TheCountOfNowhere Posted November 30, 2015 Share Posted November 30, 2015 Funding for lending should be targeted towards offering reasonable interest rates and deals to viable businesses.....not securitised lending investment. We need to get away from this addiction to accumulating land and building and start investing in ourselves and the desperately needed infrastructure this country is lacking in. agreed, we do. unfortunately, they don't. Quote Link to comment Share on other sites More sharing options...
frederico Posted November 30, 2015 Share Posted November 30, 2015 Obviously they're in trouble because they lent too much to the wrong people, so the answer is lend more money to the wrong people. It's a relief we managed to snap up these experts. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted November 30, 2015 Share Posted November 30, 2015 Obviously they're in trouble because they lent too much to the wrong people, so the answer is lend more money to the wrong people. It's a relief we managed to snap up these experts. Sub prime officials Quote Link to comment Share on other sites More sharing options...
mrtickle Posted November 30, 2015 Share Posted November 30, 2015 With no announcement in last week's Autumn Statement, I thought they were letting the scheme run its last few weeks. So yes, this is a big surprise. All other extensions have been announced by Gidiot, to much fanfare IIRC. Me too. I was keeping my fingers crossed. Really disappointed. :-( Quote Link to comment Share on other sites More sharing options...
Bland Unsight Posted November 30, 2015 Share Posted November 30, 2015 (edited) The Coventry Building Society's Annual Report for the year to 31 December 2014 shows that fully 37.4% of their mortgage lending in the period was BTL, (i.e. 37.4% of the total of owner-occupier for purchase, owner-occupier remortgages and BTL). Their mortgage book is now 35.8% BTL Between 31 December 2012 and 31 December 2014 they added £2.47bn to their BTL book and £2.64bn to their stock of loans to owner-occupiers. Source: BoE I bet the YBS accounts look just the same. Edited November 30, 2015 by Bland Unsight Quote Link to comment Share on other sites More sharing options...
Neverwhere Posted November 30, 2015 Share Posted November 30, 2015 Absolutely no reference in there to how savers have been punished through this. FLS has possibly pushed more oldies into BTL than any other single policy (note that lending to BTL can be classed as business lending and so still comes under the scheme's remit) That hasn't been the case since shortly after Carney took office, but of course once lenders have secured FLS funding by other means they can pile it into whatever they like and so much of it may well still be going into BTL. Form FLE Guidelines - Funding for Lending Scheme Section 1 - Total loans to corporate SMEs This section refers to lending specifically to UK resident corporate SMEs. These are defined here as private non-financial corporations with annual debit account turnover on the (bank or building society) main business account of less than £25 million [. . .] Buy to let lending to unlimited liability partnerships should not be included in this section. Section 2 - Total loans to unincorporated businesses This section refers to loans specifically to UK resident unincorporated businesses (UBs) [. . .] Buy to let lending should not be included in this section. Quote Link to comment Share on other sites More sharing options...
billybong Posted November 30, 2015 Share Posted November 30, 2015 (edited) To resist their siren calls, policymakers and market participants must bind ourselves to the mast. They do like a bit of "bind to the mast". From memory Mervyn King liked it in at least one of his speeches and a quick google revealed that Brown, the eu, the coalition government, the LibDems etc etc etc were all revealed to be lashed to the mast at one time or other. Now it's policymakers and market participants and maybe Carney himself - if there's room. If they're all lashed to the mast then who is on lookout. It's matterless the economy still got wrecked and then wrecked some more. Edited November 30, 2015 by billybong Quote Link to comment Share on other sites More sharing options...
zugzwang Posted November 30, 2015 Share Posted November 30, 2015 If they're all lashed to the mast then who is on lookout. +1 It's a ship of fools. Quote Link to comment Share on other sites More sharing options...
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