEL, Natascha (North East Derbyshire)
8. Land and Property
Commercial property in London.
FABRICANT, Michael (Lichfield)
8. Land and Property
House in Maine, USA, lived in by friends who maintain the property but do not pay rent.
FARRON, Tim (Westmorland and Lonsdale)
8. Land and Property
Two-bedroom flat in Preston, Lancashire, jointly owned.
FIELD, Rt. Hon. Frank (Birkenhead)
8. Land and Property
House in Chiswick, from which rental income is received.
FOLLETT, Barbara (Stevenage)
8. Land and Property
Residential flat in London, from which rental income is received.
Residential house in Cape Town, South Africa, from which rental income is occasionally
received.
FRANCOIS, Mark (Rayleigh)
8. Land and Property
House in Essex.
GALE, Roger (North Thanet)
8. Land and Property
A holiday barn conversion in France.
GOODMAN, Helen (Bishop Auckland)
8. Land and Property
One bedroomed flat in London, from which rental income is received.
GOODWILL, Robert (Scarborough and Whitby)
8. Land and Property
Southwood Farm, Terrington, York, which is farmed “in hand”.
Three industrial units at Southwood Farm, Terrington, York.
Three residential properties in Loftus, Cleveland, from which rental income is received.
One residential property in Stockton-on-Tees, from which rental income is received.
GRAYLING, Chris (Epsom and Ewell)
8. Land and Property
Two terraced houses in London, from which rental income is received.
GRIEVE, Dominic (Beaconsfield)
8. Land and Property
House in London, generating rental income.
I am part-owner of building land in France.
GRIFFITH, Nia (Llanelli)
8. Land and Property
Small holding, in receipt of Tir Gofal funding.
GRIFFITHS, Nigel (Edinburgh South)
8. Land and Property
My constituency high street office in South Edinburgh.
GUMMER, Rt. Hon. John Selwyn (Suffolk Coastal)
8. Land and Property
A residential and commercial property in London, owned by family.
HAIN, Rt. Hon. Peter (Neath)
8. Land and Property
Flat in London, jointly owned with parents and aunt.
Share in small family property near Malaga, Spain.
HALL, Mike (Weaver Vale)
8. Land and Property
One-bedroom flat in London, from which rental income is received.
HARMAN, Rt. Hon. Harriet (Camberwell and Peckham)
8. Land and Property
Part ownership of house in Suffolk, from which rental income is received.
HAVARD, Dai (Merthyr Tydfil and Rhymney)
8. Land and Property
House in Wales.
HEATHCOAT-AMORY, Rt. Hon. David (Wells)
8. Land and Property
Farm in Scotland with holiday lettings .
HEMMING, John (Birmingham, Yardley)
8. Land and Property
Two flats in London, from which rental income is received.
House in Birmingham.
HOGG, Rt. Hon. Douglas (Sleaford and North Hykeham)
8. Land and Property
I am the owner of three properties in London which I have let to tenants.
HOON, Rt. Hon. Geoff (Ashfield)
8. Land and Property
Income from a rented residential property in London.
HORWOOD, Martin (Cheltenham)
8. Land and Property
50 per cent share of house in Cheltenham.
HOWARD, Rt Hon Michael (Folkestone and Hythe)
8. Land and Property
Flat, currently let, in London SW1.
HOYLE, Lindsay (Chorley)
8. Land and Property
Commercial leasehold property at Adlington, Chorley, from which rental income is received.
HUGHES, Simon (North Southwark and Bermondsey)
8. Land and Property
Part interest in family home in Wales.
HUHNE, Chris (Eastleigh)
8. Land and Property
Residential house and flat in Oxford, from which rental income is received.
Residential house and two flats in London, from which rental income is received.
HUNT, Jeremy (South West Surrey)
8. Land and Property
House in Farnham.
Half-share of holiday house in Italy.
IRRANCA-DAVIES, Huw (Ogmore)
8. Land and Property
A plot of land with planning permission for residential dwelling in Llynfi Valley.
JACK, Rt. Hon. Michael (Fylde)
8. Land and Property
Four-bedroomed flat in London, from which rental income is received.
JAMES, Siân (Swansea East)
8. Land and Property
House in Neath.
JONES, David (Clwyd West)
8. Land and Property
Leasehold office premises in Llandudno, Conwy.
