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Realistbear

Lenders Suddenly Withdraw Recent Offers Of Fixed Rate Deals

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http://business.timesonline.co.uk/tol/busi...icle1717592.ece

From The Times
April 28, 2007
Lenders pull plug on fixed-rate mortgage quotes
Christine Seib
Thousands of borrowers with fixed-rate mortgage quotes from some of Britain’s biggest lenders have been told that the figures are no longer valid after banks withdrew products in preparation for rising interest rates.
Banks including Halifax, the biggest British lender, have dumped old fixed-rate products and introduced new, more expensive loans over the past fortnight in the wake of
rocketing wholesale lending rates
. Mortgage brokers said that at least two thirds of potential home buyers with quotes from banks or brokers would find that their cost of borrowing would be far higher when they formally applied for their mortgage.
Rob Clifford, the chief executive of Mortgage Force, a broker, said: “Even if you’ve got a written quotation or mortgage illustration in black and white, the lender isn’t obliged to make that rate available. Thousands of people will have been quoted a fixed rate and they’ll be getting excited about their house purchase but they won’t get that rate.”

Panic starting to creep in as the lenders worry that Great Crash 2 will be here very soon having begun in earnest in Ireland and the Northeast. :o

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http://www.ft.com/cms/s/52e1893c-24db-11dc...0b5df10621.html

Financial Times

Axed deals reflect subprime chill
By Lina Saigol and Joanna Chung in London and Richard Beales in New York
Published: June 27 2007 19:37 | Last updated: June 27 2007 23:53
Companies are pulling financing deals across the globe,
in one of the clearest signs yet that investors’ worries about rising interest rates and US subprime mortgages could be infecting other areas of the credit world and driving up the cost of corporate borrowing.

There is no way Crash Gordon and his muppets are going to be able to ignore the global credit situation. Tightening will take down Gordon's miracle within weeks.

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http://business.timesonline.co.uk/tol/busi...icle1717592.ece
From The Times
April 28, 2007
Lenders pull plug on fixed-rate mortgage quotes
Christine Seib
[...]
Banks including Halifax, the biggest British lender...
Off-topic, I've heard it said that Nationwide is the UK's largest building society (and was surprised it wasn't Halifax). Is this just because of Halifax's status as a bank? Or perhaps the question is, by what criterion is Nationwide the largest?
Thanks.

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Off-topic, I've heard it said that Nationwide is the UK's largest building society (and was surprised it wasn't Halifax). Is this just because of Halifax's status as a bank? Or perhaps the question is, by what criterion is Nationwide the largest?

Thanks.

Nationwide is still a mututally owned building society. Halifax went public a few years back and then merged with the Bank of Scotland.

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QUOTE: Companies are pulling financing deals across the globe,

The fact that the irrational exuberance went global makes it inevitable that the spring-back will also be global. It will happen very quickly and the withdrawl of recent fixed rate deals could not be a cleaer sign. Nationwides enthusiasm today seems a bit misplaced?

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