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rantnrave

Mortgage Approval Unexpectedly Down

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British mortgage approvals fell slightly more than expected in August, according to Bank of England figures. It could be another sign that the housing market has cooled over the past few months. Mortgage approvals were 64,212 last month, the lowest since May, and down from 66,100 in July. Analysts had forecast a modest fall in approvals to 65,000, according to Reuters.

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From my point of view they've been unexpectedly going up for 18 months.

I'd like to meet the 60K MOM idiots who have been buying houses at the insane asking prices we see.

25k of those idiots are Buy-To-Let investors, another 20k of them are 'were buying as we will make a fortune', which leaves 15k unfortunates who just want a home and have to pay the price.

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Hasn't 60k of loans been a barometer of price direction? Above that level they rise, below that they fall?

There was quite a detailed thread on this a good few years back, can anyone locate it?

Edited by 65243

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Hasn't 60k of loans been a barometer of price direction? Above that level they rise, below that they fall?

I should think that that figure is about right also depending upon the number of new properties being built. More houses required more approvals to chase up the prices.

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Why would Joe UK Average want a mortgage when he is up to his neck in debt and a incoem that has fallen in real terms over the last 10 years?

Why would a bank, knowing the above, want to lend to Joe UK Average?

As far as idiots go, I know a ocuple who have taken on ~@180K mortgage with a joint income of ~30K, of which 20K is pretty likely to lost and the other 10K is mainly tax credit funded 16h minimum wage. The mortgage must have been a bank's last Hurrah before MMR.

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Why would Joe UK Average want a mortgage when he is up to his neck in debt and a incoem that has fallen in real terms over the last 10 years?

Why would a bank, knowing the above, want to lend to Joe UK Average?

As far as idiots go, I know a ocuple who have taken on ~@180K mortgage with a joint income of ~30K, of which 20K is pretty likely to lost and the other 10K is mainly tax credit funded 16h minimum wage. The mortgage must have been a bank's last Hurrah before MMR.

Best outcome now for the banks is a crash, and then loads of people taking small loans for flats etc. rather than renting?

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Why would Joe UK Average want a mortgage when he is up to his neck in debt and a incoem that has fallen in real terms over the last 10 years?

Why would a bank, knowing the above, want to lend to Joe UK Average?

As far as idiots go, I know a ocuple who have taken on ~@180K mortgage with a joint income of ~30K, of which 20K is pretty likely to lost and the other 10K is mainly tax credit funded 16h minimum wage. The mortgage must have been a bank's the tax payers last Hurrah before MMR.

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As far as idiots go, I know a ocuple who have taken on ~@180K mortgage with a joint income of ~30K

There's me thinking taking on a 180k mortgage with a joint income of £75k was insane!! :(

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August is a holiday month. I suspect this year many were away. What's the 3 month trend?

I believe they seasonally adjust these. Not sure what the non-SA number is though, which may provide more of an insight. Edited by rantnrave

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There's me thinking taking on a 180k mortgage with a joint income of £75k was insane!! :(

In most cases I think that really depends on the individual circumstances. But I cannot think of any circumstances under which a 180k mortgage with a joint income of 30k is anything other than stratospherically stupid.

Welcome, btw.

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It is the "last" of the ucktards spunking our money, before the party is over, and the sea goes out. These prices will even look looney to a Minister photographing his junk, when finally the IR's start to increase.

Not sure interest rates will increase, barring a real emergency, but the housing market is doomed anyway, nothing will convince me otherwise now, it was all based on ever more loans to greater fools, and that has reached it`s end IMO.

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