KAWCZYNSKI, Daniel (Shrewsbury and Atcham)
8. Land and Property
My wife and I own an equestrian centre in North Herefordshire.
KENNEDY, Rt Hon Charles (Ross, Skye and Lochaber)
8. Land and Property
Single bedroomed flat in London, from which a rental income is derived.
KRAMER, Susan (Richmond Park)
8. Land and Property
Interest in a family trust which owns and manages a ranch in California, USA, from which
rental income is received.
Interest in a holiday flat in Southern Spain.
LADYMAN, Dr. Stephen (South Thanet)
8. Land and Property
Joint owner of apartment in Wilmslow, Cheshire.
LAMB, Norman (North Norfolk)
8. Land and Property
I am listed as one of the lessees of the following properties, which are all offices associated
with Steele and Co.:
Commercial leasehold property in Norwich.
Commercial leasehold premises in Eye, Suffolk.
Commercial leasehold premises in Diss, Norfolk.
LAMMY, David (Tottenham)
8. Land and Property
A flat in South London from which rental income is received.
LANSLEY, Andrew (South Cambridgeshire)
8. Land and Property
House in Cambridge, from which rental income is received.
LIDDELL-GRAINGER, Ian (Bridgwater)
8. Land and Property
Farm building, Scotland.
LORD, Sir Michael (Central Suffolk and North Ipswich)
8. Land and Property
Co-owner of a holiday site in Anglesey.
LOUGHTON, Tim (East Worthing and Shoreham)
8. Land and Property
A flat in London, from which rental income is occasionally received.
LUFF, Peter (Mid Worcester)
8. Land and Property
Terraced property in Worcester, let on an assured tenancy.
MCAVOY, Thomas (Rutherglen and Hamilton West)
8. Land and Property
Land in Cambuslang on which County Inn is situated (see Category 1).
Residential flat in London, from which rental income is received.
MCDONNELL, Dr Alasdair (Belfast South)
8. Land and Property
Smallholding/farm in Co Antrim, from which rental income is received.
House in Belfast, from which rental income is received.
MCINTOSH, Anne (Vale of York)
8. Land and Property
Half-share in smallholding in Teesdale, Co. Durham.
MACNEIL, Angus (Na h-Eileanan an Iar)
8. Land and Property
House in Fort William, from which rental income is received.
Flat in Glasgow, from which rental income is received.
MACTAGGART, Fiona (Slough)
8. Land and Property
Office and retail premises in Glasgow (held on my behalf by trustees), from which rental
income is received.
MARTIN, Rt Hon Michael (Glasgow North East)
8. Land and Property
My wife and I own a small flat in London which is not let for rent.
MEACHER, Rt. Hon. Michael (Oldham West and Royton)
8. Land and Property
Four residential properties in London from which rental income is received.
A property in the Cotswolds from which rental income was received for two weeks’ holiday
rental.
MICHAEL, Rt. Hon. Alun (Cardiff South and Penarth)
8. Land and Property
Terraced house in Rhondda, Wales.
MILBURN, Rt. Hon. Alan (Darlington)
8. Land and Property
Rental income from a house in London, which I jointly own.
MORAN, Margaret (Luton South)
8. Land and Property
Farmhouse in Spain, from which rental income is received.
Leasehold flat in London SW1.
MORGAN, Julie (Cardiff North)
8. Land and Property
Residential property in Cardiff.
MOSS, Malcolm (North East Cambridgeshire)
8. Land and Property
Rental income from cottage in Wisbech, Cambs.
MULLIN, Chris (Sunderland South)
8. Land and Property
Basement flat in my home in Sunderland.
MUNDELL, David (Dumfriesshire, Clydesdale and Tweeddale)
8. Land and Property
Flat in Edinburgh, from which rental income is received.
MURPHY, Denis (Wansbeck)
8. Land and Property
Rental income received from a flat in London
MURRISON, Dr. Andrew (Westbury)
2. Remunerated employment, office, profession etc
Surgeon Commander Royal Naval Reserve.
Parliamentary adviser to Wessex Pharmaceutical Group. (Up to £5,000)
8. Land and Property
Joint owner, with my wife, of land, agricultural buildings and stables in Wiltshire, for which
rental income is received.
OATEN, Mark (Winchester)
8. Land and Property
Flat in London.
OTTAWAY, Richard (Croydon South)
8. Land and Property
Flat in London from which rental income is received.
