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lypsey

25% Down

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Its stateing 25% down

http://www.thisismoney.co.uk/mortgages/art...mp;in_page_id=8

Who wants a wager that next months figure (ie this months figures) are 50% down. Mr Menzies i am afraid your housing market is on the brink of collapse. Wait until the 11% of the BTL muppets start exiting the market

Sorry if this has been posted before

It'll all be ok. Rosie Millard will buy them. The greater fool isn't just a theoretical concept. :lol:

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It'll all be ok. Rosie Millard will buy them. The greater fool isn't just a theoretical concept. :lol:

Completely Off Topic but I've been meaning to say this for ages, thecrashingisles... your avatar is ace!

I want a dancing sausage :(

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Completely Off Topic but I've been meaning to say this for ages, thecrashingisles... your avatar is ace!

I want a dancing sausage :(

I've only just realised that sossij is pronounced like sausage. LOL I always thought it was East European. :)

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Approvals will fall of a cliff over the next 3-5 months, and stay there.

Also take a minute to think about those requiring refinancing over the next 12 months...

Here is a typical example from Bloomberg US.

Robert Murray of Middletown, New Jersey, said he didn't pay enough attention when he took out a five-year adjustable-rate mortgage in 2002. This month, his payments ballooned to $1,800 from $1,300. Because he makes about $90,000 a year at his Newark Liberty International Airport maintenance job and hasn't missed a payment, he said he hoped he might be a good candidate to refinance.

Since the value of his home has declined from the $265,000 he owes on two mortgages, Murray's equity has vanished. If Murray were to apply for an FHA-insured refinance, he'd be out of luck.

The FHA bailout program, called FHASecure, requires the borrower to have at least 3 percent equity in the home. Some borrowers can get a second mortgage in addition to the FHA loan to cover the entire value of their houses. Murray borrowed more than his home is now worth, so he would have to write a check of at least $45,000 to close a refinance. He doesn't have the cash.

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Approvals will fall of a cliff over the next 3-5 months, and stay there.

Also take a minute to think about those requiring refinancing over the next 12 months...

Here is a typical example from Bloomberg US.

That example's revealing in a different way as well. The repayments as a percentage of income, even at the higher rate, wouldn't be regarded as high in the UK. When people's fixed rates expire here, many of them will be moving from a repayment level that's already on the edge of affordability to something even higher.

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