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Self-cert Mortgages Fall To Less Than 2% Of Market

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Self-cert mortgages fall to less than 2% of market

Self-certified mortgages account for less than 2 per cent of the mortgage market, according to Evaluate Technologies.

The products, which are a vital source of funding for self-employed people or those with an irregular income, have dried up, the company added.

Self-cert mortgages accounted for almost 17 per cent of the mortgage market in December 2007, when borrowers could choose between 247 fixed rate products and 134 variable deals, according to Evaluate Technologies.

Comparatively, a year ago self-cert mortgages accounted for 6 per cent of all fixed rate deals and 14 per cent of variable deals and borrowers were able to choose between 55 fixed and 105 variable products.

Julie Speed, national accounts director at Evaluate Technologies, said: "Honest, hard working self-employed people have few options to choose from and brokers face a stiff challenge finding suitable products for the self-employed."

17%....? What? I don't think so...

Eric, looks like the days of the dreaded 'LIAR LOANS' are over, for now anyways.

I would hazard a guess that prior to peaking in 2007, self cert mortgages were nearer to 80% of the market. I know that Hamass MacTwat and his troll minions argued obstensively that this wasn't the case, but fvck those numpties.

There in only one direction in which a mortage market requiring proof of income can go after such insane fraud and the related inflation....

D

...O

.....W

.....N

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17%....? What? I don't think so...

Eric, looks like the days of the dreaded 'LIAR LOANS' are over, for now anyways.

I would hazard a guess that prior to peaking in 2007, self cert mortgages were nearer to 80% of the market. I know that Hamass MacTwat and his troll minions argued obstensively that this wasn't the case, but fvck those numpties.

There in only one direction in which a mortage market requiring proof of income can go after such insane fraud and the related inflation....

D

...O

.....W

.....N

I agree with all you say.

And as I have said MANY times: What is important - FAR more important than the question of the percentage of liar loans - is THE EFFECT liar loans had on neighbourhoods, hamlets, villages, towns and cities.

If someone went along to ANY neighbourhood, hamlet, village, town and city and purchased a property WITH A LIAR LOAN, THE EFFECT was/is to PRICE ALL THE LOCAL PROPERTY UPWARDS. And thus - people without liar loans per se had to take out ever increasing mortgages - i.e. larger multiples.

THIS WAS/IS THE POISONOUS EFFECT OF LIAR LOANS. YOU DON'T NEED THAT MANY LIAR LOANS -- THE FEW THAT ARE USED INFECT THE ENTIRE PROPERTY "MARKET" BY DRIVING UP ALL THE LOCAL PRICES. "PRICES" ARE SET BY COMPARATIVE PRICING - WHICH ITSELF IS SET BY THE HIGHEST PRICE PAID MOST RECENTLY.

LIAR LOANS DROVE UP THE PRICES - AND SET THE COMPARATIVE PRICES IN neighbourhoods, hamlets, villages, towns and cities HIGHER and HIGHER.

SO- LIAR LOANS RUINED AFFORDABILTY/DROVE UP PRICES BY FRAUD AND DISHONESTY.

THAT IS THE ESSENTIAL POINT.

Edited by eric pebble

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I agree with all you say.

And as I have said MANY times: What is important - FAR more important than the question of the percentage of liar loans - is THE EFFECT liar loans had on neighbourhoods, hamlets, villages, towns and cities.

If someone went along to ANY neighbourhood, hamlet, village, town and city and purchased a property WITH A LIAR LOAN, THE EFFECT was/is to PRICE ALL THE LOCAL PROPERTY UPWARDS. And thus - people without liar loans per se had to take out ever increasing mortgages - i.e. larger multiples.

THIS WAS/IS THE POISONOUS EFFECT OF LIAR LOANS. YOU DON'T NEED THAT MANY LIAR LOANS -- THE FEW THAT ARE USED INFECT THE ENTIRE PROPERTY "MARKET" BY DRIVING UP ALL THE LOCAL PRICES. "PRICES" ARE SET BY COMPARATIVE PRICING - WHICH ITSELF IS SET BY THE HIGHEST PRICE PAID MOST RECENTLY.

LIAR LOANS DROVE UP THE PRICES - AND SET THE COMPARATIVE PRICES IN neighbourhoods, hamlets, villages, towns and cities.

