Monday, June 30, 2008
More spin suggesting now as a good time for FTB to jump in
There is the usual bluster that things are different this time as IRs are lower and employment is lower. But I am heartened by the admission by the surveyor Stephen Morris of 10-15% falls since their peak last year. Even the worst statistics from the lenders don't reflect that (yet). More worryingly, it says of Richard Pullin, of Pullin Knight "His firm has teamed up with mortgage broker Network Mortgages to launch the Gifted Deposit Scheme, in which vendors can opt to pay up to five per cent of their buyer's deposit." Is this not identical to the allegedly fraudulent incentives offered by big property developers? Does it not amount to a 100% mortgage that the lender would be most interested in hearing about in these days of strict lending criteria?