interestrateripoff Posted March 27, 2020 Share Posted March 27, 2020 https://www.dailymail.co.uk/news/article-8159635/Fury-Halifax-pulls-mortgages-40-cent-deposit.html A signal as to what the banks think? Quote Link to comment Share on other sites More sharing options...
Freki Posted March 27, 2020 Share Posted March 27, 2020 That's one heck of a good news! Quote Link to comment Share on other sites More sharing options...
longgone Posted March 27, 2020 Share Posted March 27, 2020 Hell make it 60% deposit I don't care. Quote Link to comment Share on other sites More sharing options...
ucnvpe0 Posted March 27, 2020 Share Posted March 27, 2020 18 minutes ago, interestrateripoff said: https://www.dailymail.co.uk/news/article-8159635/Fury-Halifax-pulls-mortgages-40-cent-deposit.html A signal as to what the banks think? Yes. Prices will fall and banks will respond in a similar way to 2008. Things went from 100% LTV and interest only to 85-90% LTV repayment mortgage for many first time buyers nowadays. I suspect 75% LTV will become the new minimum along with many more 'bank of mum and dad' type options. Quote Link to comment Share on other sites More sharing options...
Smiley George Posted March 27, 2020 Share Posted March 27, 2020 Be great if the 'bank of mum and dad' also withdrew all lending facilities as well...that would also be a massive 2 fingers to the banks and VI's. It is one of my most hated terms that has arisen as a consequence of the ridiculous post-GFC house price bubble. It's peddled around by the press and VI's as if its now 'normal or 'the done thing'' to expect this additional borrowing stream to boost house prices. If people just took a step back and thought for 2 seconds about what is actually going on, who is the only winner out of these transactions - the banks. Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted March 27, 2020 Share Posted March 27, 2020 All lending is going to stop due to lack of staff for processing, lending etc. Quote Link to comment Share on other sites More sharing options...
Jimmyjammy001 Posted March 27, 2020 Share Posted March 27, 2020 A US mortgage lender is in big trouble due to a credit Tumult, this could be just the start.... Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted March 27, 2020 Author Share Posted March 27, 2020 5 minutes ago, Jimmyjammy001 said: A US mortgage lender is in big trouble due to a credit Tumult, this could be just the start.... The reason Libor is up? The banking system no longer believing everyone is solvent? Quote Link to comment Share on other sites More sharing options...
spyguy Posted March 27, 2020 Share Posted March 27, 2020 30 minutes ago, interestrateripoff said: The reason Libor is up? The banking system no longer believing everyone is solvent? No, US n UK mortgage markets are very different. US banks are alwaysfialing. Alwsy have been. They only holdthe mortgage for afew years before they go in a GSE. In this case the mortgage writer will need constant business to stay in business. Quote Link to comment Share on other sites More sharing options...
crazypabs Posted March 27, 2020 Share Posted March 27, 2020 (edited) 45 minutes ago, Jimmyjammy001 said: A US mortgage lender is in big trouble due to a credit Tumult, this could be just the start.... I suspect that Angel Oak is under pressure to deleverage and is being pursued by their creditors forcing margin calls. https://www.zerohedge.com/markets/mortgage-massacre-continues-mounting-margin-calls-spark-crisis-wall-street Edited March 27, 2020 by crazypabs Quote Link to comment Share on other sites More sharing options...
Patfig Posted March 27, 2020 Share Posted March 27, 2020 40% of not a lot is not a lot come the glorious day! Quote Link to comment Share on other sites More sharing options...
nickb1 Posted March 27, 2020 Share Posted March 27, 2020 yeah shame the market is frozen to protect the banks and "homeowners" Quote Link to comment Share on other sites More sharing options...
winkie Posted March 27, 2020 Share Posted March 27, 2020 2 minutes ago, nickb1 said: yeah shame the market is frozen to protect the banks and "homeowners" Not that different to the Dow Jones then.....? Quote Link to comment Share on other sites More sharing options...
user not found Posted March 27, 2020 Share Posted March 27, 2020 5 hours ago, interestrateripoff said: https://www.dailymail.co.uk/news/article-8159635/Fury-Halifax-pulls-mortgages-40-cent-deposit.html A signal as to what the banks think? Well I've got a 40% deposit... As prices fall that'll become 50% 60% (if I need smaller mortgage) or maybe I'll just get bigger house for same money. Choices choices. Quote Link to comment Share on other sites More sharing options...
nickb1 Posted March 27, 2020 Share Posted March 27, 2020 34 minutes ago, winkie said: Not that different to the Dow Jones then.....? or is that the Down Jones? Quote Link to comment Share on other sites More sharing options...
