Jump to content
House Price Crash Forum
doh

Two Lenders Withdraw Mortgages

Recommended Posts

Good spot by 'burnt before' on the other place...

http://www.channel4.com/news/articles/busi...rtgages/1825247

Two mortgage lenders have pulled nearly their entire mortgage ranges from the market as the credit crunch continues to bite.

Bath Building Society and Earl Shilton Building Society have withdrawn all of their home loans, except their standard variable rates, with Bath saying it had simply run out of money to lend.

Meanwhile Newbury, Melton Mowbray and Tipton & Coseley Building Societies have restricted lending to people in their local areas, while Tipton has also pulled out of the intermediary market.

A Bath Building Society spokesman said: "We need to keep our liquidity high. Wholesale money is difficult to get and we have come to a standstill at the moment.

"We are hoping it will just be for a month, but we have taken on so much (new business) we have just run out of money to lend at the moment."

Chris Martin, of Tipton & Coseley Building Society, said it had decided to restrict lending to people in the local area after being inundated with business.

The group, which has recently featured in best buy tables, is one of a decreasing number of lenders still prepared to advance 95% of a property's value to first-time buyers.

The moves come as other lenders continue to raise their rates and increase the deposits they demand from borrowers, with deals being pulled on a daily basis.

The credit crunch is continuing to ratchet up the pressure on lenders who are struggling to secure funding after wholesale money markets effectively dried up.

A move by the Bank of England to improve liquidity by pumping £5 billion into the market appears to have done little to ease the pressure, with the cash five times oversubscribed.

These news feeds are provided by an independent third party and Channel 4 is not responsible or liable to you for the same.

Hopefully this will be a rapidly increasing trend!

Share this post


Link to post
Share on other sites

"Scottish Widows Bank has been forced to suspend all mortgage applications except those for its professional mortgage."

(Mon, 17th March)

I hadn't seen this one mentioned on HPC yet - check it out on the net.

Share this post


Link to post
Share on other sites
"Scottish Widows Bank professional mortgage."

A flexible 100% mortgage exclusively for professionals

If you're a fully qualified:

* medical doctor

* dentist

* accountant

* optometrist

* barrister

* solicitor (including trainees)

* vet

* pharmacist

* teacher

WOW!

You earn a lot you can have the lot!

Share this post


Link to post
Share on other sites

As these banks/building socities pull their mortgage range, it'll just push the demand onto the ones still remaining and they wont be able to cope.

Share this post


Link to post
Share on other sites
A flexible 100% mortgage exclusively for professionals

If you're a fully qualified:

* medical doctor

* dentist

* accountant

* optometrist

* barrister

* solicitor (including trainees)

* vet

* pharmacist

* teacher

WOW!

You earn a lot you can have the lot!

Banksters don't qualify any more then? How the mighty have fallen..........Still, qualifications never stopped Mr Applesh*t now did they?

Share this post


Link to post
Share on other sites
Meanwhile Newbury, Melton Mowbray and Tipton & Coseley Building Societies have restricted lending to people in their local areas, while Tipton has also pulled out of the intermediary market.

I'm going to go into a branch of Stafford Railway Building Society tomorrow disguised as a railway. Let's see what happens!

Share this post


Link to post
Share on other sites
Need to get carpet bagging at the building societies

I have accounts with Tipton, Newbury and Bath (only the required £100 for bagging purposes :lol: ). I expect Nationwide, Britannia and Yorkshire BSs may try to use the credit crunch to hoover some of these tiddlers up soon!

Share this post


Link to post
Share on other sites
One ominous omission from the professional list is ARCHITECT. Does that point to anything?

Surveyors are not counted as "professionals" either :lol:

Share this post


Link to post
Share on other sites
I'm going to go into a branch of Stafford Railway Building Society tomorrow disguised as a railway. Let's see what happens!

Stafford Railway only have one branch - they can't get a mortgage big enough to buy a second branch due to the credit crunch! :lol:

As their site implies they have barely moved on from the age of the Steam train and they are only interested in offering 'sensible mortgages' to 'sensible people'. They must be struggling then selling mortgages at the moment! :lol:

http://www.srbs.co.uk/page.aspx?PageID=20

"Stafford Railway Building Society was formed in 1877 by a small group of railway workers who wanted a means of saving and financing new homes for themselves.

Prudent management and a strong local focus have meant that the Society has remained strong without the need to open offices outside of its original area.

As a result, nearly a century of mergers, take-overs and floatations have passed the Society by, leaving it still doing what it was established to do - offering sensible loans and investments, at sensible rates, to sensible people."

Share this post


Link to post
Share on other sites

http://www.dailymail.co.uk/pages/live/arti...in_page_id=1770

"Lenders are increasingly refusing to hand out mortgages unless borrowers put down a large deposit.

The Woolwich is today launching a ten-year mortgage fixed at 5.29 per cent - but it is only available to those with a 40 per cent deposit. :o

There is also a punishing 6 per cent early repayment penalty. "

Edited by worried

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...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 298 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.