three pint princess Posted June 29, 2009 Share Posted June 29, 2009 I challenge every reader on this site to go to this mortgage wizard and find a lender that is prepared to lend to them: Be honnest with the figures. Find a property on Rightmove that you would like and enter your details.http://www.mortgagelinked.co.uk/common/factfinder.asp?ID= Is that your partner ID , HSP ?, bit naughty to do that. Quote Link to comment Share on other sites More sharing options...
Rinoa Posted June 29, 2009 Share Posted June 29, 2009 Interesting information from KON over on TMF. BoE approvals are published net of cancellations. The figures published have already accounted for those sales that fell through due to chains breaking or the buyer pulling out at the last minute. However, the BoE do still publish gross approvals, so it's possible to see the cancelleation numbers before the actual approvals were published. KON on TMF Cancelleations have reduced markedly over the past 4/5 months, coming down from a high of 37% at one point down to 13% now. A further sign of confidence returning to the market. Quote Link to comment Share on other sites More sharing options...
shedfish Posted June 29, 2009 Share Posted June 29, 2009 Cancelleations have reduced markedly over the past 4/5 months, coming down from a high of 37% at one point down to 13% now. A further sign of caution returning to the market. there you go Quote Link to comment Share on other sites More sharing options...
Rinoa Posted June 29, 2009 Share Posted June 29, 2009 Did I say it was a problem?Net mortgage lending is the lowest it has ever been since records began in 1993 apparently. Coupled with a slight rise in approvals, this would indicate that the average loan size continues to contract. I don't see why this should be a problem. The other thing it might indicate is that over indebted borrowers are selling out to cash rich buyers. That would be fine too - a nice bit of deleveraging. Net mortgage lending = gross lending - repayments and redemtions. It doesn't have any bearing on average loan size. Quote Link to comment Share on other sites More sharing options...
HAMISH_MCTAVISH Posted June 29, 2009 Author Share Posted June 29, 2009 Cancelleations have reduced markedly over the past 4/5 months, coming down from a high of 37% at one point down to 13% now. A further sign of confidence returning to the market. So approvals net of cancellations up....... And cancellations down from 37% to only 13%....... So much for bloo loo and Sybil's much parroted "land of broken chains" theory!!!!!! This is turning into a great month. All those bear myths being debunked, no wonder they are getting desperate. Quote Link to comment Share on other sites More sharing options...
FreeTrader Posted June 29, 2009 Share Posted June 29, 2009 Average mortgage approval for house purchase is currently heading up - £124,568 in May after reaching a low of £113,231 in December. Quote Link to comment Share on other sites More sharing options...
shedfish Posted June 29, 2009 Share Posted June 29, 2009 no change in approvals and fewer refusals than the previous month = fewer applications break out the tw@tted on single malt smiley Quote Link to comment Share on other sites More sharing options...
HAMISH_MCTAVISH Posted June 29, 2009 Author Share Posted June 29, 2009 Net mortgage lending = gross lending - repayments and redemtions. It doesn't have any bearing on average loan size. No, but it should be easy enough to calculate. 43.2K loans last month. 43.4K loans this month. 5.1 billion last month 5.4 billion this month. Average loan last month 118,055 Average loan this month 124,400 Ooooops, thats another bear myth busted........ Quote Link to comment Share on other sites More sharing options...
Timm Posted June 29, 2009 Share Posted June 29, 2009 Net mortgage lending = gross lending - repayments and redemtions. It doesn't have any bearing on average loan size. Looks like I have something to learn here. Can you explain further? Quote Link to comment Share on other sites More sharing options...
Rinoa Posted June 29, 2009 Share Posted June 29, 2009 (edited) Looks like I have something to learn here. Can you explain further? Net mortgage lending = gross lending - repayments and redemtions? Well, to begin with gross lending also includes remortgages as well as mortgage for house purchase. And we know that remortgaging is generally falling as people stay on SVR's. It's obviously easier for borrowers to pay down their mortgages when rates are low. Combined it's easy to see why net lending is falling. Lending soley for house purchase has increased this month. Edited June 29, 2009 by Rinoa Quote Link to comment Share on other sites More sharing options...
Timm Posted June 29, 2009 Share Posted June 29, 2009 Net mortgage lending = gross lending - repayments and redemtions?Well, to begin with gross lending also includes remortgages as well as mortgage for house purchase. And we know that remortgaging is generally falling as people stay on SVR's. It's obviously easier for borrowers to pay down their mortgages when rates are low. Combined it's not easy to see why net lending is falling. Lending soley for house purchase has increased this month. Thank you. Quote Link to comment Share on other sites More sharing options...
Goat Posted June 29, 2009 Share Posted June 29, 2009 Disruptive columbo trolling bulls*** :angry: Quote Link to comment Share on other sites More sharing options...