bear.getting.old Posted March 28, 2020 Share Posted March 28, 2020 (edited) 13 hours ago, Smiley George said: Be great if the 'bank of mum and dad' also withdrew all lending facilities as well...that would also be a massive 2 fingers to the banks and VI's. It is one of my most hated terms that has arisen as a consequence of the ridiculous post-GFC house price bubble. It's peddled around by the press and VI's as if its now 'normal or 'the done thing'' to expect this additional borrowing stream to boost house prices. If people just took a step back and thought for 2 seconds about what is actually going on, who is the only winner out of these transactions - the banks. Sorry to be negative but won't the government just do the usual 'funding for lending' interference in the free market? And expand 'help' to buy? Edited March 28, 2020 by bear.getting.old Quote Link to comment Share on other sites More sharing options...
spyguy Posted March 28, 2020 Share Posted March 28, 2020 14 hours ago, crazypabs said: I suspect that Angel Oak is under pressure to deleverage and is being pursued by their creditors forcing margin calls. https://www.zerohedge.com/markets/mortgage-massacre-continues-mounting-margin-calls-spark-crisis-wall-street Again, US mortgage != UK mortgages. They were founded waaaaay back in 2013. An they are non prime. Specialised is a strange word. One of my brothers used to pick up 'specialised' girls from the pubs. Have you seen her birth certificate, just to be sure? - Id ask. Angel Oak Mortgage Solutions offers the nation’s most aggressive non-agency and specialized mortgage solutions. We work directly with brokers and correspondents specializing in non-conforming, non-agency products that offer consumers unique flexibility. It’s a simple, best practice; paperless submission with the ability to track loan status with the click of a button (nothing new there). But wait… you can talk to an underwriter! Just call the underwriter and explain the loan. Brilliant! Angel Oak Mortgage Solutions is a team of industry veterans who provide programs specifically for borrowers whose circumstances do not meet standard Agency guidelines but whose loan makes sense. We have experienced the housing cycles and are smart about ATR and Non-QM regulations. Our products are for owner occupied, non-owner occupied, non-traditional income, foreign nationals, full doc and cash flow income investment properties. Product/Services available in over 35 states (www.angeloakms.com/map) – and many more states coming soon. To date, Angel Oak has funded the most in unit and dollar volume of true Non-QM loans of any company in the nation! The mortgage industry has lacked common sense. There is the opportunity! We are bringing liquidity back into the underserved segment of the market. It’s simply practicing responsible lending, with risk management, while staying compliant. It’s not difficult, just common sense lending. Partner with us and fund good loans you currently turn down. Quote Link to comment Share on other sites More sharing options...
Bugger BTL Posted March 28, 2020 Share Posted March 28, 2020 3 hours ago, bear.getting.old said: Sorry to be negative but won't the government just do the usual 'funding for lending' interference in the free market? And expand 'help' to buy? I imagine that would be this lot's first preference, but it's whether there's actually enough left in the pot for it once this is all over. Quote Link to comment Share on other sites More sharing options...
Wayward Posted March 28, 2020 Share Posted March 28, 2020 9 hours ago, bear.getting.old said: Sorry to be negative but won't the government just do the usual 'funding for lending' interference in the free market? And expand 'help' to buy? This is what they have done for the last ten years and I am sure they would like to continue...but politically can they justify pumping billions into inflating the price of housing with all the other demands now on the public purse? Let's hope not...but I expect they will try. Quote Link to comment Share on other sites More sharing options...
dougless Posted March 28, 2020 Share Posted March 28, 2020 (edited) 17 minutes ago, Wayward said: This is what they have done for the last ten years and I am sure they would like to continue...but politically can they justify pumping billions into inflating the price of housing with all the other demands now on the public purse? Let's hope not...but I expect they will try. I think you make a good point here. There are so many people in the UK who don't have a vested interest in housing being expensive that carrying on down that path could become politically toxic. This government will have to deal with issues regarding their decade of cuts to public services whatever the outcome of the corona virus is, propping up house prices (and private developers) will hopefully be low on their list of priorities. Edited March 28, 2020 by dougless Quote Link to comment Share on other sites More sharing options...
reddog Posted March 28, 2020 Share Posted March 28, 2020 On 27/03/2020 at 13:31, interestrateripoff said: https://www.dailymail.co.uk/news/article-8159635/Fury-Halifax-pulls-mortgages-40-cent-deposit.html A signal as to what the banks think? Fury? More like great news also, as per another point in this thread, could this crisis lead to a situation where "bank of mum and dad" is tapped out? Quote Link to comment Share on other sites More sharing options...
Now or never Posted March 28, 2020 Share Posted March 28, 2020 16 minutes ago, Wayward said: This is what they have done for the last ten years and I am sure they would like to continue...but politically can they justify pumping billions into inflating the price of housing with all the other demands now on the public purse? Let's hope not...but I expect they will try. House prices had a link to the last financial crisis, associated with the cause so an indirect pump to the banks was deemed a necessary/acceptable ‘fix’ by the sheeple. This virus has been pinned as the cause, though we know the economy was never fixed, with no one/sector to blame, the everything bubble can now deflate and the reset can commence. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.