Saturday, May 13, 2006

Council of mortgage lenders plea for help

Independent Online Edition: Plea to help stricken first-time buyers

CML state that at least 50% of new buyers pay stamp duty.
Michael Coogan of the CML stated that "If this threshold had been uprated in line with house-price inflation since 1997, it would now stand at 145,000, helping many more first-time buyers into their homes."

This week two building the societies Yorkshire and Newcastle upped the amount they will lend to of salary to 4.0 and 4.75 times salary respectively.

Posted by denzil @ 10:13 AM (646 views)
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1. denzil said...

Reading this made me incandescent with rage!
The CML and those that the represent have had a good crack of the whip over the last few years. They now know the party's over and are looking to the government for help.

Don't get me wrong I welcome an alignment of stamp-duty but those with their eyes full of greed missed the fact that FTB were being completely priced out of the market. Overall upping the threshold to 145000 does not really change the fact that property is too expensive for most FTB.

As for a building society lending a multiple of 4.75 whilst interest rates are looking very likely to rise suggests to me that they are very desperate for business and irresponsible.

Saturday, May 13, 2006 10:23AM Report Comment

2. uncle chris said...

There just seems to be no sense of morality within some financial institutions and no apparent control over their activites. After the comments of the BoE chief, expressing his concerns about the massive UK personal debt mountain, you would have thought someone in government would at least try and prevent them from dragging so many FTBs into a lifetime of debt. Strengthen the regulators I say, as it's quite evident they cannot keep order in their own house.

Saturday, May 13, 2006 11:01AM Report Comment

3. Magnifico said...

I agree with denzil: it's a con. You don't help FTBs by facilitating a purchase of an overpriced property. This would only serve the purpose of keeping the vicious circle of rising house prices going, with people in the business of buying and selling ending up as the only winners.A correction is what's needed.

Saturday, May 13, 2006 01:40PM Report Comment

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