Saving For a Space Ship Posted May 17, 2019 Share Posted May 17, 2019 UK Banks Double Down on High-Risk Mortgage Products to Prop Up Housing Market https://wolfstreet.com/2019/05/16/uk-banks-double-down-on-high-risk-mortgage-products-to-prop-up-housing-market/ Quote Link to comment Share on other sites More sharing options...
spyguy Posted May 17, 2019 Share Posted May 17, 2019 2 hours ago, Saving For a Space Ship said: UK Banks Double Down on High-Risk Mortgage Products to Prop Up Housing Market https://wolfstreet.com/2019/05/16/uk-banks-double-down-on-high-risk-mortgage-products-to-prop-up-housing-market/ Nothing new in that bar the FT link https://www.ftadviser.com/mortgages/2019/05/01/partnership-launched-to-help-interest-only-customers/ A partnership has been launched to help lenders with customers on interest-only mortgages that are at or reaching maturity. You might want to read that a couple of times. The firms will look at the customer’s financial situation, the property value and the mortgage market and aim to deliver a ‘clear strategy’ for the lender within 90 days. Options for consumers could include a repayment plan, conversion, a remortgage, a property sale or litigation, but the partnership said both the customer and lender would be engaged throughout the journey to resolution. This reads like the BoEis forcing the end of IO. UK ash 1.7m IO mortgages - ~10% of the housing stock. Dave Miller, client account manager at Spicerhaart Corporate Sales said: "Over the past few years lenders have successfully implemented a wide range of strategies to contact their interest-only customers. "However, a proportion of those who are often the most vulnerable of customers, are still failing to engage, while many others are now past their term expiry date with no formal agreement in place for resolution. Quote Link to comment Share on other sites More sharing options...
Wayward Posted May 17, 2019 Share Posted May 17, 2019 Extract.. ...according to a Yougov poll, almost half of the UK population think re-introducing zero-down mortgages is a good idea. The answer is of course more debt...like many (particularly young folk) in my office I hear bemoan not high prices but the challenges they face getting credit. Quote Link to comment Share on other sites More sharing options...
spyguy Posted May 17, 2019 Share Posted May 17, 2019 18 minutes ago, Wayward said: Extract.. ...according to a Yougov poll, almost half of the UK population think re-introducing zero-down mortgages is a good idea. The answer is of course more debt...like many (particularly young folk) in my office I hear bemoan not high prices but the challenges they face getting credit. YEah .. Trying to describe UK mortgages with US mortgage terms ... The '0% down' is no such thing. A family member puts up 10%. Quote Link to comment Share on other sites More sharing options...
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