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gruffydd

What A Twit -

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http://icbirmingham.icnetwork.co.uk/birmin...-name_page.html

Building society boss in TV plea for rate cutOct 4 2007

A West Midland building society boss will today demand a cut in interest rates to protect the housing market and prevent the wider economy from being stifled.

Stephen Karle, chief executive of the West Brom, is due to put his message across in a tour of national television stations.

He told The Birmingham Post last night: "Recent rises in interest rates have gone far enough. If base rate is allowed to remain at the current level of 5.75 per cent it could cause immense damage to both the the national housing market and manufacturing - particularly in the West Midlands."

Edited by gruffydd

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And there was me thinking that base rates would have to get to 8% to cause serious hardship. So is this guy saying that the pips are beginning to squeak at 5.75%?

Anyway, we all know that dropping the base rate is simply going to increase the divergence between the base rate and LIBOR. At least until the credit crunch is deemed to be over.

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And there was me thinking that base rates would have to get to 8% to cause serious hardship. So is this guy saying that the pips are beginning to squeak at 5.75%?

Anyway, we all know that dropping the base rate is simply going to increase the divergence between the base rate and LIBOR. At least until the credit crunch is deemed to be over.

It was Alliance & Leicester who came up ith the magical 8%.

Their SVR is now 7.89%. :o

Kensington's Near Prime SVR is 9.5% and you can only get it if you have an LTV of 75%

And with banks rejecting people left right and centre, a lot of people will be lucky to get Near Prime, they could be paying over 8% including discount on the 10.05% SVR.

8%? They're already ******ing there.

:lol::lol::lol:

Edited by bobthe~

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It was Alliance & Leicester who came up ith the magical 8%.

Their SVR is now 7.89%. :o

Kensington's Near Prime SVR is 9.5% and you can only get it if you have an LTV of 75%

And with banks rejecting people left right and centre, a lot of people will be lucky to get Near Prime, they could be paying over 8% including discount on the 10.05% SVR.

8%? They're already ******ing there.

:lol::lol::lol:

Is there much anecdotal about people being rejected "left right and centre?" Sure there would be a headline "mortgage famine" or similar, if it were the case, and thousands were leaving the banks offices empty handed.

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Is there much anecdotal about people being rejected "left right and centre?"

My wife's boss (owns and runs a very profitable business) was refused because his accountant wasn't registered with some or other accounting organization. He has a mortgage that he was given 2 years ago when he was in a worse financial position than he is now. He was furious. Now, he is actually very good with money and making loads of it too. I guess the mortgage lenders are as rubbish at picking out the good ones as they are of picking out the bad. When prices are going up they just say 'yes' and when they go down they just say 'no'.

I'm very proud to say that my wife gave him a telling off for even thinking of buying a bigger property with the coming sh.. storm.

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And there was me thinking that base rates would have to get to 8% to cause serious hardship. So is this guy saying that the pips are beginning to squeak at 5.75%?

Anyway, we all know that dropping the base rate is simply going to increase the divergence between the base rate and LIBOR. At least until the credit crunch is deemed to be over.

Yep for these guys the Base Rate is irrelevant.They are leveraged ,though not to the same extent as Northern Rock,so the Libor is all that matters.They were the top no- strings bond remember on the High Street at 6.86%(not sure if that is still the case) which highlights their desperation.I have got a TESSA with this lot,but who cares when the Government is underwriting the first 35K 100% now.

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Is there much anecdotal about people being rejected "left right and centre?" Sure there would be a headline "mortgage famine" or similar, if it were the case, and thousands were leaving the banks offices empty handed.

My colleague has now been rejected by 5 different banks - her household income is over £60,000, they have a deposit, and are wanting a £130,000 mortgage. Not sure that I'm getting the full story though..... Another colleague had her first application rejected, but I'm presuming she's found another lender.

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My colleague has now been rejected by 5 different banks - her household income is over £60,000, they have a deposit, and are wanting a £130,000 mortgage. Not sure that I'm getting the full story though..... Another colleague had her first application rejected, but I'm presuming she's found another lender.

At just over twice earnings it should be a done deal.Reckon the security of employment or reliablity of the income(say self employed )must be a factor.

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http://icbirmingham.icnetwork.co.uk/birmin...-name_page.html

Building society boss in TV plea for rate cutOct 4 2007

A West Midland building society boss will today demand a cut in interest rates to protect the housing market and prevent the wider economy from being stifled.

Stephen Karle, chief executive of the West Brom, is due to put his message across in a tour of national television stations.

He told The Birmingham Post last night: "Recent rises in interest rates have gone far enough. If base rate is allowed to remain at the current level of 5.75 per cent it could cause immense damage to both the the national housing market and manufacturing - particularly in the West Midlands."

:lol::lol::lol: , this could be a Rory Bremner sketch, what a chump indeed.

Edited by Jimmy2Times

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At just over twice earnings it should be a done deal.Reckon the security of employment or reliablity of the income(say self employed )must be a factor.

Nope - both in secure jobs - teaching and law. I haven't heard the full story of the number of credit cards and loans they have - as I say, it seems likely there's more to the story.

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Guest pioneer31
http://icbirmingham.icnetwork.co.uk/birmin...-name_page.html

Stephen Karle, chief executive of the West Brom, is due to put his message across in a tour of national television stations.

He told The Birmingham Post last night: "Recent rises in interest rates have gone far enough. If base rate is allowed to remain at the current level of 5.75 per cent it could cause immense damage to both the the national housing market and manufacturing - particularly in the West Midlands."

'damage to the national housing market' = stopping them becoming even more unaffordable

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If base rate is allowed to remain at the current level of 5.75 per cent it could cause immense damage to both the the national housing market and manufacturing - particularly in the West Midlands."

Surely not. Not with the massive demand outstripping supply. <_<

Doesn't this idiot realise that IRs are still at a fairly low rate, historically? If people can't afford mortgages, then prices are too high.

Edited by Fergie

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Guest DissipatedYouthIsValuable
Nope - both in secure jobs - teaching and law. I haven't heard the full story of the number of credit cards and loans they have - as I say, it seems likely there's more to the story.

As is human nature, we'll probably have an overreaction to lax lending standards now, bit of a pain in the **** for some but it'll make prices drop even further.

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