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Bbc mortgage deals plummet

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21 minutes ago, bumblebeeandboy said:

However, there is an expectation that this mini-boom will not last as job losses mount and finances are stretched as government support schemes are wound down.”

Not everything on the BBC is Fake News. They still have some real journalists trying to keep things honest.

I particularly enjoyed Nick Triggle’s work on the Covid-19 pandemic. It was like entering an alternate dimension from the total hysterical nonsense on the BBC news front page.

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2 minutes ago, definitelynotanagent said:


What's this? I thought the BBC were supposed to be completely in the pockets of the landlords and the government, and never report any news that could be bad for house prices? Fuming!

You mean fumin!

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The BBC are a disgrace! Being objective and telling the truth about the housing market...What happened to VI pumping of the property market! I may refuse to pay my licence this year!

(Semi) joking aside, how significant is this to the market? This is going to have the biggest impact isn't it?

Also can/will BTL scum take up the slack of the missing FTB's. Surely there aren't enough those scumbags to make up the difference?

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I think 3 things define the market in the short to medium term:


Interest rates

Mortgage availablity


Interest rates seem unlikely to rocket, but the other two will probably fall and push house prices downwards. Whether that's a crash or a drift I don't know. You do tend to need an interest rate spike for a crash.

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Dire outpouring of housing related ********.

Earlier this week you had NW abusing their stats to claim house prices were the 'highest ever'

NW are are going under. Not due to that BS but its 'over enthusiastic' lending for the last 10 years in the South.

The the R4 bizzy news had the paid liar, sorry, economist, from Saville iirc, desperately trying to play the BS down as he knwos theyve no chance of selling any of the over priced stock they get.

The housing market stalled Mar->Aug, as covid locked all transactions.

Prices went low as people,. rightly, panicked.

Stamp duty has given a dumb boost. But theres *NO* bank willing to lend much. Banks are running scared.





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1 hour ago, highcontrast said:

.. how significant is this to the market? This is going to have the biggest impact isn't it?

Also can/will BTL scum take up the slack of the missing FTB's. Surely there aren't enough those scumbags to make up the difference?

The market is made at the margins, that is FTBs. To keep the plates spinning, you need to prop them (HTB, SDH et al).

It takes just one 'forced' sale to reset the price in an area, and start a stampede as others want to offload before they loose out (the mum*net thread shows pressure is building up).

I've used the Titanic analogy before, the props being free drinks at the bar to stop people peering out of the windows and seeing the sh*t.  You know how it ends.

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1 hour ago, “Nasty Piece of work” said:

It is plain muppetry that anyone can suggest the BBC is left wing.  It is Establishment, directed by luvvies. -  ghastly, but not leftie.

+1 I remember when the BBC was called 'British Broadcasting for Conservatives'. If you think the 'establishment' is 'ghastly', just remember the nature of the establishment. It has inertia, not resistance, to change.

Too many muppets think just because the BBC doesn't highlight or give massive airtime to their view of 6ft Lizard Child abductors, 5G Sim Card Covid Radiation, Vaccine mind control they must be in cahoots.

Compared to the Right Wing / Woke media it's fresh air

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3 hours ago, dougless said:

I am a little more hopeful that the short term blip up that Nationwide were crowing about is just that and we are getting ready for a long, slow fall.

Back on subject, I too am seeing an apparent uptick In reductions and am thinking the greed of vendors and darker evenings combined with the ending of furlough, and the ending of the Stamp Duty holiday imaginable, combined with Mortgage lenders pulling deals is making potential Vendors fear they have missed the time of happy hunting.

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We had the in-laws round today. They own an independent financial advice firm and had plenty to say on mortgage availability!!

following on from a previous posters points...

Employment - they told us if you show the mildest drop in income you’re in trouble. Worse still furlough which actually works out much less than 80% for many on larger than £2500 take home. And anyone in a risky job sector you’re out of luck for the best rates. Payslips showing ‘furlough’ as a watermark or as a footnote are a no no! Employees also need a written agreement from employer they won’t be furloughed again or laid off again.

Interest rates - not going anywhere for a decade they say or to quote Andrew Bailey BOE today. BUT...mortgage lenders are hiking rates across the board regardless of LTV. Even worse for FTB or high LTV. They said mortgage approvals in principal they agreed with lenders for clients in July have been nullified and require re-arranging. One example £420/month in July is now £590. That’s a massive difference for some.

Mortgage availability  - more availability than back in May June, but criteria changing rapidly, almost daily. Never heard the father in law call anyone a twit, but he called Nationwide and HSBC [email protected]!

Despite BOE having extreme confidence in banks and they’re ability to resist a credit shock far better than they did in 2008, the in-laws opinion is they think the banks are shitt!ng themselves.

The biggest issue their firm is now tasked with is remortgages. So many people ringing for help daily because their existing bank won’t touch them or want an injection of cash to bring rates / payments down on a remortgage. They even have clients that work for banks, but can’t get favourable rates via their own employer.

Their advice; for gods sake sit tight and keep renting until new year! Don’t worry, we will!

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