PAICE, James (South East Cambridgeshire)
8. Land and Property
Smallholding in Cambridgeshire, which is my main home.
PATERSON, Owen (North Shropshire)
8. Land and Property
Buildings and agricultural land at Bunbury and Spurstow, Cheshire, from which rental income
is received.
Buildings attached to my house near Ellesmere, Shropshire, from which rental income is
received.
PENROSE, John (Weston-Super-Mare)
8. Land and Property
House in Somerset.
Part share of house in France.
PROSSER, Gwyn (Dover)
8. Land and Property
Flat in London, from which rental income is received.
RANDALL, John (Uxbridge)
8. Land and Property
Residential rented property in Uxbridge, from which rental income is received.
RAYNSFORD, Rt. Hon. Nick (Greenwich and Woolwich)
8. Land and Property
Two-bedroomed flat in London, from which rental income is received.
REID, Rt. Hon. Dr. John (Airdrie and Shotts)
8. Land and Property
Rental income received from flat in London.
ROBATHAN, Andrew (Blaby)
8. Land and Property
Farm in Leicestershire, from which income is received.
ROBINSON, Geoffrey (Coventry North West)
8. Land and Property
Freehold cottage in Hampshire, from which rental income is received.
Apartment in France, from which rental income is received.
ROBINSON, Peter (Belfast East)
8. Land and Property
I own one of my constituency offices in Belfast.
SANDERS, Adrian (Torbay)
8. Land and Property
Residential property in Paignton, from which rental income is derived.
SELOUS, Andrew (South West Bedfordshire)
8. Land and Property
Residential property in London, from which rental income is received.
SHEERMAN, Barry (Huddersfield)
8. Land and Property
Small one-bedroom flat in London, currently let.
SIMPSON, David (Upper Bann)
8. Land and Property
Farm in Co Armagh, from which rental income is received.
Flats in Portadown, Co Armagh, from which rental income is received.
SLAUGHTER, Andrew (Ealing, Acton and Shepherd's Bush)
8. Land and Property
One residential property in Eastbourne.
SMITH, Sir Robert (West Aberdeenshire and Kincardine)
8. Land and Property
Farm and cottages in Aberdeenshire, from which rental income is received.
SOULSBY, Sir Peter (Leicester South)
8. Land and Property
Holiday flat in Dorset, jointly owned.
SPRING, Richard (West Suffolk)
8. Land and Property
Flat in London from which rental income is received.
STARKEY, Dr. Phyllis (Milton Keynes South West)
8. Land and Property
Former family home in Oxford, now let to tenants.
STEEN, Anthony (Totnes)
8. Land and Property
Parts of my property near California Cross, South Devon, are let from time to time.
STUART, Graham (Beverley and Holderness)
8. Land and Property
House in Cambridge (currently for sale).
SWAYNE, Desmond (New Forest West)
8. Land and Property
Residential leasehold flat in West London, for which rent is received.
TAYLOR, Matthew (Truro and St. Austell)
8. Land and Property
Flat in London, from which rental income is received.
THORNBERRY, Emily (Islington South and Finsbury)
8. Land and Property
Two-third interest in flat in Guildford, Surrey.
One-fifth interest in flat in South London.
THURSO, John (Caithness, Sutherland and Easter Ross)
8. Land and Property
Estate in Caithness.
TODD, Mark (South Derbyshire)
8. Land and Property
Flat in London for which rental is received.
TURNER, Andrew (Isle of Wight)
8. Land and Property
Half-share of flat in Cowes, Isle of Wight.
VARA, Shailesh (North West Cambridgeshire)
8. Land and Property
Two residential leasehold flats, in London and Northampton, from which rental income is
received.
VAZ, Keith (Leicester East)
8. Land and Property
I own a property at 144 Uppingham Road, Leicester, which is used as my constituency office.
A house in London, formerly my family home, held pending sale.
VIGGERS, Peter (Gosport)
8. Land and Property
Residential flat in Gosport.
WALLEY, Joan (Stoke-on-Trent North)
8. Land and Property
House in Staffordshire Moorlands.
WALTER, Robert (North Dorset)
8. Land and Property
Residential investment property in London.
Farmland in Devon.
WHITEHEAD, Dr. Alan (Southampton Test)
8. Land and Property
Share in flat inhabited by my father in Southampton.
