Sledgehead Posted September 5, 2004 Share Posted September 5, 2004 In Money&Jobs, Sunday Telegraph: "Now RBS pulls out of self-cert market ... The ban which includes the NatWest Brand, informed mortgage brokers last week that it will no longer accept new self-cert business. The decision by RBS follows that of Co-operative Bank...which pulled out in Feb....." (soory no link, can't find it on web) The RBS launched it's self cert only two years ago (july 2002) Quote Link to comment Share on other sites More sharing options...
BBB Posted September 5, 2004 Share Posted September 5, 2004 theres other lenders still offering self cert, i know RBS were a big player, but they certainly were'nt the cheapest. surely people who want a self cert will just go elsewhere? IMO it will be when EVERYONE stops doing them that it could effect the market ........''IF'' that is what was fuelling it. Quote Link to comment Share on other sites More sharing options...
Ian Posted September 5, 2004 Share Posted September 5, 2004 I don't agree. Anyone pulling out of the self cert market is significant. It makes it just little bit easier to sue /compesation if things go wrong. The mood music from the industry now is that they are pulling back. There were good articles in S/times and express and property/observer. I'm tempted to say that watched markets don't crash. Althouh that could be just a well worn phrase. Ian. Quote Link to comment Share on other sites More sharing options...
Ian Posted September 5, 2004 Share Posted September 5, 2004 One point I forgo to make was. I wonder how many new entrants in the market are running intrest only loans? Anyone know what the figure is? Ian Quote Link to comment Share on other sites More sharing options...
BBB Posted September 5, 2004 Share Posted September 5, 2004 what i'm saying is though ,it wont have any adverse until everyone stops using self certs. people will just go elsewhere. Quote Link to comment Share on other sites More sharing options...
Sledgehead Posted September 5, 2004 Author Share Posted September 5, 2004 There were good articles in S/times and express and property/observer. Any chance of links if you have them to hand ian? I'm tempted to say that watched markets don't crash. I always have this playing in the back of my mind. It is certainly true of capital markets where the major players are well ahead of retail investors. Any idea whether it is less appropriate for a market dominated by retail, such as property? Quote Link to comment Share on other sites More sharing options...
Time to raise the rents. Posted September 5, 2004 Share Posted September 5, 2004 Nobody seems to have pointed out that RBS may just be taking precautions ahead of the FSA taking over. I guess it was in the paper, but none of you have said it..... Quote Link to comment Share on other sites More sharing options...
Sledgehead Posted September 5, 2004 Author Share Posted September 5, 2004 Nobody seems to have pointed out that RBS may just be taking precautions ahead of the FSA taking over. I was just about to ask this question. I suspect TTRTR is thinking what I am, which is "better to jump than be pushed". I'm noyt suggesting th eFSA has the ability to pre-empt malpractice, but I'm sure they could make make some pretty horrible noises about the sort of practices they will be taking a dim view of. Any bank that subsequently cut that sort of business would look as if they had already committed malpractice an dwere scrambling to do their best to keep in line with best practice. Thoughts? ____________________________________________________________________ I guess it was in the paper, but none of you have said it..... It was in another section - House & Home , under Market Watch Quote Link to comment Share on other sites More sharing options...
Time to raise the rents. Posted September 5, 2004 Share Posted September 5, 2004 Like in any uncertain time, they may have just decided to wait and see how the FSA behaves. They can't lose much by doing this now when mortgage applications have tailed off anyway. Quote Link to comment Share on other sites More sharing options...
Ian Posted September 5, 2004 Share Posted September 5, 2004 Sorry haven't got the links. Just nosed throught the papers at local tesco. The money for nothing Guy Roger Bootle wrote a good article today in Sunday Telegraph. confiring slowdown Ian Quote Link to comment Share on other sites More sharing options...
statscat Posted September 5, 2004 Share Posted September 5, 2004 Calcaria a poster on the fool PMT board has been doing a "what the papers say" summary for a while now. Here is a link to Today's press Sunday 5th: What the Papers Say Quote Link to comment Share on other sites More sharing options...
Sledgehead Posted September 5, 2004 Author Share Posted September 5, 2004 thanx stats, particularly interesting for me is the Luke Johnson piece which illustrates the frustrations many of us share who long for a proper economy. He concludes that BTL as an investment has become sensible when "lunatics are running the economy". The caveat is that the environment this supposedly business friendly government has created and continues to foster is one where entrepreneurs like himself and providers of business capital (like me) just don't bother: the eventual collapse in business and jobs that will ensue if these jokers continue in office will be good for nobody. THE LUNATICS ARE RUNNING THE ECONOMY By Luke Johnson (Filed: 05/09/2004) Extract: "I had a very depressing conversation with a property developer the other day. I was talking to him about a possible investment in a business and he asked: "Why on earth would I ever want to get involved in a business employing people? All that risk and regulation? As a landlord I can just collect rent and have no staff - your tenants can do all the work." And I realised that his attitude was the logical conclusion to the onslaught our political masters have waged against employers and providers of capital to business." A real wake up call if one were ever needed for those who maintain we have a strong economy. Quote Link to comment Share on other sites More sharing options...
CrashedOutAndBurned Posted September 5, 2004 Share Posted September 5, 2004 The end of self-cert if very significant. in some areas of the South East, self-cert was approaching half of all mortages. That's a lot of 'self-employed' people out there. For all the talk fo 'lower rents' on this board, the last fie years has also seen sickening rent hikes, ending up with the situation where people say, 'I have to shell out X on rent but I'd never get a mortage for that with a high-street bank'. If people could no longer slef-cert at any costs, and the BTL brigade realised the pyramid scheme had run out of steam, the emperor would look very naked indeed. Quote Link to comment Share on other sites More sharing options...
CrashedOutAndBurned Posted September 5, 2004 Share Posted September 5, 2004 Sledgehead - In the south east many firms just can't cope with the high turnover off staff caused by people unable to cope with living costs. Towns and cities just can't function solely for the top 10% and the state-aided bottom 2% with everyone in between driven to the wall. Quote Link to comment Share on other sites More sharing options...
Guest Charlie The Tramp Posted September 5, 2004 Share Posted September 5, 2004 Self cert will end up being the cause of many County Court actions. Judges will have no sympathy when the chickens come home to roost. Quote Link to comment Share on other sites More sharing options...
Time to raise the rents. Posted September 6, 2004 Share Posted September 6, 2004 I love when some tell us how all WILL be. Personally I prefer words like MIGHT, COULD, SHOULD etc etc. Quote Link to comment Share on other sites More sharing options...
Guest Retired Pensioner Posted September 6, 2004 Share Posted September 6, 2004 Time to raise the rents. Posted on Sep 6 2004, 07:34 AM I love when some tell us how all WILL be. Very important word in Gordon Brown`s vocabulary. Quote Link to comment Share on other sites More sharing options...
Time to raise the rents. Posted September 6, 2004 Share Posted September 6, 2004 Very important word in Gordon Brown`s vocabulary. Yes, very important to him. Quote Link to comment Share on other sites More sharing options...
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