SO- LIAR LOANS RUINED/DROVE UP PRICES BY FRAUD AND DISHONESTY.

THAT IS THE ESSENTIAL POINT.

There is no doubt these insidious loans have skewed the market. They have been doing it since 2002/3.

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self cert are not LIAR loans in themselves.

proof of income ones alsp are the LIAR loans where you, or your broker, or your surveyor lied about any number of circumstances. and banks GUARANTEED NO CHECKS.

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self cert are not LIAR loans in themselves.

proof of income ones alsp are the LIAR loans where you, or your broker, or your surveyor lied about any number of circumstances. and banks GUARANTEED NO CHECKS.

Anything over a 3 x salary loan is a liar loan. End of.

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Anything over a 3 x salary loan is a liar loan. End of.

But if liar loans are as good as finished, what is causing the latest bout of HPI? Who can afford to buy houses at current prices at 3 x salary? Where on earth is the money coming from if not from liar loans?

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But if liar loans are as good as finished, what is causing the latest bout of HPI? Who can afford to buy houses at current prices at 3 x salary? Where on earth is the money coming from if not from liar loans?

It's coming from Liar Loans. i.e. over 3 x salary [non-liar] = a Liar Loan. And you HAVE to take out 4, 5, 6 x loans to buy a dog kennel situated in a mire of dogshit. Welcome to the UK, Land of Hope and Glory [not].

Edited by eric pebble

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But if liar loans are as good as finished, what is causing the latest bout of HPI? Who can afford to buy houses at current prices at 3 x salary? Where on earth is the money coming from if not from liar loans?

lalaland?

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But if liar loans are as good as finished, what is causing the latest bout of HPI? Who can afford to buy houses at current prices at 3 x salary? Where on earth is the money coming from if not from liar loans?

Savings?

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But if liar loans are as good as finished, what is causing the latest bout of HPI? Who can afford to buy houses at current prices at 3 x salary? Where on earth is the money coming from if not from liar loans?

plenty of people earn a lot.

plenty have equity.

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plenty of people earn a lot.

plenty have equity.

I also don't see why 3x is seen as some sort of magic number. Sure historically, that was a lending multiple that was often around in the 50s and 60s, but so was tuberculosis, rickets and the Morris Minor. Times move on, people move on.

I am sure that 4x or 5x mortgages are a viable option in many cases, without requiring fraud or major sacrifices.

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...trust all the mortgage brokers involved in the fraudulent advice have served / are serving their terms in prison ..or is this just another case of lawless Labour in a Country out of control....?..... <_<

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I agree with all you say.

And as I have said MANY times: What is important - FAR more important than the question of the percentage of liar loans - is THE EFFECT liar loans had on neighbourhoods, hamlets, villages, towns and cities.

If someone went along to ANY neighbourhood, hamlet, village, town and city and purchased a property WITH A LIAR LOAN, THE EFFECT was/is to PRICE ALL THE LOCAL PROPERTY UPWARDS. And thus - people without liar loans per se had to take out ever increasing mortgages - i.e. larger multiples.

THIS WAS/IS THE POISONOUS EFFECT OF LIAR LOANS. YOU DON'T NEED THAT MANY LIAR LOANS -- THE FEW THAT ARE USED INFECT THE ENTIRE PROPERTY "MARKET" BY DRIVING UP ALL THE LOCAL PRICES. "PRICES" ARE SET BY COMPARATIVE PRICING - WHICH ITSELF IS SET BY THE HIGHEST PRICE PAID MOST RECENTLY.

LIAR LOANS DROVE UP THE PRICES - AND SET THE COMPARATIVE PRICES IN neighbourhoods, hamlets, villages, towns and cities HIGHER and HIGHER.

SO- LIAR LOANS RUINED AFFORDABILTY/DROVE UP PRICES BY FRAUD AND DISHONESTY.

THAT IS THE ESSENTIAL POINT.

ABSOBLOODYLUTELY.

I`ve thought this for a long time. If one house in a street of identical houses fetches an extra £30K, funded by a LL, then what will all the other houses be valued at if they were then put on the market ? If one of those houses goes on the market at the increased asking price, it just raises the chances that a LL will be required to pay that price. If LLs weren`t taken out, prices would be lower, across the board. It`s impossible to quantify the effects of LLs on property prices, but it isn`t just the properties that were purchased with illegal money that are affected.