WILLETTS, David (Havant)
8. Land and Property
Flat in West London, from which rental income is received.
WILLIAMS, Roger (Brecon and Radnorshire)
8. Land and Property
Farmland at Tredomen Court, Wales.
Three houses in Tredomen, Brecon, from which rental income is received.
One house in Exmouth, Devon, from which rental income is received.
WILLS, Michael (North Swindon)
8. Land and Property
Commercial premises in London from which rental income is received.
WILSON, Rob (Reading East)
8. Land and Property
A flat in Reading.
WOOD, Mike (Batley and Spen)
8. Land and Property
Terraced property in Oldham, Greater Manchester, let prior to sale.
WOODWARD, Shaun (St. Helens South)
8. Land and Property
Estate in Oxfordshire from which rental income is received.
Flat in France from which rental income is received.
Flat in London from which rental income is received.
House in New York State from which rental income is received.
Land plot in West Indies.
WYATT, Derek (Sittingbourne and Sheppey)
8. Land and Property
House in Kent from which rental income is received.
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http://www.bba.org.uk/content/1/c4/95/54/stats290507.pdf
data is not seasonally adjusted and so can be trusted
for house purchase
loans approved 1st quarter 07 = 237376
loans approved 1st quarter 06 = 251605
loans approved 1st quarter 05 = 212962
loans approved 1st quarter 04 = 312434
a fall of 5% on last year
a rise of 11% on 2005
a fall of 24% on 2004
approvals need to be lower still before house prices are affected - I suspect next months figures will show a further slowing
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Interest only mortgages are the same as in the 80s. This refers to the borrowing from the lender. In the 80's the repayment of the loan was by an investment plan - endowment,PEP or pension. The lender would require sight and proof of the repayment plan. These mortgages were commonly refered to as endowment mortgages,PEP mortgages or pension mortgages.
Today most lenders require you to state the method of repaying the loan. Most will not accept that selling the property in the future as a satisafactory way to repay the loan. However no lender will check that you have a repayment plan in place and so it is perfectly possible to state that you will repay the loan with an ISA and just not pay into the ISA.
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More evidence of the lack of regulation for BTLs. Only OOs are covered by the FSA.
Who is in charge of BTL regulation?
Nail on the head
There is a massive difference between the 2 products.
Credit tightening in the residential market, because the FSA regulations have to be followed or a massive fine for not 'Treating Customers Fairly'.
The BTL market completely unregulated, do what you want, customers sign a declaration, 'caveat emptor - buyer beware' applies.
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Make the point about the amount that lenders will now lend contributing to the housing bubble. If the lenders would not lend then the market could not boom.
Give them the example - if you and your partner both earning £25,000 a year had gone to Nationwide 10 years ago they would have lent you 2.5 times your joint income = £125000. When interest rates declined to 3.5% Nationwide said that they would lend on affordability of the mortgage payments and started lending 4.25 joint income. With interest rates back up to 5.5% they are still lending 4.25 joint income. That is a mortgage of £212,500.
All lenders now follow this practice.
So if lenders tightened their credit and went back to lending 2.5 joint income, then that theoretical property valued today at maximum loan + deposit (212500+ 5% = £224,000) would be valued at maximum loan +deposit (125000 + 5% = £132000)
A drop of 41%.
Eeeek
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rates are really motoring now
http://www.driversjonas.com/img.aspx?CID=1...=9875&log=1
waiting to see the scary level of the new batch of fixed rates coming to the market
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I've now changed two of your quotes. Its not because you are wrong but because you are predicting future possible actions on history. You have to remember
1) past history may or may not be repeated
2) what is true for one person will not be true for another (no two banks will operate the same way, no two people will be treated the same.)
Furthermore last time around your mortgage was owed to and managed by the bank, this time around you mortgage is only managed by the bank, the mortgage is owed to a security owned by one or more pension funds.
Please remember, things may be different this time around and you can't assume that Banks will be able to be generous. I know if I was a bank manager I definitely wouldn't be willing to repay £100,000 of my money to a pension fund on a property worth only £80,000. Why would I make that problem mine when currently it is someone elses.
I take your point about history repeating itself. I was not only referring to myself, although that was my experience, I dealt with many clients in the same position. It is also true that at this moment many lenders will offer new products to existing borrowers regardless of their LTV.
