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Do You Get Feel Tempted ?

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On the basis that due to a little known piece of government legislation nobody is going to get repossessed, to think stuff it I might as well buy the house I want knowing I can't afford it, although the banks will lend it to me, knowing that nothing will happen ?

I'm soooooooooo fed up of all this but there must be more than one way to skin a cat and the right and proper way doesn't seem to get you very far these days.

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On the basis that due to a little known piece of government legislation nobody is going to get repossessed, to think stuff it I might as well buy the house I want knowing I can't afford it, although the banks will lend it to me, knowing that nothing will happen ?

I'm soooooooooo fed up of all this but there must be more than one way to skin a cat and the right and proper way doesn't seem to get you very far these days.

Only for owner occupier, won’t help landlords. or those that committed mortgage fraud.

also check the small print on interest only mortgages!!!!

it's all a great sound-bite from NuLabour (the caring party!)

Last time... people made redundant got help also, but there were a number that fell through the net!

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If this is the case, the market will readjust [higher IRs / tougher lending rules] to correct the risk.

A bank lends money for house purchases, on the basis that if the borrower cant pay, the bank gets its [it belongs to the bank not the mortgagee] property back - which is why banks do their own valuation of a property before approving the mortgage rather than relying on EA's 'valuation'

If some dumb NuLab law comes in that prevents banks getting their property back, then lenders will compensate and make sure they only lend to safer borrowers

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Surely the V of IVA means Voluntary, and it is up to the creditors if they accept an IVA or not. With mass defaults I doubt the banks will agree to IVAs en masse - they might do initially though.

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Surely the V of IVA means Voluntary, and it is up to the creditors if they accept an IVA or not. With mass defaults I doubt the banks will agree to IVAs en masse - they might do initially though.

They certainly seem to be doing so at the moment, I agree about tightening the credit criteria that seems to be happening already, I guess we have to be patient ??

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They certainly seem to be doing so at the moment, I agree about tightening the credit criteria that seems to be happening already, I guess we have to be patient ??

On an IVA, after you have served 5 years, if you still owe a considerable part of your debt, your equity in an asset (including your house) will be assessed. They will just strip the equity out of your house for the partner that has been served with the IVA.

i doubt banks will let people walk away with the equity intact in their homes . Think about it...

I buy a house for £200k. get 20 £10k credit cards, max them out, stick it into the house, get an IVA and clear 200k after 5 years...

dont think this will be happening...

just a quick search brings up very useful information like this

Creditors will help strip your assets

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If some dumb NuLab law comes in that prevents banks getting their property back, then lenders will compensate and make sure they only lend to safer borrowers

Perhaps not such a bad idea?

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Anecdotally from IFA friend of mine, banks are really tightening up on remortgage valuations, that was borne out when mine was done recently for remortgage (down), the valuation from their valuer (driveby only) was £150K-200K less than the last two sale prices on my street and £240K less than the price an identical house has gone under offer to a cash buyer three weeks later.

Yet my IFA tells me that for new lending, they are still being relaxed. They are trying to reduce MEW risk.

[no odds to me, we have a relatively low LTV anyway]

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  • 302 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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