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Bruce Banner

My bank phoned today trying to flog me a BTL mortgage.

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They have money from the BOE they will literally give away. You have to ask yourself whether is worth the hassle. It is easy credit like this which causes HPI and no amount of light financial regulation like MMR has been able (or intended) to stop it.

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14 minutes ago, Bruce Banner said:

"Everyone's doing it, just keep it for 5 years until interest rates improve then flog it for a profit."  

Which bank?

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17 minutes ago, Bruce Banner said:

"Everyone's doing it, just keep it for 5 years until interest rates improve then flog it for a profit."  

Surely, you are kidding us  ?

How desperate are the bankers getting to keep their bubble going ?

As spy guy says...Which bank ?

Edited by TheCountOfNowhere

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This reminds me of 2008 when my Brother-in-law was called by his bank to offer to fix his variable rate business loan for 10 years. He agreed and then interest rates dropped 4%. Maybe the bankers know something.

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6 minutes ago, GloomMonger said:

This reminds me of 2008 when my Brother-in-law was called by his bank to offer to fix his variable rate business loan for 10 years. He agreed and then interest rates dropped 4%. Maybe the bankers know something.

No.

Banks will have x000 BTL loans.

Id guess few if any are taking them.

Just a normal go round trying to flog them.

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7 minutes ago, sPinwheel said:

What a daft question.

I don't think it should be (legal, that is).

Edited by Errol

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Sounds like they're just confirming that the banks have descended to the level of double glazing and conservatory etc telephone pests er salespeople.

I expect they'll be pushing sales scam leaflets through every letter box next to join up with the other rip-off lender racketeers and loan sharks.

Edited by billybong

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Did they have a particular property in mind, and knowledge of what price the vendor would accept? Perhaps one the bank has recently repossessed? Otherwise they weren't really trying to flog you a BTL. Instead they were offering to see if they could give you an agreement in principle. It seems like a complete waste of time for them, because even if you were persuaded in the months it takes to arrange a property purchase you would probably be talked out of it by friends, family members, financial advisers and your solicitor.

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1 hour ago, Bruce Banner said:

"Everyone's doing it, just keep it for 5 years until interest rates improve then flog it for a profit."  

But if interest rates improve (go up - as that's the only way they can go from here... isn't it?!), the only profit will be negative... or in old speak, a LOSS.

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18 minutes ago, Northern Welsh Midlander said:

But if interest rates improve (go up - as that's the only way they can go from here... isn't it?!), the only profit will be negative... or in old speak, a LOSS.

For the rich, property owning pensioner, yes.

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2 hours ago, GloomMonger said:

This reminds me of 2008 when my Brother-in-law was called by his bank to offer to fix his variable rate business loan for 10 years. He agreed and then interest rates dropped 4%. Maybe the bankers know something.

All the evidence says they don't.

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1 hour ago, Northern Welsh Midlander said:

But if interest rates improve (go up - as that's the only way they can go from here... isn't it?!), the only profit will be negative... or in old speak, a LOSS.

They did improve...to 0.25% :lol: :lol: :lol: :lol: :lol: :lol: 

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12 minutes ago, TheCountOfNowhere said:

Have you told everyone what bank it is yet ?

Are you now trolling the trolls ?

Not really.

Major UK bank pushing BTL mortgages as an alternative to their 0.05% savings interest rate. What could possibly go wrong?

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9 minutes ago, Bruce Banner said:

Not really.

Major UK bank pushing BTL mortgages as an alternative to their 0.05% savings interest rate. What could possibly go wrong?

It's already gone wrong.

Northern rock 120% mortgages look sane compared todays madness :-) 

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