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80% Of Risky Home Loans Being Rejected -- No Missed Payments Can Be "risky"

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http://www.mirror.co.uk/news/money/city/20...89520-20334177/

Equifax: Four out of five 'risky' loans rejected

CASHPOINT
28/02/2008
According to a survey by credit reference agency Equifax, 80 per cent of potential borrowers had their applications rejected this month. And spokesman Neil Monro warned many lenders were clamping down on "risky" credit.
"That means even those who never miss a repayment could be refused credit," Monro said.
"Lenders are looking at consumers' file's information for signs of possible future difficulties. Having several credit cards with high limits may ring warning bells."

GAME OVER for Gordon's HPI-BTL-MEW miracle.

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"Lenders are looking at consumers' file's information for signs of possible future difficulties.

So it's back to basics for lenders :rolleyes: , pity the greed mongers ignored this important fundamental these last few years .

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"That means even those who never miss a repayment could be refused credit," Monro said.

"Lenders are looking at consumers' file's information for signs of possible future difficulties. Having several credit cards with high limits may ring warning bells."[/indent]

This is a very fundimental shift in credit policy

lenders have been happy to play pass-the-parcel with revolving credit for several years, now the music has stopped.

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This is a very fundimental shift in credit policy

lenders have been happy to play pass-the-parcel with revolving credit for several years, now the music has stopped.

Other than Saint Vincent of Cable*, the medja have not yet grasped the enormity of the problem facing this credit based economy.

The music has indeed stopped and there are a lot of people without a chair to sit on.

________________

* A nominee for Patron Saint of HPC.co :)

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Could this be the return of the visit to the bank manager to plead for a loan? :lol:

Lets hope so

I would be more than happy to speak to someone with authority about my ability to manage a mortgage.

If they were to turn me down then so be it as if they deem me unsuitable for a mortgage then so are most of the rest of the population.

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I would be more than happy to speak to someone with authority about my ability to manage a mortgage.

You'll be sorely disappointed with the majority of banks then, they've transmuted into money knocking shops selling debt like mobile phones. It will take years to train up a new mindset and staff.

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You'll be sorely disappointed with the majority of banks then, they've transmuted into money knocking shops selling debt like mobile phones. It will take years to train up a new mindset and staff.

Good job we still have quite a few good old fasioned Building Societies left then!

Notice how all the BSocs are watching the credit crunch with glee; all those adverts on the telly pointing out how the Bsoc were never so greedy and stupid as all those silly bankers... :lol:

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http://www.mirror.co.uk/news/money/city/20...89520-20334177/

Equifax: Four out of five 'risky' loans rejected

CASHPOINT
28/02/2008
According to a survey by credit reference agency Equifax, 80 per cent of potential borrowers had their applications rejected this month. And spokesman Neil Monro warned many lenders were clamping down on "risky" credit.
"That means even those who never miss a repayment could be refused credit," Monro said.
"Lenders are looking at consumers' file's information for signs of possible future difficulties. Having several credit cards with high limits may ring warning bells."

GAME OVER for Gordon's HPI-BTL-MEW miracle.

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great :D its just round and round

people default, banks morgage based securitys drop in value, banks tie in lending amounts, house prices drop, banks morgage based securitys drop in value, banks tie in lending amounts, more house price drops

repeat over and over until we're back to something normal

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http://www.mirror.co.uk/news/money/city/20...89520-20334177/

Equifax: Four out of five 'risky' loans rejected

CASHPOINT
28/02/2008
According to a survey by credit reference agency Equifax, 80 per cent of potential borrowers had their applications rejected this month. And spokesman Neil Monro warned many lenders were clamping down on "risky" credit.
"That means even those who never miss a repayment could be refused credit," Monro said.
"Lenders are looking at consumers' file's information for signs of possible future difficulties. Having several credit cards with high limits may ring warning bells."

GAME OVER for Gordon's HPI-BTL-MEW miracle.

Add to this the fact that all 125% mortgages have been stopped, loan to values slashed and the weekly shopping bill up £18.00, it's just

as well we can all still get a 36 day old chicken for £1.99 at Tesco, although the bag to take it home in will now cost you 10p.

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Equifax: Four out of five 'risky' loans rejected
According to a survey by credit reference agency Equifax, 80 per cent of potential borrowers had their applications rejected this month

I'm confused. Is it 80% of 'risky' (which is undefined) applications or ALL applications?

Why is all news these days so vague?

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  • 296 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%



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