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gruffydd

West Bromwich Building Society Exits Btl And Will Now

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http://www.mirror.co.uk/advice/money/2009/...15875-21438087/

After having its fingers burnt, the firm says it's going back to basics. From now on it will concentrate on safe mortgages - and refuse any more commercial or buy-to-let deals, It will rely almost entirely on savings' money to fund mortgages, rather than risk borrowing on the money market like before.

And, it will only lend to people in its West Midlands heartland.

In short, it means the West Brom will return to being an old-fashioned building society.

Boss Robert Sharpe told Your Money: "We are going to be very boring, very safe. It will be steady as you go."

Edited by gruffydd

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In short, it means the West Brom will return to being an old-fashioned building society.

Boss Robert Sharpe told Your Money: "We are going to be very boring, very safe. It will be steady as you go."

At last, some good news out of this whole sorry, sordid mess! ;)

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and how many policy makers are being sacked and sued?

Theyve realised they cant pass the risk on and have to take it on chin....if they have any...chins that is.

3* single earner criteria....its coming home.

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BTL is becoming like a dodo.

The options for the BTLers are getting fewer and fewer when the time comes to renegotiate a mortgage at renewal time.

http://www.residentiallandlord.co.uk/news1878.html

During the Buy to Let boom, property investors were buying places which they hadn't seen, or which hadn't been built yet, in a race to secure accommodation to rent out. But according to a recent report compiled by the BBC, for many that race has been well and truly lost.

Using figures from the Council of Mortgage Lenders (CML) Richard Scott, a BBC news Personal finance journalist, reported that Buy to Let landlords are losing their properties at over three times the rate of other homeowners.

CML figures show that 1,700 Buy to Let properties were repossessed by lenders in the first three months of this year and landlords also lost 4,100 properties when cases of lenders appointing a receiver of rent are included.

Edited by Yorkshire Lad

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Its a shame the BTLrs themselves havent withdrawn from the market.

look trolls, if the fracking lenders think its a bad deal, it really MUST BE.

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