Banks Demanding Too High Deposits!

[waitingscot]

http://www.bbc.co.uk/news/business-11805265

Who is the guy in the middle of the film, an estate agent of some sort? What crap does he come out with:

"The reality is if all those rules go through unchanged, the number of transactions in the market will fall dramatically. A lot of people will not be able to attain the quality of life that they can actually afford".

He cares about the transaction number falling, but he clearly could not give a toss about people being able to afford houses. Other wise he would be calling for prices to be allowed to fall! No his solution is for people to pile on more debt because they can "afford it". What the hell does that mean?

The couple duped into shared ownership, and to top it off again it's suggestion to borrow deposit money from parents. Well done BBC you *****ers.

Edited November 21, 2010 by waitingscot

[ccc]

IIRC Ray Boulger. Don't get me started.

I love the way they call the couple 'the lucky ones'.

Buying 50% of a house that just 10 years ago, in the same jobes they could easily have afforded to get a mortgage to buy all of it. Very lucky. Perhaps they should buy a lottery ticket too.

Notice they could only manage to save up 3k for the desposit. Between them.

[SleepyHead]

I honestly don't know what planet the BBC are on.

This whole report shows how mad the situation is. This couple struggled to get enough together, then the bbc guy slips in the fact that they only buying a "share" of the house.

The journo describes it as a "mortgage drought" and that it could last longer. WTF! This is the mortgage market returning to sanity after more than a decade of insanity.

What are these bbc people on about. They're making themselves look totally ridiculous.

Simple solution..... HOUSE PRICES MUST FALL TO WHERE YOUNG PEOPLE CAN AFFORD THEM AGAIN.

Edited November 21, 2010 by worst time buyer

[LuckyOne]

IIRC Ray Boulger. Don't get me started.

I love the way they call the couple 'the lucky ones'.

Buying 50% of a house that just 10 years ago, in the same jobes they could easily have afforded to get a mortgage to buy all of it. Very lucky. Perhaps they should buy a lottery ticket too.

Notice they could only manage to save up 3k for the desposit. Between them.

For the record, that isn't me and the wife.

[Bloo Loo]

I honestly don't now what planet the BBC are on.

This whole report shows how mad the situation is. This couple struggled to get enough together, then the bbc guy slips in the fact that they only buying a "share" of the house.

The journo describes it as a "mortgage drought" and that it could last longer. WTF! This is the mortgage market returning to sanity after more than a decade of insanity.

What are these bbc people on about. They're making themselves look totally ridiculous.

Simple solution..... HOUSE PRICES MUST FALL TO WHERE YOUNG PEOPLE CAN AFFORD THEM AGAIN.

Sadly, MANY People beleive the fact that prices are..well...the price, and its the bankers job to make up the gap.

And while VI mortgage brokers continue to be given voice and evil Austrians are to to STFU, they will continue to beleive it.

[Democorruptcy]

http://www.bbc.co.uk/news/business-11805265

Who is the guy in the middle of the film, an estate agent of some sort? What crap does he come out with:

He cares about the transaction number falling, but he clearly could not give a toss about people being able to afford houses. Other wise he would be calling for prices to be allowed to fall! No his solution is for people to pile on more debt because they can "afford it". What the hell does that mean?

The couple duped into shared ownership, and to top it off again it's suggestion to borrow deposit money from parents. Well done BBC you *****ers.

Complain about the biased BBC

https://www.bbc.co.uk/complaints/forms/

[Constable]

I honestly don't now what planet the BBC are on.

This whole report shows how mad the situation is. This couple struggled to get enough together, then the bbc guy slips in the fact that they only buying a "share" of the house.

The journo describes it as a "mortgage drought" and that it could last longer. WTF! This is the mortgage market returning to sanity after more than a decade of insanity.

What are these bbc people on about. They're making themselves look totally ridiculous.

Simple solution..... HOUSE PRICES MUST FALL TO WHERE YOUNG PEOPLE CAN AFFORD THEM AGAIN.

+1. The BBC will never say it though. They are one of the biggest VIs out there.

Edited November 21, 2010 by Constable

[Bloo Loo]

+1. The BBC will never say it though. They are one of the biggest VIs out there.

they are following the Government line. Cameroon says we must get banks lending again. So does the very nice Chancellor chappy.

[cakehead]

The truth is rampers ( I hate the term VI, everyone's a VI) got used to wasting column inches and air time on price increases, and now have space to fill. To be factual they should say 'nothin' happening' but that isn't news, so we've got the same space filled with what might happen or should happen. 24 hour news-a-like.

[Pent Up]

I'm sick of this shit so written the following to the Mail on Sunday and the independent. I'll write to any other paper that prints a story on it too.

