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Realistbear

Times: "the Market I S Stalling"

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http://business.timesonline.co.uk/tol/busi...icle1993251.ece

From Times Online
June 27, 2007
Analysis:
Why the market is stalling
Prospective buyers are battening down the hatches as the cost of taking out a new mortgage spirals
Grainne Gilmore
Who can blame potential home buyers for battening down the hatches in their rented accomodation?
House prices are still sky high and the pressure of rising interest rates has
forced many lenders to withdraw their eye-catching home loan deals.
So it's no wonder that the number of mortgage approvals is no longer rising at the rate of knots. Many of those who want to buy their first home can't afford to do so. Trading up is also a scary business in such a market.

Fear has now entered the market. When people are awake to the idea that house prices go down as well as up they freeze, then they run.

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It recently launched a fixed-rate deal at 4.59 per cent, But the arrangement fee is 3.5 per cent of the total loan. On a £150,000 home loan this would work out at £5,250. If this is rolled up into the mortgage, the effective rate of the loan rises to 6.34 per cent.
I suppose this kind of trickery allows a few naieve home owners to kid themselves that the age of low interst rates is still here.

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I suppose this kind of trickery allows a few naieve home owners to kid themselves that the age of low interst rates is still here.

In a miracle economy its all about appearances. So many are travelling the yellow brick road and Gordon has not yet been revealed yet.

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Guest mattsta1964
In a miracle economy its all about appearances. So many are travelling the yellow brick road and Gordon has not yet been revealed yet.

Like a car travelling up a steep hill that develops a misfire, then starts kangerooing violently before spluttering to a halt.

Driver then discovers the brakes don't work

OOOOOOOOHHHHHHHH SSSSSHHHHHHHHIIII........................................

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