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Halifax Join Frenzied Removal Of Cheap Loans

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http://uk.finance.yahoo.com/news/Halifax-latest-withdraw-best-tele-3577508625.html?x=0

Halifax latest to withdraw best mortgage deals

.../

The cheapest fixed-rate mortgages are being taken off the market as lenders begin to price in interest rate rises in the months ahead. Halifax, the country's biggest lender, is the latest to have withdrawn competitive fixed-rate deals.
A spokesman from Halifax said: "Recent movements in funding costs have led to us re-price some of our mortgage products, and we continue to keep our rates under review."

What congenial news to assail the auditory canal. :D

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C,mon people think of the kids. How on earth are they going to be able to buy that nice home if those nasty bankers aren't providing fois gras banking anymore?

Its a discrace I am sure there is a breach in their human rights here by not allowing them to have a lifetime of debt and servitude.

I would email my MP but the silly fu**er thinks the above is true.

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The ending of SMI's, and the ending of protection for mortgagees because they have families would help a lot more imo.

All those schemes do is bottle up supply. It will cause prices to crash even more when they have to be done away with. If interest rates rise hard and fast from here, those schemes will have to go as the government will not be able to borrow the money to help pay for them.

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you could get just over 1% but inflation is 0.5%

so it would depend what currency you made your money in and the difference between that and the swiss franc exchange rate... :unsure:

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yes, indeed, what could possibly go wrong

Something like this? Although GBP v CHF isn't mentioned you get the picture for sterling....

by Mid 2013

Halifax Index 164K to 100K

FTSE 5890 to 2500

Dow 11420 to 4000

Gold 1394 to 500

Silver 2673 to 850

GBP/USD 1.62 to Sub Parity

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The savvy Uk investor could get a 7 year fix in CHFs at 2.1%

What could possibly go wrong

CHF is at pretty much record highs against GBP right now ... a seven year 2.1% fix looks like a good bet to me (but it is a bet of course).

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http://uk.finance.yahoo.com/news/Halifax-latest-withdraw-best-tele-3577508625.html?x=0

Halifax latest to withdraw best mortgage deals

.../

The cheapest fixed-rate mortgages are being taken off the market as lenders begin to price in interest rate rises in the months ahead. Halifax, the country's biggest lender, is the latest to have withdrawn competitive fixed-rate deals.
A spokesman from Halifax said: "Recent movements in funding costs have led to us re-price some of our mortgage products, and we continue to keep our rates under review."

What congenial news to assail the auditory canal. :D

Also heard today that the CML reported that December had the lowest level of mortgage approvals for any month on record!

The wheels are slowly starting to turn.

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Also heard today that the CML reported that December had the lowest level of mortgage approvals for any month on record!

The wheels are slowly starting to turn.

IIRC mortgage approvals are offers, not completions, so I wonder how many previously agreed sales will fall through as a result of withdrawn mortgage deals? e.g. buyer has to pull out because they can no longer get the mortgage deal they expected

Lowest ever approvals minus plenty of deals falling through must equal the worst possible conditions on record for the property market

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IIRC mortgage approvals are offers, not completions, so I wonder how many previously agreed sales will fall through as a result of withdrawn mortgage deals? e.g. buyer has to pull out because they can no longer get the mortgage deal they expected

Lowest ever approvals minus plenty of deals falling through must equal the worst possible conditions on record for the property market

I'm seeing multiple repo's falling through this month. Considering these buyers have a mortgage in principal for the amount and the properties are priced to sell so protecting the lender from further falls some what it's certainly grim out there.

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No surprise really as the Halifax don't seem very keen on any new business whatever the ltv. THis could be seen as a natural response to the bailout, the problems of reckless lending both in the UK and Ireland, etc.

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No surprise really as the Halifax don't seem very keen on any new business whatever the ltv. THis could be seen as a natural response to the bailout, the problems of reckless lending both in the UK and Ireland, etc.

Think it may have more to do with HBOS being bust, so there's little or nothing to lend.

All this rather puts a spanner in the works of the various STRers who thought it'd be a re-run of the early 90s. Hah.......actually it is different this time.

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Think it may have more to do with HBOS being bust, so there's little or nothing to lend.

All this rather puts a spanner in the works of the various STRers who thought it'd be a re-run of the early 90s. Hah.......actually it is different this time.

HPC1210.gif

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HPC1210.gif

You're missing my point. Sure the housing collapse will eclipse the early 90s or mid 70s, that much we agree on. Where I see trouble ahead for STRers is that the banks won't be lending for them to take advantage of cheap real estate.

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You're missing my point. Sure the housing collapse will eclipse the early 90s or mid 70s, that much we agree on. Where I see trouble ahead for STRers is that the banks won't be lending for them to take advantage of cheap real estate.

that doesnt really make sense if the banks arent lending real estate will transfer for closer to cash value and by definition a short term renter should be cash rich as long as they have managed to find a safe bank, i doubt theyll need a mortgage

Edited by Tamara De Lempicka

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The savvy Uk investor could get a 7 year fix in CHFs at 2.1%

What could possibly go wrong

Damn! I have fixed in with another bank for 10 years at 5%.

This would have been perfect for us as all our income comes from CHF :(

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that doesnt really make sense if the banks arent lending real estate will transfer for closer to cash value and by definition a short term renter should be cash rich as long as they have managed to find a safe bank, i doubt theyll need a mortgage

Exactly. If people have saved enough to negate the need for bank financing, they'll be in an excellent position. Those who have saved say 40% of their dream abode and wish to borrow the balance from the insolvent banks will be mighty disappointed. That's the difference I was trying to point out, perhaps clumsily. Do you get me now?

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  • 312 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%



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