But I recognise that lenders can and do change their lending policy and this will be tightened up in the future.
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If you are in NE then the bank will be evil, it's not as if you can go elsewhere!
but that was not been my experience in 1995/1996 when dealing with NE. My discussions today with lenders does not exclude deals based on LTV.
I know what you mean thinking that the bank can be evil as they have you trapped, but they only turned 'evil' in my experience once you broke your Terms and conditions by going into arrears without prior discussion with the lender.
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FFS.
Can't wait to see these people come unstuck.
If someone has 20K of CC debt, should the bank not be hearing alarm bells? I guess they don't care, they'll just repossess when the time comes.
MEW is going to make people go into NE far more quickly than we realise.
Sorry but this is a load of rubbish! SVR all the way for anyone in NE.
Yes, we will - when prices get low enough. Till then, we'll just sit back and watch the fun!
Incorrect
I'm not 100% sure about this but I think you are right. If you are in NE and your low rate expires you will not be able to switch to another low rate and will be stuck on SVR which the banks can set at whatever level they want to.Nope
I am sorry but that is simply not correct. If your mortgage deal expires, you can select an available deal from your current lender no matter what your income status, debt status or equity status. It is certainly true that the lender can restrict the offers available to existing borrowers and they can refuse you a new deal if you are in arrears. I would be interested in your experience of this in the last crash.
My experience in 1995 was that the LTV was not relevant, if you had equity you could get a lower rate but you could still get a deal with negative equity.
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A friend is starting to feel the pain on his base rate tracker mortgage he signed about 2 years ago. He recounted a tale of speaking to 5-6 people at work about mortgages. All of them other than my friend is on interest only.......
When fixed rates start to reset on 2-3 year deals taken out a few years back there will be some serious pain for those stretched to the limit. Recession beckons even if they can keep meeting the payments as cash is sucked out of all other areas of the economy to pay it.
The fixed rates finishing now are around 4.5% to a SVR of 7% -ouch- or a fixed of 5.5% witha £500 ish fee.
I wonder though about a recession. I have always thought that this crash would come around as credit tightened and property speculators sold out. In my experience the majority of the home owning public have sensible sized mortgages and can easily come with the payment shock.
There is a small percentage who will get burned on property speculation and a small percentage of FTB or NTB or MEW who will also not cope with this payment shock.
The difference in 89-93 was that interest rates went up so much that everyone got caught with a large % rise in their monthly payments. The property price fall was actually quite modest at around 20% on average. The fall this time will be more like 40% but without the large increase in mortgage payments.
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currently if you have 25% equity a remortgage valuation will be done without entering the property, som are done via land registry data.
If you slip into negative equity, you will not be able to change lender as they will mostly require some equity. If your current deal ends your existing lender will allow you to change to a new deal so you will not be stuck on the SVR, however expect the arrangement fees to be large.
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Nationwide Pricing Changes
and up again
We will be increasing our fixed rate mortgage products from 16 May:-
• 2 year fixed rate with £999 reservation fee from 5.43%
• 2 year fixed rate with £499 reservation fee from 5.58%
• 2 year fixed rate with no reservation fee from 5.98%
• 3 year fixed rate with £499 reservation fee from 5.78%
• 5 year fixed rate with £499 reservation fee from 5.58%
• 10 year fixed rate with £499 reservation fee from 5.58%
We will also be increasing the following tracker rate mortgage product:-
• 2 year tracker rate with £1,999 reservation fee from 4.59%
The 2 year tracker with £599 reservation fee from 4.98%, 2 year tracker with no reservation fee from 5.38% and Lifetime tracker from 5.44% remain unchanged.
All reservation fees remain unchanged.
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to be fair - all the IF 'deals' are either fixed or BOE trackers. If anyone is daft enough to sit on their SVR then they deserve to pay an extra 0.1%.
The greater shock will be when they come to the end of their tracker or fixed rate and see fees of around £700 to take a new deal with a fixed rate probably 1% higher than a year ago.
Ouch
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The BoE seems to have corrected some of the data supplied to them by one of their reporting institutions and issued corrected/revised figures *after* the news paper articles went to press with the old numbers. The larger percentage drops are the from the not-seasonally corrected NSA numbers and the lower ones are from the SA series.
