Jump to content
House Price Crash Forum

Skipton Mortgage 5% Deposit.


Recommended Posts

My father in law just rang me (been trying to get us to buy).

Tells me the Skipton BS have just brought out a new 5% mortgage, no strings (by that I mean there's no "put 20% in savings" like the Lloyds Lend a Hand)

7.12% ! :blink:

http://www.skipton.co.uk/mortgages/fixed_rate_mortgages/2yr_new.aspx

I think the string is in the 7.12% more than 14 x the base rate .

Link to post
Share on other sites

My father in law just rang me (been trying to get us to buy).

Tells me the Skipton BS have just brought out a new 5% mortgage, no strings (by that I mean there's no "put 20% in savings" like the Lloyds Lend a Hand)

7.12% ! :blink:

http://www.skipton.c...es/2yr_new.aspx

wow, a new product...must have taken the skills of a dozen hand chosen craftsmen, lovingly gilding every delicate creviss, checking the apprentices on the line, choosing the very best materials and artizans to package and gift wrap it to you.

Link to post
Share on other sites

wow, a new product...must have taken the skills of a dozen hand chosen craftsmen, lovingly gilding every delicate creviss, checking the apprentices on the line, choosing the very best materials and artizans to package and gift wrap it to you.

nah, boardroom flip chart, a facilitator and some brainstorming.

remembering_rimmer_4.jpg

rough_teaching_meds.jpg

Edited by Money Spinner
Link to post
Share on other sites

My father in law just rang me (been trying to get us to buy).

Tells me the Skipton BS have just brought out a new 5% mortgage, no strings (by that I mean there's no "put 20% in savings" like the Lloyds Lend a Hand)

7.12% ! :blink:

http://www.skipton.co.uk/mortgages/fixed_rate_mortgages/2yr_new.aspx

Surely if someone can afford to pay 7.12% they could afford to save up a half decent deposit beforehand!

Utter madness.

Edit: Also, if they lent you 4x earnings plus a 5% deposit it wouldn't amount to enough even for a shared ownership con!

Edited by Pent Up FTBer
Link to post
Share on other sites

Surely only a complete knobhead with sh!t for brains would even give this a second look, it's just so plainly obvious to all but the hard of thinking that we are approaching the peak of 'return to normal', fundamentals through the next few years are absolutely dire.

You surely have to be a complete **** to borrow large sums of money when BOE base rate is at rock bottom for a product that's laughabley overpriced. We're going to make Greece look and investor's paradise in the not to distant future.

Link to post
Share on other sites

I feel like there's been a case of "shoot the messenger"!!! :lol:

I was merely mentioning the fact that the 5% mortgage is back. I generally agree with your comments.

I don't think any were aimed at you, just everyone venting their anger with a touch of sarcasm.

Just makes me want to punch the wife when I see things like this!

Link to post
Share on other sites

Oh I sensed quite a bit of sarcasm...:lol:

What I'm wondering is...are many other lenders about to follow suit? They all seem to copy each other within a week or 2.

Are they doing it now to prop up a market that is turning again?

Link to post
Share on other sites

Oh I sensed quite a bit of sarcasm...:lol:

What I'm wondering is...are many other lenders about to follow suit? They all seem to copy each other within a week or 2.

Are they doing it now to prop up a market that is turning again?

If they thought the market was turning a 95% LTV mortgage would be very silly. Unless the higher rates are enough to offset the potential losses from repossesions. Those are pretty high rates!

Link to post
Share on other sites

Just seems a strange time to launch a new 5% mortgage when there's all this talk from various sources (not just hpc!) of the market turning, more properties available, lenders becoming stingy, BTLers selling up etc etc...

Link to post
Share on other sites

Just seems a strange time to launch a new 5% mortgage when there's all this talk from various sources (not just hpc!) of the market turning, more properties available, lenders becoming stingy, BTLers selling up etc etc...

Straws, clutching and all that.

