Wednesday, Nov 08, 2006

Think your savings are safe with Halifax?

thisismoney: The 125% mortgage debt warning

Britain's biggest mortgage lender (HBOS) came under fire yesterday over plans to offer a 125% home loan. But critics warned prospective clients against taking on such liabilities, which would plunge them into instant negative equity.

Posted by uncle chris @ 09:39 AM (372 views)
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7 Comments

1. tyrellcorporation said...

Yay, this is all brilliant stuff! :) Why stop there, how about 150% mortgages so you can buy a house AND a Touareg. Maybe have the mortageg over 100 years while you're at it... Any doubters out there must be thinking the skin of this credit bubble is just microns thin now...

Wednesday, November 8, 2006 10:40AM Report Comment
 

2. inbreda said...

Maybe they could offer 200% mortgages to couples who promise to have at least 6 children that can be sold into slavery at the age of six in order to repay the loan? After all, they won't be able to afford child minders.

Wednesday, November 8, 2006 11:40AM Report Comment
 

3. The Haunted said...

So what's new? My friend did this a few years ago, he and his missus bought a house with a 120% mortgage. Just like the other people I know that have had 6 x salary mortgages offered (by not having their incomes checked) and where encouraged to do this. Its been going on for ages, only when things take a downward turn will people start to look back in disbelief. Hindsight is always 20 20.

Wednesday, November 8, 2006 12:36PM Report Comment
 

4. indiablue19 said...

the Haunted....

No joke. Isn't is always after the fact? Big news headlines "How Could We Have Allowed...." And we're supposed to be satisfied that this accounts for such a financial bludgeoning of the nation? Absolute hypocrisy, because by the time these incredulous announcements are forthcoming, those who made their fortunes off the carnage will all be spending it in Switzerland, Monaco, and who knows where else. And a whole lot of British families will be living in the street. Where are Tony and Gordie in protecting the people who elected them? Are they planning a home abroad as well to escape the consequences of what they have created?

Wednesday, November 8, 2006 08:18PM Report Comment
 

5. sirgoogle said...

Hey a lot of my savings are in the Halifax. I do not want such silly risks being take with MY money. Perhaps the banks should remember that the money dones not all belong to them.

Should I think about withdrawing these in case HBOS collapse. Does anyone know of a bank that is not contemplating such silly ideas and which is not so exposed to the property market?

Wednesday, November 8, 2006 09:49PM Report Comment
 

6. indiablue19 said...

sirgoogle....

If you find a bank that is making any sense at all, please post your discovery. Many have been deliberating on just that question, watching Barclay's, HSBC, Abbey, and lots of others devise the most criminally stupid lending policies imaginable. It is looking very much like the safest bank may be under the mattress! Police have always said that the majority of thieves look there first. But I am thinking that a majority of thieves run the banks these days.

Wednesday, November 8, 2006 11:55PM Report Comment
 

7. Nohpc said...

I recommend Smile Bank sirgoogle. Best customer service ever.. decent rates (not the best however). It is online banking only so you can do absolutely everything online.

Thursday, November 9, 2006 02:49AM Report Comment
 

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