crown

http://www.forexfactory.com/calendar.php

Up 0.9%MoM http://www.nationwide.co.uk/hpi/historical/Mar_2009.pdf

while we are waiting for i player http://thecrownblogspot.blogspot.com/2009/...s-vs-derek.html

Dodgy property for sale now - snap it up. Needs modernisation!! http://www.rightmove.co.uk/property-for-sa...y-20793499.html

+1

I was in BH this weekend and there are a load of empty shops now. Leases are too expensive and there is not enough passing trade anymore.

I'd lose sleep if I was an estate agent with a baby and spouse on maternity leave and a £320,000 mortgage on interest only secured on a property worth £300,000. The only way out is to become a politician and claim it all on expenses + your parent's house

Ajay muses on the regulation of B2L that is coming. A perfect excuse to get people buying property now. Also includes some dodgy assumptions on future interest rates. http://www.ahuja.co.uk/property-news/prope...more-difficult/

http://www.dailymail.co.uk/news/article-11...ENCE-month.html Bought for £400k in 2007 with a 20% deposit. Probably worth £300,000 now. They were paying £1500 interest only a month. Now 1p a month So the mortgage must be £320,000. Looks like another LIAR LOAN on face value. He is an estate agent, they must both be earning £40k to justify this size loan. His wife is having their first child in the summer. Sounds like a drop in income. No repayment plan mentioned. Surely not interest only with no repayment plan.? And they feel lucky?

And these are still only the 'false valuations, false payslips and P60s' cases. We still have not touched the Fast Track cases where the lender did not bother to ask for proof of income. And still don't bother.

Another try at Government spin get's slapped down by our great leader

http://www.dailymail.co.uk/news/article-11...ts-million.html M radley aged 42 earned £18,000 until Xmas, single with a £160,000 mortgage. EEEK C Leake aged 55 earned £55,000 until the Summer married with a £300,000 mortgage. EEEK Tip of the iceberg

Mortgage desk http://thecrownblogspot.blogspot.com/2009/...tt-cartoon.html And the historic cartoons Greenpeace to the rescue http://thecrownblogspot.blogspot.com/2009/...tt-cartoon.html Cashier needs money http://thecrownblogspot.blogspot.com/2008/...tt-cartoon.html Cash point fun http://thecrownblogspot.blogspot.com/2008/...cartoon_15.html Mortgage laugh http://thecrownblogspot.blogspot.com/2008/...tt-cartoon.html Houses are how cheap? http://thecrownblogspot.blogspot.com/2008/...tt-cartoon.html The first and best http://thecrownblogspot.blogspot.com/2008/...rty-ladder.html The estate agent http://thecrownblogspot.blogspot.com/2008/...tt-cartoon.html The mortgage queue http://thecrownblogspot.blogspot.com/2008/...tt-cartoon.html The builder http://thecrownblogspot.blogspot.com/2008/...tt-cartoon.html and my latest favourite from the US http://thecrownblogspot.blogspot.com/2008/...et-cartoon.html

http://www.moneymarketing.co.uk/cgi-bin/it...&dte=180309 about time - any guess for which decade it will be implemented?

I thank you

That's not 'too sensible' it is correct. If you add in a typical FTB earning around 20k on their own they have been buying in the past a flat at £100k with no deposit. capped at 3 times with a 5% deposit leaves them buying for around £65k a 45% drop. When I was a FTB my salary was £22k and I bought a house for £75k right at the bottom of the last market. If the market had been more normal it would have beena flat for £75k. There will be undershoot this time as well. I still maintain that the major tipping point comes when the 25 year repayment mortgage on a flat is less than the rent payable. Even though property may fall further the effect on a FTB is that if they do nothing they will still be renting in 25 years rather than owning for less than their rent outright in 25 years. It's not going to happen until 2009Q4 or 2010Q1 if 3 times is introduced

The fSA needs to start regulating B2L mortgages before they impose any controls. I would still not be surprised to see no multiplier controls and instead a confirmation that the fSA will do all that it takes!

I guarantee that whatever the FSA and Gordon Brown decide will miss the point and make things worse. Whichever way worse means for you.

Yep - you can still get upwards of 4 times joint income.

If they were thinking rationally - then no. My advice is still to wait. But can you imagine if a 3 times cap is put in force from 1st May. The estate agents and mortgage brokers will be saying "you can get a mortgage now to buy that property, but if you wait you will be refused" Now of course they should wait because the price will fall and make the 3 times affordable, but once these salesmen get their hold....

I had assumed they were talking 3 times joint. You are right it used to be 3+1 or 2.5 joint. We'll see when the proosals come out I guess! If it applies to remortgages there could be some really messy cases out there.

After a 3 times cap the average will be under 3 times as those over the average will be capped. CML data uses income on the application which is not always true as we well know!! If you have owned a property before, you will be classified as a next time buyer even if you are not currently selling a property.

I have had a bottom of £140k accoring to Halifax figures in Q4 2009. I have been tempted to lower this and move the date to Q1 2010. With the news that the FSA will be proposing a cap on mortgage lending at 3 times income I will be lowering my forecast to £100,000 in Q1 2010. I have had several first time buyer enquiries in the last few weeks, my first in around 3 years. I am still advising cleints to delay house purchase until Q4 2009, but this news seriously affects the bottom of the market. A first time buyer couple earning £20k each would have been able to borrow £200k in July 2007 with a 5% deposit At the moment they can borrow £164,000 with a 15% deposit.(nothing with a 10%/5% deposit) The proposals would mean the couple could borrow £120,000 with a 15% deposit moving towards a 5% deposit later this year. 1n 1997 that same couple could have borrowed £100,000 with a 5% deposit. I agree with the 3 times rule had been policed by the FSA then the boom and bust would never have occurred. If these proposals are implemented, then expect to see a temporary boost in mortgage activity prior to implementation, then a huge fall in activity followed by enormous price falls.

perfect response

He is not saying sorry for his role in the crisis. He is wishing he had done more to persuade other countries to put more regulation in force. t's like kind of like Rio Ferdinand scoring 3 own goals and the in the post match interview the interviewer asks "Are you going to say sorry for those 3 mistakes" and Rio says "I wish the rest of the team had defended better and I wish I had scored another 4 goals at the other end"