Dear Sir,

RE: 'A Window Opens For New Mortgage Deals' The Mail on Sunday, November 21st

The FSA are proposing that in future mortgages will be lent only if the borrower can afford to repay it. Steve Coogan director general of the council of mortgage lenders and Ray Boulger of the mortgage broker John Charcol along with others have repeatedly stated that they are vehemently opposed to such proposals. So are they suggesting that they and their companies would prefer to lend to people who can not afford to repay the loan? Are they not aware that lending practices such as these recently brought the USA to it's knees and is the reason why Ireland is now verging on bankruptcy? I think the FSA should look into their lending practices as they appear to be at best reckless and unsustainable, and at worsed verging on the fraudulent. 

If the FSA had implemented these proposals ten years ago we wouldn't be in the mess we are in today, with one in five borrowers struggling to pay their mortgage even with abnormally low interest rates. And with GDP growth stronger than expected and inflation stubbornly higher than expected, we could see higher interest rates much sooner than many expect. Then our housing market will suffer just as the rest of the world's has.  

Unfortunately for many home owners this is necessary before the UK can begin it's true recovery. The housing market will adjust to the new sensible lending levels and many young hard working families will be able to afford a home without blighting themselves with huge and unsustainable mortgages. They will have lower mortgage repayments and more disposable income to spend in the wider economy rather than servicing their debts and lining the pockets of bankers and mortgage lenders, while they themselves struggle. Living standards will increase for the lower paid. And with consequently lower labour costs this country will be able to diversify it's economy into secondary industries such as manufacturing, rather than relying solely on unsustainable financial services and banking. 

The FSA proposals are the start of what's needed for a new era for the UK economy. Our future could be a very prosperous one if we choose the right path. But if we listen to those who have only their own vested interests at heart and we do not learn the lessons from the past, the United Kingdoms future is a very bleak one indeed.

[Constable]

Complain about the biased BBC

https://www.bbc.co.uk/complaints/forms/

Done.

Complaint type:

BBC News

Location:

England

What is your complaint about:

General News

Complaint category:

Poor Quality

Complaint summary:

Reporting of the "mortgage drought" and the housing market in general

Full complaint:

Why the hell can't you ever state the bleeding obvious solution - that house prices have to falls to levels where it is affordable for young people to buy them again. The BBC's reporting of the housing market is an utter disgrace - you wheel out vested interests like Ray Boulger continually without ever challenging him or putting forward an alternative opinion. Example: http://www.bbc.co.uk/news/business-11805265. The "housing experts" you continually quote for the basis of your "news" reports all have a vested interest in maintaining house prices at ludicrous levels. A press release from an estate agent is not news - it's propaganda from a vested interest and should be treated with extreme scepticism. The BBC reports this sort of guff as news. Rising house price stories are also treated as good news, when the exact opposite is true. I depair of the BBC.

[ccc]

The truth is rampers ( I hate the term VI, everyone's a VI) got used to wasting column inches and air time on price increases, and now have space to fill. To be factual they should say 'nothin' happening' but that isn't news, so we've got the same space filled with what might happen or should happen. 24 hour news-a-like.

The BBC are not allowed to be a VI. It is in their charter.

BBC Charter

"The BBC shall be independent in all matters concerning the content of its output, the times and manner in which this is supplied, and in the management of its affairs."

[cakehead]

The BBC are not allowed to be a VI. It is in their charter.

BBC Charter

"The BBC shall be independent in all matters concerning the content of its output, the times and manner in which this is supplied, and in the management of its affairs."

I quite agree. Unfortunately house prices became a topic of conversation in the late 80s and the Beeb would say they're reporting a matter of consumer interest. Yet another reason why I stopped watching TV years ago.

[SleepyHead]

If Ray Boulger wants to lend to house buyers on the basis of zero down payment, no proof of income, unsustainable monthly payments, teaser rate, low interest rate bulls**t mortgages.

Then fine.... HE CAN LEND OUT HIS OWN MONEY! Let's see how long he can stay in business.

[Democorruptcy]

If Ray Boulger wants to lend to house buyers on the basis of zero down payment, no proof of income, unsustainable monthly payments, teaser rate, low interest rate bulls**t mortgages.

Then fine.... HE CAN LEND OUT HIS OWN MONEY! Let's see how long he can stay in business.

In my complaint to the BBC I mentioned this article to question why Ray Boulger is their resident "eggspert" (broken and scrambled Feb 2010?):

Towergate Financial bought John Charcol last night after it went into administration.

Towergate Financial put together a bid last night after being approached by administrator Grant Thornton. Towergate Financial chief executive Ian Darby revealed that John Charcol's director first approached the firm as a buyer eight days ago.

The advice arm of Towergate Partnership will take on all John Charcol staff and customers but not all its liabilities.

