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Don't Understand This "mortgages Have Dried Up" Lark

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OK, Northern Rock, who would have lent me over 6x last summer have disappeared. But otherwise, a quick check shows:

LTSB 5.6x

HSBC 5.1x

Halifax 5x

I got bored after that. Where's the "no mortgages available" lark coming from?

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OK, Northern Rock, who would have lent me over 6x last summer have disappeared. But otherwise, a quick check shows:

LTSB 5.6x

HSBC 5.1x

Halifax 5x

I got bored after that. Where's the "no mortgages available" lark coming from?

Media spin.

As long as you have a 10% deposit there is no problem getting above average multipliers. Less than 10% deposit - forget it.

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Media spin.

As long as you have a 10% deposit there is no problem getting above average multipliers. Less than 10% deposit - forget it.

Hi. I am new to this site. I think that we must not let multiples go above 3 x: I think all the problems we have are because this rule has not been followed correctly. Sorry, but this is what I believe is the real problem. If we stick to that rule solidly we will have no problems.

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OK, Northern Rock, who would have lent me over 6x last summer have disappeared. But otherwise, a quick check shows:

LTSB 5.6x

HSBC 5.1x

Halifax 5x

I got bored after that. Where's the "no mortgages available" lark coming from?

Are you basing this on simply using online calculators, or have you recently applied, been accepted and are now paying for the mortgage?

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3 years ago you could fix at 4.29% for 2 years with no valuation fee, free legals and arrangement fee £199.

Today you will be lucky to get anything under 6% and it will cost you the best part of £2,000 for val, legals and arrangement fees. Yes you can get big income stretches peole just cant afford it, because of the credit crunch stupid.

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OK, Northern Rock, who would have lent me over 6x last summer have disappeared. But otherwise, a quick check shows:

LTSB 5.6x

HSBC 5.1x

Halifax 5x

I got bored after that. Where's the "no mortgages available" lark coming from?

Much as I agree that these mortgages probably still exist, I think it is possible that the 'quotes' you can obtain online are designed to get you through the door. Once in the branch, one might find that it is a little more expensive or not possible at all, depending on financial circumstances.

So the question is: have you actually applied, or just gone on the online calculators?

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Hi. I am new to this site. I think that we must not let multiples go above 3 x: I think all the problems we have are because this rule has not been followed correctly. Sorry, but this is what I believe is the real problem. If we stick to that rule solidly we will have no problems.

You'll find a load of topics on the problems - overlending, not checking incomes and LIAR LOANS

Are you basing this on simply using online calculators, or have you recently applied, been accepted and are now paying for the mortgage?

Yes - there is a big difference between the online calculators and the actual post credit check amount.

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Yup - Thats the kicker, the 10% deposit.

Thats about £15K for anywhere in the south for a FTB.

I know a few FTB types and a lot of 30 somethings.

a lot of em couldnt save £150 let alone £15k.

What they earn needs to be spent ASAP - they're worth it!

some of them cant be earning mre than about 18K, but they will think it completely normal to blow £100 on a night out.

This is the way it has been their whole lives.

You may as well ask them for 15,000 ***ing moon rocks.

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Lloyds would lend me (according to their online Calculator) £87000. This is based on a joint income of £19,000 and a deposit of £70,000. This is 4.6 x Income. I hope to not have to borrow that much anyway. Hopefully another £70,000 on top of a £85,000 deposit will get us a nice place somewhere.

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Sweet post sbn :)

There's a couple of generations out there, many of whom think saving is a quaint oldfashioned thing

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Are you basing this on simply using online calculators, or have you recently applied, been accepted and are now paying for the mortgage?

Exactly...I have heard of lots of cases recentely where the mortgage was agreed in principle, but then was pulled when they went through the full application process. Applying online is using these calculators is different from the real process.

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Ah, but perhaps a lot of people who could get mortgages have decided to wait and see what happens to house prices. So we don't know now, in mid-July, how much of the house sales crash is due to mortgage famine and how much to reverse-speculative buyer boycott.

