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Scotsmans Chief Ramper At It Again...

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It has to be said that, IIRC, she bought a house in 2007. Or thereabouts. There is another Scotsman article about it. Teresa Hunter.

Watchdog to back down on mortgages

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"THE retreat has been sounded over draconian plans to clamp down on mortgage lending, giving a much-needed boost to the housing market.

However, its initial proposals threatened to punish not lenders but borrowers, the very ones they should have been protecting. Of particular concern were plans to:

• Ban self-certification mortgages. This would have posed serious difficulties for the self-employed

• Stop interest-only loans

• Introduce stringent affordability tests

• Permit loans on a 25-year term only

Outlaw 100 per cent loans and make other high-value advances difficult

Insist that all income declarations be verified, adding to costs for borrowers, and providing extra difficulties for the self-employed and those who rely on overtime and bonuses

• Refuse mortgages to anyone over 40"

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So actually having to prove your income, and not being able to borrow 100% of something you want to buy - for multiples of your salary - is 'draconian'. :blink:

I really do not know where to begin. Are these people just stupid, or so selfish from their own situation - that they want everyone else to mould themselves to their own ******ed up logic to help them out ?

What is going on in their heads ? After all that has happened in the past few years - they still think that 100% mortgages should be allowed and having to verify your income is not really necessary. :o

They really need their heads examined. IMO.

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There is not going to be a HPC is there?

With a return to liar loans it's just more bubble blowing..

I'm even starting to see properties that have sat for 2 years untouched now shifting.... :(

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Bit of a mixed bag here ...

• Ban self-certification mortgages. This would have posed serious difficulties for the self-employed

Ban what exactly? Is it too much to admit that a self-employed person showing his tax returns as proof of income could be radically different from a liar loan?

• Stop interest-only loans

Funny. Those used to be in the majority before the bubble. The were called endowment mortgages.

• Introduce stringent affordability tests

Based on what? A track record of saving and of paying rent would make more sense to me than anything I hear proposed.

• Permit loans on a 25-year term only

What's so special about 25 years over, say, 10, 20, 30 or 40?

Outlaw 100 per cent loans and make other high-value advances difficult

Now that at least makes sense. If you need 100%, where's your track record of managing your finances and saving?

Insist that all income declarations be verified, adding to costs for borrowers, and providing extra difficulties for the self-employed and those who rely on overtime and bonuses

Erm, is that a rewording of the one about self-cert? See above!

• Refuse mortgages to anyone over 40[/i]"

U wot? Well, I suppose consigning anyone over 40 to renting for life would pile pressure on thirtysomethings to get in under the bar, perhaps making choices that are rationally wrong for their individual circumstances. And generate a stream of demand from those under pressure from the timer.

Oh, and push that average age of 37 down, by excluding most of the FTBs above that age :blink:

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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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