Ah ha
I wondered what hed happened as I had approvals at 131000 yesterday and assumed I had misread when I looked again today
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Not for RB, but for everyone else, there are two sets of figures, for mortgage approvals - both are for approvals for house purchase only, and exclude remortgaging and MEW..
One is published by the BBA, who represent a section of the mortgage industry. Their data showed a 12% drop YoY.
The Bank of England have access to data from all the mortgage lenders. That includes the ones represented by the BBA, plus all the other lenders that are not in the BBA. The BoE figures for the whole market showed only a 4% drop.
The BBA figures are useful because they are released before the BoE and allow you to guess at the definitive BoE figure in advance. However, once the BoE release their figure, the BBA data is effectively redundant.
where are we getting this 4% drop from?
I see from the data for loan approvals for house purchase (table 5.4) BOE is 143000 march 06 and 133000 march 07 which is a 7% drop.
loan approvals for all purposes are 346000 march 06 and 327000 march 07 a 5.5% drop
What am I missing here?
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important figures are
131000 loans approved for house purchase against 143000 for march last year
a drop of 8.4%
seasonally fiddled figures still show a drop of 4.3%
still higher than march 2005 though
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important figures are
131000 loans approved against 143000 for march last year
a drop of 8.4%
seasonally fiddled figures still show a drop of 4.3%
still higher than march 2005 though
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Yes driven by London movers and BTL brigade
out of interest I have been searching rightmove for flats in brighton between 60k and 250k
usually around 400 with 20 new and 20 going each day. This has been steadily increasing and now stands at around 600.
So the supply is certainly increasing and the demand seems steady. Just waiting for the demand to slow I guess.
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11 am release I believe.
Some decent data at last adjusted and non adjusted on March lending. This should mirror the BBA data from a few days ago.
If you believe the market is in a bubble then market confidence drives the market up or down. Confidence has been high for years now as house prices soar ahead. The tide turned in January with the surprise rate rise. Confidence is now low as further rate rises are on the horizon.
Any drop in approvals shows the confidence falling away and a market correction happening sooner rather than later.
A lot of the house price data is out of date and misleading when published.
Rightmove is based on the value of property on their website and not on accepted offer values. So a rise in house prices means a rise in the listing price of houses.
Land registry is the most accurate data of prices actually paid, however the data can take up to 6 months to be notified and is based upon the completion price which means that the offer to buy would have been made probably 3 months earlier. The data is also seasonally adjusted.
Nationwide and Halifax data is based on mortgage approval data and so is more accurate that rightmove and reported sooner than land registry, but the data is mix adjusted and seasonally adjusted.
I hate seasonally adjusted figures - I think the data should always be provided with both sets of figures as the seasonally adjusted figures, although smoother are effectively 'made up'
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there is no way Sellers is going to beat HH.
come on get real
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http://www.rightmove.co.uk/viewdetails-574...=1&tr_t=buy
now that is how to take photos - only 1.4mill
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From Halifax today
For the use of mortgage intermediaries and other professionals only
Good Morning,
Please take this as advanced notice that our rates will be changing within the next 2 days. Many of our rates are on watch and could be pulled very quickly.
Please make sure that any new cases you have planned to send to us, you key the full application as soon as possible to secure the current rates.
If you have any further questions regarding this product communication please refrain from contacting the mortgage desk. We will issue further details as soon as we have it.
Many thanks
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Yes I had a moment of weakness and considered getting a NW mortgage for 24 hours. The loan was to be v. big, on a fix and all looked great. They'd let me borrow more than I could afford and everything. Then I saw the early repayment fees, bad but not the worst thing. Biggest problem was that anything more than a £500 overpayment in a month would trigger the full £18,000 penalty. So massive mortgage fixed for 25 years, 18k to pay even if you want to reduce it slightly during the term, no thanks.
Then came completely to my senses, had a cold shower, looked at the graphs for DE6 on upmystreet
http://www.upmystreet.com/property/prices/all/l/de6.html
And gave myself a serious telling off.
Keep the faith, and your cash.
With Nationwide
If you overpay by more than £500 you only suffer a penalty on the amount over £500 at the early repayment charge %.
So if the ERC is 5% and you pay off £600 you are charged £5 (5% of £100)
No way as good as the 10% per year given by most lenders
Mps Buy To Let Interests
in House prices and the economy
Posted
and remember the dodgy dealings that went on there as well
http://news.bbc.co.uk/1/hi/uk_politics/2545427.stm