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I would hazard a guess that prior to peaking in 2007, self cert mortgages were nearer to 80% of the market. I know that Hamass MacTwat and his troll minions argued obstensively that this wasn't the case, but fvck those numpties.

80% of the market?!

yowsers!

where did you get those stats from?

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ABSOBLOODYLUTELY.

I`ve thought this for a long time. If one house in a street of identical houses fetches an extra £30K, funded by a LL, then what will all the other houses be valued at if they were then put on the market ? If one of those houses goes on the market at the increased asking price, it just raises the chances that a LL will be required to pay that price. If LLs weren`t taken out, prices would be lower, across the board. It`s impossible to quantify the effects of LLs on property prices, but it isn`t just the properties that were purchased with illegal money that are affected.

THIS IS ONE OF THE KEY PRINCIPLES TO THE HPI PHENOMENON OF THE LAST DECADE.

Edited by eric pebble

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I also don't see why 3x is seen as some sort of magic number. Sure historically, that was a lending multiple that was often around in the 50s and 60s, but so was tuberculosis, rickets and the Morris Minor. Times move on, people move on.

I am sure that 4x or 5x mortgages are a viable option in many cases, without requiring fraud or major sacrifices.

Agree. A liar loan is exactly what it implies; a lie to obtain a loan. What does multiples have to do with it? Higher multiples come with higher rates, no lie necessary!

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Agree. A liar loan is exactly what it implies; a lie to obtain a loan. What does multiples have to do with it? Higher multiples come with higher rates, no lie necessary!

For the majority of people on low to middle incomes - it is a lie - because it is a lie to pretend that they can afford them. As soon as any problem arises - broken boiler, car, illness etc etc. arises - they are going to be in schtick..... No denying this. It is REALITY. Therefore, 3 x salary max for the vast majority of people is the ONLY viable, HONEST, way to go.

Edited by eric pebble

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For the majority of people on low to middle incomes - it is a lie - because it is a lie to pretend that they can afford them. As soon as any problem arises - broken boiler, car, illness etc etc. arises - they are going to be in schtick..... No denying this. It is REALITY. Therefore, 3 x salary max for the vast majority of people is the ONLY viable, HONEST, way to go.

Surely it depends on the term of the mortgage. x4, x5 or even more could be serviced over a 40 year term.

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But if liar loans are as good as finished, what is causing the latest bout of HPI? Who can afford to buy houses at current prices at 3 x salary? Where on earth is the money coming from if not from liar loans?

The cause of the latest bout of house price rises is an extreme shortage of supply, as sellers either can't afford to sell due to negative equity, or are holding out for prices to return to what they consider to be normal. Transaction volumes are very low, and they are coming from the few people who do have the money to buy.

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Surely it depends on the term of the mortgage. x4, x5 or even more could be serviced over a 40 year term.

stop with the afordability bullshite.

these measures (like extending the term) are UNAVAILABLE to help in hard times if you have pushed the loan to the max at the outset. no headroom for help.

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Surely it depends on the term of the mortgage. x4, x5 or even more could be serviced over a 40 year term.

This is just giving in to the thoroughly EVIL tricks of the Moneylenders --- it is a way OF MAKING HOUSE PRICES RISE HIGHER AND HIGHER!!!!!!!

WHO GAINS? The VIs and the Moneylenders -- and people are TIED DOWN to a life of SLAVERY for 40 YEARS FCS!!!!!!!!!!!!!!!!!!!!!!!!! CAN YOU NOT SEE THIS!!!!!!!!!!!!!!!!!

ARE YOU BLOODY THICK FORCHRSST SAKE??

:wacko::wacko::wacko::wacko:

Edited by eric pebble

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This is just giving in to the thoroughly EVIL tricks of the Moneylenders --- it is a way OF MAKING HOUSE PRICES RISE HIGHER AND HIGHER!!!!!!!

WHO GAINS? The VIs and the Moneylenders -- and people are TIED DOWN to a life of SLAVERY for 40 YEATS FCS!!!!!!!!!!!!!!!!!!!!!!!!! CAN YOU NOT SEE THIS!!!!!!!!!!!!!!!!!

ARE YOU BLOODY THICK FORCHRSST SAKE??

:wacko::wacko::wacko::wacko:

That post broke my monitor.

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