Friday, Nov 27, 2009

High rates and you need a 35% deposit

Times: New deal for "near-prime" borrowers

"One of the biggest "sub-prime" lenders returns after two years with deal aimed at the customers with a less than perfect credit history. Kensingston, one of the largest supplier of home loans to borrowers with poor credit histories before the credit crunch, returned to the market today with a new deal. The move has sparked fresh hope of a recovery in the mortgage market".

Posted by alan @ 07:55 AM (940 views)
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2 Comments

1. paul said...

"near prime"??!

Let's all rename something problematic in the hope that it makes the issue go away.

Friday, November 27, 2009 01:13PM Report Comment
 

2. Steve said...

"Near prime" made me laugh.

35% deposit = not very much risk at all.
default -> lose house, bank get their money back + hefty fees no doubt.

I earn 100k but have next to nothing in savings having just had an acrimonious divorce. The absence of a deposit means that, notwithstanding the good credit rating, I am a risk.
housing downturn + unemployment -> default

35% deposit is a prime borrower notwithstanding ability to pay.

Friday, November 27, 2009 01:24PM Report Comment
 

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