John Charcol was put into administration by its directors after they struggled to cut costs to cope with a dwindling mortgage market, said Darby. ‘This opportunity came to us at very short notice,’ he said. ‘We now own a market leading brand that fits well in our family.’

The deal will almost certainly lead to John Charcol breaking its single-tie protection relationship with Legal & General but advisers will continue to offer independent mortgage advice.

Towergate Financial said a high-net-worth mortgage arm would complement its private client and corporate advice work.

John Charcol advisers and staff were vital for making the business a success, said Darby. ‘We believe there is an excellent fit between our business and John Charcol. We jointly have a great opportunity to offer financial planning and insurance solutions to Charcol's clients and vice versa,' he said.

Towergate Partnership chairman Peter Cullum (pictured above) said the deal would bring 100 new staff under the umbrella and safeguard the John Charcol brand.

John Charcol is one of the highest profile brokers in the mortgage market, with its technical expert Ray Boulger regularly appearing in the mainstream media but it has been hit hard by the downturn in the mortgage market and slashed advisers’ wages last year after axing a quarter of its staff and closing offices in 2008.

The plan to launch a fee-based whole of mortgage service with its advisers working from HSBC branches was launched in March but was canned eight months later.

http://citywire.co.uk/new-model-adviser/towergate-financial-rescues-john-charcol-from-administration/a384055

[Pent Up]

If Ray Boulger wants to lend to house buyers on the basis of zero down payment, no proof of income, unsustainable monthly payments, teaser rate, low interest rate bulls**t mortgages.

Then fine.... HE CAN LEND OUT HIS OWN MONEY! Let's see how long he can stay in business.

Doesn't matter because in the event of mass defaults and possessions the government will just bail him out. He can't lose. Bring on 200% mortgages for children and the homeless I say! Everyones a winner, well Ray Boulger is anyway....

There's no money in sound business models and sustainability!

Edited November 21, 2010 by Pent Up

[Bloo Loo]

"John Charcol advisers and staff were vital for making the business a success, said Darby. ‘

this isnt spin, its a total lie....they were BUST.

[Pent Up]

In my complaint to the BBC I mentioned this article to question why Ray Boulger is their resident "eggspert" (broken and scrambled Feb 2010?):

That's brilliant thanks! So old Ray's not leaned his own lessons.

[winkie]

As I have said before, if you can't afford a deposit you can' afford to buy a home......before the bubble a deposit was ALWAYS required, around 10% the norm.....the prices are TOO HIGH...they have got away with it by a. self certification b. interest only c.extended terms of the loans d. low interest rates.e. 125% mortgages no cash up front.

Enough is enough, is enough it can't go on....stop manipulating the market, start getting house prices back on track, it is the only way.

[Bloo Loo]

That's brilliant thanks! So old Ray's not leaned his own lessons.

Its my lucky day too. just got this email...might crack open a bottle;

Dear Bloo,

Thank you for your expeditious delivery of the Famous Precision Bloo Loo house price prediction tool.

I am pleased to say I would like 500 more as whenever we present our projections to the BBC, they believe every word. Well they say a picture is better than 100K words.

A great Investment and only £1000 each ( Plus VAT and Carriage).

Looking forward to using the new Bezel designed headpiece

Ray.

No virus found in this message.

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[ollie plimsolls]

I'm sick of this shit so written the following to the Mail on Sunday and the independent. I'll write to any other paper that prints a story on it too.

Dear Sir,

RE: 'A Window Opens For New Mortgage Deals' The Mail on Sunday, November 21st

The FSA are proposing that in future mortgages will be lent only if the borrower can afford to repay it. Steve Coogan director general of the council of mortgage lenders

Steve Coogan?

Aha!

[Gigantic Purple Slug]

The rules don't matter.

The banks won't lend because it isn't in their interests to do so. Unless the government provides clarification on the future of the SLS and is willing to demonstrate some new willingness to back questionable loans the amount of funding won't pick up. This is the dominant factor.

[winkie]

The rules don't matter.

The banks won't lend because it isn't in their interests to do so. Unless the government provides clarification on the future of the SLS and is willing to demonstrate some new willingness to back questionable loans the amount of funding won't pick up. This is the dominant factor.

How things have changed...who would have thought the abundance of ready high risk cash would have dried up so quickly.

[Pent Up]

Steve Coogan?

Aha!

Shit got his name wrong! Ha. Oh well steve coogan would do a better job!

[Bruce Banner]

If Ray Boulger wants to lend to house buyers on the basis of zero down payment, no proof of income, unsustainable monthly payments, teaser rate, low interest rate bulls**t mortgages.

Then fine.... HE CAN LEND OUT HIS OWN MONEY! Let's see how long he can stay in business.

He hasn't got a good track record of doing that .