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trompe le monde

Undergraduate Mortgage

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http://money.independent.co.uk/property/mo...ticle359547.ece

Most students won't have a full-time job, and those under 21 are unlikely to have built up any savings. At their age, who can blame them?

But that hasn't stopped one lender from launching a new mortgage specifically for undergraduates to help them get a foot on the property ladder.

The mortgage - called Buy for Uni - from Bath building society is exclusively for university students, and aims to help re-ignite demand among first-timer buyers by offering 100 per cent loans.

First-timers make up only 38 per cent of UK homebuyers at present, according to the Council of Mortgage Lenders, compared with a 45-50 per cent longer-term average.

But students shouldn't get too excited at the prospect of instant home ownership: the new deal has strings attached.

Since most students don't receive a salary, loan affordability is calculated on rental income from no more than four rooms in the house - and the property mustn't be more than 10 miles from campus.

Critically, the total rent must be at least 7 per cent of the original loan. (This figure is based on the Bank of England base rate plus 2.5 per cent, and will therefore rise if rates go up.) To borrow £150,000, for example, an income of £875 a month would be required from all rooms, including that of the borrower, who must pay rent too.

In addition, both parents of the student must act as guarantors for the entire loan. On top of this, if the loan exceeds 75 per cent of the value of the property, the mortgage must also be secured against 25 per cent of the parents' property.

This extra security is in place of the more usual mortgage indemnity guarantee, a fee some lenders charge on mortgages that represent a high percentage of the property value.

Finally, the building society does not accept mortgage repayments from a student current account. They must come from one linked to a parent's salary...............

I've read this twice, and still haven't fully got it. Also can't see if it's interest only, though I suspect it is. I imagine signing your soul away to the devil would be preferable to taking this mortgage out - how long can the madness continue?

TLM

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http://money.independent.co.uk/property/mo...ticle359547.ece

I've read this twice, and still haven't fully got it. Also can't see if it's interest only, though I suspect it is. I imagine signing your soul away to the devil would be preferable to taking this mortgage out - how long can the madness continue?

TLM

Bath do this regularly, big hurrah as though they`re really pushing the envelope/re-inventing the wheel and then you realise...they basically lend to the solvent parents, not the students ;)

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http://money.independent.co.uk/property/mo...ticle359547.ece

I've read this twice, and still haven't fully got it. Also can't see if it's interest only, though I suspect it is. I imagine signing your soul away to the devil would be preferable to taking this mortgage out - how long can the madness continue?

TLM

With those terms, I don't think there will be much uptake. It just stops short of asking the students to agree to give the bank manager a blowjob any time he pops around.

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It just stops short of asking the students to agree to give the bank manager a blowjob any time he pops around.

Well, if it gets your foot on the ladder...

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http://money.independent.co.uk/property/mo...ticle359547.ece

I've read this twice, and still haven't fully got it. Also can't see if it's interest only, though I suspect it is. I imagine signing your soul away to the devil would be preferable to taking this mortgage out - how long can the madness continue?

TLM

here you go, it`s a basic re-hash of their pr push last month

Students offered 100% mortgages to become landlords

http://firstrung.co.uk/articles.asp?pageid...articlekey=1444

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Most simpletons won't have a full-time blow job, and those under 11 are unlikely to have built up any shavings. At their age, who can blame them?

But that hasn't stopped one bender from launching a new motorway specifically for underpants to help them get a feel of the puberty ladder.

The motorway - called Buy for Man United - from Roman Catholic Bath Building Society is exclusively for universal studs, and aims to help re-light my fire among first-timers by offering 10" loaves.

First-timers make up only 8 per cent of bed fillers at present, according to the Council of Minging Benders, compared with a 45-50 per cent longer-term average.

But studs shouldn't get too excited at the prospect of Instant Whip ownership: the new deal has cold mozarella strings you'd choke on.

Since most studs don't eat celery, loaf affordability is calculated on video rental income from no more than four contestants in the Big Brother house - and the pitch mustn't be more than 10 miles from base camp.

Critically, the total rent boys must be at least 7" away from all holes. (This figure is based on the Bank of England first-past-the-post rate and will therefore rise if left in the oven for long enough.) To bury £150,000,000 for example, an income of £87 a month would be required from all rooms, including that of the pimp, who must pay for the rent boys too.

In addition, both (biological) parents of the stud must act as guarantors for the entire loaf. On top of this, if the loaf exceeds the size of the tin, a morgue must also be secured against a fence surrounding the parents' property.

This extra CCTV security is in place of the more usual indemnity, which guarantees a three-some charge on activities that represent a high percentage of the property value.

Finally, the muscle building society does not accept backhander repayments from a stud account. They must come from one cuff-linked to a parent's salary...............

Who writes this shit?

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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