Link to post
Share on other sites

My father in law just rang me (been trying to get us to buy).

Tells me the Skipton BS have just brought out a new 5% mortgage, no strings (by that I mean there's no "put 20% in savings" like the Lloyds Lend a Hand)

7.12% ! :blink:

http://www.skipton.co.uk/mortgages/fixed_rate_mortgages/2yr_new.aspx

Sooo let me see:

I'm paying £675 monthly rent for a house currently worth around 200K.

I buy said house with a 5% deposit: 190K interest-only mortgage @ 7.12% = £1,127 (& buildings insurance and maintenance costs)

If base rates went up to a mighty 6%, IO mortgage would be £1742

No brainer really: Mortgage it is - cos house prices only go up innit :lol::lol::lol:

Link to post
Share on other sites

Heard this and did some sums. We cant get a 10% deposit but 5% is there, so maybe our chance. We pay £765 a month rent. On a repayment at 7.19% ( thats what I heard it was ) paying £800 a month, that is £110k. Add in our deposit and we could get to £120k. Can't get jack sh1t for that in our town. Cheapest places we were looking at were £155k, our rental was bought for £200k. Rental remains best value for money! So thanks skipton, but no thanks

Link to post
Share on other sites

Seems like a bargain to me... :rolleyes:

Heard this and did some sums. We cant get a 10% deposit but 5% is there, so maybe our chance. We pay £765 a month rent. On a repayment at 7.19% ( thats what I heard it was ) paying £800 a month, that is £110k. Add in our deposit and we could get to £120k. Can't get jack sh1t for that in our town. Cheapest places we were looking at were £155k, our rental was bought for £200k. Rental remains best value for money! So thanks skipton, but no thanks

Link to post
Share on other sites

i think the father in law should buy the house since he thinks property is great and then let it back to the OP. when the mortgage goes insane due to the IR, the OP can move out and the father in law can deal with the great investment himself.

Edited by right_freds_dead
Link to post
Share on other sites

Just seems a strange time to launch a new 5% mortgage when there's all this talk from various sources (not just hpc!) of the market turning, more properties available, lenders becoming stingy, BTLers selling up etc etc...

The answer to the mystery is....

They're not very bright. Not long after the August 2007 crunch, my wife and I were passing our branch of the Yorkshire Building Society in Cardiff and there in the window was a big yellow poster advertising 125% mortgages. We debated whether to walk in there and then and withdraw our cash, citing imbecility and general financial incompetence.

Link to post
Share on other sites

My father in law just rang me (been trying to get us to buy).

Tells me the Skipton BS have just brought out a new 5% mortgage, no strings (by that I mean there's no "put 20% in savings" like the Lloyds Lend a Hand)

7.12% ! :blink:

http://www.skipton.c...es/2yr_new.aspx

Very interesting. This could indicate the start of many 95% mortgages being introduced again! I always said as soon as this happens, FTBs will flock back onto the property ladder. I wait in anticipation....

Link to post
Share on other sites

Very interesting. This could indicate the start of many 95% mortgages being introduced again! I always said as soon as this happens, FTBs will flock back onto the property ladder. I wait in anticipation....

What? At 7.12%?

Paaaaaaaaaaaaaaaaaaaaaaaaaaaat!!!!!! B)

Link to post
Share on other sites

What? At 7.12%?

Paaaaaaaaaaaaaaaaaaaaaaaaaaaat!!!!!! B)

He he I dare someone to put a 50% below asking price offer on a house, based on the affordability of THIS mortgage.

Find a £200k asking price house. Say I have £700 a month to spend on a mortgage, so based on this I offer you £100,000. When they say no, say ok I'll just rent then it's cheaper :D

Link to post
Share on other sites

Fixed for 2 years!

I've said it before, and I'll say it again. What muppet signs an agreement to pay a loan back where the monthly repayments are fixed for 8% of the period of the loan and for the remaining 92%, the repayments can be anything that the lender damn well pleases?

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

  • 444 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.