Monday, October 13, 2008

Here’s our new 2007 level mortgage availablility

Nationwide pulls deals for first-time buyers

In Summary - Nationwide rates up 0.61%, no longer lending to first time buyers, now require 15% deposit, up from 10%. RBS rates up 1. Abbey rates up 0.5% as previously announced.

Posted by jonb @ 07:01 PM (1346 views)
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10 thoughts on “Here’s our new 2007 level mortgage availablility

  • FTBs are being squeezed out.

    Those who bought in the last 3 years and face renewal do so on crippling terms. The situation is very nasty..

    “David Hollingworth, of L&C Mortgages, the broker, said: “Northern Rock borrowers with very little or no equity effectively have nowhere else to go. Failing to pass on the full base rate cut will hit those borrowers that need the cut the most.”

    It’s enough to make you have a rant at Gordon’s cabinet!

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  • planning4acrash says:

    For those new to the site. This proves that banks, not people are being bailed out. You won’t get better terms. If the bank went bust, it would sell for less, and your rates would go down. Now, your rates also pay for interest on the bailout, a new tax.

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  • The rate cut was never going to be passed on – and Gordo and the industry knows it. Better to cut IR 0.5% and hope to shore up lenders’ balances than to be forced to bail out even more banks/lenders. This is a tax-cut for the banks to save them. Flipside is that it bashes Sterling still more. Soon it will be GBP 1 = EUR 1 and then we’ll wonder why import prices are going through the roof. On the other hand, if you’re an overseas property owner in the UK, you’ll learn that the HPC plus exchange rate has really burnt your investment.

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  • Nothing changed today.

    The International money markets are still frozen.

    No-one wants to lend to UK mortgage lenders because they know that their is 50% coming off UK property prices.

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  • nooneo

    exactly banks are not stupid, they will NOT lend until houseprices get back to sensible levels.. SIMPLE really….

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  • I’m afraid people, there is a lot more pain on the way. p4ac explains it well in the above comment and that’s exactly what this means -effectively another tax – a stealth tax collected through debt.

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  • nooneo said:
    “No-one wants to lend to UK mortgage lenders because they know that their is 50% coming off UK property prices.”

    Agreed! In the interim period between now and housing not looking completely overpriced, the good old tax payer will keep the ship afloat but continuous injections of cash.

    Brown may have benefited in the popularity stakes of late but eventually the public and the press will start to return to the fact that he benefitted and supported the biggest move into a debt culture this country has ever seen. Even a Somerset wurzel bumpkin such as myself could see that it was all going to blow up one day, so why couldn’t Brown?!

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  • Whostolemyendowment says:

    Today marked a turning point in UK and global money markets, and for financial institutions…..way beyond my own comprehension…..and I am sure people will look back on the last few days in a similar way to the Wall Street crash of 80 years or so ago.

    We – the taxpayer – will never really know how close we came to financial meltdown, but looking at the actions today I think pretty damn close. While not a big fan of GB and AD – and in view of GB’s hand in the current situation – at least they have tried their best to save the situation, but GB has ridden down in to the valley of death leading his cavalry charge – band will still face a court martial when he staggers back out of the cannon smoke – he will be judge not on the last few days, but the last 11 years.

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  • voiceofreason says:

    Looks like Brown hs now turned the whole UK plc into a debt junkie 🙂

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  • Good point, p4ac & plato. Could we really trust grabber Gordo not to squeeze up the rates and extract more money for the public coffers?

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