Ah ... a new bit of HPC jargon, perhaps - 'reverse speculation' - the act of witholding investment in the hope of a price fall.

Edited by blankster

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Ah, but perhaps a lot of people who could get mortgages have decided to wait and see what happens to house prices. So we don't know now, in mid-July, how much of the house sales crash is due to mortgage famine and how much to reverse-speculative buyer boycott.

Ah ... a new bit of HPC jargon, perhaps - 'reverse speculation' - the act of witholding investment in the hope of a price fall.

You need a deposit of at least 5% and in most cases 10% +. As others have said how many FTB's have a deposit of this size?

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sbn has they key. Saving is unknown to the current have-it-all generation - the idea of saving up £15,000 seems ludicrously unattainable to them, yet they were happy to sign their lives away to £150,000 mortgages, as somehow that didn't seem like real money.

No FTBs with deposits=no FTB mortgages.

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sbn has they key. Saving is unknown to the current have-it-all generation - the idea of saving up £15,000 seems ludicrously unattainable to them, yet they were happy to sign their lives away to £150,000 mortgages, as somehow that didn't seem like real money.

No FTBs with deposits=no FTB mortgages.

Can I stick my hand up in the air and state, as a member of this generation, I am prepared to save and sacrifice so called luxuries :P

We're not all after D&G sun glasses to go along with our BMW's on finance.

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I'm in the process of buying a new build and have been approved up to 157K @ 5.75%. I earn 25K per year so thats over 6X....

As it happens I only need to borrow 35K though... Nice to know if I went crazy and wanted to borrow more than I could pay back the Building Society will let me though.

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Can I stick my hand up in the air and state, as a member of this generation, I am prepared to save and sacrifice so called luxuries :P

We're not all after D&G sun glasses to go along with our BMW's on finance.

Hey Hostman

Me too - Im smack in the middle of that generation! Interesting though that I came across as a curmudgeonly old git though isn't it? Dont you feel different to most of our peers though hostman - I certainly do!

EDIT: Just had a thought - my avatar might make me come across as a bit of an old git! ;-)

Edited by sbn

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OK, Northern Rock, who would have lent me over 6x last summer have disappeared. But otherwise, a quick check shows:

LTSB 5.6x

HSBC 5.1x

Halifax 5x

I got bored after that. Where's the "no mortgages available" lark coming from?

Yeah but i thought it was no mortgages that had caused house prices to fall from £200,000 to

£180,000 since August 2007 that's £20,000 in 10 months. So if it's not mortgages drying up

what is it thats caused the £20.000 drop in house prices in ten months?

Edited by time 2 raise interest rates

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Yeah but i thought it was no mortgages that had caused house prices to fall from £200,000 to

£180,000 since August 2007 that's £20,000 in 10 months. So if it's not mortgages drying up

what is it thats caused the £20.000 drop in house prices in ten months?

I have seen far more decline than this: I would say £200k down to £170k or maybe 175k now.

Edited by tentcity

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OK, Northern Rock, who would have lent me over 6x last summer have disappeared. But otherwise, a quick check shows:

LTSB 5.6x

HSBC 5.1x

Halifax 5x

I got bored after that. Where's the "no mortgages available" lark coming from?

A bank saying that something is available is not the same as them actually giving you it. Try and get to the formal offer stage and see how "available" some of these deals are.

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Yeah but i thought it was no mortgages that had caused house prices to fall from £200,000 to

£180,000 since August 2007 that's £20,000 in 10 months. So if it's not mortgages drying up

what is it thats caused the £20.000 drop in house prices in ten months?

I'd say it's complete lack of confidence that has cause this to happen.

No, I haven't actually applied for one, but there are plenty out there despite what you conspiracy theorists suggest and I have no doubt at all that they would give me them. It's not quite the 6x that NR were offering last September (sic), but it's not far off.

The problem is that mortgages have dried up for people who shouldn't have them in the first place. Those who cannot even manage to save a poxy deposit. Those who are earning 17k.

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  • 399 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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