Friday, September 4, 2009

Tells it like it is

Torrid time to be coming off a tracker

Hundreds of thousands of homeowners coming off tracker deals with rock-bottom interest rates face a sharp rise in monthly repayments despite a series of competitive deals introduced this week. Lenders ‘blacklist’ certain professions. Potential redundancies are not the only job-related cause of rejection. Certain lenders hold “blacklists” of jobs considered at risk. Late last year it emerged that Royal Bank of Scotland would not consider applications from borrowers who took 30 per cent or more of their income from the property market. Other lenders have since followed and cut lending to property professionals. Almost every mainstream lender has also tightened the rules on bonuses and commissions, making it much harder for workers who depend on the extra cash to make up their salary.

Posted by nopensionnohouse @ 11:01 PM (1066 views)
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4 thoughts on “Tells it like it is

  • nopensionnohouse says:

    “Other lenders have since followed and cut lending to property professionals.”

    Does this mean estate agents and property valuers?

    Oh, the irony!

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  • Certain lenders hold “blacklists” of jobs considered at risk. Anyone in one of these jobs will find it almost impossible to secure a loan from these lenders.

    Many banks now consider those employed in financial services as high risk and therefore blacklisted.

    The even sweeter irony!

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  • Where is the shock? Most of these have had plenty of time to squirrel away money at the expense of my savings. If they’ve been paying £0 a month and haven’t put any by for their reset then they deserve everything that is headed their way.

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  • This will be the start of house prices crashing freefall!

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