Jump to content
House Price Crash Forum
Sign in to follow this  
Guest The_Oldie

Bbc Breakfast 27/02/07

Recommended Posts

Guest The_Oldie

This morning's Guest VI; Colin Jackson - Director of Baronworth Investment Services, is advising FTBs to get a mortgage now while there are still a few 100% mortgages around, or else they're going to have to find a 25% deposit.

He went on to say "In most transactions, there's a FTB lurking somewhere at the bottom and he or she is the person that holds it up I'm sorry to say, if they can't get a mortgage, it will stall the chain and that could lead to a real problem in the housing market".

Translation: Quick, buy now before prices go down.

Share this post


Link to post
Share on other sites
This morning's Guest VI; Colin Jackson - Director of Baronworth Investment Services, is advising FTBs to get a mortgage now while there are still a few 100% mortgages around, or else they're going to have to find a 25% deposit.

He went on to say "In most transactions, there's a FTB lurking somewhere at the bottom and he or she is the person that holds it up I'm sorry to say, if they can't get a mortgage, it will stall the chain and that could lead to a real problem in the housing market".

Translation: Quick, buy now before prices go down.

We should start a VI of the day thread every day. No shortage of choice now that the rats are sinking.

Share this post


Link to post
Share on other sites

Hi Oldie,

I did see this piece on BBC this morning. Did he not mention 'falling house prices' and 'buy now why you still can' in the same breath?

I am Jack's sense of bemusement.

Regards,

Q

Share this post


Link to post
Share on other sites
Guest The_Oldie
Hi Oldie,

I did see this piece on BBC this morning. Did he not mention 'falling house prices' and 'buy now why you still can' in the same breath?

I am Jack's sense of bemusement.

Regards,

Q

I changed channels so can't Sky+ back to check, but from memory, the BBC reporter mentioned falling house prices and then discussed it with Jackson.

Share this post


Link to post
Share on other sites
We should start a VI of the day thread every day. No shortage of choice now that the rats are sinking.

Yes, a VIAGRA thread to help VI's keep it up.

Vested Interests Advocating Glaringly Ridiculous Arguments.

Share this post


Link to post
Share on other sites

this is how thick these people are. It doesn't take a rocket scientist to figure out that it's easier to have a 75% mortgage on 100k than a 100% mortgage worth 150K, especially if all you have to do in the meantime is sit down and wait...

this bloke was begging "save us, take one of those few 100%s remaining and buy a deflating asset before WE're ****".

:lol:

Share this post


Link to post
Share on other sites

Yeah that VI piece was staggering this morning. Without FTB's the housing market will stall! Erm.. what percentage of genuine FTB's bought over the last 18 months?

Share this post


Link to post
Share on other sites

If the 100% mortgages are being withdrawn (and they are) isn't this guy just encouraging people to get into instant negative equity and then, when the teaser rate runs out, a potential repossession scenario if the buyer has not paid off 25% of the mortgage by that point as they will not be able to re-mortgage with anyone else and will end up on a punitive SVR?

Share this post


Link to post
Share on other sites
I was watching this and was just plain stunned. I dread to think how many will be suckered into financial suicide by this cretin's comments.

zero they havn't got 25% deposits. In one sense he's right once the 100%+ is gone that's it, however, not all FTB 'advisors' encourage the BS ;)

"We honestly cannot understand the overall 'fuss'. 95% mortgages, that had unsecured personal loans running concurrently alongside, have been removed from the mortgage market place and (to a man) the mainstream media 'called time' on the first time buyer. Simple maths proves that 95% mortgages (the benchmark choice of FTBs) are cheaper than 100%+. Moreover 95% mortgages when house prices are correcting work out even cheaper. In simple terms, would an FTB rather have a 105% mortgage on a 175K home at 7.75% or a 95% mortgage on the same house which now costs 150K at 6.75%? The savings, based over a 25 year period, can be measured in tens of thousands. However, as always it's difficult to spot debate in the media as to by how much FTBs will benefit from the house price correction - which is undoubtedly now amongst us.

That house prices are crashing in certain areas of London was revealed by Land Registry's quarterly figures. This price reversal was confirmed by Hometrack, whose very reliable data this month suggests that a slight fall next month will witness house prices finally go negative...

http://firstrung.co.uk/articles.asp?pageid...&cat=49-0-0

Share this post


Link to post
Share on other sites
Guest DissipatedYouthIsValuable

As bearish as a short-sighted limping nudist Canadian backpacker's worst mid-piss nightmare.

Edited by DissipatedYouthIsValuable

Share this post


Link to post
Share on other sites

People used to have to save a deposit in the old days. No deposit, no mortgage.

If you can't save money then how will you afford the extra expense of a house?

It makes sense and some brave journalist will have to be the one to say it sooner or later.

:)

Share this post


Link to post
Share on other sites
People used to have to save a deposit in the old days. No deposit, no mortgage.

If you can't save money then how will you afford the extra expense of a house?

It makes sense and some brave journalist will have to be the one to say it sooner or later.

:)

So true, at the moment they seem to be indignant that people with NO MONEY WHATSOEVER won't be given a huge loan for a house. It's like their brains have been scrambled.

Share this post


Link to post
Share on other sites
Guest DissipatedYouthIsValuable
People used to have to save a deposit in the old days. No deposit, no mortgage.

If you can't save money then how will you afford the extra expense of a house?

It makes sense and some brave journalist will have to be the one to say it sooner or later.

:)

Go on Peston, we need more teeth and 'nads.

You know you like it, the joy of plain speaking gets rid of that mild speech impediment you cover up so well.

Share this post


Link to post
Share on other sites
Guest DissipatedYouthIsValuable
Keep hammering it home. The subcaption on News 24 currently reads:

"FTB's may need to save a deposit to buy first home."

:o :angry:

Deary deary me, what will the graduates do?

All looks like a right pickle.

Share this post


Link to post
Share on other sites

the thing that i found interesting was his statement 'ftb are used to buying with a 100% mortgage, and won't be able to any more'.

well.. no they're not. a ftb is just that, and won't be 'used' to anything. I was in that position 6 months ago, and honestly didn't know about 100% mortgages before doing research - i'd imagine myself fairly typical (25, graduate ftb). as a result i'd saved a deposit before doing any research because thats what i thought i had to do. i don't think a removal of 100% mortgages in itself will damage the market much, however the overall cost of mortgage may.

Share this post


Link to post
Share on other sites

Complain to the BBC en masse along the lines of "when are you going to interview a person who is independant, knows what they are talking about and does not have a vested interest in perpetual HPI?"

http://www.bbc.co.uk/complaints/

It's your TV station, you pay for it - complain!

Edited by SlumpmonkeyII

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 295 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.