Zzzzzzzzzzzzzzzzzzzzzzzzzz Posted June 13, 2009 Share Posted June 13, 2009 (edited) 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 June 13, 2009 by gruffydd Quote Link to comment Share on other sites More sharing options...
yellerkat Posted June 13, 2009 Share Posted June 13, 2009 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! Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted June 13, 2009 Share Posted June 13, 2009 Pity they didn't do that in the first place. Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted June 13, 2009 Share Posted June 13, 2009 So they'll become a local building society? - I'd like to borrow £500k to build a property empire? - You heard the man, Tubbs. Get undressed! Quote Link to comment Share on other sites More sharing options...
SarahBell Posted June 13, 2009 Share Posted June 13, 2009 The first of many I hope! what took them so long! Quote Link to comment Share on other sites More sharing options...
Zzzzzzzzzzzzzzzzzzzzzzzzzz Posted June 13, 2009 Author Share Posted June 13, 2009 At last, some good news out of this whole sorry, sordid mess! It sure took a long time coming! Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted June 13, 2009 Share Posted June 13, 2009 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. Quote Link to comment Share on other sites More sharing options...
Yorkshire Lad Posted June 13, 2009 Share Posted June 13, 2009 (edited) 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 June 13, 2009 by Yorkshire Lad Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted June 13, 2009 Share Posted June 13, 2009 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. They'll just go onto the cheap SVR, innit. Quote Link to comment Share on other sites More sharing options...
Zzzzzzzzzzzzzzzzzzzzzzzzzz Posted June 14, 2009 Author Share Posted June 14, 2009 Have any other building societies withdrawn from BTL? Quote Link to comment Share on other sites More sharing options...
mikeymadman Posted June 14, 2009 Share Posted June 14, 2009 Aw! Does that mean I won't get a 'free' Rover 25 with my mortgage? Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted June 14, 2009 Share Posted June 14, 2009 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. Quote Link to comment Share on other sites More sharing options...
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