Meerkat Posted June 29, 2009 Share Posted June 29, 2009 This is turning into a great month. All those bear myths being debunked, no wonder they are getting desperate. Well, if anything, some might be getting desperate at how bad you are in grasping the economics, i.e. ignoring the most basic laws of economic gravity despite plenty of arguments and facts thrown your way. At the moment you are looking at that cup and seeing it half-full. Realists are seeing it half-empty and drying out with some distortion added by some government intervences (quantitative easing), which add nothing to cushion the HPC, simply create a short-term bounce to facilitate political ratings. Quote Link to comment Share on other sites More sharing options...
deadman Posted June 29, 2009 Share Posted June 29, 2009 I wonder who these 'people' are? Anecdotally I know of not one friend, relation, colleague, neighbour, acquaintance etc. etc. etc. who is currently 'in the market'. Other than my thick-headed niece who took out a 40-year mortgage around 18 months ago (who is now is big negative equity) I've definitely not heard of anyone since either! Like lemmings one and all. Quote Link to comment Share on other sites More sharing options...
Timm Posted June 29, 2009 Share Posted June 29, 2009 So to sum up, the number of mortgage approvals has gone up a bit, the average amount lent has risen, and there is an increase in people paying down / paying off mortgages they already have? Have I got this right now? Quote Link to comment Share on other sites More sharing options...
ae589 Posted June 29, 2009 Share Posted June 29, 2009 And cancellations down from 37% to only 13%....... That seems odd - I'd expect alot more applications (which would mean a closer level of cancellations) during this period, whether you see it as a bounce or a reversal. This is turning into a great month. All those bear myths being debunked, no wonder they are getting desperate. Doesn't this look like the top of a bounce to you, though? Obviously, only next month would confirm that, but I don't understand why you see this as a strong bull indicator. Quote Link to comment Share on other sites More sharing options...
yellerkat Posted June 29, 2009 Share Posted June 29, 2009 Doesn't this look like the top of a bounce to you, though? Obviously, only next month would confirm that, but I don't understand why you see this as a strong bull indicator. Because he's a TROLL. A very well-fed one. Quote Link to comment Share on other sites More sharing options...
adrianj Posted June 29, 2009 Share Posted June 29, 2009 No, but it should be easy enough to calculate.43.2K loans last month. 43.4K loans this month. 5.1 billion last month 5.4 billion this month. Average loan last month 118,055 Average loan this month 124,400 Ooooops, thats another bear myth busted........ Quibbling over pi55 willy figures - you really are a tw@t There is nothing good about high house prices you f'ing fool MODERATORS PLEASE FEEL FREE TO BAN ME FOR ABUSE Quote Link to comment Share on other sites More sharing options...
babesagainstmachines Posted June 29, 2009 Share Posted June 29, 2009 This is quite interesting. In my logic, net mortgage lending at zero would give us house price stability at around 2004 levels (the average mortgage duration is just over 5 years, therefore the amount of money in the market is the same as 5 years ago). This is roughly what the house price graphs are showing. Quote Link to comment Share on other sites More sharing options...
Jim B. Posted June 29, 2009 Share Posted June 29, 2009 Previous 43.2KActual 43.4K Lending for new purchase increased by 324 million to 5.4 billion from 5.1 billion the previous month, and is now 1.2% higher than it was a year ago. Oh Hamish, you are clutching at straws today. No wonder you didn't post the full article, it's a rise of 223 mortgages! Wow, recovery on. Quote Link to comment Share on other sites More sharing options...
Liquid Goldfish Posted June 29, 2009 Share Posted June 29, 2009 all the recent activity figures such as approvals, lending and sales seem to be stabilising at about 40% of pre crash levels if they continue at this 40% level, what are the implications? - in particular can house prices stabilise at such low levels or are they bound to drop further? Quote Link to comment Share on other sites More sharing options...
Jim B. Posted June 29, 2009 Share Posted June 29, 2009 all the recent activity figures such as approvals, lending and sales seem to be stabilising at about 40% of pre crash levelsif they continue at this 40% level, what are the implications? - in particular can house prices stabilise at such low levels or are they bound to drop further? Not enough FTBs coming in to stabilize prices, and the economy is buggered anyway. No way prices will stabilise when unemployment is rising. Quote Link to comment Share on other sites More sharing options...
Liquid Goldfish Posted June 29, 2009 Share Posted June 29, 2009 Lending for new purchase increased by 324 million to 5.4 billion from 5.1 billion the previous month, and is now 1.2% higher than it was a year ago. Hamish, where is this figure from, ta Quote Link to comment Share on other sites More sharing options...
Neil B Posted June 29, 2009 Share Posted June 29, 2009 Is that your partner ID , HSP ?, bit naughty to do that. ? Quote Link to comment Share on other sites More sharing options...
HAMISH_MCTAVISH Posted June 29, 2009 Author Share Posted June 29, 2009 Hamish, where is this figure from, ta 324 from Sky ticker Approvals and 5.1 to 5.4 bln for purchase from boe report accessed through forexfactory calendar. Quote Link to comment Share on other sites More sharing options...
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